4688508H4031622016/17162propproppropProposition 2016/17:162PropositionPropositionFinansdepartementetFiU16202017-04-05 00:00:002018-08-08 14:40:422017-04-05 00:00:00Nya regler om marknader för finansiella instrument (MiFID II och MiFIR)Klarhtml-ecprop-RIM2f602d8d-bb97-4145-87c8-a53e9e6d4136https://data.riksdagen.se/dokument/H403162/texthttps://data.riksdagen.se/dokument/H403162https://data.riksdagen.se/dokumentstatus/H403162
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<DIV id="page_1">
<DIV id="dimg1">
<INGENBILD zsrc="H4031621x1.jpg/" id="img1">
</DIV>
<DIV class="dclr"></DIV>
<P class="p0 ft0">Regeringens proposition 2016/17:162</P>
<TABLE cellpadding=0 cellspacing=0 class="t0">
<TR>
<TD class="tr0 td0"><P class="p1 ft1">Nya regler om marknader för finansiella</P></TD>
<TD class="tr0 td1"><P class="p2 ft1">Prop.</P></TD>
</TR>
<TR>
<TD class="tr1 td2"><P class="p1 ft1">instrument (MiFID II och MiFIR)</P></TD>
<TD class="tr1 td3"><P class="p2 ft1">2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p3 ft2">Regeringen överlämnar denna proposition till riksdagen.</P>
<P class="p4 ft2">Stockholm den 30 mars 2017</P>
<P class="p5 ft3">Stefan Löfven</P>
<P class="p6 ft3">Per Bolund</P>
<P class="p7 ft2">(Finansdepartementet)</P>
<P class="p8 ft1">Propositionens huvudsakliga innehåll</P>
<P class="p9 ft2">I propositionen föreslås ändringar huvudsakligen i lagen (2007:528) om värdepappersmarknaden, som dels syftar till att genomföra Europa- parlamentets och rådets direktiv 2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om ändring av direktiv 2002/92/EG och av direktiv 2011/61/EU (förkortat MiFID II), dels bedöms nödvändiga med anledning av Europaparlamentets och rådets förordning (EU) nr 600/2014 av den 15 maj 2014 om marknader för finansiella instrument och om ändring av förordning (EU) nr 648/2012 (förkortad MiFIR). Lagändringarna är omfattande och innebär både ändring av nuvarande regler och införande av nya regler för bl.a. värde- pappersinstitut och börser samt handelsplatser för finansiella instrument.</P>
<P class="p10 ft4">I propositionen föreslås, med anledning av MiFID II och MiFIR, även ändringar i offentlighets- och sekretesslagen (2009:400) och följd- ändringar i flera andra lagar.</P>
<P class="p11 ft2">I propositionen föreslås därutöver ändringar i lagen (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden, som syftar till att genomföra vissa regler i Europaparlamentets och rådets direktiv 2014/57/EU av den 16 april 2014 om straffrättsliga påföljder för mark- nadsmissbruk (marknadsmissbruksdirektiv), som hänför sig till regel- verket i MiFID II.</P>
<P class="p11 ft4">I propositionen föreslås även ändringar i lagen om värdepappers- marknaden, lagen (2004:297) om bank- och finansieringsrörelse och lagen (1991:980) om handel med finansiella instrument som avser hur den högsta sanktionsavgiften ska beräknas för juridiska personer som in-</P>
<P class="p12 ft5">går i en koncern. Dessa ändringar kompletterar lagändringar som tidigare</P>
<P class="p13 ft2">1</P>
</DIV>
<DIV id="page_2">
<P class="p14 ft2">Prop. 2016/17:162 har gjorts för att i svensk rätt genomföra Europaparlamentets och rådets direktiv 2013/36/EU av den 26 juni 2013 (kapitaltäckningsdirektivet), Europaparlamentets och rådets direktiv 2013/50/EU av den 22 oktober 2013 (ändringsdirektivet till öppenhetsdirektivet) samt Europaparla- mentets och rådets direktiv 2014/59/EU av den 15 maj 2014 (kris- hanteringsdirektivet).</P>
<P class="p15 ft4">I propositionen föreslås också en ändring i lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag som avser ingripandemöjligheter för Finansinspektionen vid s.k. pelare <NOBR>2-beslut.</NOBR></P>
<P class="p16 ft2">Slutligen föreslås en ändring i lagen om värdepappersmarknaden som innebär att det införs ett bemyndigande för att göra det möjligt för Finansinspektionen att meddela föreskrifter om informationssäkerhet och <NOBR>it-verksamhet</NOBR> för clearingorganisationer.</P>
<P class="p17 ft4">Lagarna, i de delar som är hänförliga till MiFID II, MiFIR och mark- nadsmissbruksdirektivet, föreslås träda i kraft den 3 januari 2018. Övriga lagändringar föreslås träda i kraft den 1 augusti 2017.</P>
<P class="p18 ft2">2</P>
</DIV>
<DIV id="page_3">
<DIV>
<DIV id="id_1">
<P class="p19 ft1">Innehållsförteckning</P>
<TABLE cellpadding=0 cellspacing=0 class="t1">
<TR>
<TD class="tr2 td4"><P class="p20 ft2">1</P></TD>
<TD colspan=2 class="tr2 td5"><P class="p21 ft2">Förslag till riksdagsbeslut ..............................................................</P></TD>
<TD class="tr2 td6"><P class="p20 ft2">14</P></TD>
</TR>
<TR>
<TD class="tr2 td4"><P class="p20 ft2">2</P></TD>
<TD class="tr2 td7"><P class="p21 ft2">Lagtext</P></TD>
<TD class="tr2 td8"><P class="p22 ft6">...........................................................................................</P></TD>
<TD class="tr2 td6"><P class="p20 ft2">15</P></TD>
</TR>
<TR>
<TD class="tr3 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr3 td7"><P class="p21 ft2">2.1</P></TD>
<TD class="tr3 td8"><P class="p23 ft8">Förslag till lag om ändring i lagen (2007:528) om</P></TD>
<TD class="tr3 td6"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td4"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td7"><P class="p20 ft9">..................................................</P></TD>
<TD class="tr4 td8"><P class="p23 ft8">värdepappersmarknaden</P></TD>
<TD class="tr4 td6"><P class="p20 ft9">15</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.2</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2007:528) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t2">
<TR>
<TD class="tr5 td9"><P class="p23 ft8">värdepappersmarknaden..................................................</P></TD>
<TD class="tr5 td6"><P class="p20 ft9">19</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.3</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (1991:980) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t3">
<TR>
<TD class="tr6 td10"><P class="p23 ft8">handel med finansiella instrument.................................</P></TD>
<TD class="tr6 td11"><P class="p20 ft9">157</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.4</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (1993:931) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t4">
<TR>
<TD class="tr7 td10"><P class="p23 ft8">individuellt pensionssparande .......................................</P></TD>
<TD class="tr7 td11"><P class="p20 ft9">163</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.5</SPAN><SPAN class="ft10">Förslag till lag om ändring i årsredovisningslagen</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t5">
<TR>
<TD class="tr8 td12"><P class="p20 ft9">(1995:1554) ...................................................................</P></TD>
<TD class="tr8 td13"><P class="p20 ft9">164</P></TD>
</TR>
</TABLE>
<P class="p25 ft9"><SPAN class="ft9">2.6</SPAN><SPAN class="ft11">Förslag till lag om ändring i lagen (1995:1559) om årsredovisning i kreditinstitut och</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t6">
<TR>
<TD class="tr9 td10"><P class="p23 ft8">värdepappersbolag.........................................................</P></TD>
<TD class="tr9 td11"><P class="p20 ft9">165</P></TD>
</TR>
</TABLE>
<P class="p26 ft9"><SPAN class="ft9">2.7</SPAN><SPAN class="ft11">Förslag till lag om ändring i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t7">
<TR>
<TD class="tr10 td10"><P class="p23 ft8">instrument......................................................................</P></TD>
<TD class="tr10 td11"><P class="p20 ft9">166</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.8</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (1999:158) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t8">
<TR>
<TD class="tr11 td10"><P class="p23 ft8">investerarskydd..............................................................</P></TD>
<TD class="tr11 td11"><P class="p20 ft9">168</P></TD>
</TR>
</TABLE>
<P class="p25 ft9"><SPAN class="ft9">2.9</SPAN><SPAN class="ft11">Förslag till lag om ändring i lagen (1999:1309) om system för avveckling av förpliktelser på</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t9">
<TR>
<TD class="tr12 td10"><P class="p23 ft8">finansmarknaden ...........................................................</P></TD>
<TD class="tr12 td11"><P class="p20 ft9">169</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.10</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2000:35) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t10">
<TR>
<TD class="tr13 td10"><P class="p23 ft8">byte av redovisningsvaluta i finansiella företag ............</P></TD>
<TD class="tr13 td11"><P class="p20 ft9">171</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.11</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2000:1087) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t11">
<TR>
<TD class="tr14 td10"><P class="p23 ft8">anmälningsskyldighet för vissa innehav av</P></TD>
<TD class="tr14 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td10"><P class="p23 ft8">finansiella instrument ....................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">172</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.12</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2003:862) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t12">
<TR>
<TD class="tr15 td10"><P class="p23 ft8">finansiell rådgivning till konsumenter...........................</P></TD>
<TD class="tr15 td11"><P class="p20 ft9">173</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.13</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2004:46) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t13">
<TR>
<TD class="tr16 td10"><P class="p23 ft8">värdepappersfonder .......................................................</P></TD>
<TD class="tr16 td11"><P class="p20 ft9">174</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.14</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2004:297) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t14">
<TR>
<TD class="tr17 td10"><P class="p23 ft8">bank- och finansieringsrörelse.......................................</P></TD>
<TD class="tr17 td11"><P class="p20 ft9">179</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.15</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2004:1199) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t15">
<TR>
<TD class="tr18 td10"><P class="p23 ft8">handel med utsläppsrätter..............................................</P></TD>
<TD class="tr18 td11"><P class="p20 ft9">184</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.16</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2005:405) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t16">
<TR>
<TD class="tr19 td10"><P class="p23 ft8">försäkringsförmedling ...................................................</P></TD>
<TD class="tr19 td11"><P class="p20 ft9">186</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.17</SPAN><SPAN class="ft10">Förslag till lag om ändring i lagen (2006:451) om</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t17">
<TR>
<TD class="tr20 td10"><P class="p23 ft8">offentliga uppköpserbjudanden på aktiemarknaden ......</P></TD>
<TD class="tr20 td11"><P class="p20 ft9">189</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.18</SPAN><SPAN class="ft10">Förslag till lag om ändring i marknadsföringslagen</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t18">
<TR>
<TD class="tr21 td12"><P class="p20 ft9">(2008:486) .....................................................................</P></TD>
<TD class="tr21 td13"><P class="p20 ft9">190</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.19</SPAN><SPAN class="ft10">Förslag till lag om ändring i konkurrenslagen</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t19">
<TR>
<TD class="tr22 td12"><P class="p20 ft9">(2008:579) .....................................................................</P></TD>
<TD class="tr22 td13"><P class="p20 ft9">192</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">2.20</SPAN><SPAN class="ft10">Förslag till lag om ändring i offentlighets- och</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t20">
<TR>
<TD class="tr23 td10"><P class="p23 ft12">sekretesslagen (2009:400) .............................................</P></TD>
<TD class="tr23 td11"><P class="p20 ft12">193</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft8">Prop. 2016/17:162</P>
<P class="p27 ft8">3</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_4">
<TABLE cellpadding=0 cellspacing=0 class="t21">
<TR>
<TD class="tr24 td14"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td15"><P class="p28 ft2">2.21</P></TD>
<TD colspan=2 class="tr24 td16"><P class="p29 ft2">Förslag till lag om ändring i kommissionslagen</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p20 ft2">(2009:865)......................................................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">195</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.22</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i skatteförfarandelagen</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">(2011:1244) ....................................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">198</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p28 ft2">2.23</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2011:1268) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">investeringssparkonto.....................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">199</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.24</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2013:561) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">förvaltare av alternativa investeringsfonder ...................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">203</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.25</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2014:797) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">ändring i lagen (2013:561) om förvaltare av</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">alternativa investeringsfonder ........................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">210</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.26</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2014:798) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">ändring i lagen (2013:561) om förvaltare av</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">alternativa investeringsfonder ........................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">211</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.27</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2015:398) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">ändring i lagen (2013:561) om förvaltare av</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">alternativa investeringsfonder ........................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">212</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.28</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2014:968) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">särskild tillsyn över kreditinstitut och</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">värdepappersbolag..........................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">213</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">2.29</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2015:1016) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td16"><P class="p29 ft2">resolution</P></TD>
<TD class="tr26 td18"><P class="p20 ft6">........................................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">214</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p28 ft2">2.30</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2016:1306) med</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">kompletterande bestämmelser till EU:s</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">marknadsmissbruksförordning .......................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">219</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p28 ft2">2.31</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">Förslag till lag om ändring i lagen (2016:1307) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">straff för marknadsmissbruk på</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td16"><P class="p29 ft2">värdepappersmarknaden.................................................</P></TD>
<TD class="tr27 td17"><P class="p20 ft2">220</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr2 td19"><P class="p20 ft2">3 Ärendet och dess beredning ..........................................................</P></TD>
<TD class="tr2 td17"><P class="p20 ft2">222</P></TD>
</TR>
<TR>
<TD class="tr2 td14"><P class="p20 ft2">4</P></TD>
<TD colspan=2 class="tr2 td20"><P class="p20 ft2">Berörda regelverk .........................................................................</P></TD>
<TD class="tr2 td18"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td17"><P class="p20 ft2">225</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p28 ft2">4.1</P></TD>
<TD class="tr25 td16"><P class="p29 ft2">Bakgrund ........................................................................</P></TD>
<TD class="tr25 td18"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p20 ft2">225</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p28 ft2">4.2</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">MiFID I och ...........................genomförandet i Sverige</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">226</P></TD>
</TR>
<TR>
<TD class="tr28 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr28 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr28 td16"><P class="p20 ft2">4.2.1 ........................................................</P></TD>
<TD class="tr28 td18"><P class="p23 ft8">Inledning</P></TD>
<TD class="tr28 td17"><P class="p30 ft2">226</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.2.2 ..............</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Utvidgning av tillämpningsområdet</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">227</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p23 ft8">4.2.3</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Förändringar avseende handelsplatser och</P></TD>
<TD class="tr4 td17"><P class="p23 ft9"> </P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">.....................................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">transparens</P></TD>
<TD class="tr4 td17"><P class="p20 ft9">227</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p23 ft8">4.2.4</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Organisatoriska krav på</P></TD>
<TD class="tr4 td17"><P class="p23 ft9"> </P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">......................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">värdepappersföretag</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">227</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.2.5 .............................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Investerarskydd</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">228</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.2.6 ................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Genomförande i Sverige</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">228</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft8">4.3</P></TD>
<TD colspan=2 class="tr4 td16"><P class="p23 ft8">MiFID II och ......................................................MiFIR</P></TD>
<TD class="tr4 td17"><P class="p20 ft9">229</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.3.1 ........................................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Inledning</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">229</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.3.2 .....................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Tillämpningsområdet</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">230</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p23 ft8">4.3.3</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Regler om tillstånd för</P></TD>
<TD class="tr4 td17"><P class="p23 ft9"> </P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td18"><P class="p23 ft8">värdepappersföretag och krav på</P></TD>
<TD class="tr4 td17"><P class="p23 ft9"> </P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">. ..........................................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">organisation m.m</P></TD>
<TD class="tr4 td17"><P class="p20 ft9">231</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.3.4 ..........</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Rörelseregler för värdepappersföretag</P></TD>
<TD class="tr4 td17"><P class="p20 ft9">231</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.3.5 . .....</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Handelsplatser och transparenskrav m.m</P></TD>
<TD class="tr4 td17"><P class="p20 ft9">232</P></TD>
</TR>
<TR>
<TD class="tr4 td14"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td15"><P class="p23 ft9"> </P></TD>
<TD class="tr4 td16"><P class="p20 ft9">4.3.6 ..............................</P></TD>
<TD class="tr4 td18"><P class="p23 ft8">Positioner i råvaruderivat</P></TD>
<TD class="tr4 td17"><P class="p30 ft9">234</P></TD>
</TR>
<TR>
<TD class="tr29 td14"><P class="p23 ft12">4</P></TD>
<TD class="tr29 td15"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td16"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td18"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td17"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_5">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t22">
<TR>
<TD class="tr24 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td22"><P class="p31 ft2">4.3.7</P></TD>
<TD class="tr24 td23"><P class="p32 ft2">Tillstånd för vissa tjänster avseende</P></TD>
<TD class="tr24 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td23"><P class="p32 ft2">rapportering och tillhandahållande av data...</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">234</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p31 ft2">4.3.8</P></TD>
<TD class="tr26 td23"><P class="p32 ft2">Verksamhet över gränserna ..........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">234</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p31 ft2">4.3.9</P></TD>
<TD class="tr26 td23"><P class="p32 ft2">Den behöriga myndighetens</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td23"><P class="p32 ft2">tillsynsbefogenheter och sanktioner .............</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">235</P></TD>
</TR>
<TR>
<TD class="tr30 td21"><P class="p20 ft14">4.4</P></TD>
<TD colspan=2 class="tr30 td24"><P class="p31 ft14">Ändringsdirektivet och ändringsförordningen...............</P></TD>
<TD class="tr30 td11"><P class="p20 ft14">235</P></TD>
</TR>
</TABLE>
<P class="p33 ft2"><SPAN class="ft2">4.5</SPAN><SPAN class="ft15">Rättsakter som antas av kommissionen och riktlinjer</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t23">
<TR>
<TD class="tr31 td5"><P class="p30 ft2">och rekommendationer från Esma.................................</P></TD>
<TD class="tr31 td11"><P class="p20 ft2">236</P></TD>
</TR>
<TR>
<TD class="tr24 td5"><P class="p30 ft2">5 Allmänna utgångspunkter ............................................................</P></TD>
<TD class="tr24 td11"><P class="p20 ft2">238</P></TD>
</TR>
</TABLE>
<P class="p33 ft2"><SPAN class="ft2">5.1</SPAN><SPAN class="ft15">Ändringar i svensk rätt med anledning av MiFID II</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t24">
<TR>
<TD class="tr26 td10"><P class="p23 ft2">och MiFIR .....................................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">238</P></TD>
</TR>
</TABLE>
<P class="p33 ft2"><SPAN class="ft2">5.2</SPAN><SPAN class="ft15">Förhållandet mellan MiFID II och MiFIR och den</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t23">
<TR>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td24"><P class="p31 ft2">nationella regleringen ....................................................</P></TD>
<TD class="tr27 td11"><P class="p20 ft2">242</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">5.3</P></TD>
<TD colspan=2 class="tr26 td24"><P class="p31 ft2">Terminologi...................................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">242</P></TD>
</TR>
<TR>
<TD class="tr31 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p21 ft2">5.4</P></TD>
<TD colspan=2 class="tr31 td24"><P class="p31 ft2">Hänvisningar till <NOBR>EU-rättsakter......................................</NOBR></P></TD>
<TD class="tr31 td11"><P class="p20 ft2">244</P></TD>
</TR>
<TR>
<TD class="tr24 td4"><P class="p20 ft2">6</P></TD>
<TD colspan=3 class="tr24 td26"><P class="p21 ft2">Tillämpningsområde ....................................................................</P></TD>
<TD class="tr24 td11"><P class="p20 ft2">245</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">6.1</P></TD>
<TD class="tr26 td27"><P class="p31 ft6">Inledning........................................................................</P></TD>
<TD class="tr26 td28"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p20 ft2">245</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">6.2</P></TD>
<TD colspan=2 class="tr26 td24"><P class="p31 ft2">Finansiella instrument ...................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">246</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.2.1</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Definitioner ..................................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">246</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.2.2</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Överlåtbara värdepapper...............................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">246</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.2.3</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Penningmarknadsinstrument ........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">247</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.2.4</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Andelar i företag för kollektiva</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td28"><P class="p23 ft2">investeringar – fondandelar ..........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">248</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.2.5</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Derivatinstrument .........................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">249</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.2.6</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Utsläppsrätter................................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">251</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">6.3</P></TD>
<TD colspan=2 class="tr26 td24"><P class="p31 ft2">Investeringstjänster och investeringsverksamhet ..........</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">252</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.1</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Inledning.......................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">252</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.3.2</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Mottagande och vidarebefordran av order....</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">253</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.3</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Utförande av order på kunders uppdrag .......</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">254</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.4</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Handel för egen räkning ...............................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">255</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.3.5</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Portföljförvaltning ........................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">256</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.6</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Investeringsrådgivning .................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">257</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.7</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Garantigivning och placering av</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td28"><P class="p23 ft2">finansiella instrument ...................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">258</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.3.8</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Drift av <NOBR>MTF-plattformar</NOBR> och OTF-</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td28"><P class="p23 ft2">plattformar ....................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">259</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p21 ft2">6.4</P></TD>
<TD colspan=2 class="tr25 td24"><P class="p31 ft2">Sidotjänster....................................................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">259</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">6.5</P></TD>
<TD colspan=2 class="tr26 td24"><P class="p31 ft2">Strukturerade insättningar .............................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">260</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p21 ft2">6.6</P></TD>
<TD class="tr26 td27"><P class="p31 ft6">Undantag .......................................................................</P></TD>
<TD class="tr26 td28"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p20 ft2">262</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.6.1</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Inledning.......................................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">262</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.6.2</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Undantag för vissa enheter ...........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">262</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.6.3</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Undantag för viss handel för egen räkning...</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">263</P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p31 ft2">6.6.4</P></TD>
<TD class="tr25 td28"><P class="p23 ft2">Undantag för stamnätsföretag och</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td28"><P class="p23 ft2">transmissionsnätsoperatörer..........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">266</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.6.5</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Undantag för handel för egen räkning</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td28"><P class="p23 ft2">med råvaruderivat, utsläppsrätter och</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td28"><P class="p23 ft2">derivat hänförliga till utsläppsrätter..............</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">268</P></TD>
</TR>
<TR>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p31 ft2">6.6.6</P></TD>
<TD class="tr26 td28"><P class="p23 ft2">Undantag för tjänster avseende</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td28"><P class="p23 ft2">utsläppsrätter i vissa fall ...............................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">270</P></TD>
</TR>
<TR>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td27"><P class="p31 ft2">6.6.7</P></TD>
<TD class="tr27 td28"><P class="p23 ft2">Undantag för värdepapperscentraler.............</P></TD>
<TD class="tr27 td11"><P class="p20 ft2">270</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p34 ft2">5</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_6">
<DIV>
<DIV id="id_1">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p35 ft2">6</P>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr24 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td30"><P class="p36 ft2">6.6.8</P></TD>
<TD class="tr24 td31"><P class="p37 ft2">Bestämmelser som ska tillämpas även på</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">de som är undantagna från MiFID II .............</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">271</P></TD>
</TR>
<TR>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p36 ft2">6.6.9</P></TD>
<TD class="tr26 td31"><P class="p20 ft2">Det frivilliga undantaget................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">272</P></TD>
</TR>
<TR>
<TD class="tr26 td29"><P class="p20 ft2">6.7</P></TD>
<TD colspan=2 class="tr26 td32"><P class="p20 ft2">Handelsplatser och datarapporteringstjänster.................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">273</P></TD>
</TR>
<TR>
<TD class="tr25 td29"><P class="p20 ft2">6.8</P></TD>
<TD colspan=2 class="tr25 td32"><P class="p20 ft2">Definitioner i övrigt........................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">273</P></TD>
</TR>
<TR>
<TD class="tr27 td29"><P class="p20 ft2">6.9</P></TD>
<TD colspan=2 class="tr27 td32"><P class="p20 ft2">Fondbolag och <NOBR>AIF-förvaltare........................................</NOBR></P></TD>
<TD class="tr27 td17"><P class="p20 ft2">276</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr24 td33"><P class="p20 ft2">7 Handel och infrastruktur på värdepappersmarknaden...................</P></TD>
<TD class="tr24 td17"><P class="p30 ft2">277</P></TD>
</TR>
<TR>
<TD class="tr26 td29"><P class="p20 ft2">7.1</P></TD>
<TD class="tr26 td30"><P class="p36 ft2">Inledning</P></TD>
<TD class="tr26 td31"><P class="p20 ft2">........................................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">277</P></TD>
</TR>
<TR>
<TD class="tr26 td29"><P class="p20 ft2">7.2</P></TD>
<TD colspan=2 class="tr26 td32"><P class="p20 ft2">Aktiemarknaden och räntemarknaden............................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">278</P></TD>
</TR>
</TABLE>
<P class="p38 ft2"><SPAN class="ft2">7.3</SPAN><SPAN class="ft16">Definitioner av handelsplatser och tillståndskrav för</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t26">
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td32"><P class="p36 ft2">drift av multilaterala system...........................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">281</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.3.1</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Definitioner och följdändringar.....................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">281</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.3.2</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Krav på tillstånd för drift av multilaterala</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">system för finansiella instrument...................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">283</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p20 ft2">7.4</P></TD>
<TD colspan=2 class="tr25 td32"><P class="p36 ft2">Reglerade marknader......................................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">285</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.1</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Krav på tillstånd att driva en reglerad</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">marknad och regler om handeln på</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td34"><P class="p32 ft2">marknaden .....................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">285</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.2</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Grundläggande regler för tillstånd.................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">285</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.3</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Krav på en reglerad marknads</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td34"><P class="p32 ft2">organisation ...................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">286</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.4</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Krav på välordnad handel..............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">287</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.5</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Regler för att ta upp finansiella instrument</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td34"><P class="p32 ft2">till handel.......................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">292</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.6</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Avnotering av finansiella instrument från</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">handel och handelsstopp................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">293</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.4.7</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Tillträde till en reglerad marknad ..................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">296</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.8</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Regler för marknadsövervakning ..................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">297</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.4.9</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Avvecklingssystem och lista över</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td34"><P class="p32 ft2">reglerade marknader ......................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">299</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p20 ft2">7.5</P></TD>
<TD colspan=2 class="tr26 td32"><P class="p36 ft2"><NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar..........................</NOBR></P></TD>
<TD class="tr26 td17"><P class="p20 ft2">299</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.5.1</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Krav på en handelsplattforms organisation ...</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">299</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.5.2</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Regler för handel på en handelsplattform......</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">303</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.5.3</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Regler om vilka finansiella instrument</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">som får handlas på en handelsplattform ........</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">306</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.5.4</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Avförande av finansiella instrument från</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">handel och handelsstopp................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">307</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.5.5</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Tillträde till en handelsplattform ...................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">308</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.5.6</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Regler för marknadsövervakning ..................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">309</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.5.7</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Tillväxtmarknader för små och</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">medelstora företag .........................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">311</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p20 ft2">7.6</P></TD>
<TD colspan=2 class="tr25 td32"><P class="p36 ft2">Algoritmisk handel.........................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">314</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.6.1</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Inledande beskrivning av algoritmisk</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">handel och algoritmisk</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td34"><P class="p32 ft2">högfrekvenshandel.........................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">314</P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p36 ft2">7.6.2</P></TD>
<TD class="tr26 td34"><P class="p32 ft2">Värdepappersinstitut som ägnar sig åt</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">algoritmisk handel .........................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">320</P></TD>
</TR>
<TR>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td22"><P class="p36 ft2">7.6.3</P></TD>
<TD class="tr25 td34"><P class="p32 ft2">Marknadsgaranter som använder</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td34"><P class="p32 ft2">algoritmisk handel .........................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">323</P></TD>
</TR>
<TR>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td22"><P class="p36 ft2">7.6.4</P></TD>
<TD class="tr27 td34"><P class="p32 ft2">Direkt elektroniskt tillträde............................</P></TD>
<TD class="tr27 td17"><P class="p30 ft2">324</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
</DIV>
<DIV id="page_7">
<DIV>
<DIV id="id_1">
<P class="p33 ft2"><SPAN class="ft2">7.7</SPAN><SPAN class="ft15">Skyldigheten att handla derivatinstrument på en</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t22">
<TR>
<TD class="tr24 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td36"><P class="p29 ft2">handelsplats ...................................................................</P></TD>
<TD class="tr24 td11"><P class="p20 ft2">327</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft2">7.8</P></TD>
<TD colspan=2 class="tr26 td36"><P class="p29 ft2"><NOBR>Icke-diskriminerande</NOBR> tillträde till clearingsystem .........</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">329</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.8.1</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Skyldighet för en central motpart att</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td38"><P class="p39 ft2">tillhandahålla clearing på ett icke-</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td38"><P class="p39 ft2">diskriminerande sätt......................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">329</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.8.2</P></TD>
<TD class="tr26 td38"><P class="p39 ft2"><NOBR>Icke-diskriminerande</NOBR> tillträde till en</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td38"><P class="p39 ft2">handelsplats ..................................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">329</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.8.3</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Tillgång till referensvärden ..........................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">330</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft2">7.9</P></TD>
<TD colspan=2 class="tr26 td36"><P class="p29 ft2">Värdepappersinstitut som är clearingmedlem ...............</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">330</P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft2">7.10</P></TD>
<TD colspan=2 class="tr25 td36"><P class="p29 ft2">Transparens för handelsplatser ......................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">331</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.10.1</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Inledning.......................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">331</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.10.2</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Information före och efter handel.................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">332</P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft2">7.11</P></TD>
<TD colspan=2 class="tr25 td36"><P class="p29 ft2">Transparens för värdepappersföretag ............................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">336</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.11.1</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Inledning.......................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">336</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.11.2</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Definitionen av systematisk</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td38"><P class="p39 ft2">internhandlare...............................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">336</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.11.3</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Skyldigheten att offentliggöra fasta bud.......</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">338</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.11.4</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Skyldigheten att offentliggöra information</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td38"><P class="p39 ft2">om transaktioner med finansiella</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td38"><P class="p39 ft2">instrument.....................................................</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">340</P></TD>
</TR>
<TR>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td37"><P class="p29 ft2">7.11.5</P></TD>
<TD class="tr26 td38"><P class="p39 ft2">Skyldighet att genomföra transaktioner på</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td38"><P class="p39 ft2">en handelsplats..............................................</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">341</P></TD>
</TR>
<TR>
<TD class="tr30 td35"><P class="p23 ft14">7.12</P></TD>
<TD colspan=2 class="tr30 td36"><P class="p29 ft14">Dokumentation och transaktionsrapportering................</P></TD>
<TD class="tr30 td11"><P class="p20 ft14">342</P></TD>
</TR>
</TABLE>
<P class="p33 ft2"><SPAN class="ft2">7.13</SPAN><SPAN class="ft17">Tillhandahållande av information och</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t27">
<TR>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td36"><P class="p30 ft2">referensuppgifter för finansiella instrument ..................</P></TD>
<TD class="tr27 td11"><P class="p20 ft2">345</P></TD>
</TR>
<TR>
<TD class="tr26 td39"><P class="p29 ft2">7.14</P></TD>
<TD colspan=2 class="tr26 td36"><P class="p30 ft2">Särskilda regler för råvaruderivat och utsläppsrätter.....</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">347</P></TD>
</TR>
<TR>
<TD class="tr32 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr32 td40"><P class="p29 ft2">7.14.1</P></TD>
<TD class="tr32 td41"><P class="p23 ft8">Positionslimiter och positionshantering i</P></TD>
<TD class="tr32 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">råvaruderivat .................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">347</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.14.2</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Rapportering av positioner i råvaruderivat</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">och utsläppsrätter ..........................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">351</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">7.15</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Datarapporteringstjänster ..............................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">352</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.1</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Nya krav på tillståndsplikt för tjänster ..........</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">352</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.2</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">De tillståndspliktiga tjänsterna .....................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">353</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.3</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Tillstånd – gemensamma krav ......................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">355</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.4</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Tillhandahållare av ett godkänt publice -</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">ringsarrangemang (APA - leverantör) ............</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">360</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.5</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Tillhandahållare av konsoliderad handels -</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">information (CTP - leverantör) .......................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">361</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">7.15.6</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Tillhandahållare av en godkänd rapport -</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">eringsmekanism (ARM - leverantör) ..............</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">363</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr4 td5"><P class="p30 ft9">8 Investerarskydds- och rörelseregler .............................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">364</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.1</P></TD>
<TD class="tr4 td40"><P class="p23 ft8">Inledning</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">........................................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">364</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.2</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Information ..................................................till kunder</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">364</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.3</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Informationskrav ................vid investeringsrådgivning</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">367</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.4</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Kompetenskrav..............................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">369</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.5</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Lämplighetsbedömning .................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">371</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.6</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Rapport till ..................kund och lämplighetsförklaring</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">373</P></TD>
</TR>
<TR>
<TD class="tr4 td39"><P class="p23 ft8">8.7</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Korsförsäljning..............................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">376</P></TD>
</TR>
<TR>
<TD class="tr29 td39"><P class="p29 ft12">8.8</P></TD>
<TD colspan=2 class="tr29 td36"><P class="p30 ft12">Passandebedömning ......................................................</P></TD>
<TD class="tr29 td11"><P class="p20 ft12">378</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft8">Prop. 2016/17:162</P>
<P class="p27 ft8">7</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_8">
<TABLE cellpadding=0 cellspacing=0 class="t28">
<TR>
<TD class="tr24 td42"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td25"><P class="p40 ft2">8.9</P></TD>
<TD colspan=2 class="tr24 td16"><P class="p20 ft2">Bästa utförande av kundorder.........................................</P></TD>
<TD class="tr24 td17"><P class="p30 ft2">384</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">8.10</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p20 ft2">Hantering av kundorder..................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">391</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">8.11</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Produktion och distribution av finansiella instrument....</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">392</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">8.11.1</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Produktgodkännande och översyn.................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">392</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">8.11.2</P></TD>
<TD class="tr25 td44"><P class="p20 ft2">Distribution av finansiella instrument ...........</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">396</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">8.12</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Dokumentation av order m.m.........................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">399</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">8.13</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Undantag för vissa bostadslåneavtal ..............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">404</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">8.14</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p20 ft2">Skydd av kunders finansiella instrument och medel ......</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">405</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p40 ft2">8.15</P></TD>
<TD colspan=2 class="tr27 td16"><P class="p20 ft2">Transaktioner med jämbördiga motparter ......................</P></TD>
<TD class="tr27 td17"><P class="p20 ft2">409</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p41 ft2">9</P></TD>
<TD colspan=3 class="tr24 td45"><P class="p40 ft2">Intressekonflikter och regler om ersättningar till eller från</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td46"><P class="p20 ft18">tredjepart .......................................................................................</P></TD>
<TD class="tr26 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p20 ft2">413</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">9.1</P></TD>
<TD class="tr25 td43"><P class="p20 ft19">Inledning ........................................................................</P></TD>
<TD class="tr25 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p30 ft2">413</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">9.2</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Intressekonflikter............................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">413</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">9.2.1</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Regler om organisation av verksamheten......</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">413</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">9.2.2</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Information till kunderna om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p20 ft2">intressekonflikter...........................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">416</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">9.2.3</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Regler om ersättningssystem till personal .....</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">418</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">9.3</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p20 ft2">Regler om ersättning till eller från tredjepart .................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">420</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">9.3.1</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Inledning........................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">420</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">9.3.2</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Nuvarande reglering ......................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">420</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">9.3.3</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Förbud mot ersättning från tredjepart vid</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">investeringsrådgivning på oberoende</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p20 ft2">grund och portföljförvaltning ........................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">421</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">9.3.4</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Investeringsrådgivning på oberoende</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p20 ft2">grund ...........................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">432</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">9.3.5</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Ersättningar till eller från tredjepart i</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td44"><P class="p20 ft2">förhållande till alla investeringstjänster.........</P></TD>
<TD class="tr31 td17"><P class="p20 ft2">436</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p41 ft2">10</P></TD>
<TD colspan=3 class="tr24 td45"><P class="p40 ft2">En likartad reglering av rådgivning på</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td45"><P class="p20 ft2">finansmarknadsområdet ................................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">442</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">10.1</P></TD>
<TD class="tr26 td43"><P class="p20 ft19">Inledning ........................................................................</P></TD>
<TD class="tr26 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p30 ft2">442</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">10.2</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p20 ft2">Nuvarande reglering.......................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">442</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">10.3</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">En likartad reglering.......................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">443</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p40 ft2">10.4</P></TD>
<TD colspan=2 class="tr27 td16"><P class="p20 ft2">Fondbolag och <NOBR>AIF-förvaltare........................................</NOBR></P></TD>
<TD class="tr27 td17"><P class="p20 ft2">451</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p41 ft2">11</P></TD>
<TD colspan=3 class="tr24 td45"><P class="p20 ft2">Verksamhet över gränserna...........................................................</P></TD>
<TD class="tr24 td17"><P class="p30 ft2">460</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p40 ft2">11.1</P></TD>
<TD class="tr25 td43"><P class="p20 ft19">Inledning ........................................................................</P></TD>
<TD class="tr25 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p30 ft2">460</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">11.2</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Företag som hör hemma inom EES................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">460</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">11.3</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">Företag som hör hemma utanför EES ............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">463</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p40 ft2">11.4</P></TD>
<TD colspan=2 class="tr31 td16"><P class="p20 ft2">Anknutna ombud............................................................</P></TD>
<TD class="tr31 td17"><P class="p20 ft2">470</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p41 ft2">12</P></TD>
<TD colspan=2 class="tr24 td46"><P class="p20 ft18">Bolagsstyrning ..............................................................................</P></TD>
<TD class="tr24 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p30 ft2">471</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">12.1</P></TD>
<TD class="tr26 td43"><P class="p20 ft19">Inledning ........................................................................</P></TD>
<TD class="tr26 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p30 ft2">471</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p40 ft2">12.2</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Styrelsens och verkställande direktörens</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">kvalifikationer, styrelsens sammansättning och</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p20 ft2">styrelsens uppgifter ........................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">471</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">12.2.1</P></TD>
<TD class="tr26 td44"><P class="p20 ft2">Terminologi...................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">471</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">12.2.2</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Kraven på kvalifikationer,</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">sammansättning och</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p20 ft2">nomineringskommitté....................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">472</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td43"><P class="p29 ft2">12.2.3</P></TD>
<TD class="tr31 td44"><P class="p20 ft2">Styrelsens uppgifter.......................................</P></TD>
<TD class="tr31 td17"><P class="p20 ft2">477</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft2">8</P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_9">
<DIV>
<DIV id="id_1">
<P class="p42 ft2"><SPAN class="ft2">12.2.4</SPAN><SPAN class="ft20">Ändringar i styrelsens sammansättning</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t29">
<TR>
<TD class="tr33 td28"><P class="p23 ft2">och antal ledamöter.......................................</P></TD>
<TD class="tr33 td11"><P class="p20 ft2">479</P></TD>
</TR>
</TABLE>
<P class="p33 ft2"><SPAN class="ft2">12.3</SPAN><SPAN class="ft17">Krav på organisation av verksamheten i</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t30">
<TR>
<TD class="tr31 td47"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td41"><P class="p23 ft6">värdepappersinstitut .......................................................</P></TD>
<TD class="tr31 td11"><P class="p20 ft2">480</P></TD>
</TR>
<TR>
<TD class="tr24 td47"><P class="p43 ft2">13 Tillsyn</P></TD>
<TD class="tr24 td41"><P class="p30 ft6">..........................................................................................</P></TD>
<TD class="tr24 td11"><P class="p20 ft2">481</P></TD>
</TR>
<TR>
<TD class="tr34 td47"><P class="p20 ft2">13.1 ...................................................</P></TD>
<TD class="tr34 td41"><P class="p23 ft8">Behöriga myndigheter</P></TD>
<TD class="tr34 td11"><P class="p20 ft2">481</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">13.2</SPAN><SPAN class="ft10">Finansinspektionens tillsyn över leverantörer av</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t31">
<TR>
<TD class="tr35 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr35 td36"><P class="p23 ft8">datarapporteringstjänster ...............................................</P></TD>
<TD class="tr35 td11"><P class="p20 ft9">482</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p20 ft9">13.3</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Tillsynsbefogenheter .....................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">482</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.1</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Inledning.......................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">482</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.2</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att få tillgång till dokument, data och</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">information ...................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">483</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.3</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att utföra undersökningar på plats.........</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">484</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.4</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att ta del av inspelade telefonsamtal</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">eller bevarad elektronisk kommunikation.....</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">484</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.5</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att begära att tillgångar fryses eller</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">beläggs med kvarstad ...................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">485</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.6</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att förbjuda viss yrkesverksamhet.........</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">485</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.7</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att begära uppgifter från revisorer för</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">värdepappersföretag, reglerade marknader</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">och leverantörer av datarapporterings-</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">tjänster ..........................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">486</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.8</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att överlämna ärenden till åtal...............</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">487</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.9</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att låta revisorer eller sakkunniga</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">utföra kontroller eller undersökningar ..........</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">487</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.10</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att få information och dokumentation</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">om storleken eller syftet med en position</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">eller en exponering i råvaruderivat...............</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">488</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.11</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att kräva att praxis eller uppträdande</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">som strider mot MiFID II eller MiFIR</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">upphör tillfälligt eller permanent..................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">488</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.12</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att vidta varje slag av åtgärd för att se</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">till att den som omfattas av MiFID II eller</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">MiFIR kontinuerligt uppfyller kraven för</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">verksamheten................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">490</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.13</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att tillfälligt avbryta handeln med ett</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">finansiellt instrument och kräva att ett</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">finansiellt instrument ska avföras från</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">handel ...........................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">490</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.14</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att begära att en person vidtar</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">åtgärder för att minska storleken på en</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">position eller exponering ..............................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">493</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.15</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att begränsa möjligheten för en</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">person att ingå ett råvaruderivatkontrakt ......</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">493</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.16</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att utfärda offentliga underrättelser.......</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">494</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.17</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att få ut uppgifter om tele- och</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">datatrafik från teleoperatörer ........................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">494</P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft8">13.3.18</P></TD>
<TD class="tr4 td48"><P class="p23 ft8">Rätt att stoppa marknadsföring eller</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td48"><P class="p23 ft8">försäljning av finansiella instrument eller</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr29 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td48"><P class="p44 ft12">strukturerade insättningar .............................</P></TD>
<TD class="tr29 td11"><P class="p20 ft12">496</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft8">Prop. 2016/17:162</P>
<P class="p27 ft8">9</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_10">
<TABLE cellpadding=0 cellspacing=0 class="t32">
<TR>
<TD class="tr24 td49"><P class="p45 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td43"><P class="p29 ft2">13.3.19</P></TD>
<TD class="tr24 td44"><P class="p23 ft2">Rätt att kräva att en fysisk person avsätts</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">från styrelsen i ett värdepappersföretag</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">eller en marknadsoperatör .............................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">499</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p20 ft2">13.4</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Samarbete mellan behöriga myndigheter .......................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">500</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.4.1</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Inledning........................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">500</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.4.2</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Samarbete och utbyte av information med</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">utländska myndigheter ..................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">501</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.4.3</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Samråd mellan myndigheter före</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">beviljande av auktorisation............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">505</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.4.4</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Värdmedlemsstaternas befogenheter.............</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">506</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.4.5</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Försiktighetsåtgärder som</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">värdmedlemsstaten är skyldig att vidta .........</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">506</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.4.6</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Tystnadsplikt och möjligheter till utbyte</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">av information mellan behöriga</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">myndigheter och Esma ..................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">508</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.4.7</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Förhållandet till revisorer ..............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">509</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.4.8</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Skydd för personuppgifter.............................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">510</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p20 ft2">13.5</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">System och skydd för visselblåsare................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">511</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.5.1</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Inledning........................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">511</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.5.2</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Krav på speciella procedurer för hur</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">anmälningar ska omhändertas hos</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">behöriga myndigheter....................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">512</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">13.5.3</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Skydd för den som rapporterar mot att</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">drabbas av repressalier ..................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">513</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.5.4</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Sekretess avseende identiteten på den</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">anmälda personen ..........................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">515</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">13.5.5</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Krav på börser, leverantörer av</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">datarapporteringstjänster och företag</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">utanför EES med filial i Sverige att inrätta</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">ändamålsenliga system för anmälningar</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">om missförhållanden .....................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">520</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p20 ft2">13.6</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">Skadestånd......................................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">521</P></TD>
</TR>
<TR>
<TD class="tr27 td49"><P class="p20 ft2">13.7</P></TD>
<TD colspan=2 class="tr27 td16"><P class="p29 ft2">Avgifter till Finansinspektionen.....................................</P></TD>
<TD class="tr27 td17"><P class="p30 ft2">522</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td50"><P class="p46 ft18">14 Ingripanden ...................................................................................</P></TD>
<TD class="tr24 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p30 ft2">523</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p20 ft2">14.1</P></TD>
<TD class="tr26 td43"><P class="p29 ft6">Inledning ........................................................................</P></TD>
<TD class="tr26 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p30 ft2">523</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p20 ft2">14.2</P></TD>
<TD colspan=2 class="tr25 td16"><P class="p29 ft2">Ordningen för ingripande mot företag för</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">överträdelser...................................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">523</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p20 ft2">14.3</P></TD>
<TD colspan=2 class="tr26 td16"><P class="p29 ft2">Utökade ingripandebefogenheter....................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">526</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">14.3.1</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Inledning........................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">526</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">14.3.2</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Ingripanden mot företag med tillstånd</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">enligt lagen om värdepappersmarknaden ......</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">526</P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p29 ft2">14.3.3</P></TD>
<TD class="tr25 td44"><P class="p23 ft2">Ingripanden mot svenska leverantörer av</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">datarapporteringstjänster ...............................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">532</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">14.3.4</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Ingripanden mot fysiska personer för ett</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">företags överträdelse......................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">533</P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p29 ft2">14.3.5</P></TD>
<TD class="tr26 td44"><P class="p23 ft2">Ingripanden mot verksamhet utan</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td44"><P class="p23 ft2">tillstånd, den som överträder en</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td44"><P class="p23 ft2">positionslimit samt vissa ägare......................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">551</P></TD>
</TR>
<TR>
<TD class="tr27 td49"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td43"><P class="p29 ft2">14.3.6</P></TD>
<TD class="tr27 td44"><P class="p23 ft2">Ingripanden mot utländska företag................</P></TD>
<TD class="tr27 td17"><P class="p20 ft2">556</P></TD>
</TR>
<TR>
<TD class="tr36 td49"><P class="p47 ft2">10</P></TD>
<TD class="tr36 td43"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td44"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_11">
<TABLE cellpadding=0 cellspacing=0 class="t27">
<TR>
<TD class="tr37 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr37 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr37 td40"><P class="p29 ft2">14.3.7</P></TD>
<TD class="tr37 td41"><P class="p23 ft8">Omständigheter som ska vara styrande</P></TD>
<TD class="tr37 td53"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">vid beslut om sanktioner och åtgärder ..........</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">559</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.3.8</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Särskilt om sanktionsavgifter och deras</P></TD>
<TD class="tr4 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">storlek ...........................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">559</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.3.9</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Offentliggörande av beslut om sanktioner</P></TD>
<TD class="tr4 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">och åtgärder ..................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">566</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">14.4</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Straffrättslig reglering ...................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">568</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">14.5</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Förfarandet vid ingripanden ..........................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">569</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.5.1</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Inledning .......................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">569</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.5.2</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Förfarandet vid beslut om sanktioner och</P></TD>
<TD class="tr4 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">åtgärder .........................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">569</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.5.3</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Undanröjande av felaktiga</P></TD>
<TD class="tr4 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">sanktionsförelägganden ................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">573</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.5.4</P></TD>
<TD class="tr4 td41"><P class="p23 ft8">Möjlighet till ingripande mot företag som</P></TD>
<TD class="tr4 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td41"><P class="p30 ft9">förklarar sig avstå från sitt tillstånd ..............</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">574</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">14.6</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Frågor om preskription och betalningssäkring ..............</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">578</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.6.1</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Inledning .......................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">578</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.6.2</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Preskription ..................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">578</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td40"><P class="p23 ft8">14.6.3</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">Betalningssäkring för sanktionsavgift ..........</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">580</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p20 ft9">15</P></TD>
<TD colspan=3 class="tr4 td54"><P class="p30 ft9">Prövningsförfaranden...................................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">583</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">15.1</P></TD>
<TD class="tr4 td40"><P class="p23 ft8">Inledning</P></TD>
<TD class="tr4 td41"><P class="p30 ft9">........................................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">583</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">15.2</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Rätt till domstolsprövning .............................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">583</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">15.3</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p30 ft9">Hantering ........................av klagomål och tvistlösning</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">588</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr4 td5"><P class="p30 ft9">16 Ändringar i regleringen ....................som rör marknadsmissbruk</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">592</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p20 ft9">17</P></TD>
<TD colspan=3 class="tr4 td54"><P class="p30 ft9">Övriga finansmarknadsfrågor.......................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">594</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p20 ft9">17.1</P></TD>
<TD class="tr4 td40"><P class="p20 ft9">Inledning........................................................................</P></TD>
<TD class="tr4 td41"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td53"><P class="p48 ft9">594</P></TD>
</TR>
</TABLE>
<P class="p49 ft9"><SPAN class="ft9">17.2</SPAN><SPAN class="ft11">Beräkning av sanktionsavgiftens storlek vid sanktioner mot juridiska personer enligt </SPAN><NOBR>kapitaltäcknings-,</NOBR> krishanterings- och</P>
<TABLE cellpadding=0 cellspacing=0 class="t33">
<TR>
<TD class="tr38 td10"><P class="p23 ft8">öppenhetsdirektivet .......................................................</P></TD>
<TD class="tr38 td11"><P class="p20 ft9">595</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">17.3</SPAN><SPAN class="ft10">Kapitalbaskrav – ingripandemöjligheter vid</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t34">
<TR>
<TD class="tr39 td10"><P class="p23 ft8">pelare <NOBR>2-beslut ...............................................................</NOBR></P></TD>
<TD class="tr39 td11"><P class="p20 ft9">604</P></TD>
</TR>
</TABLE>
<P class="p24 ft8"><SPAN class="ft9">17.4</SPAN><SPAN class="ft10">Informationssäkerhet och </SPAN><NOBR>it-verksamhet</NOBR> för</P>
<TABLE cellpadding=0 cellspacing=0 class="t35">
<TR>
<TD colspan=2 class="tr40 td10"><P class="p23 ft8">clearingorganisationer ...................................................</P></TD>
<TD class="tr40 td11"><P class="p20 ft9">606</P></TD>
</TR>
<TR>
<TD class="tr4 td55"><P class="p23 ft8">17.4.1</P></TD>
<TD class="tr4 td38"><P class="p23 ft8">Bakgrund ......................................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">606</P></TD>
</TR>
<TR>
<TD class="tr4 td55"><P class="p23 ft8">17.4.2</P></TD>
<TD class="tr4 td38"><P class="p23 ft8">Föreskrifter om säkerhetskrav för</P></TD>
<TD class="tr4 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr4 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td38"><P class="p23 ft8">clearingorganisationer ..................................</P></TD>
<TD class="tr4 td11"><P class="p20 ft9">607</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t36">
<TR>
<TD class="tr41 td51"><P class="p20 ft9">18</P></TD>
<TD colspan=3 class="tr41 td54"><P class="p23 ft8">Ikraftträdande- och övergångsbestämmelser................................</P></TD>
<TD class="tr41 td53"><P class="p48 ft9">609</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">18.1</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">MiFID II och MiFIR......................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">609</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">18.2</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Ändringar avseende övriga finansmarknadsfrågor........</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">613</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p20 ft9">19</P></TD>
<TD colspan=3 class="tr4 td54"><P class="p23 ft8">Förslagens konsekvenser..............................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">614</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">19.1</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Förslagets syfte och alternativa lösningar......................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">614</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">19.2</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Problembeskrivning.......................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">615</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">19.3</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Ikraftträdande ................................................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">615</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">19.4</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Berörda företag och andra aktörer.................................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">615</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft8">19.5</P></TD>
<TD colspan=2 class="tr4 td36"><P class="p23 ft8">Konsekvenser för företag och enskilda .........................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">618</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td37"><P class="p23 ft8">19.5.1</P></TD>
<TD class="tr4 td38"><P class="p23 ft8">Konsekvenser för berörda företag ................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">618</P></TD>
</TR>
<TR>
<TD class="tr4 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr4 td37"><P class="p23 ft8">19.5.2</P></TD>
<TD class="tr4 td38"><P class="p23 ft8">Konsekvenser för små företag ......................</P></TD>
<TD class="tr4 td53"><P class="p48 ft9">628</P></TD>
</TR>
<TR>
<TD class="tr29 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td38"><P class="p23 ft7"> </P></TD>
<TD class="tr29 td53"><P class="p20 ft12">11</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_12">
<TABLE cellpadding=0 cellspacing=0 class="t32">
<TR>
<TD class="tr24 td56"><P class="p50 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td57"><P class="p21 ft2">19.5.3</P></TD>
<TD class="tr24 td58"><P class="p20 ft2">Påverkan på konkurrensförhållanden ............</P></TD>
<TD class="tr24 td17"><P class="p20 ft2">629</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">19.6</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Företagens kostnader och tidsåtgång..............................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">629</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p21 ft2">19.6.1</P></TD>
<TD class="tr26 td58"><P class="p20 ft2">Utgångspunkter .............................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">629</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p21 ft2">19.6.2</P></TD>
<TD class="tr26 td58"><P class="p52 ft2">Finansiella, materiella och övriga</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td58"><P class="p20 ft2">kostnader .......................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">630</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p21 ft2">19.6.3</P></TD>
<TD class="tr26 td58"><P class="p20 ft2">Administrativa kostnader...............................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">634</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">19.7</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Konsekvenser för investerare .........................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">635</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">19.8</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Konsekvenser för stat, myndigheter och domstolar .......</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">636</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p21 ft2">19.8.1</P></TD>
<TD class="tr26 td58"><P class="p20 ft2">Konsekvenser för staten ................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">636</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p21 ft2">19.8.2</P></TD>
<TD class="tr26 td58"><P class="p20 ft2">Konsekvenser för Finansinspektionen...........</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">637</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p21 ft2">19.8.3</P></TD>
<TD class="tr25 td58"><P class="p20 ft2">Konsekvenser för Sveriges Domstolar ..........</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">637</P></TD>
</TR>
<TR>
<TD class="tr27 td56"><P class="p51 ft2">19.9</P></TD>
<TD colspan=2 class="tr27 td59"><P class="p21 ft2">Övriga konsekvenser ......................................................</P></TD>
<TD class="tr27 td17"><P class="p20 ft2">639</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr24 td60"><P class="p20 ft2">20 Författningskommentar.................................................................</P></TD>
<TD class="tr24 td17"><P class="p20 ft2">639</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.1</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2007:528) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">värdepappersmarknaden.................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">640</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.2</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2007:528) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">värdepappersmarknaden.................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">642</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.3</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (1991:980) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">handel med finansiella instrument..................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">763</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.4</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i årsredovisningslagen</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">(1995:1554) ....................................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">766</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.5</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (1999:1309) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">system för avveckling av förpliktelser på</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">finansmarknaden ............................................................</P></TD>
<TD class="tr25 td17"><P class="p30 ft2">766</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.6</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2003:862) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">finansiell rådgivning till konsumenter............................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">767</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.7</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2004:46) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">värdepappersfonder ........................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">767</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.8</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2004:297) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">bank- och finansieringsrörelse........................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">769</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.9</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2004:1199) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">handel med utsläppsrätter...............................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">771</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.10</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2005:405) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">försäkringsförmedling ....................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">771</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.11</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i marknadsföringslagen</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">(2008:486)......................................................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">772</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.12</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i konkurrenslagen</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">(2008:579)......................................................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">772</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.13</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslaget till lag om ändring i offentlighets- och</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">sekretesslagen (2009:400) ..............................................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">772</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.14</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2011:1268) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">investeringssparkonto.....................................................</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">773</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p51 ft2">20.15</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2013:561) om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">förvaltare av alternativa investeringsfonder ...................</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">773</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.16</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslag till lag om ändring i lagen (2014:968) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">särskild tillsyn över kreditinstitut och</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td59"><P class="p21 ft2">värdepappersbolag..........................................................</P></TD>
<TD class="tr26 td17"><P class="p30 ft2">775</P></TD>
</TR>
<TR>
<TD class="tr25 td56"><P class="p51 ft2">20.17</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p21 ft2">Förslaget till lag om ändring i lagen (2015:1016) om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td56"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td57"><P class="p21 ft2">resolution</P></TD>
<TD class="tr27 td58"><P class="p20 ft2">........................................................................</P></TD>
<TD class="tr27 td17"><P class="p30 ft2">775</P></TD>
</TR>
<TR>
<TD class="tr36 td56"><P class="p23 ft2">12</P></TD>
<TD class="tr36 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td58"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_13">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr2 td5"><P class="p53 ft2">20.18 Förslaget till lag om ändring i lagen (2016:1307) om</P></TD>
<TD class="tr2 td53"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td5"><P class="p54 ft2">straff för marknadsmissbruk på</P></TD>
<TD class="tr26 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td5"><P class="p30 ft2">värdepappersmarknaden................................................</P></TD>
<TD class="tr27 td53"><P class="p48 ft2">776</P></TD>
</TR>
<TR>
<TD class="tr2 td5"><P class="p30 ft2">Utdrag ur protokoll vid regeringssammanträde den 30 mars 2017 ......</P></TD>
<TD class="tr2 td53"><P class="p48 ft2">778</P></TD>
</TR>
<TR>
<TD class="tr42 td5"><P class="p30 ft2">Rättsdatablad........................................................................................</P></TD>
<TD class="tr42 td53"><P class="p48 ft2">779</P></TD>
</TR>
</TABLE>
<P class="p55 ft2">13</P>
</DIV>
<DIV id="page_14">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr43 td61"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr43 td62"><P class="p57 ft1">1</P></TD>
<TD class="tr43 td63"><P class="p58 ft1">Förslag till riksdagsbeslut</P></TD>
</TR>
<TR>
<TD class="tr44 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td64"><P class="p57 ft2">Regeringen föreslår att riksdagen antar regeringens förslag till</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">1. lag om ändring i lagen (2007:528) om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">2. lag om ändring i lagen (2007:528) om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">3. lag om ändring i lagen (1991:980) om handel med finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">instrument,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">4. lag om ändring i lagen (1993:931) om individuellt pensionssparande,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">5. lag om ändring i årsredovisningslagen (1995:1554),</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">6. lag om ändring i lagen (1995:1559) om årsredovisning i kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">institut och värdepappersbolag,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">7. lag om ändring i lagen (1998:1479) om värdepapperscentraler och</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">kontoföring av finansiella instrument,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">8. lag om ändring i lagen (1999:158) om investerarskydd,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">9. lag om ändring i lagen (1999:1309) om system för avveckling av</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">förpliktelser på finansmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">10. lag om ändring i lagen (2000:35) om byte av redovisningsvaluta i</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">finansiella företag,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">11. lag om ändring i lagen (2000:1087) om anmälningsskyldighet för</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">vissa innehav av finansiella instrument,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">12. lag om ändring i lagen (2003:862) om finansiell rådgivning till</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">konsumenter,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">13. lag om ändring i lagen (2004:46) om värdepappersfonder,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">14. lag om ändring i lagen (2004:297) om bank- och finansierings-</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">rörelse,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">15. lag om ändring i lagen (2004:1199) om handel med utsläppsrätter,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">16. lag om ändring i lagen (2005:405) om försäkringsförmedling,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">17. lag om ändring i lagen (2006:451) om offentliga uppköpserbjud-</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">anden på aktiemarknaden,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">18. lag om ändring i marknadsföringslagen (2008:486),</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">19. lag om ändring i konkurrenslagen (2008:579),</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">20. lag om ändring i offentlighets- och sekretesslagen (2009:400),</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">21. lag om ändring i kommissionslagen (2009:865),</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">22. lag om ändring i skatteförfarandelagen (2011:1244),</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">23. lag om ändring i lagen (2011:1268) om investeringssparkonto,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">24. lag om ändring i lagen (2013:561) om förvaltare av alternativa</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">investeringsfonder,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">25. lag om ändring i lagen (2014:797) om ändring i lagen (2013:561)</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">om förvaltare av alternativa investeringsfonder,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">26. lag om ändring i lagen (2014:798) om ändring i lagen (2013:561)</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">om förvaltare av alternativa investeringsfonder,</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td63"><P class="p59 ft2">27. lag om ändring i lagen (2015:398) om ändring i lagen (2013:561)</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">om förvaltare av alternativa investeringsfonder,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">28. lag om ändring i lagen (2014:968) om särskild tillsyn över kredit-</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">institut och värdepappersbolag,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">29. lag om ändring i lagen (2015:1016) om resolution,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">30. lag om ändring i lagen (2016:1306) med kompletterande bestäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">melser till EU:s marknadsmissbruksförordning,</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p59 ft2">31. lag om ändring i lagen (2016:1307) om straff för marknads-</P></TD>
</TR>
<TR>
<TD class="tr31 td61"><P class="p60 ft2">14</P></TD>
<TD colspan=2 class="tr31 td64"><P class="p57 ft2">missbruk på värdepappersmarknaden.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_15">
<TABLE cellpadding=0 cellspacing=0 class="t39">
<TR>
<TD class="tr45 td65"><P class="p61 ft1">2</P></TD>
<TD class="tr45 td66"><P class="p62 ft1">Lagtext</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p63 ft2">Regeringen har följande förslag till lagtext.</P>
<P class="p64 ft23"><SPAN class="ft21">2.1</SPAN><SPAN class="ft22">Förslag till lag om ändring i lagen (2007:528) om värdepappersmarknaden</SPAN></P>
<P class="p65 ft2">Härigenom föreskrivs<SPAN class="ft24">1 </SPAN>att 20 kap. 8 § och 25 kap. <NOBR>9–10,</NOBR> 19, 19 a och 19 d §§ lagen (2007:528) om värdepappersmarknaden ska ha följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t40">
<TR>
<TD colspan=3 class="tr42 td68"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr42 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr42 td69"><P class="p66 ft3">Föreslagen lydelse</P></TD>
<TD class="tr42 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td75"><P class="p67 ft25">20 kap.</P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td55"><P class="p68 ft2">8 §</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td76"><P class="p20 ft2">Regeringen eller den myndighet</P></TD>
<TD colspan=7 class="tr26 td77"><P class="p69 ft2">Regeringen eller den myndighet</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td67"><P class="p23 ft2">som regeringen</P></TD>
<TD colspan=2 class="tr26 td75"><P class="p70 ft2">bestämmer</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">får</P></TD>
<TD class="tr26 td55"><P class="p66 ft2">som</P></TD>
<TD colspan=3 class="tr26 td37"><P class="p71 ft2">regeringen</P></TD>
<TD colspan=2 class="tr26 td78"><P class="p70 ft2">bestämmer</P></TD>
<TD class="tr26 td71"><P class="p20 ft2">får</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td76"><P class="p20 ft2">meddela föreskrifter om säkerhets-</P></TD>
<TD colspan=5 class="tr25 td69"><P class="p66 ft2">meddela föreskrifter om</P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td79"><P class="p23 ft2">kravet enligt 3 och 4 §§.</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p69 ft3">1. vad</P></TD>
<TD class="tr26 td35"><P class="p59 ft3">en</P></TD>
<TD colspan=4 class="tr26 td61"><P class="p20 ft26">clearingorganisation</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft26">ska iaktta i fråga om <NOBR>it-verksamhet</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td55"><P class="p66 ft3">och</P></TD>
<TD colspan=5 class="tr25 td81"><P class="p23 ft3">informationssäkerhet för</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">att</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft26">tillgodose de säkerhetskrav som är</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft3">förenade med verksamheten enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td69"><P class="p66 ft3">1 § första stycket, och</P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td82"><P class="p69 ft2"><SPAN class="ft3">2. </SPAN>säkerhetskravet enligt 3</P></TD>
<TD class="tr26 td71"><P class="p20 ft27">och</P></TD>
</TR>
<TR>
<TD class="tr27 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td55"><P class="p66 ft2">4 §§.</P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td75"><P class="p67 ft25">25 kap.</P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td75"><P class="p72 ft2">9 §<SPAN class="ft24">2</SPAN></P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td76"><P class="p20 ft2">Sanktionsavgiften för ett svenskt</P></TD>
<TD colspan=7 class="tr25 td77"><P class="p69 ft2">Sanktionsavgiften för ett svenskt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td76"><P class="p20 ft2">värdepappersinstitut, en börs eller</P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft2">värdepappersinstitut, en börs eller</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td76"><P class="p20 ft2">en svensk clearingorganisation ska</P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft2">en svensk clearingorganisation ska</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td68"><P class="p23 ft2">fastställas till högst</P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td77"><P class="p66 ft2">fastställas till högst <SPAN class="ft3">det högsta av</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p39 ft2">1. tio</P></TD>
<TD class="tr26 td73"><P class="p73 ft2">procent</P></TD>
<TD class="tr26 td74"><P class="p74 ft2">av</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p20 ft2">företagets</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p69 ft2">1. tio</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p59 ft2">procent</P></TD>
<TD class="tr26 td74"><P class="p74 ft2">av</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p20 ft2">företagets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td68"><P class="p23 ft2">omsättning närmast</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p20 ft27">föregående</P></TD>
<TD colspan=7 class="tr26 td77"><P class="p66 ft3"><SPAN class="ft2">omsättning </SPAN>eller, i förekommande</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td67"><P class="p23 ft2">räkenskapsår,</P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td55"><P class="p66 ft3">fall,</P></TD>
<TD colspan=3 class="tr25 td37"><P class="p75 ft26">motsvarande</P></TD>
<TD colspan=2 class="tr25 td78"><P class="p44 ft3">omsättning</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">på</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td84"><P class="p66 ft3">koncernnivå</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p76 ft2">närmast</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p20 ft27">föregående</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td69"><P class="p66 ft2">räkenskapsår, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td72"><P class="p39 ft2">2. två</P></TD>
<TD class="tr31 td73"><P class="p23 ft2">gånger</P></TD>
<TD class="tr31 td74"><P class="p23 ft2">den</P></TD>
<TD class="tr31 td52"><P class="p23 ft2">vinst</P></TD>
<TD class="tr31 td11"><P class="p20 ft2">som</P></TD>
<TD colspan=2 class="tr31 td80"><P class="p69 ft2">2. två</P></TD>
<TD colspan=2 class="tr31 td73"><P class="p23 ft2">gånger</P></TD>
<TD class="tr31 td74"><P class="p76 ft27">den</P></TD>
<TD colspan=2 class="tr31 td83"><P class="p20 ft2">vinst som</P></TD>
</TR>
</TABLE>
<P class="p77 ft30"><SPAN class="ft28">1</SPAN><SPAN class="ft29">Jfr Europaparlamentets och rådets direktiv 2013/36/EU av den 26 juni 2013 om behörig- het att utöva verksamhet i kreditinstitut och om tillsyn av kreditinstitut och värdepappers- företag, om ändring av direktiv 2002/87/EG och om upphävande av direktiv 2006/48/EG och 2006/49/EG, i den ursprungliga lydelsen, samt Europaparlamentets och rådets direktiv 2004/109/EG av den 15 december 2004 om harmonisering av insynskraven angående upp- lysningar om emittenter vars värdepapper är upptagna till handel på en reglerad marknad och om ändring av direktiv 2001/34/EG, i lydelsen enligt Europaparlamentets och rådets direktiv 2013/50/EU.</SPAN></P>
<P class="p78 ft32"><SPAN class="ft28">2</SPAN><SPAN class="ft31">Senaste lydelse 2015:186.</SPAN></P>
<P class="p79 ft2">15</P>
</DIV>
<DIV id="page_16">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD colspan=2 class="tr24 td86"><P class="p80 ft2">Prop. 2016/17:162 företaget</P></TD>
<TD colspan=2 class="tr24 td85"><P class="p73 ft3">erhållit</P></TD>
<TD colspan=2 class="tr24 td87"><P class="p23 ft2">till följd</P></TD>
<TD class="tr24 td88"><P class="p53 ft2">av</P></TD>
<TD colspan=6 class="tr24 td89"><P class="p73 ft2">företaget <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td90"><P class="p41 ft2">regelöverträdelsen,</P></TD>
<TD class="tr25 td88"><P class="p1 ft2">om</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p53 ft2">beloppet</P></TD>
<TD colspan=3 class="tr25 td91"><P class="p73 ft2">regelöverträdelsen,</P></TD>
<TD class="tr25 td92"><P class="p59 ft2">om</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p20 ft2">beloppet</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td94"><P class="p41 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td91"><P class="p73 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p81 ft3">3. två gånger de kostnader som</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p41 ft3">företaget undvikit till följd av</P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td90"><P class="p41 ft3">regelöverträdelsen,</P></TD>
<TD class="tr26 td88"><P class="p70 ft3">om</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p53 ft26">beloppet</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td90"><P class="p41 ft3">går att fastställa.</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td90"><P class="p81 ft2">Sanktionsavgiften</P></TD>
<TD class="tr25 td88"><P class="p44 ft2">får</P></TD>
<TD class="tr25 td74"><P class="p82 ft2">inte</P></TD>
<TD colspan=2 class="tr25 td37"><P class="p70 ft2">bestämmas</P></TD>
<TD class="tr25 td97"><P class="p83 ft2">till</P></TD>
<TD colspan=3 class="tr25 td67"><P class="p23 ft2">ett lägre belopp</P></TD>
<TD class="tr25 td13"><P class="p20 ft2">än</P></TD>
</TR>
<TR>
<TD colspan=13 class="tr26 td99"><P class="p41 ft2">5 000 kronor. Om överträdelsen har skett under företagets första verk-</P></TD>
</TR>
<TR>
<TD colspan=13 class="tr26 td99"><P class="p41 ft2">samhetsår eller om uppgifter om omsättningen annars saknas eller är</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td100"><P class="p41 ft2">bristfälliga, får den uppskattas.</P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=13 class="tr26 td99"><P class="p81 ft2">För värdepappersinstitut får avgiften inte vara så stor att institutet</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">därefter inte uppfyller kraven i 8 kap.</P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">3 § denna lag eller 6 kap. 1 § lagen</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr31 td101"><P class="p41 ft2">(2004:297) om bank- och finansieringsrörelse.</P></TD>
<TD class="tr31 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td102"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td37"><P class="p84 ft2">9 a §<SPAN class="ft24">3</SPAN></P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p81 ft2">Sanktionsavgiften för en fysisk</P></TD>
<TD colspan=6 class="tr25 td89"><P class="p85 ft2">Sanktionsavgiften för en fysisk</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td100"><P class="p41 ft2">person ska fastställas till högst</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">person ska fastställas till högst <SPAN class="ft3">det</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td102"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p73 ft3">högsta av</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p81 ft2">1. ett belopp som per den 17 juli</P></TD>
<TD colspan=6 class="tr25 td89"><P class="p20 ft2">1. ett belopp som per den 17 juli</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">2013 i <SPAN class="ft3">svenska </SPAN>kronor motsvarade</P></TD>
<TD class="tr26 td70"><P class="p73 ft2">2013</P></TD>
<TD class="tr26 td97"><P class="p86 ft2">i</P></TD>
<TD class="tr26 td98"><P class="p70 ft2">kronor</P></TD>
<TD colspan=3 class="tr26 td103"><P class="p20 ft2">motsvarade</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td90"><P class="p41 ft2">fem miljoner euro,</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td104"><P class="p73 ft2">fem miljoner euro, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p81 ft2">2. två gånger den vinst som den</P></TD>
<TD colspan=6 class="tr25 td89"><P class="p20 ft2">2. två gånger den vinst som den</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">fysiska personen <SPAN class="ft3">erhållit </SPAN>till följd</P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">fysiska personen <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">av regelöverträdelsen, om beloppet</P></TD>
<TD colspan=3 class="tr26 td91"><P class="p73 ft2">regelöverträdelsen,</P></TD>
<TD class="tr26 td92"><P class="p59 ft2">om</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft2">beloppet</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td94"><P class="p41 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td91"><P class="p73 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p81 ft3">3. två gånger de kostnader som</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft3">den fysiska personen undvikit till</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td102"><P class="p41 ft3">följd</P></TD>
<TD class="tr25 td13"><P class="p80 ft3">av</P></TD>
<TD colspan=4 class="tr25 td105"><P class="p23 ft3">regelöverträdelsen,</P></TD>
<TD class="tr25 td88"><P class="p53 ft3">om</P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td94"><P class="p41 ft26">beloppet går att fastställa.</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td100"><P class="p81 ft2">Avgiften tillfaller staten.</P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td102"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td37"><P class="p66 ft2">10 §<SPAN class="ft24">4</SPAN></P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td102"><P class="p81 ft2">När</P></TD>
<TD colspan=4 class="tr26 td106"><P class="p44 ft27">sanktionsavgiftens</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p53 ft2">storlek</P></TD>
<TD class="tr26 td70"><P class="p85 ft2">När</P></TD>
<TD colspan=5 class="tr26 td107"><P class="p20 ft2">sanktionsavgiftens storlek</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p41 ft2">fastställs, ska särskild hänsyn tas</P></TD>
<TD colspan=6 class="tr25 td89"><P class="p73 ft2">fastställs, ska särskild hänsyn tas</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td108"><P class="p41 ft2">till sådana</P></TD>
<TD colspan=4 class="tr26 td109"><P class="p53 ft2">omständigheter som</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p73 ft2">till sådana</P></TD>
<TD colspan=3 class="tr26 td67"><P class="p50 ft2">omständigheter</P></TD>
<TD class="tr26 td13"><P class="p30 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr26 td102"><P class="p41 ft2">anges</P></TD>
<TD colspan=2 class="tr26 td25"><P class="p1 ft2">i 1 b</P></TD>
<TD colspan=2 class="tr26 td37"><P class="p59 ft2">och 1 c §§,</P></TD>
<TD class="tr26 td74"><P class="p87 ft2">samt</P></TD>
<TD class="tr26 td88"><P class="p53 ft2">till</P></TD>
<TD class="tr26 td70"><P class="p73 ft2">anges</P></TD>
<TD class="tr26 td97"><P class="p23 ft2">i 1 b</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p88 ft2">och 1 c §§,</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p30 ft2">samt till</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td86"><P class="p41 ft2">företagets</P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td88"><P class="p73 ft2">den</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p53 ft2">fysiska</P></TD>
<TD colspan=2 class="tr25 td80"><P class="p73 ft2">företagets</P></TD>
<TD class="tr25 td98"><P class="p70 ft2">eller</P></TD>
<TD class="tr25 td92"><P class="p23 ft2">den</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p20 ft2">fysiska</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">personens finansiella ställning och,</P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">personens finansiella ställning och,</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">om det går att fastställa, den vinst</P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">om det går att fastställa, den vinst</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p41 ft2">som företaget eller den fysiska</P></TD>
<TD colspan=6 class="tr25 td89"><P class="p73 ft2">som företaget eller den fysiska</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">personen <SPAN class="ft3">erhållit </SPAN>till följd av</P></TD>
<TD colspan=6 class="tr26 td89"><P class="p73 ft2">personen <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p41 ft2">regelöverträdelsen <SPAN class="ft3">eller de kost-</SPAN></P></TD>
<TD colspan=3 class="tr26 td91"><P class="p73 ft2">regelöverträdelsen.</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr31 td90"><P class="p41 ft26">nader som undvikits<SPAN class="ft27">.</SPAN></P></TD>
<TD class="tr31 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t42">
<TR>
<TD class="tr25 td110"><P class="p30 ft33">3</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2015:186.</P></TD>
</TR>
<TR>
<TD class="tr48 td110"><P class="p30 ft33">4</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2015:186.</P></TD>
</TR>
<TR>
<TD class="tr27 td110"><P class="p89 ft2">16</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_17">
<TABLE cellpadding=0 cellspacing=0 class="t43">
<TR>
<TD class="tr42 td112"><P class="p90 ft2">19 §<SPAN class="ft24">5</SPAN></P></TD>
<TD class="tr42 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr30 td112"><P class="p91 ft14">Finansinspektionen ska besluta att en sanktionsavgift ska tas ut av en</P></TD>
<TD class="tr30 td67"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p92 ft2">emittent som inte offentliggör information enligt 15 kap. 8 § eller regel- bunden finansiell information enligt 16 kap. <NOBR>4–6</NOBR> §§.</P>
<P class="p93 ft2">Sanktionsavgiften ska fastställas till lägst 50 000 kronor och högst det</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr27 td72"><P class="p23 ft27">högsta av</P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p39 ft2">1. ett</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p23 ft2">belopp</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p94 ft2">som</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p76 ft2">per</P></TD>
<TD class="tr26 td116"><P class="p95 ft2">den</P></TD>
<TD class="tr26 td72"><P class="p39 ft2">1. ett</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p23 ft2">belopp</P></TD>
<TD class="tr26 td95"><P class="p94 ft2">som</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p76 ft2">per</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">den</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td57"><P class="p23 ft2">26 november</P></TD>
<TD colspan=3 class="tr25 td117"><P class="p96 ft2">2013</P></TD>
<TD colspan=3 class="tr25 td118"><P class="p95 ft27">motsvarade</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p23 ft2">26 november</P></TD>
<TD colspan=2 class="tr25 td119"><P class="p97 ft2">2013</P></TD>
<TD class="tr25 td115"><P class="p70 ft3">i</P></TD>
<TD colspan=2 class="tr25 td39"><P class="p20 ft3">kronor</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td67"><P class="p23 ft2">tio miljoner euro,</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td79"><P class="p23 ft2">motsvarade tio miljoner euro,</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p39 ft2">2. fem</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p1 ft2">procent</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p80 ft27">av</P></TD>
<TD colspan=3 class="tr26 td118"><P class="p95 ft27">emittentens</P></TD>
<TD class="tr26 td72"><P class="p39 ft2">2. fem</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p1 ft2">procent</P></TD>
<TD class="tr26 td95"><P class="p80 ft2">av</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p20 ft27">emittentens</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td57"><P class="p23 ft2">omsättning</P></TD>
<TD colspan=3 class="tr25 td117"><P class="p98 ft2">närmast</P></TD>
<TD colspan=3 class="tr25 td118"><P class="p95 ft2">föregående</P></TD>
<TD colspan=7 class="tr25 td76"><P class="p23 ft3"><SPAN class="ft2">omsättning </SPAN>eller, i förekommande</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td57"><P class="p23 ft2">räkenskapsår,</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td120"><P class="p23 ft3">fall, motsvarande</P></TD>
<TD colspan=4 class="tr26 td121"><P class="p20 ft3">omsättning på</P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td103"><P class="p23 ft3">koncernnivå</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p99 ft2">närmast</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p20 ft2">föregående</P></TD>
</TR>
<TR>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td120"><P class="p23 ft2">räkenskapsår, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p39 ft2">3. två</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p23 ft2">gånger</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p99 ft27">den</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p76 ft2">vinst</P></TD>
<TD class="tr26 td116"><P class="p95 ft2">som</P></TD>
<TD class="tr26 td72"><P class="p39 ft2">3. två</P></TD>
<TD colspan=3 class="tr26 td122"><P class="p99 ft2">gånger den</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p76 ft2">vinst</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">emittenten <SPAN class="ft3">erhållit </SPAN>till följd av</P></TD>
<TD colspan=7 class="tr26 td76"><P class="p23 ft2">emittenten <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td123"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p74 ft2">om</P></TD>
<TD colspan=2 class="tr25 td75"><P class="p95 ft2">beloppet</P></TD>
<TD colspan=3 class="tr25 td120"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD colspan=2 class="tr25 td25"><P class="p39 ft2">om</P></TD>
<TD colspan=2 class="tr25 td39"><P class="p20 ft2">beloppet</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td42"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td120"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td77"><P class="p39 ft3">4. två gånger de kostnader som</P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td77"><P class="p23 ft3">emittenten undvikit till följd av</P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td123"><P class="p23 ft26">regelöverträdelsen,</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p67 ft3">om</P></TD>
<TD colspan=2 class="tr26 td75"><P class="p95 ft3">beloppet</P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr30 td67"><P class="p23 ft35">går att fastställa.</P></TD>
<TD class="tr30 td114"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td11"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td115"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td116"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td72"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td35"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td95"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td115"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td11"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2">Om överträdelsen har skett under emittentens första verksamhetsår eller om uppgifter om omsättningen annars saknas eller är bristfälliga, får omsättningen uppskattas.</P>
<P class="p100 ft2">Avgiften tillfaller staten.</P>
<P class="p101 ft2">19 a §<SPAN class="ft24">6</SPAN></P>
<P class="p102 ft2">Finansinspektionen ska besluta att en sanktionsavgift ska tas ut av någon som ingår i en emittents styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, om emittenten inte offentliggör information enligt 15 kap. 8 § eller regelbunden finansiell information enligt 16 kap. <NOBR>4–6</NOBR> §§.</P>
<P class="p103 ft4">En sanktionsavgift får tas ut enligt första stycket endast om emittentens överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat överträdelsen.</P>
<P class="p93 ft2">Sanktionsavgiften ska fastställas till lägst 15 000 kronor och högst det</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr27 td77"><P class="p23 ft2">högsta av</P></TD>
<TD class="tr27 td120"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft2">1. ett belopp som per den</P></TD>
<TD class="tr26 td120"><P class="p39 ft2">1. ett belopp</P></TD>
<TD class="tr26 td25"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td39"><P class="p20 ft2">per den</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">26 november 2013 motsvarade två</P></TD>
<TD colspan=2 class="tr26 td125"><P class="p23 ft2">26 november 2013 <SPAN class="ft3">i</SPAN></P></TD>
<TD class="tr26 td39"><P class="p20 ft3">kronor</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft2">miljoner euro,</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p23 ft2">motsvarade två miljoner euro, <SPAN class="ft3">eller</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft2">2. två gånger den vinst som den</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">2. två gånger den vinst som den</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">fysiska personen <SPAN class="ft3">erhållit </SPAN>till följd</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">fysiska personen <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft2">av regelöverträdelsen, om beloppet</P></TD>
<TD class="tr25 td120"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD class="tr25 td25"><P class="p39 ft2">om</P></TD>
<TD class="tr25 td39"><P class="p20 ft2">beloppet</P></TD>
</TR>
<TR>
<TD class="tr27 td77"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr27 td120"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p104 ft37"><SPAN class="ft28">5</SPAN><SPAN class="ft36">Senaste lydelse 2015:960.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">6</SPAN><SPAN class="ft38">Senaste lydelse 2015:960.</SPAN></P>
<P class="p13 ft2">17</P>
</DIV>
<DIV id="page_18">
<DIV id="dimg1">
<INGENBILD zsrc="H40316218x1.jpg/" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td111"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=5 class="tr24 td77"><P class="p106 ft3">3. två gånger de kostnader som</P></TD>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td77"><P class="p106 ft3">den fysiska personen undvikit till</P></TD>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft3">följd</P></TD>
<TD class="tr26 td88"><P class="p71 ft3">av</P></TD>
<TD colspan=3 class="tr26 td128"><P class="p106 ft3">regelöverträdelsen, om</P></TD>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p23 ft3">beloppet går att fastställa.</P></TD>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td77"><P class="p107 ft2">Avgiften tillfaller staten.</P></TD>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td77"><P class="p108 ft2">19 d §<SPAN class="ft24">7</SPAN></P></TD>
<TD class="tr47 td126"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td77"><P class="p106 ft2">När sanktionsavgiftens storlek</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p20 ft2">När sanktionsavgiftens storlek</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p106 ft27">fastställs, ska hänsyn tas till sådana</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft27">fastställs, ska hänsyn tas till sådana</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p106 ft2">omständigheter som anges i 19 b</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">omständigheter som anges i 19 b</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft2">och</P></TD>
<TD colspan=3 class="tr25 td131"><P class="p56 ft2">19 c §§ samt till</P></TD>
<TD class="tr25 td118"><P class="p106 ft2">emittentens</P></TD>
<TD class="tr25 td42"><P class="p23 ft2">och 19 c §§ samt till</P></TD>
<TD class="tr25 td126"><P class="p20 ft2">emittentens</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p106 ft2">eller den fysiska personens finan-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">eller den fysiska personens finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p106 ft2">siella ställning och, om det går att</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">siella ställning och, om det går att</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td132"><P class="p23 ft2">fastställa,</P></TD>
<TD class="tr25 td129"><P class="p109 ft27">den</P></TD>
<TD class="tr25 td52"><P class="p56 ft2">vinst</P></TD>
<TD class="tr25 td118"><P class="p106 ft2">emittenten</P></TD>
<TD class="tr25 td42"><P class="p23 ft2">fastställa, den vinst</P></TD>
<TD class="tr25 td126"><P class="p20 ft2">emittenten</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p106 ft2">eller den fysiska personen <SPAN class="ft3">erhållit</SPAN></P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">eller den fysiska personen <SPAN class="ft3">gjort </SPAN>till</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft2">till</P></TD>
<TD class="tr26 td88"><P class="p82 ft2">följd</P></TD>
<TD class="tr26 td129"><P class="p87 ft2">av</P></TD>
<TD colspan=2 class="tr26 td91"><P class="p106 ft2">regelöverträdelsen</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">följd av regelöverträdelsen.</P></TD>
</TR>
<TR>
<TD class="tr31 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td77"><P class="p23 ft3">eller de kostnader som undvikits<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td126"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p110 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">Denna lag träder i kraft den 1 augusti 2017.</SPAN></P>
<P class="p111 ft42"><SPAN class="ft2">2.</SPAN><SPAN class="ft41">Äldre bestämmelser gäller för överträdelser som ägt rum före ikraft- trädandet.</SPAN></P>
<P class="p112 ft37"><SPAN class="ft43">7 </SPAN>Senaste lydelse 2015:960.</P>
<P class="p19 ft2">18</P>
</DIV>
<DIV id="page_19">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr45 td132"><P class="p23 ft21">2.2</P></TD>
<TD colspan=2 class="tr45 td133"><P class="p73 ft21">Förslag till lag om ändring i lagen (2007:528)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td132"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td133"><P class="p73 ft21">om värdepappersmarknaden</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr42 td134"><P class="p97 ft2">Härigenom föreskrivs<SPAN class="ft24">1 </SPAN>i fråga om lagen (2007:528) om värde-</P></TD>
<TD class="tr42 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td135"><P class="p23 ft2">pappersmarknaden<SPAN class="ft24">2</SPAN></P></TD>
<TD class="tr25 td136"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td134"><P class="p97 ft2"><SPAN class="ft3">dels </SPAN>att 6 kap. 2 §, 8 kap. 16, 21, 22 och 35 §§, 9 kap. <NOBR>1–10</NOBR> §§, 10 kap.,</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td134"><P class="p97 ft2">11 kap. <NOBR>9–11</NOBR> §§, 13 kap. 11 § och 25 kap. 1 d och 2 §§ ska upphöra att</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td132"><P class="p23 ft2">gälla,</P></TD>
<TD class="tr26 td137"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td136"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td134"><P class="p97 ft2"><SPAN class="ft3">dels </SPAN>att rubrikerna närmast före 8 kap. 21 § och rubrikerna närmast före</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td134"><P class="p23 ft2">8 kap. 22 §, 9 kap. 1, 2, 9 och 10 §§ och 11 kap. 9 § ska utgå,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td134"><P class="p97 ft2"><SPAN class="ft3">dels </SPAN>att nuvarande 8 kap. 1 § ska betecknas 9 kap. 1 §, 8 kap. 2 § ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td132"><P class="p23 ft2">betecknas</P></TD>
<TD class="tr25 td137"><P class="p73 ft2">8 kap. 1 §, 8 kap. 8 e § ska</P></TD>
<TD class="tr25 td136"><P class="p97 ft2">betecknas 8 kap. 8 f §, 8 kap.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td132"><P class="p23 ft2"><NOBR>12–14</NOBR> §§</P></TD>
<TD class="tr26 td137"><P class="p23 ft2">ska betecknas 8 kap. 16, 21</P></TD>
<TD class="tr26 td136"><P class="p97 ft2">och 22 §§, 8 kap. 15 § ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td132"><P class="p23 ft14">betecknas</P></TD>
<TD class="tr30 td137"><P class="p73 ft14">9 kap. 3 §, 8 kap. <NOBR>17–20</NOBR> §§</P></TD>
<TD class="tr30 td136"><P class="p97 ft14">ska betecknas 9 kap. <NOBR>5–8</NOBR> §§,</P></TD>
<TD class="tr30 td67"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p113 ft2">8 kap. 21 a § ska betecknas 9 kap. 13 §, 8 kap. 22 a och 22 b §§ ska betecknas 9 kap. 18 och 19 §§, 8 kap. <NOBR>23–27</NOBR> §§ ska betecknas 9 kap. <NOBR>23–27</NOBR> §§, 8 kap. 28 § ska betecknas 9 kap. 31 §, 8 kap. <NOBR>29–32</NOBR> §§ ska betecknas 9 kap. <NOBR>33–36</NOBR> §§, 8 kap. 33 § ska betecknas 9 kap. 38 §, 8 kap. 34 och 36 §§ ska betecknas 9 kap. 40 och 42 §§, 8 kap. <NOBR>37–40</NOBR> §§ ska betecknas 9 kap. <NOBR>44–47</NOBR> §§, 8 kap. 41 § ska betecknas 9 kap. 49 §, 8 kap. 42 § ska betecknas 8 kap. 35 §, 12 kap. 6 b § ska betecknas 12 kap. 6 f §, 23 kap. 3 a och 3 b §§ ska betecknas 23 kap. 3 c och 3 d §§, 25 kap. 1 a § ska betecknas 25 kap. 1 d §, 25 kap. 1 b och 1 c §§ ska betecknas 25 kap. 2 och 2 a §§,</P>
<P class="p114 ft2"><SPAN class="ft3">dels </SPAN>att 1 kap. 1, 3, 4, 5, 5 a och 11 §§, 2 kap. 1, 2, 3 och 5 §§, 3 kap. 9 §, 4 kap. 1 och 4 §§, 5 kap. 1, 3, 4, 6 och 7 §§, 6 kap. 1, <NOBR>4–7</NOBR> och 10 §§, den nya 8 kap. 1 §, 8 kap. 10 §, de nya 8 kap. 16, 21 och 35 §§, de nya 9 kap. 3, <NOBR>5–8,</NOBR> <NOBR>23–25,</NOBR> 27, 31, 33, 34, 36, 45, 47 och 49 §§, 11 kap. 2, 3, 6 och 12 §§, 12 kap. 2, 10 och 11 §§, 13 kap. 5, 7, 9, 10, 12 och 17 §§, 15 kap. 6, 11 och 12 §§, 22 kap. 1, 2, 2 a, 5, 6 och 8 §§, 23 kap. 1, 2, 3, <NOBR>4–6,</NOBR> <NOBR>7–9,</NOBR> 12 och 15 §§, 24 kap. 8 a §, 25 kap. 1 §, de nya 25 kap. 1 d och 2 §§, 25 kap. 4, 5, 8, 9, 10, 10 a, 10 c, 10 d, 12, 15, 16 och 17 §§, 26 kap. 1, 2 och 4 §§, rubrikerna till 8 och 9 kap. och rubrikerna närmast före 11 kap. 12 §, 13 kap. 9 § och 25 kap. 1 och 12 §§ ska ha följande lydelse,</P>
<P class="p115 ft30"><SPAN class="ft28">1</SPAN><SPAN class="ft29">Jfr Europaparlamentets och rådets direktiv 2014/65/EU av den 15 maj 2014 om mark- nader för finansiella instrument och om ändring av direktiv 2002/92/EU och av direktiv 2011/61/EU, i lydelsen enligt Europaparlamentets och rådets direktiv (EU) 2016/1034.</SPAN></P>
<P class="p116 ft32"><SPAN class="ft28">2</SPAN><SPAN class="ft31">Senaste lydelse av</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t45">
<TR>
<TD colspan=2 class="tr30 td77"><P class="p23 ft37">8 kap. 8 e § 2014:985</P></TD>
<TD class="tr30 td138"><P class="p23 ft30">25 kap. 1 c § 2015:186</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td77"><P class="p23 ft44">8 kap. 21 a § 2013:579</P></TD>
<TD class="tr48 td138"><P class="p23 ft30">25 kap. 1 d § 2015:186</P></TD>
</TR>
<TR>
<TD class="tr48 td139"><P class="p23 ft30">8 kap. 22</P></TD>
<TD class="tr48 td140"><P class="p59 ft44">§ 2014:15</P></TD>
<TD class="tr48 td138"><P class="p23 ft44">rubriken närmast före</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr49 td77"><P class="p23 ft32">8 kap. 22 a § 2013:579</P></TD>
<TD class="tr49 td138"><P class="p23 ft32">8 kap. 8 e § 2014:985</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td77"><P class="p23 ft44">8 kap. 22 b § 2013:579</P></TD>
<TD class="tr48 td138"><P class="p23 ft44">rubriken närmast före</P></TD>
</TR>
<TR>
<TD class="tr48 td139"><P class="p23 ft30">8 kap. 36</P></TD>
<TD class="tr48 td140"><P class="p59 ft44">§ 2011:831</P></TD>
<TD class="tr48 td138"><P class="p23 ft30">8 kap. 21 a § 2013:579</P></TD>
</TR>
<TR>
<TD class="tr49 td139"><P class="p23 ft30">8 kap. 37</P></TD>
<TD class="tr49 td140"><P class="p59 ft32">§ 2010:2075</P></TD>
<TD class="tr49 td138"><P class="p23 ft32">rubriken närmast före</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td77"><P class="p23 ft44">12 kap. 6 b § 2014:554</P></TD>
<TD class="tr48 td138"><P class="p23 ft30">12 kap. 6 b § 2014:554</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td77"><P class="p23 ft44">23 kap. 3 a § 2015:1032</P></TD>
<TD class="tr48 td138"><P class="p23 ft44">rubriken närmast före</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td77"><P class="p23 ft37">23 kap. 3 b § 2015:1032</P></TD>
<TD class="tr30 td138"><P class="p23 ft30">23 kap. 3 b § 2015:1032.</P></TD>
</TR>
</TABLE>
<P class="p117 ft2">19</P>
</DIV>
<DIV id="page_20">
<P class="p118 ft4">Prop. 2016/17:162 <SPAN class="ft45">dels </SPAN>att rubriken närmast före 8 kap. 7 § ska lyda ”Styrelsens och verkställande direktörens ansvar”,</P>
<P class="p119 ft2"><SPAN class="ft3">dels </SPAN>att rubriken närmast före 8 kap. 8 e § ska sättas närmast före 8 kap. 8 f §, rubrikerna närmast före 8 kap. 12, 13 och 14 §§ ska sättas närmast före 8 kap. 16, 21 respektive 22 §, rubrikerna närmast före 8 kap. 15 § ska sättas närmast före 9 kap. 3 §, rubrikerna närmast före 8 kap. 19, 21 a, 23, 24, 26 och 27 §§ ska sättas närmast före 9 kap. 7, 13, 23, 24, 26 respektive 27 §, rubrikerna närmast före 8 kap. 28 § ska sättas närmast före 9 kap. 31 §, rubrikerna närmast före 8 kap. 29, 34, 37 och 41 §§ ska sättas närmast före 9 kap. 33, 40, 44 respektive 49 §, rubriken närmast före 8 kap. 42 § ska sättas närmast före 8 kap. 35 §, rubriken närmast före 12 kap. 6 b § ska sättas närmast före 12 kap. 6 f § och rubriken närmast före 23 kap. 3 b § ska sättas närmast före 23 kap. 3 d §,</P>
<P class="p120 ft4"><SPAN class="ft45">dels </SPAN>att rubriken närmast före 8 kap. 33 § ska sättas närmast före 9 kap. 38 § och lyda ”Hantering av order”,</P>
<P class="p119 ft4"><SPAN class="ft45">dels </SPAN>att rubriken närmast före 8 kap. 40 § ska sättas närmast före 9 kap. 47 § och ha följande lydelse,</P>
<P class="p119 ft2"><SPAN class="ft3">dels </SPAN>att det ska införas två nya kapitel, 10 kap. och 15 a kap., av följande lydelse,</P>
<P class="p119 ft2"><SPAN class="ft3">dels </SPAN>att det ska införas hundratre nya paragrafer, 1 kap. 1 a, 1 b och 4 <NOBR>a–4</NOBR> c §§, 2 kap. 1 a och 1 b §§, 4 kap. <NOBR>7–9</NOBR> §§, 8 kap. 2, 8 e, <NOBR>12–15,</NOBR> <NOBR>17–20</NOBR> och <NOBR>23–34</NOBR> §§, 9 kap. 2, 4, <NOBR>9–12,</NOBR> <NOBR>14–17,</NOBR> <NOBR>20–22,</NOBR> <NOBR>28–30,</NOBR> 32, 37, 39, 41, 43, 48 och 50 §§, 11 kap. 1 a, 1 b, 2 <NOBR>a–2</NOBR> c, 3 a, 4 a, 4 b och <NOBR>13–15</NOBR> §§, 12 kap. 6 <NOBR>b–6</NOBR> e och 8 a §§, 13 kap. 1 <NOBR>a–1</NOBR> j, 2 a, 6 a, 7 a och 12 a §§, 14 kap. 3 b §, 15 kap. 11 a §, 23 kap. 3 a och 3 b §§ och 25 kap. 1 <NOBR>a–1</NOBR> c, 1 <NOBR>e–1</NOBR> h, 15 <NOBR>a–15</NOBR> c, 17 a och 28 <NOBR>a–28</NOBR> c §§ av följande lydelse,</P>
<P class="p121 ft2"><SPAN class="ft3">dels </SPAN>att det närmast före 1 kap. 4 a, 4 b och 4 c §§, 8 kap. 12, 13, 15, 23, 25, 26, 28, 32, 33 och 34 §§, 9 kap. 9, 10, 11, 14, 20, 21, 37, 39 och 50 §§, 11 kap. 13 §, 13 kap. 7 a § och 25 kap. 17 a och 28 a §§ ska införas nya rubriker av följande lydelse,</P>
<P class="p122 ft2"><SPAN class="ft3">dels </SPAN>att det närmast före 9 kap. 1 § ska införas en rubrik som ska lyda</P>
<TABLE cellpadding=0 cellspacing=0 class="t46">
<TR>
<TD colspan=3 class="tr24 td77"><P class="p23 ft2">”Inledande bestämmelser”.</P></TD>
<TD class="tr24 td141"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td68"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td103"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td141"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td143"><P class="p123 ft25">1 kap.</P></TD>
<TD class="tr44 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td143"><P class="p124 ft2">1 §<SPAN class="ft24">3</SPAN></P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td144"><P class="p125 ft2">I denna lag finns bestämmelser om värdepappersmarknaden.</P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p125 ft3">I <NOBR>2–11</NOBR> kap.</P></TD>
<TD class="tr26 td55"><P class="p32 ft3">finns</P></TD>
<TD class="tr26 td103"><P class="p106 ft3">särskilda</P></TD>
<TD colspan=3 class="tr26 td145"><P class="p125 ft3">Ytterligare bestämmelser</P></TD>
<TD class="tr26 td21"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p23 ft3">bestämmelser</P></TD>
<TD colspan=2 class="tr26 td146"><P class="p106 ft3">om värdepappers-</P></TD>
<TD colspan=2 class="tr26 td69"><P class="p23 ft3">värdepappersmarknaden</P></TD>
<TD class="tr26 td113"><P class="p23 ft3">finns</P></TD>
<TD class="tr26 td21"><P class="p20 ft3">i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft3">rörelse, i <NOBR>12–18</NOBR> kap. om börsverk-</P></TD>
<TD class="tr25 td141"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD class="tr25 td13"><P class="p23 ft3">och</P></TD>
<TD colspan=2 class="tr25 td15"><P class="p20 ft3">rådets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft3">samhet m.m. och i <NOBR>19–21</NOBR> kap. om</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">förordning (EU) nr 600/2014 av</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td68"><P class="p23 ft3">clearingverksamhet. I</P></TD>
<TD class="tr26 td103"><P class="p106 ft26"><NOBR>22–26</NOBR> kap.</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">den 15 maj 2014 om marknader</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft3">finns vissa gemensamma bestäm-</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">för finansiella instrument och om</P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p23 ft3">melser.</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td103"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">ändring av förordning (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td103"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">648/2012 (förordningen om mark-</P></TD>
</TR>
<TR>
<TD class="tr31 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td103"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td141"><P class="p23 ft3">nader för finansiella</P></TD>
<TD colspan=3 class="tr31 td147"><P class="p30 ft26">instrument).</P></TD>
</TR>
</TABLE>
<P class="p126 ft37"><SPAN class="ft43">3 </SPAN>Senaste lydelse 2016:61. Ändringen innebär bl.a. att <NOBR>tredje–femte</NOBR> styckena tas bort.</P>
<P class="p19 ft2">20</P>
</DIV>
<DIV id="page_21">
<P class="p127 ft45">Finansinspektionen är behörig <SPAN class="ft4">Prop. 2016/17:162 </SPAN>myndighet enligt den förord-</P>
<P class="p128 ft3">ningen.</P>
<P class="p129 ft3">För sådan clearingverksamhet som avses i 5 § 6 b gäller endast följande bestämmelser i denna lag:</P>
<P class="p130 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">1 kap. 11 och </SPAN><NOBR>12–14</NOBR> §§ om tystnadsplikt, uppgiftsskyldighet, meddelandeförbud och ansvar,</P>
<P class="p130 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">23 kap. 1 § första och andra styckena, 2 §, 4 § första stycket samt 7, 11, 12 och 14 §§ om tillsyn,</SPAN></P>
<P class="p130 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">25 kap. 1, 2, 6, </SPAN><NOBR>8–11,</NOBR> 17 samt <NOBR>25–29</NOBR> §§ om ingripanden, och</P>
<P class="p131 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">26 kap. 1 § om överklagande. Ytterligare bestämmelser om</SPAN></P>
<P class="p132 ft3">sådan clearingverksamhet som av- ses i 5 § 6 b finns i Europaparla- mentets och rådets förordning (EU) nr 648/2012 om OTC- derivat, centrala motparter och transaktionsregister och lagen (2013:287) med kompletterande bestämmelser till EU:s förordning om <NOBR>OTC-derivat,</NOBR> centrala mot- parter och transaktionsregister.</P>
<P class="p133 ft3">Denna lag gäller inte för sådan clearingverksamhet som avses i Europaparlamentets och rådets förordning (EU) nr 909/2014 av den 23 juli 2014 om förbättrad värdepappersavveckling i Euro- peiska unionen och om värdepap- perscentraler samt ändring av direktiv 98/26/EG och 2014/65/EU och förordning (EU) nr 236/2012, i den ursprungliga lydelsen.</P>
<TABLE cellpadding=0 cellspacing=0 class="t47">
<TR>
<TD class="tr24 td98"><P class="p23 ft3">1 a §</P></TD>
<TD class="tr24 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td98"><P class="p39 ft3">För</P></TD>
<TD colspan=2 class="tr25 td138"><P class="p94 ft26">clearingverksamhet</P></TD>
<TD colspan=2 class="tr25 td30"><P class="p134 ft3">som</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td151"><P class="p23 ft3">består i att fortlöpande träda in som</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td151"><P class="p23 ft3">motpart till både köpare och säljare</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td30"><P class="p23 ft3">av finansiella</P></TD>
<TD class="tr25 td75"><P class="p56 ft3">instrument</P></TD>
<TD colspan=2 class="tr25 td30"><P class="p134 ft3">gäller</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft3">endast</P></TD>
<TD colspan=3 class="tr26 td152"><P class="p23 ft3">följande bestämmelser</P></TD>
<TD class="tr26 td149"><P class="p134 ft3">i</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td30"><P class="p23 ft3">denna lag:</P></TD>
<TD class="tr26 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td30"><P class="p39 ft3">– 1 kap. 11</P></TD>
<TD colspan=2 class="tr25 td153"><P class="p23 ft3">och <NOBR>12–14</NOBR> §§</P></TD>
<TD class="tr25 td149"><P class="p134 ft3">om</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td30"><P class="p23 ft3">tystnadsplikt,</P></TD>
<TD colspan=3 class="tr26 td154"><P class="p134 ft26">uppgiftsskyldighet,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td145"><P class="p23 ft3">meddelandeförbud och ansvar,</P></TD>
<TD class="tr26 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td30"><P class="p39 ft3">– 23 kap. 1 §</P></TD>
<TD class="tr25 td75"><P class="p94 ft3">första och</P></TD>
<TD colspan=2 class="tr25 td30"><P class="p134 ft3">andra</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td30"><P class="p23 ft3">styckena, 2 §,</P></TD>
<TD class="tr27 td75"><P class="p99 ft3">4 § första</P></TD>
<TD colspan=2 class="tr27 td30"><P class="p134 ft26">stycket</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">21</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_22">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td155"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td156"><P class="p23 ft3">samt 7, 11,</P></TD>
<TD colspan=2 class="tr24 td119"><P class="p23 ft3">12 och</P></TD>
<TD colspan=2 class="tr24 td70"><P class="p99 ft3">14 §§</P></TD>
<TD class="tr24 td21"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td156"><P class="p23 ft3">tillsyn<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p20 ft3">– 25 kap. 1 §, 2 § andra stycket,</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">6, <NOBR>8–11,</NOBR> 17, <NOBR>25–28</NOBR> och 29 §§ om</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td158"><P class="p23 ft3">ingripanden, och</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p125 ft3">– 26 kap. 1 § om överklagande.</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td156"><P class="p125 ft3">Ytterligare</P></TD>
<TD colspan=4 class="tr26 td159"><P class="p1 ft3">bestämmelser</P></TD>
<TD class="tr26 td21"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft3">sådan clearingverksamhet som av-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">ses i första stycket finns i Europa-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td156"><P class="p23 ft3">parlamentets</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p135 ft3">och</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td15"><P class="p30 ft3">rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td145"><P class="p23 ft3">förordning (EU) nr 648/2012</P></TD>
<TD class="tr25 td21"><P class="p20 ft3">av</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">den 4 juli 2012 om <NOBR>OTC-derivat,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">centrala motparter och transak-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft26">tionsregister och lagen (2013:287)</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">med kompletterande bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">till EU:s förordning om <NOBR>OTC-deri-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft3">vat, centrala motparter och trans-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td158"><P class="p23 ft3">aktionsregister.</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p20 ft3">Denna lag gäller inte för sådan</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td158"><P class="p23 ft3">clearingverksamhet</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p70 ft3">som</P></TD>
<TD colspan=2 class="tr25 td15"><P class="p20 ft3">avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td158"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p125 ft3">och</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p20 ft3">rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">förordning (EU) nr 909/2014 av</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft3">den 23 juli 2014 om förbättrad</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td109"><P class="p23 ft26">värdepappersavveckling</P></TD>
<TD class="tr26 td157"><P class="p67 ft3">i</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p20 ft3">Euro-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">peiska unionen och om värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td156"><P class="p23 ft3">perscentraler</P></TD>
<TD class="tr25 td74"><P class="p1 ft3">samt</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p39 ft3">ändring</P></TD>
<TD class="tr25 td21"><P class="p20 ft3">av</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft26">direktiv 98/26/EG och 2014/65/EU</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft3">och förordning (EU) nr 236/2012</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td156"><P class="p23 ft3">(förordningen</P></TD>
<TD class="tr25 td74"><P class="p70 ft3">om</P></TD>
<TD colspan=4 class="tr25 td118"><P class="p20 ft26">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr27 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td156"><P class="p23 ft3">centraler).</P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p136 ft3">1 b §</P>
<P class="p137 ft45">För den som är undantagen från tillståndsplikt enligt 2 kap. 5 § gäller endast 15 a kap.</P>
<P class="p137 ft3">För den som är undantagen från tillståndsplikt enligt 2 kap. 5 § för- sta stycket 4, 10, 11 eller 15 och är deltagare i handeln på en reglerad marknad eller på en <NOBR>MTF-platt-</NOBR> form gäller 8 kap. <NOBR>23–31</NOBR> och 34 §§, 15 a kap. och 23 kap. 2, 3 och 5 §§.</P>
<TABLE cellpadding=0 cellspacing=0 class="t48">
<TR>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td160"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td161"><P class="p138 ft2">3 §</P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td58"><P class="p20 ft2">I fråga om europabolag och</P></TD>
<TD colspan=2 class="tr26 td77"><P class="p20 ft2">I fråga om europabolag och</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td160"><P class="p139 ft2">europakooperativ som har</P></TD>
<TD class="tr25 td13"><P class="p20 ft2">ett</P></TD>
<TD class="tr25 td161"><P class="p84 ft2">europakooperativ som har</P></TD>
<TD class="tr25 td13"><P class="p20 ft2">ett</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td160"><P class="p139 ft2">sådant förvaltningssystem</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">som</P></TD>
<TD class="tr26 td161"><P class="p84 ft2">sådant förvaltningssystem</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td58"><P class="p20 ft2">avses i artiklarna <NOBR>39–42</NOBR> i rådets</P></TD>
<TD colspan=2 class="tr26 td77"><P class="p20 ft2">avses i artiklarna <NOBR>39–42</NOBR> i rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td58"><P class="p20 ft2">förordning (EG) nr 2157/2001 av</P></TD>
<TD colspan=2 class="tr25 td77"><P class="p20 ft2">förordning (EG) nr 2157/2001 av</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">22</P></TD>
<TD colspan=2 class="tr27 td58"><P class="p20 ft2">den 8 oktober 2001 om stadga för</P></TD>
<TD colspan=2 class="tr27 td77"><P class="p20 ft2">den 8 oktober 2001 om stadga för</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_23">
<DIV id="dimg1">
<INGENBILD zsrc="H40316223x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=4 class="tr2 td77"><P class="p23 ft2">europabolag eller artiklarna <NOBR>37–41</NOBR></P></TD>
<TD colspan=4 class="tr2 td162"><P class="p23 ft2">europabolag eller artiklarna <NOBR>37–41</NOBR> Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td127"><P class="p23 ft2">i</P></TD>
<TD class="tr26 td163"><P class="p23 ft2">rådets</P></TD>
<TD class="tr26 td131"><P class="p141 ft2">förordning</P></TD>
<TD class="tr26 td29"><P class="p95 ft2">(EG)</P></TD>
<TD class="tr26 td127"><P class="p23 ft2">i</P></TD>
<TD class="tr26 td163"><P class="p23 ft2">rådets</P></TD>
<TD class="tr26 td131"><P class="p141 ft2">förordning</P></TD>
<TD class="tr26 td164"><P class="p142 ft2">(EG)</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">nr 1435/2003 av den 22 juli 2003</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p23 ft2">nr 1435/2003 av den 22 juli 2003</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">om stadga för europeiska koopera-</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p23 ft2">om stadga för europeiska koopera-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">tiva föreningar <NOBR>(SCE-föreningar)</NOBR></P></TD>
<TD colspan=4 class="tr25 td162"><P class="p23 ft2">tiva föreningar <NOBR>(SCE-föreningar)</NOBR></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2"><SPAN class="ft3">skall </SPAN>det som sägs i följande</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p23 ft2"><SPAN class="ft3">ska </SPAN>det som sägs i följande</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">bestämmelser i denna lag om</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p23 ft2">bestämmelser i denna lag om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td87"><P class="p23 ft2">styrelsen</P></TD>
<TD colspan=2 class="tr25 td165"><P class="p95 ft2">eller dess ledamöter</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p23 ft2">styrelsen</P></TD>
<TD colspan=2 class="tr25 td44"><P class="p142 ft2">eller dess ledamöter</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td166"><P class="p23 ft2">tillämpas på tillsynsorganet</P></TD>
<TD class="tr26 td29"><P class="p95 ft2">eller</P></TD>
<TD colspan=3 class="tr26 td166"><P class="p23 ft2">tillämpas på tillsynsorganet</P></TD>
<TD class="tr26 td164"><P class="p142 ft2">eller</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr30 td166"><P class="p23 ft14">dess ledamöter:</P></TD>
<TD class="tr30 td29"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td166"><P class="p23 ft14">dess ledamöter:</P></TD>
<TD class="tr30 td164"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p143 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">1 kap. 11 § om tystnadsplikt i fråga om värdepappersbolag,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">1 kap. 13 § om meddelandeförbud,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft48">3 kap. 1 § första stycket 5, 12 kap. 2 § 4 och 19 kap. 3 § 4 om ledningsprövning,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr25 td77"><P class="p95 ft2">– <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">38 § </SPAN>andra stycket 1 och</P></TD>
<TD class="tr25 td76"><P class="p39 ft2">– <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">45 § </SPAN>andra stycket 1 och</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">femte stycket om kredit m.m. till</P></TD>
<TD class="tr26 td76"><P class="p23 ft2">femte stycket om kredit m.m. till</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p145 ft2">styrelseledamot,</P></TD>
<TD class="tr26 td76"><P class="p23 ft2">styrelseledamot,</P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">23 kap. 11 § om rätt för Finansinspektionen att sammankalla styrel- sen och närvara vid sådant sammanträde och delta i överläggningarna, samt</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">25 kap. 4 § om återkallelse av tillstånd.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=2 class="tr27 td77"><P class="p95 ft2">Av 16 § andra stycket och 22 §</P></TD>
<TD colspan=2 class="tr27 td76"><P class="p20 ft2">Av 16 § andra stycket och 22 §</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p95 ft2">lagen (2004:575) om europabolag</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p20 ft2">lagen (2004:575) om europabolag</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">samt 21 § andra stycket och 26 §</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">samt 21 § andra stycket och 26 §</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">lagen (2006:595) om europa-</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">lagen (2006:595) om europa-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p95 ft2">kooperativ framgår att de i första</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p20 ft2">kooperativ framgår att de i första</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft2">stycket angivna</P></TD>
<TD class="tr26 td61"><P class="p95 ft2">bestämmelserna</P></TD>
<TD class="tr26 td84"><P class="p23 ft2">stycket angivna</P></TD>
<TD class="tr26 td167"><P class="p20 ft2">bestämmelserna</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">om styrelsen eller dess ledamöter</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">om styrelsen eller dess ledamöter</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p95 ft2"><SPAN class="ft3">skall </SPAN>tillämpas också på ett europa-</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p20 ft2"><SPAN class="ft3">ska </SPAN>tillämpas också på ett europa-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">bolags eller ett europakooperativs</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">bolags eller ett europakooperativs</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft2">lednings- eller</P></TD>
<TD class="tr26 td61"><P class="p95 ft27">förvaltningsorgan</P></TD>
<TD class="tr26 td84"><P class="p23 ft2">lednings- eller</P></TD>
<TD class="tr26 td167"><P class="p20 ft27">förvaltningsorgan</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td77"><P class="p23 ft2">eller dess ledamöter.</P></TD>
<TD colspan=2 class="tr31 td76"><P class="p23 ft2">eller dess ledamöter.</P></TD>
</TR>
<TR>
<TD class="tr50 td84"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr50 td77"><P class="p146 ft2">4 §<SPAN class="ft24">4</SPAN></P></TD>
<TD class="tr50 td167"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p147 ft2">I denna lag betyder</P>
<P class="p148 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft49">finansiella instrument</SPAN><SPAN class="ft2">: </SPAN>över- låtbara värdepapper, penning- marknadsinstrument, fondandelar och finansiella derivatinstrument<SPAN class="ft2">,</SPAN></P>
<P class="p148 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft50">överlåtbara värdepapper</SPAN><SPAN class="ft2">: </SPAN>sådana värdepapper utom betal- ningsmedel som kan bli föremål för handel på kapitalmarknaden, till exempel:</P>
<P class="p149 ft51">a) aktier i aktiebolag och mot- svarande andelsrätter i andra typer av företag samt depåbevis</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft45"><SPAN class="ft52">certifikat</SPAN><SPAN class="ft4">: </SPAN>certifikat enligt defini- tionen i artikel 2.1.27 i förordning- en om marknader för finansiella instrument<SPAN class="ft4">,</SPAN></P>
<P class="p150 ft3"><SPAN class="ft53">depåbevis</SPAN><SPAN class="ft2">: </SPAN>värdepapper som kan bli föremål för handel på kapital- marknaden i ett land och som representerar äganderätt till värdepapper som är utgivna eller utfärdade av en emittent som är etablerad i ett annat land samtid- igt som de kan tas upp till handel</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p12 ft37"><SPAN class="ft43">4 </SPAN>Senaste lydelse 2013:579.</P>
<P class="p13 ft2">23</P>
</DIV>
</DIV>
<DIV id="page_24">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td46"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td83"><P class="p23 ft3">för aktier,</P></TD>
<TD class="tr24 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr24 td130"><P class="p23 ft26">på en reglerad marknad och hand-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p125 ft3">b) obligationer och andra skuld-</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft3">las oberoende av de värdepapper</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft3">förbindelser</P></TD>
<TD colspan=3 class="tr26 td150"><P class="p88 ft3">inklusive</P></TD>
<TD colspan=2 class="tr26 td78"><P class="p106 ft26">depåbevis</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">som är utgivna eller utfärdade av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td79"><P class="p23 ft3">för sådana värdepapper, och</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">emittenten i det andra landet<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td83"><P class="p125 ft3">c) andra</P></TD>
<TD colspan=4 class="tr25 td103"><P class="p50 ft3">värdepapper</P></TD>
<TD class="tr25 td88"><P class="p57 ft3">som</P></TD>
<TD class="tr25 td116"><P class="p106 ft3">ger</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft3">rätt att överlåta eller förvärva</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td146"><P class="p23 ft3">sådana överlåtbara</P></TD>
<TD colspan=3 class="tr26 td142"><P class="p106 ft26">värdepapper</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft3">som anges i a och b, eller som</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td83"><P class="p23 ft3">resulterar</P></TD>
<TD class="tr26 td51"><P class="p73 ft3">i</P></TD>
<TD colspan=5 class="tr26 td171"><P class="p106 ft26">en kontantavveckling</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft3">som beräknas utifrån kurser på</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft3">överlåtbara värdepapper, valutor,</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft3">räntor eller avkastningar, råvaror</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td79"><P class="p23 ft3">eller andra index eller mått<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p125 ft3">3. <SPAN class="ft53">penningmarknadsinstrument</SPAN>:</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p23 ft3">statsskuldväxlar,</P></TD>
<TD colspan=4 class="tr26 td173"><P class="p106 ft3">inlåningsbevis,</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p23 ft3">företagscertifikat</P></TD>
<TD colspan=2 class="tr26 td163"><P class="p85 ft3">och</P></TD>
<TD colspan=2 class="tr26 td78"><P class="p106 ft3">andra</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft3">instrument som normalt omsätts på</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td146"><P class="p23 ft3">penningmarknaden,</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p70 ft3">dock</P></TD>
<TD class="tr26 td116"><P class="p106 ft3">inte</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p23 ft3">betalningsmedel,</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p125 ft3">4. <SPAN class="ft53">fondandelar</SPAN>: andelar i värde-</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft3">pappersfonder, fondföretag, alter-</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft3">nativa</P></TD>
<TD colspan=6 class="tr26 td68"><P class="p32 ft3">investeringsfonder</P></TD>
<TD class="tr26 td116"><P class="p106 ft3">och</P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft3">andra</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p125 ft3">företag</P></TD>
<TD class="tr25 td148"><P class="p1 ft3">för</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td78"><P class="p106 ft26">kollektiva</P></TD>
<TD class="tr25 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p23 ft3">investeringar,</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p125 ft3">5. <SPAN class="ft53">finansiella derivatinstrument</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD colspan=3 class="tr26 td175"><P class="p125 ft53">finansiella</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p20 ft3"><SPAN class="ft53">derivatinstrument</SPAN><SPAN class="ft2">:</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">sådana derivatinstrument som kan</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">sådana derivatinstrument som kan</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">hänföras till någon av följande</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">hänföras till någon av följande</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td83"><P class="p23 ft2">kategorier:</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td75"><P class="p23 ft2">kategorier:</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td172"><P class="p125 ft2"><SPAN class="ft3">a) </SPAN>optioner,</P></TD>
<TD colspan=4 class="tr25 td173"><P class="p106 ft2">terminskontrakt,</P></TD>
<TD colspan=3 class="tr25 td175"><P class="p125 ft2"><SPAN class="ft3">1. </SPAN>optioner,</P></TD>
<TD colspan=2 class="tr25 td176"><P class="p20 ft2">terminskontrakt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td83"><P class="p23 ft2">swappar,</P></TD>
<TD colspan=5 class="tr26 td106"><P class="p59 ft2">räntesäkringsavtal</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">och</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">(futures)</SPAN>, swappar, räntesäkrings-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft2">varje</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p23 ft2">annat</P></TD>
<TD colspan=4 class="tr26 td177"><P class="p1 ft2">derivatkontrakt</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">som</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">avtal och varje annat derivat-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">avser värdepapper, valutor, räntor</P></TD>
<TD class="tr25 td93"><P class="p23 ft2">kontrakt</P></TD>
<TD colspan=2 class="tr25 td88"><P class="p88 ft2">som</P></TD>
<TD class="tr25 td170"><P class="p70 ft2">avser</P></TD>
<TD class="tr25 td168"><P class="p20 ft2">värdepapper,</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft2">eller</P></TD>
<TD colspan=4 class="tr26 td142"><P class="p23 ft2">avkastningar,</P></TD>
<TD colspan=3 class="tr26 td142"><P class="p106 ft2">eller andra</P></TD>
<TD class="tr26 td93"><P class="p23 ft2">valutor,</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p23 ft2">räntor eller</P></TD>
<TD class="tr26 td168"><P class="p20 ft2">avkastningar,</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p23 ft2">derivatinstrument,</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td142"><P class="p106 ft2">finansiella</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">utsläppsrätter, </SPAN>eller andra derivat-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">index eller finansiella mått som</P></TD>
<TD colspan=2 class="tr25 td75"><P class="p23 ft2">instrument,</P></TD>
<TD colspan=3 class="tr25 td178"><P class="p20 ft2">finansiella index eller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">kan avvecklas fysiskt eller kontant,</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">finansiella mått som kan avvecklas</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td179"><P class="p23 ft2">fysiskt eller kontant,</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td172"><P class="p125 ft2"><SPAN class="ft3">b) </SPAN>optioner,</P></TD>
<TD colspan=4 class="tr25 td173"><P class="p106 ft2">terminskontrakt,</P></TD>
<TD colspan=3 class="tr25 td175"><P class="p125 ft2"><SPAN class="ft3">2. </SPAN>optioner,</P></TD>
<TD colspan=2 class="tr25 td176"><P class="p20 ft2">terminskontrakt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td83"><P class="p23 ft2">swappar<SPAN class="ft3">,</SPAN></P></TD>
<TD colspan=5 class="tr26 td106"><P class="p23 ft3">räntesäkringsavtal</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">och</P></TD>
<TD class="tr26 td93"><P class="p23 ft3">(futures</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p1 ft3">och</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p30 ft3">forwards), <SPAN class="ft2">swappar</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft2">varje</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p23 ft2">annat</P></TD>
<TD colspan=4 class="tr26 td177"><P class="p1 ft2">derivatkontrakt</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">som</P></TD>
<TD colspan=2 class="tr26 td75"><P class="p23 ft2">och varje</P></TD>
<TD colspan=3 class="tr26 td178"><P class="p20 ft2">annat derivatkontrakt</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">avser råvaror, som måste av-</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">som avser råvaror, som måste av-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">vecklas kontant eller kan av-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">vecklas kontant eller kan av-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">vecklas kontant på en av parternas</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">vecklas kontant på en av parternas</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">begäran, på grund av ett annat skäl</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">begäran, på grund av ett annat skäl</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">än utebliven betalning eller någon</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">än utebliven betalning eller någon</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">annan händelse som leder till att</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">annan händelse som leder till att</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td172"><P class="p23 ft2">kontraktet upphör,</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td179"><P class="p23 ft2">kontraktet upphör,</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td172"><P class="p125 ft2"><SPAN class="ft3">c) </SPAN>optioner,</P></TD>
<TD colspan=4 class="tr26 td173"><P class="p106 ft2">terminskontrakt,</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p125 ft2"><SPAN class="ft3">3. </SPAN>optioner,</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p20 ft2">terminskontrakt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p23 ft2">swappar och varje annat derivat-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">(futures)</SPAN>, swappar och varje annat</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td77"><P class="p23 ft2">kontrakt som avser råvaror som</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">derivatkontrakt som avser råvaror</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p151 ft2">24</P></TD>
<TD colspan=8 class="tr27 td77"><P class="p23 ft2">kan avvecklas fysiskt förutsatt att</P></TD>
<TD colspan=5 class="tr27 td130"><P class="p23 ft2">som kan avvecklas fysiskt förutsatt</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_25">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=2 class="tr24 td77"><P class="p23 ft2">de handlas på en reglerad marknad</P></TD>
<TD class="tr24 td35"><P class="p23 ft2">att</P></TD>
<TD class="tr24 td22"><P class="p23 ft2">de handlas</P></TD>
<TD class="tr24 td180"><P class="p20 ft2">på en reglerad Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">eller en handelsplattform,</P></TD>
<TD colspan=3 class="tr25 td162"><P class="p23 ft2">marknad eller en handelsplattform<SPAN class="ft3">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td123"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td162"><P class="p23 ft3">med undantag för grossistenergi-</P></TD>
</TR>
<TR>
<TD class="tr26 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td123"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td162"><P class="p23 ft3">produkter som handlas på en</P></TD>
</TR>
<TR>
<TD class="tr25 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td123"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td162"><P class="p23 ft3"><NOBR>OTF-plattform</NOBR> och som måste</P></TD>
</TR>
<TR>
<TD class="tr26 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td123"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td181"><P class="p23 ft3">avvecklas fysiskt<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td180"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td131"><P class="p39 ft2"><SPAN class="ft3">d) </SPAN>optioner,</P></TD>
<TD class="tr26 td123"><P class="p23 ft2">terminskontrakt,</P></TD>
<TD colspan=2 class="tr26 td181"><P class="p39 ft2"><SPAN class="ft3">4</SPAN>. optioner,</P></TD>
<TD class="tr26 td180"><P class="p142 ft2">terminskontrakt</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft3"><SPAN class="ft2">swappar</SPAN>, terminskontrakt som inte</P></TD>
<TD colspan=3 class="tr25 td162"><P class="p23 ft3">(futures och forwards)<SPAN class="ft2">, swappar</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">är upptagna till handel på en</P></TD>
<TD class="tr26 td35"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td22"><P class="p50 ft2">varje annat</P></TD>
<TD class="tr26 td180"><P class="p142 ft2">derivatkontrakt</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">reglerad marknad eller en mot-</P></TD>
<TD class="tr26 td35"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td180"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">svarande marknad utanför EES</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td180"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p152 ft2"><SPAN class="ft3">(forwards) </SPAN>och varje annat derivat- kontrakt som</P>
<P class="p143 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">avser råvaror,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">kan avvecklas fysiskt,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=6 class="tr27 td77"><P class="p39 ft2">– inte omnämns i <SPAN class="ft3">c </SPAN>och som inte</P></TD>
<TD colspan=5 class="tr27 td162"><P class="p142 ft2">– inte omnämns i <SPAN class="ft3">3 </SPAN>och som inte</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">är för kommersiella ändamål, och</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p23 ft2">är för kommersiella ändamål, och</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p39 ft2">– som anses ha egenskaper som</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">– som anses ha egenskaper som</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">andra derivat avseende finansiella</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">andra derivat avseende finansiella</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft3"><SPAN class="ft2">instrument</SPAN>, med utgångspunkt från</P></TD>
<TD colspan=2 class="tr25 td168"><P class="p23 ft2">instrument,</P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">bland annat om clearing och av-</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">veckling sker via erkända system</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft3">för clearing eller om de är föremål</P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td131"><P class="p23 ft3">för regelmässiga</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p95 ft3">marginalsäker-</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td156"><P class="p23 ft3">hetskrav<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td109"><P class="p39 ft2"><SPAN class="ft3">e) </SPAN>derivatinstrument</P></TD>
<TD class="tr25 td127"><P class="p98 ft2">för</P></TD>
<TD class="tr25 td98"><P class="p95 ft2">över-</P></TD>
<TD colspan=4 class="tr25 td182"><P class="p39 ft2"><SPAN class="ft3">5. </SPAN>derivatinstrument för</P></TD>
<TD class="tr25 td165"><P class="p142 ft2">över-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td109"><P class="p23 ft2">föring av kreditrisk,</P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td176"><P class="p23 ft2">föring av kreditrisk,</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td156"><P class="p39 ft2"><SPAN class="ft3">f) </SPAN>finansiella</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p50 ft2">kontrakt</P></TD>
<TD colspan=2 class="tr26 td57"><P class="p95 ft2">avseende</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2"><SPAN class="ft3">6. </SPAN>finansiella kontrakt avseende</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td131"><P class="p23 ft2">prisdifferenser,</P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td176"><P class="p23 ft2">prisdifferenser, <SPAN class="ft3">och</SPAN></P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td156"><P class="p39 ft2"><SPAN class="ft3">g) </SPAN>optioner,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td123"><P class="p95 ft2">terminskontrakt,</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p39 ft2"><SPAN class="ft3">7. </SPAN>optioner,</P></TD>
<TD colspan=3 class="tr26 td183"><P class="p142 ft2">terminskontrakt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td184"><P class="p23 ft2">swappar, räntesäkringsavtal</P></TD>
<TD class="tr26 td98"><P class="p95 ft2">och</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2"><SPAN class="ft3">(futures)</SPAN>, swappar, räntesäkrings-</P></TD>
</TR>
<TR>
<TD class="tr25 td25"><P class="p23 ft2">varje</P></TD>
<TD colspan=4 class="tr25 td141"><P class="p23 ft2">annat derivatkontrakt</P></TD>
<TD class="tr25 td98"><P class="p95 ft2">som</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p142 ft2">avtal och varje annat derivat-</P></TD>
</TR>
<TR>
<TD class="tr26 td25"><P class="p23 ft2">avser</P></TD>
<TD colspan=4 class="tr26 td141"><P class="p153 ft2">klimatvariationer,</P></TD>
<TD class="tr26 td98"><P class="p95 ft2">frakt-</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">kontrakt som avser klimatvaria-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">avgifter<SPAN class="ft3">, utsläppsrätter </SPAN>eller infla-</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">tioner, fraktavgifter eller infla-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">tionstakten eller någon annan offi-</P></TD>
<TD colspan=2 class="tr25 td168"><P class="p23 ft2">tionstakten</P></TD>
<TD class="tr25 td170"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td98"><P class="p23 ft2">någon</P></TD>
<TD class="tr25 td165"><P class="p142 ft27">annan</P></TD>
</TR>
<TR>
<TD class="tr26 td25"><P class="p23 ft2">ciell</P></TD>
<TD colspan=2 class="tr26 td174"><P class="p23 ft2">ekonomisk</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p154 ft2">statistik,</P></TD>
<TD class="tr26 td98"><P class="p95 ft2">som</P></TD>
<TD class="tr26 td29"><P class="p23 ft2">officiell</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p88 ft2">ekonomisk</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p142 ft2">statistik, som</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">måste avvecklas kontant eller kan</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">måste avvecklas kontant eller kan</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">avvecklas kontant på en av parter-</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p142 ft2">avvecklas kontant på en av parter-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">nas begäran, på grund av ett annat</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">nas begäran, på grund av ett annat</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">skäl än utebliven betalning eller</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">skäl än utebliven betalning eller</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">någon annan händelse som leder</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p142 ft2">någon annan händelse som leder</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">till att kontraktet upphör, samt</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">till att kontraktet upphör, samt</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">varje annat derivatkontrakt som</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p23 ft2">varje annat derivatkontrakt som</P></TD>
</TR>
<TR>
<TD colspan=11 class="tr25 td186"><P class="p39 ft2">– avser tillgångar, rättigheter, skyldigheter, index och åtgärder som inte</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">tidigare omnämnts i denna punkt, och</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p39 ft2">– anses ha egenskaper som andra</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">– anses ha egenskaper som andra</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">derivat avseende finansiella instru-</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p142 ft2">derivat avseende finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td25"><P class="p23 ft2">ment,</P></TD>
<TD class="tr26 td55"><P class="p44 ft2">med</P></TD>
<TD colspan=3 class="tr26 td118"><P class="p154 ft27">utgångspunkt</P></TD>
<TD class="tr26 td98"><P class="p95 ft2">från</P></TD>
<TD class="tr26 td29"><P class="p23 ft2">ment,</P></TD>
<TD class="tr26 td92"><P class="p23 ft2">med</P></TD>
<TD colspan=2 class="tr26 td142"><P class="p74 ft2">utgångspunkt</P></TD>
<TD class="tr26 td165"><P class="p142 ft2">från</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">bland annat om det handlas på en</P></TD>
<TD colspan=5 class="tr26 td162"><P class="p142 ft2">bland annat om det handlas på en</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">reglerad marknad eller en handels-</P></TD>
<TD colspan=5 class="tr25 td162"><P class="p142 ft2">reglerad marknad eller en handels-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td77"><P class="p23 ft3"><SPAN class="ft2">plattform, </SPAN>om clearing och avveck-</P></TD>
<TD colspan=2 class="tr27 td168"><P class="p23 ft2">plattform,</P></TD>
<TD class="tr27 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td165"><P class="p20 ft2">25</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_26">
<DIV>
<DIV id="id_1">
<P class="p155 ft45"><SPAN class="ft4">Prop. 2016/17:162 </SPAN>ling sker via erkända system för clearing eller om de är föremål för regelmässiga marginalsäkerhets- krav.</P>
<P class="p156 ft2">26</P>
</DIV>
<DIV id="id_2">
<P class="p157 ft3"><SPAN class="ft53">finansiella instrument</SPAN>: överlåt- bara värdepapper, penningmark- nadsinstrument, andelar i företag för kollektiva investeringar, finan- siella derivatinstrument och ut- släppsrätter,</P>
<P class="p158 ft3"><SPAN class="ft53">penningmarknadsinstrument</SPAN>: statsskuldväxlar, inlåningsbevis, företagscertifikat och andra instrument som normalt omsätts på penningmarknaden, dock inte betalningsmedel,</P>
<P class="p159 ft45"><SPAN class="ft52">råvaruderivat</SPAN>: detsamma som i artikel 2.1.30 i förordningen om marknader för finansiella instru- ment,</P>
<P class="p157 ft3"><SPAN class="ft53">statspapper</SPAN>: ett skuldinstrument som emitteras av en statlig emittent,</P>
<P class="p157 ft3"><SPAN class="ft53">utsläppsrätter</SPAN>: sådana utsläpps- rätter som består av enheter som erkänts med avseende på kraven i Europaparlamentets och rådets direktiv 2003/87/EG av den 13 oktober 2003 om ett system för handel med utsläppsrätter för växthusgaser inom gemenskapen och om ändring av rådets direktiv 96/61/EG, i lydelsen enligt Europaparlamentets och rådets förordning (EU) nr 421/2014,</P>
<P class="p159 ft3"><SPAN class="ft53">överlåtbara värdepapper</SPAN>: så- dana värdepapper utom betal- ningsmedel som kan bli föremål för handel på kapitalmarknaden, exempelvis</P>
<P class="p160 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">aktier i aktiebolag och mot- svarande andelsrätter i andra typer av företag samt depåbevis för aktier,</SPAN></P>
<P class="p161 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">obligationer och andra skuld- förbindelser inklusive depåbevis för sådana värdepapper, och</SPAN></P>
<P class="p162 ft45"><SPAN class="ft3">3.</SPAN><SPAN class="ft46">andra värdepapper som ger rätt att överlåta eller förvärva sådana överlåtbara värdepapper som anges i 1 och 2, eller som</SPAN></P>
</DIV>
</DIV>
</DIV>
<DIV id="page_27">
<DIV>
<DIV id="id_1">
<P class="p150 ft4">Ytterligare bestämmelser om <SPAN class="ft45">vilka derivatinstrument </SPAN>som om- fattas av första stycket <SPAN class="ft45">5 d och g </SPAN>finns i <SPAN class="ft45">artiklarna 38 och 39 i genomförandeförordningen</SPAN>.</P>
</DIV>
<DIV id="id_2">
<P class="p163 ft3">resulterar i en kontantavveckling som beräknas utifrån kurser på överlåtbara värdepapper, valutor, räntor eller avkastningar, råvaror eller andra index eller mått.</P>
<P class="p164 ft2">Ytterligare bestämmelser om <SPAN class="ft3">vad </SPAN>som omfattas av <SPAN class="ft3">definition- erna i </SPAN>första stycket finns i <SPAN class="ft3">kommissionens delegerade för- ordning av den 25 april 2016 om komplettering av Europaparla- mentets och rådets direktiv 2014/65/EU vad gäller organisa- toriska krav och villkor för verk- samheten i värdepappersföretag, och definitioner för tillämpning av det direktivet (den delegerade förordningen till MiFID II)</SPAN>.</P>
<P class="p165 ft54">Benämningar för vissa</P>
<P class="p166 ft54"><NOBR>EU-rättsakter</NOBR></P>
<P class="p167 ft3">4 a §</P>
<P class="p168 ft3">I denna lag betyder</P>
<P class="p169 ft26"><SPAN class="ft55">direktivet om marknader för finansiella instrument</SPAN>: Europapar- lamentets och rådets direktiv 2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om ändring av direktiv 2002/92/EG och av direktiv 2011/61/EU, i lydelsen enligt Europaparlamentets och rådets direktiv (EU) 2016/1034,</P>
<P class="p170 ft26"><SPAN class="ft55">krishanteringsdirektivet</SPAN>: Euro- paparlamentets och rådets direktiv 2014/59/EU av den 15 maj 2014 om inrättande av en ram för åter- hämtning och resolution av kredit- institut och värdepappersföretag och om ändring av rådets direktiv 82/891/EEG och Europaparla- mentets och rådets direktiv 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU och 2013/36/EU samt Europaparlamentets och rådets förordningar (EU) nr 1093/2010 och (EU) nr 648/2012, i den ursprungliga lydelsen,</P>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">27</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_28">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td187"><P class="p172 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=8 class="tr24 td130"><P class="p125 ft53">marknadsmissbruksförordning-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft3"><SPAN class="ft53">en</SPAN>:</P></TD>
<TD colspan=6 class="tr25 td188"><P class="p173 ft26">Europaparlamentets</P></TD>
<TD class="tr25 td148"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft3">rådets</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td87"><P class="p73 ft3">förordning</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p21 ft3">(EU)</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">nr</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">596/2014 av den 16 april 2014 om</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td61"><P class="p23 ft3">marknadsmissbruk</P></TD>
<TD colspan=3 class="tr25 td190"><P class="p30 ft3">(marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">missbruksförordning) och om upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td119"><P class="p23 ft3">hävande</P></TD>
<TD class="tr26 td13"><P class="p88 ft3">av</P></TD>
<TD colspan=5 class="tr26 td91"><P class="p30 ft3">Europaparlamentets</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">och rådets direktiv 2003/6/EG och</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td131"><P class="p23 ft3">kommissionens</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td191"><P class="p20 ft3">direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td49"><P class="p23 ft3">2003/124/EG, 2003/125/EG</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td22"><P class="p23 ft3">2004/72/EG,</P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td1"><P class="p125 ft3"><SPAN class="ft53">tillsynsförordningen</SPAN>:</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p20 ft3">Europa-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">parlamentets och rådets förord-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">ning (EU) nr 575/2013 av den</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">26 juni 2013 om tillsynskrav för</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td22"><P class="p23 ft3">kreditinstitut</P></TD>
<TD class="tr26 td113"><P class="p50 ft3">och</P></TD>
<TD colspan=4 class="tr26 td27"><P class="p20 ft3">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">företag och om ändring av förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td1"><P class="p23 ft3">ning (EU) nr 648/2012,</P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p125 ft26"><SPAN class="ft55">öppenhetsdirektivet</SPAN>: Europapar-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td119"><P class="p23 ft26">lamentets</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p32 ft3">och</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p23 ft3">rådets</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p20 ft3">direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">2004/109/EG av den 15 december</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">2004 om harmonisering av insyns-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft26">kraven angående upplysningar om</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td49"><P class="p23 ft3">emittenter vars värdepapper</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">är</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">upptagna till handel på en regle-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">rad marknad och om ändring av</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td119"><P class="p23 ft3">direktiv</P></TD>
<TD colspan=4 class="tr26 td27"><P class="p174 ft3">2001/34/EG, i</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p20 ft3">lydelsen</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft3">enligt</P></TD>
<TD colspan=6 class="tr26 td188"><P class="p57 ft3">Europaparlamentets</P></TD>
<TD class="tr26 td148"><P class="p30 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr31 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr31 td49"><P class="p23 ft3">rådets direktiv 2013/50/EU.</P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr44 td49"><P class="p23 ft54">Definitioner av olika aktörer</P></TD>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td170"><P class="p23 ft3">4 b §</P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td1"><P class="p125 ft3">I denna lag betyder</P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p125 ft3"><SPAN class="ft53">anknutet ombud</SPAN>: en fysisk eller</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">juridisk person som har träffat</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">avtal med ett svenskt värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td22"><P class="p23 ft3">persinstitut</P></TD>
<TD class="tr25 td113"><P class="p23 ft3">eller</P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft3">ett</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p20 ft26">utländskt</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td61"><P class="p23 ft26">värdepappersföretag</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p175 ft3">som</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">hör</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">hemma inom EES om att för bara</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">detta instituts eller företags räk-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft3">ning</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td131"><P class="p125 ft26">1. marknadsföra</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td190"><P class="p20 ft3">investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td131"><P class="p23 ft3">eller sidotjänster,</P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p125 ft3">2. ta emot eller vidarebefordra</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">instruktioner eller order avseende</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td61"><P class="p23 ft3">investeringstjänster</P></TD>
<TD colspan=3 class="tr25 td190"><P class="p20 ft3">eller finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td131"><P class="p23 ft3">siella instrument,</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td22"><P class="p125 ft3">3. placera</P></TD>
<TD colspan=3 class="tr26 td147"><P class="p57 ft3">finansiella</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p20 ft3">instru-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td22"><P class="p23 ft3">ment, eller</P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td187"><P class="p176 ft2">28</P></TD>
<TD colspan=5 class="tr27 td61"><P class="p125 ft3">4. tillhandahålla</P></TD>
<TD colspan=3 class="tr27 td190"><P class="p20 ft3">investerings-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_29">
<TABLE cellpadding=0 cellspacing=0 class="t49">
<TR>
<TD colspan=10 class="tr24 td192"><P class="p23 ft3">rådgivning avseende dessa instru-</P></TD>
<TD class="tr24 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td158"><P class="p23 ft3">ment eller tjänster,</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p97 ft3"><SPAN class="ft53">behörig myndighet</SPAN>: i Sverige</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td158"><P class="p23 ft3">Finansinspektionen</P></TD>
<TD class="tr26 td13"><P class="p94 ft3">och</P></TD>
<TD class="tr26 td6"><P class="p109 ft3">i</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p97 ft26">särskilt</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">angivna fall Bolagsverket och i</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">övrigt en utländsk myndighet som</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">har behörighet att utöva tillsyn</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td127"><P class="p23 ft3">över</P></TD>
<TD colspan=4 class="tr25 td126"><P class="p1 ft3">utländska</P></TD>
<TD colspan=5 class="tr25 td61"><P class="p97 ft26">värdepappersföre-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">tag och företag som driver en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td132"><P class="p23 ft3">reglerad</P></TD>
<TD colspan=3 class="tr26 td85"><P class="p87 ft26">marknad</P></TD>
<TD colspan=2 class="tr26 td170"><P class="p57 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p97 ft3">annan</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td57"><P class="p23 ft3">motsvarande</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p99 ft3">marknad</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p23 ft3">eller</P></TD>
<TD class="tr25 td163"><P class="p97 ft3">som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">har behörighet att utöva tillsyn</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td127"><P class="p23 ft3">över</P></TD>
<TD colspan=4 class="tr26 td126"><P class="p88 ft3">emittenter</P></TD>
<TD colspan=5 class="tr26 td61"><P class="p97 ft3">vars överlåtbara</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td57"><P class="p23 ft3">värdepapper</P></TD>
<TD colspan=5 class="tr25 td177"><P class="p74 ft3">är upptagna</P></TD>
<TD class="tr25 td163"><P class="p97 ft3">till</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">handel på en reglerad marknad,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p97 ft3"><SPAN class="ft53">börs</SPAN>: ett svenskt aktiebolag eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">en svensk ekonomisk förening som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">har fått tillstånd enligt denna lag</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">att driva en eller flera reglerade</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td57"><P class="p23 ft3">marknader,</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p97 ft3"><SPAN class="ft53">clearingdeltagare</SPAN>: den som får</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td127"><P class="p23 ft26">delta</P></TD>
<TD class="tr26 td6"><P class="p57 ft3">i</P></TD>
<TD colspan=7 class="tr26 td194"><P class="p1 ft3">clearingverksamheten</P></TD>
<TD class="tr26 td163"><P class="p97 ft3">hos</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td195"><P class="p23 ft26">en clearingorganisation,</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p97 ft3"><SPAN class="ft53">clearingorganisation</SPAN>: ett företag</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">som har fått tillstånd enligt 19 kap.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td127"><P class="p23 ft3">eller</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td194"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD class="tr25 td163"><P class="p97 ft3">och</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">rådets</P></TD>
<TD colspan=4 class="tr26 td80"><P class="p177 ft26">förordning</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p21 ft3">(EU)</P></TD>
<TD class="tr26 td163"><P class="p97 ft3">nr</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td132"><P class="p23 ft3">648/2012,</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p97 ft3"><SPAN class="ft53">emittent</SPAN>: i fråga om aktier aktie-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">bolaget och i fråga om annat</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td132"><P class="p23 ft3">finansiellt</P></TD>
<TD colspan=4 class="tr26 td103"><P class="p80 ft3">instrument</P></TD>
<TD colspan=3 class="tr26 td75"><P class="p97 ft3">utgivaren</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">eller utfärdaren av instrumentet,</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p97 ft53">godkänd rapporteringsmekanism</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3"><NOBR><SPAN class="ft53">(ARM-leverantör)</SPAN>:</NOBR> en fysisk eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">juridisk person som har tillstånd</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td127"><P class="p23 ft3">att</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p44 ft3">för</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td198"><P class="p97 ft26">värdepappersinstituts</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td196"><P class="p23 ft26">räkning</P></TD>
<TD colspan=4 class="tr26 td80"><P class="p57 ft3">rapportera</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p178 ft26">uppgifter</P></TD>
<TD class="tr26 td163"><P class="p97 ft3">om</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">transaktioner till behöriga myn-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">digheter eller Europeiska värde-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">pappers- och marknadsmyndig-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td196"><P class="p23 ft3">heten,</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td132"><P class="p39 ft53">godkänt</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td198"><P class="p97 ft55">publiceringsarrange-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3"><SPAN class="ft53">mang </SPAN><NOBR><SPAN class="ft53">(APA-leverantör)</SPAN>:</NOBR> en fysisk</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td192"><P class="p23 ft3">eller juridisk person som har</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">tillstånd att för värdepappersinsti-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td127"><P class="p23 ft3">tuts</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p23 ft3">räkning</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p154 ft3">publicera</P></TD>
<TD colspan=3 class="tr26 td75"><P class="p97 ft3">rapporter</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td127"><P class="p23 ft3">om</P></TD>
<TD colspan=7 class="tr25 td178"><P class="p73 ft3">värdepappershandeln</P></TD>
<TD colspan=2 class="tr25 td72"><P class="p97 ft3">enligt</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td132"><P class="p23 ft3">artiklarna</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p76 ft3">20</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p99 ft26">och 21</P></TD>
<TD class="tr26 td6"><P class="p59 ft3">i</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p97 ft3">förord-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td192"><P class="p23 ft3">ningen om marknader för finan-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td158"><P class="p23 ft3">siella instrument,</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr27 td192"><P class="p97 ft3"><SPAN class="ft53">handelsplats</SPAN>: en reglerad mark-</P></TD>
<TD class="tr27 td67"><P class="p20 ft2">29</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_30">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td155"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td97"><P class="p23 ft3">nad,</P></TD>
<TD colspan=5 class="tr24 td199"><P class="p20 ft3">en multilateral handelsplatt-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">form <NOBR>(MTF-plattform)</NOBR> eller en</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft26">organiserad</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td123"><P class="p20 ft3">handelsplattform</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td200"><P class="p23 ft3"><NOBR>(OTF-plattform),</NOBR></P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p20 ft3"><SPAN class="ft53">handelsplattform</SPAN>: en <NOBR>MTF-platt-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">form eller en <NOBR>OTF-plattform,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p30 ft3"><SPAN class="ft53">kreditinstitut</SPAN>: en bank, ett kredit-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft26">marknadsföretag eller ett utländskt</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">bank- eller kreditföretag som</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">driver bank- eller finansierings-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">rörelse från filial i Sverige,</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td142"><P class="p125 ft53">leverantör</P></TD>
<TD class="tr26 td35"><P class="p23 ft53">av</P></TD>
<TD colspan=2 class="tr26 td156"><P class="p20 ft53">datarapporte-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft26"><SPAN class="ft55">ringstjänster</SPAN>: en godkänd rapport-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td200"><P class="p23 ft3">eringsmekanism</P></TD>
<TD colspan=2 class="tr25 td156"><P class="p20 ft3"><NOBR>(ARM-leveran-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">tör), ett godkänt publicerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td142"><P class="p23 ft3">arrangemang</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p30 ft3"><NOBR>(APA-leverantör)</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft26">eller en tillhandahållare av konso-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">liderad handelsinformation (CTP-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft3">leverantör),</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p30 ft3"><SPAN class="ft53">marknadsgarant</SPAN>: en person som</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">på fortlöpande basis åtagit sig att</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft3">på</P></TD>
<TD colspan=3 class="tr26 td150"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p20 ft3">marknader handla</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">för egen räkning genom att köpa</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft3">och</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft3">sälja</P></TD>
<TD colspan=3 class="tr26 td75"><P class="p23 ft3">finansiella</P></TD>
<TD class="tr26 td189"><P class="p20 ft26">instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft26">med utnyttjande av egna tillgångar</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">till priser som fastställts av denne,</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p20 ft3"><SPAN class="ft53">marknadsoperatör</SPAN>: en börs eller</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">en eller flera juridiska personer i</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">ett annat land inom EES som</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">driver en eller flera reglerade</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft3">marknader,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p20 ft3"><NOBR><SPAN class="ft53">MTF-plattform</SPAN>:</NOBR> ett multilateralt</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">system inom EES som sammanför</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">flera tredjeparters köp- och sälj-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">intressen i finansiella instrument –</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">inom systemet och i enlighet med</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">icke skönsmässiga regler – så att</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">det leder till ett kontrakt,</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p20 ft3"><NOBR><SPAN class="ft53">OTF-plattform</SPAN>:</NOBR> ett multilateralt</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">system inom EES som inte är en</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">reglerad marknad eller en MTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">plattform, och inom vilket flera</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">tredjeparters köp- och säljintress-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft3">en</P></TD>
<TD class="tr25 td201"><P class="p73 ft3">i</P></TD>
<TD colspan=3 class="tr25 td175"><P class="p44 ft26">obligationer,</P></TD>
<TD colspan=2 class="tr25 td156"><P class="p30 ft3">strukturerade</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=3 class="tr26 td75"><P class="p88 ft3">produkter,</P></TD>
<TD class="tr26 td189"><P class="p20 ft3">utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr30 td155"><P class="p23 ft34"> </P></TD>
<TD colspan=7 class="tr30 td130"><P class="p23 ft35">rätter eller derivat kan interagera</P></TD>
</TR>
</TABLE>
<P class="p179 ft3">inom systemet så att det leder till ett kontrakt,</P>
<P class="p180 ft45"><SPAN class="ft52">professionell kund</SPAN>: en sådan kund som avses i 9 kap. 4 eller 5 §,</P>
<P class="p19 ft2">30</P>
</DIV>
<DIV id="page_31">
<DIV>
<DIV id="id_1">
<P class="p181 ft3"><SPAN class="ft53">reglerad marknad</SPAN>: ett multi- lateralt system inom EES som sammanför eller möjliggör sammanförande av ett flertal köp- och säljintressen i finansiella instrument från tredjepart – regel- mässigt, inom systemet och i enlig- het med icke skönsmässiga regler</P>
<P class="p182 ft45">– så att det leder till ett kontrakt, <SPAN class="ft52">statlig emittent</SPAN>: någon av följan-</P>
<P class="p19 ft3">de som emitterar skuldinstrument:</P>
<P class="p143 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft50">Europeiska unionen,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft56">en stat inom EES, inbegripet förvaltningar, organ eller en sär- skild funktion i staten,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">3.</SPAN><SPAN class="ft50">när det gäller en federal stat inom EES, en delstat i federa- tionen,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">4.</SPAN><SPAN class="ft56">en särskild funktion för flera stater inom EES,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">5.</SPAN><SPAN class="ft50">en internationell finansinstitu- tion som etablerats av minst två stater inom EES och vars mål är att ordna finansiering och till- handahålla finansiellt bistånd till de stater som har eller riskerar att få allvarliga finansieringsproblem, och</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">6.</SPAN><SPAN class="ft56">Europeiska investerings- banken,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft53">systematisk internhandlare</SPAN>: ett värdepappersinstitut som i en organiserad, frekvent, systematisk och väsentlig omfattning handlar för egen räkning när det utför kundorder utanför en reglerad marknad eller en handelsplattform utan att utnyttja ett multilateralt system,</P>
<P class="p183 ft26"><SPAN class="ft55">tillhandahållare av konsoliderad handelsinformation </SPAN><NOBR><SPAN class="ft55">(CTP-leveran-</SPAN></NOBR><SPAN class="ft55"> tör)</SPAN>: en fysisk eller juridisk person som har tillstånd för att samla in rapporter om handeln med de finansiella instrument som anges i artiklarna 6, 7, 10, 12, 13, 20 och 21 i förordningen om marknader för finansiella instrument från handelsplatser och från en eller flera <NOBR>APA-leverantörer</NOBR> samt kon- solidera rapporterna till ett konti-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">31</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_32">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td187"><P class="p172 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=8 class="tr24 td130"><P class="p23 ft3">nuerligt elektroniskt informations-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">flöde med uppgifter om priser och</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">volymer per finansiellt instrument,</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td194"><P class="p125 ft53">tillväxtmarknad för</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p184 ft53">små</P></TD>
<TD class="tr26 td35"><P class="p20 ft53">och</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3"><SPAN class="ft53">medelstora företag</SPAN>: en <NOBR>MTF-platt-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">form som är registrerad som en</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td202"><P class="p23 ft3">tillväxtmarknad</P></TD>
<TD class="tr26 td74"><P class="p177 ft3">för</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td70"><P class="p98 ft3">små</P></TD>
<TD class="tr26 td35"><P class="p30 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">medelstora företag hos Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p23 ft26">inspektionen</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p74 ft3">enligt</P></TD>
<TD colspan=3 class="tr26 td73"><P class="p56 ft26">11 kap.</P></TD>
<TD class="tr26 td35"><P class="p20 ft3">13–</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft26">15 §§ eller hos en behörig myndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td203"><P class="p23 ft3">het i ett annat land inom EES,</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p125 ft53">utländskt</P></TD>
<TD colspan=5 class="tr26 td204"><P class="p40 ft3"><SPAN class="ft53">kreditinstitut</SPAN>:</P></TD>
<TD class="tr26 td35"><P class="p20 ft3">ett</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p23 ft26">kreditinstitut</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p40 ft3">enligt</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td70"><P class="p56 ft26">1 kap.</P></TD>
<TD class="tr26 td35"><P class="p20 ft3">5 §</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">första stycket 21 lagen (2004:297)</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">om bank- och finansieringsrörelse,</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p125 ft53">utländskt</P></TD>
<TD colspan=6 class="tr26 td14"><P class="p20 ft3"><SPAN class="ft53">värdepappersföretag</SPAN>:</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">ett utländskt företag som i hem-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">landet har tillstånd att driva</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td205"><P class="p23 ft3">värdepappersrörelse,</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td194"><P class="p125 ft3"><SPAN class="ft53">värdepappersbolag</SPAN>:</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p20 ft3">ett svenskt</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">aktiebolag som har fått tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">enligt denna lag att driva värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">pappersrörelse och som inte är ett</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">bankaktiebolag eller ett kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td202"><P class="p23 ft3">marknadsbolag</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p185 ft26">enligt</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p22 ft26">lagen</P></TD>
<TD class="tr26 td35"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">bank- och finansieringsrörelse,</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p125 ft3"><SPAN class="ft53">värdepapperscentral</SPAN>: en värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td202"><P class="p23 ft3">papperscentral</P></TD>
<TD class="tr26 td74"><P class="p23 ft26">enligt</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td174"><P class="p30 ft26">definitionen</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">i artikel 2.1.1 i förordningen om</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td203"><P class="p23 ft3">värdepapperscentraler, och</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p125 ft3"><SPAN class="ft53">värdepappersinstitut</SPAN>: ett värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">pappersbolag, ett svenskt kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft26">institut som har fått tillstånd enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">denna lag att driva värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">rörelse eller ett utländskt företag</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft3">som</P></TD>
<TD class="tr26 td25"><P class="p23 ft3">driver</P></TD>
<TD colspan=6 class="tr26 td14"><P class="p20 ft3">värdepappersrörelse</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">från filial i Sverige eller genom att</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td130"><P class="p23 ft3">använda anknutna ombud etable-</P></TD>
</TR>
<TR>
<TD class="tr27 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td202"><P class="p23 ft3">rade i Sverige.</P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr46 td130"><P class="p23 ft54">Definitioner av olika tjänster och</P></TD>
</TR>
<TR>
<TD class="tr27 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td202"><P class="p23 ft54">verksamheter</P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft3">4 c §</P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td205"><P class="p125 ft3">I denna lag betyder</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p125 ft26"><SPAN class="ft55">clearingverksamhet</SPAN>: fortlöpande</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td203"><P class="p23 ft3">verksamhet som består i att</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td203"><P class="p125 ft3">1. på clearingdeltagarnas</P></TD>
<TD class="tr26 td35"><P class="p30 ft26">väg-</P></TD>
</TR>
<TR>
<TD class="tr26 td187"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td130"><P class="p23 ft3">nar göra avräkningar i fråga om</P></TD>
</TR>
<TR>
<TD class="tr25 td187"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft3">deras</P></TD>
<TD colspan=3 class="tr25 td30"><P class="p74 ft3">förpliktelser</P></TD>
<TD colspan=2 class="tr25 td6"><P class="p23 ft3">att</P></TD>
<TD colspan=2 class="tr25 td197"><P class="p30 ft3">leverera</P></TD>
</TR>
<TR>
<TD class="tr27 td187"><P class="p176 ft2">32</P></TD>
<TD colspan=2 class="tr27 td80"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=4 class="tr27 td174"><P class="p23 ft3">instrument</P></TD>
<TD class="tr27 td129"><P class="p94 ft3">eller</P></TD>
<TD class="tr27 td35"><P class="p20 ft3">att</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_33">
<P class="p186 ft3">betala i svensk eller utländsk <SPAN class="ft2">Prop. 2016/17:162 </SPAN>valuta,</P>
<P class="p187 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft56">träda in som motpart till både köpare och säljare av finansiella instrument, eller</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">3.</SPAN><SPAN class="ft50">på annat väsentligt sätt an- svara för att förpliktelserna av- vecklas genom överförande av likvid eller instrument,</SPAN></P>
<P class="p188 ft26"><SPAN class="ft55">handel för egen räkning</SPAN>: handel med utnyttjande av egna tillgångar som leder till transaktioner med ett eller flera finansiella instrument, <SPAN class="ft55">investeringsrådgivning</SPAN>: till- handahållande av personliga rekommendationer till en kund i fråga om en eller flera transak- tioner som avser finansiella instru-</P>
<P class="p189 ft3">ment,</P>
<P class="p144 ft45"><SPAN class="ft52">investeringstjänster och investe- ringsverksamheter</SPAN>: de tjänster och</P>
<TABLE cellpadding=0 cellspacing=0 class="t49">
<TR>
<TD class="tr27 td151"><P class="p23 ft3">verksamheter som anges i 2 kap.</P></TD>
<TD class="tr27 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3">1 §, i fråga om de instrument som</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">avses i 1 kap. 4 §,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p39 ft3"><SPAN class="ft53">portföljförvaltning</SPAN>: förvaltning</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3">av ett eller flera finansiella instru-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">ment på diskretionär basis enligt</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">uppdrag från enskilda kunder,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p39 ft3"><SPAN class="ft53">sidotjänster</SPAN>: de tjänster som an-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">ges i 2 kap. 2 §,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p39 ft3"><SPAN class="ft53">sidoverksamheter</SPAN>:</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p39 ft3">1. för ett värdepappersbolag de</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">verksamheter som anges i 2 kap.</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">3 och 4 §§,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p39 ft3">2. för en börs de verksamheter</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">som anges i 13 kap. 12 §, och</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p39 ft3">3. för en clearingorganisation de</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3">verksamheter som anges i 20 kap.</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">7 §,</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p39 ft53">utförande av order på kunders</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3"><SPAN class="ft53">uppdrag</SPAN>: köp eller försäljning av</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">ett eller flera finansiella instru-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">ment på kunders uppdrag, in-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3">begripet ingående av avtal för att</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">sälja finansiella instrument som</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">utfärdats av ett värdepappers-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p23 ft3">institut eller ett utländskt värde-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">pappersföretag vid tidpunkten för</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td151"><P class="p23 ft3">utfärdandet av dessa, och</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td151"><P class="p39 ft3"><SPAN class="ft53">värdepappersrörelse</SPAN>: verksam-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td151"><P class="p23 ft3">het som består i att yrkesmässigt</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">33</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_34">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td206"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr24 td43"><P class="p23 ft3">tillhandahålla</P></TD>
<TD class="tr24 td138"><P class="p20 ft26">investeringstjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft3">eller</P></TD>
<TD class="tr25 td52"><P class="p23 ft3">utföra</P></TD>
<TD colspan=2 class="tr25 td205"><P class="p20 ft3">investeringsverksam-</P></TD>
</TR>
<TR>
<TD class="tr27 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft3">het.</P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td138"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 rowspan=2 class="tr51 td207"><P class="p81 ft2">I denna lag betyder</P></TD>
<TD class="tr52 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr52 td208"><P class="p190 ft2">5 §<SPAN class="ft24">5</SPAN></P></TD>
<TD class="tr52 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td138"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr53 td92"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td98"><P class="p23 ft57"> </P></TD>
<TD colspan=4 rowspan=2 class="tr54 td130"><P class="p20 ft3"><SPAN class="ft53">algoritmisk handel</SPAN><SPAN class="ft2">: </SPAN>handel med</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p81 ft3">1. <SPAN class="ft53">anknutet</SPAN></P></TD>
<TD colspan=2 class="tr25 td30"><P class="p40 ft3"><SPAN class="ft53">ombud</SPAN><SPAN class="ft2">: </SPAN>en</P></TD>
<TD class="tr25 td98"><P class="p106 ft3">fysisk</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td155"><P class="p41 ft3">eller juridisk person som har träff-</P></TD>
<TD colspan=2 class="tr25 td37"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=2 class="tr25 td205"><P class="p20 ft3">instrument där en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p41 ft3">at avtal med ett svenskt värdepap-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">datoralgoritm automatiskt bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p41 ft3">persinstitut</P></TD>
<TD class="tr26 td189"><P class="p23 ft3">eller ett</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p106 ft3">utländskt</P></TD>
<TD class="tr26 td163"><P class="p23 ft3">mer</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p1 ft26">enskilda</P></TD>
<TD class="tr26 td138"><P class="p20 ft3">orderparametrar</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td207"><P class="p41 ft3">värdepappersföretag</P></TD>
<TD class="tr25 td92"><P class="p23 ft3">som</P></TD>
<TD class="tr25 td98"><P class="p106 ft3">hör</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">med begränsat eller inget mänsk-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p41 ft3">hemma inom EES om att för bara</P></TD>
<TD colspan=3 class="tr26 td43"><P class="p23 ft26">ligt ingripande<SPAN class="ft27">,</SPAN></P></TD>
<TD class="tr26 td138"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p41 ft3">detta instituts eller företags räk-</P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td138"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p41 ft3">ning</P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td138"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p191 ft3"><SPAN class="ft26">a)</SPAN><SPAN class="ft47">marknadsföra investerings- eller sidotjänster,</SPAN></P>
<P class="p191 ft3"><SPAN class="ft26">b)</SPAN><SPAN class="ft47">ta emot eller vidarebefordra instruktioner eller order avseende investeringstjänster eller finan- siella instrument,</SPAN></P>
<P class="p191 ft45"><SPAN class="ft26">c)</SPAN><SPAN class="ft46">placera finansiella instru- ment, eller</SPAN></P>
<P class="p191 ft3"><SPAN class="ft26">d)</SPAN><SPAN class="ft47">tillhandahålla investerings- rådgivning till kund avseende dessa instrument eller tjänster</SPAN><SPAN class="ft2">,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t50">
<TR>
<TD colspan=2 class="tr31 td37"><P class="p125 ft3">2. <SPAN class="ft53">behörig</SPAN></P></TD>
<TD colspan=3 class="tr31 td118"><P class="p70 ft3"><SPAN class="ft53">myndighet</SPAN><SPAN class="ft2">: </SPAN>i</P></TD>
<TD colspan=2 class="tr31 td197"><P class="p106 ft26">Sverige</P></TD>
<TD colspan=10 class="tr31 td130"><P class="p20 ft3"><SPAN class="ft53">betydande filial</SPAN><SPAN class="ft2">: </SPAN>en filial som är</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td209"><P class="p23 ft3">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p1 ft3">och i</P></TD>
<TD colspan=2 class="tr26 td197"><P class="p106 ft26">särskilt</P></TD>
<TD colspan=10 class="tr26 td130"><P class="p20 ft3">betydande enligt artikel 51.1 i</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">angivna fall Bolagsverket och i</P></TD>
<TD colspan=7 class="tr26 td46"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD colspan=3 class="tr26 td78"><P class="p20 ft3">och rådets</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">övrigt en utländsk myndighet som</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p23 ft26">direktiv</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td190"><P class="p23 ft3">2013/36/EU</P></TD>
<TD class="tr25 td163"><P class="p88 ft3">av</P></TD>
<TD class="tr25 td148"><P class="p20 ft3">den</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">har behörighet att utöva tillsyn</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">26 juni</P></TD>
<TD colspan=4 class="tr26 td132"><P class="p88 ft3">2013 om</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p44 ft3">behörighet</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">att</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">över utländska värdepappersföre-</P></TD>
<TD colspan=6 class="tr26 td131"><P class="p23 ft3">utöva verksamhet</P></TD>
<TD class="tr26 td71"><P class="p44 ft3">i</P></TD>
<TD colspan=3 class="tr26 td78"><P class="p20 ft26">kreditinstitut</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">tag och företag som driver en</P></TD>
<TD colspan=10 class="tr25 td130"><P class="p20 ft3">och om särskild tillsyn av kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft3">reglerad</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p23 ft3">marknad</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p67 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td197"><P class="p106 ft3">annan</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">institut</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p70 ft3">och</P></TD>
<TD colspan=6 class="tr26 td210"><P class="p30 ft26">värdepappersföretag,</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td37"><P class="p23 ft3">motsvarande</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p57 ft26">marknad</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p44 ft3">eller</P></TD>
<TD class="tr26 td170"><P class="p106 ft3">som</P></TD>
<TD class="tr26 td74"><P class="p23 ft3">om</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td29"><P class="p23 ft3">ändring</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td65"><P class="p67 ft3">av</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p20 ft3">direktiv</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">har behörighet att utöva tillsyn</P></TD>
<TD colspan=4 class="tr25 td57"><P class="p23 ft3">2002/87/EG</P></TD>
<TD colspan=2 class="tr25 td127"><P class="p23 ft3">och</P></TD>
<TD class="tr25 td71"><P class="p94 ft3">om</P></TD>
<TD colspan=3 class="tr25 td78"><P class="p20 ft3">upphävande</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td152"><P class="p23 ft3">över emittenter vars</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p106 ft26">överlåtbara</P></TD>
<TD class="tr26 td74"><P class="p23 ft3">av</P></TD>
<TD colspan=3 class="tr26 td15"><P class="p23 ft3">direktiv</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td43"><P class="p59 ft3">2006/48/EG</P></TD>
<TD class="tr26 td148"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td37"><P class="p23 ft3">värdepapper</P></TD>
<TD class="tr26 td170"><P class="p125 ft3">är</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p23 ft3">upptagna</P></TD>
<TD class="tr26 td170"><P class="p106 ft3">till</P></TD>
<TD colspan=4 class="tr26 td57"><P class="p23 ft3">2006/49/EG,</P></TD>
<TD class="tr26 td51"><P class="p88 ft3">i</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p88 ft3">den</P></TD>
<TD colspan=3 class="tr26 td78"><P class="p20 ft26">ursprungliga</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">handel på en reglerad marknad<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=3 class="tr25 td132"><P class="p23 ft3">lydelsen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td37"><P class="p125 ft3">3. <SPAN class="ft53">börs</SPAN><SPAN class="ft2">: </SPAN>ett</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p39 ft3">svenskt</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p106 ft3">aktiebolag</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p125 ft53">blandat</P></TD>
<TD colspan=4 class="tr26 td87"><P class="p192 ft53">finansiellt</P></TD>
<TD colspan=3 class="tr26 td78"><P class="p20 ft53">holdingföre-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">eller en svensk ekonomisk förening</P></TD>
<TD colspan=10 class="tr26 td130"><P class="p20 ft26"><SPAN class="ft55">tag</SPAN><SPAN class="ft27">: </SPAN>ett holdingföretag enligt artik-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">som har fått tillstånd enligt denna</P></TD>
<TD colspan=9 class="tr25 td49"><P class="p23 ft26">el 4.1.21 i tillsynsförordningen<SPAN class="ft27">,</SPAN></P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">lag att driva en eller flera regle-</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td209"><P class="p23 ft3">rade marknader<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td212"><P class="p125 ft26">4. <SPAN class="ft55">clearingdeltagare</SPAN><SPAN class="ft27">: </SPAN>den</P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p106 ft3">som</P></TD>
<TD colspan=3 class="tr25 td132"><P class="p125 ft53">blandat</P></TD>
<TD colspan=4 class="tr25 td87"><P class="p94 ft53">finansiellt</P></TD>
<TD colspan=3 class="tr25 td78"><P class="p20 ft53">moderhold-</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft3">får delta</P></TD>
<TD class="tr26 td169"><P class="p23 ft3">i</P></TD>
<TD colspan=5 class="tr26 td195"><P class="p106 ft26">clearingverksamheten</P></TD>
<TD colspan=10 class="tr26 td130"><P class="p20 ft3"><SPAN class="ft53">ingföretag inom EES</SPAN><SPAN class="ft2">: </SPAN>ett inom</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td213"><P class="p23 ft3">hos en clearingorganisation<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft3">EES</P></TD>
<TD colspan=4 class="tr26 td197"><P class="p59 ft3">etablerat</P></TD>
<TD colspan=3 class="tr26 td191"><P class="p59 ft3">blandat</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p20 ft26">finansiellt</P></TD>
</TR>
<TR>
<TD class="tr31 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td121"><P class="p23 ft3">holdingföretag</P></TD>
<TD colspan=3 class="tr31 td191"><P class="p23 ft3">som inte</P></TD>
<TD colspan=2 class="tr31 td117"><P class="p20 ft3">självt är</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t51">
<TR>
<TD class="tr25 td110"><P class="p30 ft33">5</P></TD>
<TD class="tr25 td205"><P class="p59 ft30">Senaste lydelse 2015:1032.</P></TD>
</TR>
<TR>
<TD class="tr27 td110"><P class="p89 ft2">34</P></TD>
<TD class="tr27 td205"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_35">
<DIV>
<DIV id="id_1">
<P class="p193 ft45"><SPAN class="ft3">5.</SPAN><SPAN class="ft58">clearingorganisation</SPAN><SPAN class="ft4">: </SPAN>ett före- tag som har fått tillstånd enligt 19 kap. eller förordning (EU) nr 648/2012, i lydelsen enligt Europaparlamentets och rådets direktiv 2014/59/EU, att driva clearingverksamhet,</P>
<P class="p194 ft45"><SPAN class="ft3">6.</SPAN><SPAN class="ft58">clearingverksamhet</SPAN><SPAN class="ft4">: </SPAN>fortlöp- ande verksamhet som består i att</P>
<P class="p193 ft3">a) på clearingdeltagarnas väg- nar göra avräkningar i fråga om deras förpliktelser att leverera finansiella instrument eller att betala i svensk eller utländsk valuta,</P>
<P class="p195 ft45">b) träda in som motpart till både köpare och säljare av finansiella instrument, eller</P>
<P class="p193 ft3">c) på annat väsentligt sätt an- svara för att förpliktelserna av- vecklas genom överförande av likvid eller instrument<SPAN class="ft2">,</SPAN></P>
<P class="p150 ft26"><SPAN class="ft3">7.</SPAN><SPAN class="ft59">direktivet om marknader för finansiella instrument</SPAN>: Europa- parlamentets och rådets direktiv 2004/39/EG av den 21 april 2004 om marknader för finansiella instrument och om ändring av rådets direktiv 85/611/EEG och 93/6/EEG och Europaparlament- ets och rådets direktiv 2000/12/EG samt upphävande av rådets direk- tiv 93/22/EEG, i lydelsen enligt Europaparlamentets och rådets direktiv 2010/78/EU,</P>
<P class="p196 ft4"><SPAN class="ft3">8.</SPAN><SPAN class="ft58">EES</SPAN>: Europeiska ekonomiska samarbetsområdet,</P>
<P class="p195 ft45"><SPAN class="ft3">9.</SPAN><SPAN class="ft58">emittent</SPAN><SPAN class="ft4">: </SPAN>i fråga om aktier aktiebolaget och i fråga om annat finansiellt instrument utgivaren</P>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t49">
<TR>
<TD class="tr33 td192"><P class="p23 ft3">ett dotterföretag till ett</P></TD>
<TD class="tr33 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p197 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft50">kreditinstitut, värdepappers- bolag eller </SPAN><NOBR>EES-institut,</NOBR> eller</P>
<P class="p197 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft50">annat blandat finansiellt holdingföretag eller ett finansiellt holdingföretag som är etablerat i något annat land inom EES</SPAN><SPAN class="ft2">,</SPAN></P>
<P class="p198 ft3"><SPAN class="ft53">börshandlad fond</SPAN><SPAN class="ft2">: </SPAN>en fond där minst en andels- eller aktieklass handlas hela dagen på minst en handelsplats och med minst en marknadsgarant som vidtar åtgär- der för att säkerställa att andels- eller aktiepriset på handelsplatsen inte i betydande grad skiljer sig från dess nettotillgångsvärde och,</P>
<P class="p199 ft45"><SPAN class="ft3">i</SPAN><SPAN class="ft60">tillämpliga fall, från dess preli- minära nettotillgångsvärde</SPAN><SPAN class="ft4">,</SPAN></P>
<P class="p200 ft3"><SPAN class="ft53">direkt elektroniskt tillträde</SPAN><SPAN class="ft2">: </SPAN>ett handelsplatsarrangemang där en deltagare på en handelsplats ger en person tillåtelse att använda deltagarens handelskod så att per- sonen elektroniskt kan vidarebe- fordra order avseende ett finan- siellt instrument direkt till handels- platsen<SPAN class="ft2">,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t52">
<TR>
<TD class="tr2 td141"><P class="p39 ft2"><SPAN class="ft53">EES</SPAN>: Europeiska</P></TD>
<TD class="tr2 td105"><P class="p134 ft2">ekonomiska</P></TD>
<TD class="tr2 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td141"><P class="p23 ft2">samarbetsområdet,</P></TD>
<TD class="tr26 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td151"><P class="p134 ft3"><NOBR><SPAN class="ft53">EES-institut</SPAN><SPAN class="ft2">:</SPAN></NOBR><SPAN class="ft2"> </SPAN>ett utländskt kredit-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td151"><P class="p134 ft3">institut eller ett utländskt värde-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td141"><P class="p23 ft3">pappersföretag som</P></TD>
<TD class="tr27 td105"><P class="p134 ft3">är hemma-</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">35</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
</DIV>
<DIV id="page_36">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD colspan=11 class="tr24 td187"><P class="p201 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>eller utfärdaren av instrumentet<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=5 class="tr24 td130"><P class="p23 ft3">hörande i något annat land inom</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 rowspan=2 class="tr0 td46"><P class="p202 ft3">10. <SPAN class="ft53">filial</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td106"><P class="p23 ft3">EES än Sverige<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p30 ft2">ett</P></TD>
<TD colspan=6 class="tr26 td46"><P class="p106 ft2">avdelningskontor</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p125 ft2"><SPAN class="ft53">filial</SPAN>: ett avdelningskontor med</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft2">med självständig förvaltning, var-</P></TD>
<TD class="tr26 td168"><P class="p23 ft2">självständig</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p50 ft2">förvaltning,</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft2">varvid</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft2">vid även ett utländskt värdepap-</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">även ett utländskt värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td46"><P class="p139 ft27">persföretags</P></TD>
<TD colspan=3 class="tr26 td149"><P class="p30 ft2">etablering</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft2">av</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p106 ft2">flera</P></TD>
<TD class="tr26 td168"><P class="p23 ft2">persföretags</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p70 ft2">etablering</P></TD>
<TD class="tr26 td13"><P class="p23 ft2">av</P></TD>
<TD class="tr26 td95"><P class="p20 ft2">flera</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft2">driftställen i Sverige ska anses som</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">driftställen i Sverige ska anses som</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td164"><P class="p139 ft2">en enda filial,</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td106"><P class="p23 ft2">en enda filial,</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p202 ft3">11. <SPAN class="ft53">genomförandeförordningen</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td168"><P class="p125 ft53">finansiellt</P></TD>
<TD colspan=3 class="tr26 td216"><P class="p57 ft3"><SPAN class="ft53">holdingföretag</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td95"><P class="p20 ft3">ett</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">kommissionens förordning (EG) nr</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft26">holdingföretag enligt artikel 4.1.20</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">1287/2006 av den 10 augusti 2006</P></TD>
<TD colspan=3 class="tr25 td81"><P class="p23 ft3">i tillsynsförordningen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">om genomförande av Europapar-</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td46"><P class="p139 ft3">lamentets</P></TD>
<TD class="tr26 td148"><P class="p30 ft26">och</P></TD>
<TD colspan=3 class="tr26 td211"><P class="p85 ft3">rådets</P></TD>
<TD colspan=3 class="tr26 td174"><P class="p106 ft3">direktiv</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">2004/39/EG vad gäller dokument-</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td217"><P class="p139 ft3">eringsskyldigheter</P></TD>
<TD class="tr26 td11"><P class="p56 ft3">för</P></TD>
<TD colspan=4 class="tr26 td22"><P class="p106 ft3">värdepap-</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td46"><P class="p139 ft3">persföretag,</P></TD>
<TD colspan=7 class="tr26 td164"><P class="p106 ft3">transaktionsrapport-</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">ering, överblickbarhet på mark-</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td204"><P class="p139 ft3">naden,</P></TD>
<TD colspan=3 class="tr26 td147"><P class="p23 ft3">upptagande</P></TD>
<TD class="tr26 td11"><P class="p192 ft3">av</P></TD>
<TD colspan=4 class="tr26 td22"><P class="p106 ft3">finansiella</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">instrument till handel samt defi-</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">nitioner för tillämpning av det</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td46"><P class="p139 ft3">direktivet,</P></TD>
<TD class="tr26 td148"><P class="p53 ft3">i</P></TD>
<TD class="tr26 td13"><P class="p23 ft3">den</P></TD>
<TD colspan=5 class="tr26 td204"><P class="p106 ft3">ursprungliga</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td46"><P class="p139 ft3">lydelsen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 rowspan=2 class="tr0 td130"><P class="p125 ft3"><SPAN class="ft53">finansiellt institut</SPAN><SPAN class="ft2">: </SPAN>ett finansiellt</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td108"><P class="p202 ft3">12. <SPAN class="ft53">handelsplattform</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD colspan=2 class="tr25 td113"><P class="p70 ft3">ett</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p106 ft3">multi-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td204"><P class="p139 ft3">lateralt</P></TD>
<TD colspan=4 class="tr26 td202"><P class="p56 ft3">handelssystem</P></TD>
<TD colspan=4 class="tr26 td22"><P class="p106 ft26">(Multilate-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">institut enligt artikel 4.1.26 i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">ral Trading Facility, MTF) inom</P></TD>
<TD colspan=3 class="tr26 td81"><P class="p23 ft3">tillsynsförordningen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">EES som drivs av ett värdepap-</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">persinstitut eller en börs och som</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">sammanför ett flertal köp- och</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">säljintressen i finansiella instru-</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">ment från tredje man – inom</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft3">systemet och i enlighet med icke</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td215"><P class="p139 ft3">skönsmässiga regler – så att detta</P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td164"><P class="p139 ft3">leder till avslut<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr46 td168"><P class="p125 ft53">finansiellt</P></TD>
<TD colspan=4 rowspan=2 class="tr46 td179"><P class="p20 ft53">moderholdingföretag</P></TD>
</TR>
<TR>
<TD class="tr48 td147"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td30"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td115"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td13"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td148"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td13"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td11"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td214"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td193"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td129"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td193"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td130"><P class="p23 ft3"><SPAN class="ft53">inom EES</SPAN>: ett inom EES etablerat</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">finansiellt holdingföretag som inte</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">självt är ett dotterföretag till ett</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td106"><P class="p125 ft3">1. kreditinstitut,</P></TD>
<TD colspan=3 class="tr25 td218"><P class="p20 ft3">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td140"><P class="p23 ft3">bolag eller <NOBR>EES-institut,</NOBR> eller</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p125 ft3">2. annat finansiellt holdingföre-</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft3">tag eller ett blandat finansiellt</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">holdingföretag som är etablerat i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=4 rowspan=2 class="tr0 td164"><P class="p202 ft3">13. <SPAN class="ft53">hemland</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td81"><P class="p23 ft3">något land inom EES,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p88 ft2">det</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p44 ft2">land</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p106 ft2">där ett</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p125 ft2"><SPAN class="ft53">hemland</SPAN>: det land där ett företag</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft2">företag har fått tillstånd att driva</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">har fått tillstånd att driva sådan</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td215"><P class="p139 ft2">sådan verksamhet som avses i</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">verksamhet som avses i denna lag,</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td46"><P class="p139 ft2">denna lag,</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td219"><P class="p202 ft3">14. investeringstjänster</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td93"><P class="p106 ft3">och</P></TD>
<TD colspan=2 class="tr26 td106"><P class="p125 ft53">holdingföretag</P></TD>
<TD class="tr26 td163"><P class="p23 ft53">med</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft53">blandad</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr30 td220"><P class="p23 ft63"><SPAN class="ft62">investeringsverksamheter</SPAN><SPAN class="ft30">:</SPAN></P></TD>
<TD class="tr30 td221"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td222"><P class="p20 ft35">de</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft3"><SPAN class="ft53">verksamhet</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD colspan=4 class="tr26 td179"><P class="p23 ft3">holdingföretag enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td204"><P class="p139 ft3">tjänster</P></TD>
<TD colspan=6 class="tr25 td105"><P class="p67 ft3">och verksamheter</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p106 ft3">som</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft3">artikel 4.1.22 i tillsynsförord-</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">36</P></TD>
<TD colspan=5 class="tr27 td217"><P class="p139 ft3">anges i 2 kap. 1 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td168"><P class="p23 ft3">ningen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr27 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_37">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD colspan=6 class="tr24 td77"><P class="p39 ft2"><SPAN class="ft3">15. </SPAN><SPAN class="ft53">kapitalbas</SPAN>: detsamma som i</P></TD>
<TD colspan=8 class="tr24 td76"><P class="p39 ft2"><SPAN class="ft53">kapitalbas</SPAN>: detsamma som i</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">artikel 72 i tillsynsförordningen,</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft2">artikel 72 i tillsynsförordningen,</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td142"><P class="p39 ft3">16. <SPAN class="ft53">koncern</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td37"><P class="p39 ft3"><SPAN class="ft53">koncern</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p39 ft2"><SPAN class="ft3">a) </SPAN>i 8 a, 8 b och 25 b kap., det-</P></TD>
<TD colspan=4 class="tr26 td43"><P class="p39 ft2"><SPAN class="ft3">1. </SPAN>i 8 a, 8 b</P></TD>
<TD colspan=3 class="tr26 td142"><P class="p154 ft2">och 25 b kap.,</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">det-</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft2">samma</P></TD>
<TD class="tr25 td29"><P class="p57 ft2">som i</P></TD>
<TD colspan=2 class="tr25 td55"><P class="p192 ft2">2 kap.</P></TD>
<TD class="tr25 td74"><P class="p99 ft2">1 §</P></TD>
<TD class="tr25 td98"><P class="p95 ft2">lagen</P></TD>
<TD colspan=2 class="tr25 td73"><P class="p23 ft2">samma</P></TD>
<TD class="tr25 td35"><P class="p23 ft2">som</P></TD>
<TD class="tr25 td169"><P class="p57 ft2">i</P></TD>
<TD class="tr25 td39"><P class="p44 ft2">2 kap.</P></TD>
<TD class="tr25 td13"><P class="p154 ft2">1 §</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p20 ft2">lagen</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td184"><P class="p23 ft2">(2015:1016) om resolution,</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td182"><P class="p23 ft2">(2015:1016) om resolution,</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p39 ft3">b) <SPAN class="ft2">i</SPAN></P></TD>
<TD class="tr26 td29"><P class="p23 ft2">övriga</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p192 ft2">kapitel,</P></TD>
<TD colspan=2 class="tr26 td103"><P class="p95 ft2">detsamma</P></TD>
<TD colspan=4 class="tr26 td43"><P class="p39 ft2"><SPAN class="ft3">2. </SPAN>i övriga</P></TD>
<TD class="tr26 td39"><P class="p59 ft2">kapitel,</P></TD>
<TD colspan=3 class="tr26 td211"><P class="p20 ft2">detsamma</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">som i 1 kap. 11 och 12 §§ aktie-</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft2">som i 1 kap. 11 och 12 §§ aktie-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">bolagslagen (2005:551), varvid det</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2">bolagslagen (2005:551), varvid det</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">som sägs om moderbolag tillämpas</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2">som sägs om moderbolag tillämpas</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">även på andra juridiska personer</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft2">även på andra juridiska personer</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td142"><P class="p23 ft2">än aktiebolag,</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td43"><P class="p23 ft2">än aktiebolag,</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p39 ft3">17. <SPAN class="ft53">kreditinstitut</SPAN><SPAN class="ft2">: </SPAN>bank, kredit-</P></TD>
<TD colspan=7 class="tr26 td213"><P class="p39 ft3"><SPAN class="ft53">koncernåterhämtningsplan</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td17"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td204"><P class="p23 ft3">marknadsföretag</P></TD>
<TD class="tr25 td124"><P class="p203 ft3">och</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p95 ft3">utländskt</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">plan som upprättats av ett moder-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">bank- eller kreditföretag som</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">företag inom EES i syfte att</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">driver bank- eller finansierings-</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26">identifiera åtgärder som de företag</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td184"><P class="p23 ft3">rörelse från filial i Sverige<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">i en grupp som omfattas av grupp-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">baserad tillsyn avser att vidta för</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26">att bevara eller återställa koncern-</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">ens eller ett i koncernen ingående</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">värdepappersbolags eller utländ-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft3">skt</P></TD>
<TD colspan=5 class="tr26 td68"><P class="p98 ft26">värdepappersföretags</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p20 ft3">finan-</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">siella ställning och livskraft efter</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">en betydande försämring av den</P></TD>
</TR>
<TR>
<TD colspan=3 rowspan=2 class="tr0 td204"><P class="p39 ft3">18. <SPAN class="ft53">kvalificerat</SPAN></P></TD>
<TD colspan=2 rowspan=2 class="tr0 td150"><P class="p94 ft3"><SPAN class="ft53">innehav</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td171"><P class="p23 ft3">finansiella situationen<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td98"><P class="p95 ft2">ett</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3"><SPAN class="ft53">kvalificerat innehav</SPAN><SPAN class="ft2">: ett direkt</SPAN></P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">direkt eller indirekt ägande i ett</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2">eller indirekt ägande i ett företag,</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">företag, om innehavet beräknat på</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2">om innehavet beräknat på det sätt</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">det sätt som anges i 5 a § represen-</P></TD>
<TD class="tr25 td127"><P class="p23 ft2">som</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p70 ft2">anges</P></TD>
<TD class="tr25 td169"><P class="p23 ft2">i</P></TD>
<TD colspan=4 class="tr25 td123"><P class="p20 ft2">5 a § representerar</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">terar <SPAN class="ft3">10 </SPAN>procent eller mer av kapi-</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2"><SPAN class="ft3">tio </SPAN>procent eller mer av kapitalet</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">talet eller av samtliga röster eller</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft2">eller av samtliga röster eller annars</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">annars möjliggör ett väsentligt in-</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft2">möjliggör ett väsentligt inflytande</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">flytande över ledningen av före-</P></TD>
<TD colspan=6 class="tr26 td182"><P class="p23 ft2">över ledningen av företaget,</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft2">taget,</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p39 ft3">19. <SPAN class="ft53">professionell kund</SPAN><SPAN class="ft2">: </SPAN>en sådan</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3"><SPAN class="ft53">likvid marknad</SPAN><SPAN class="ft2">: </SPAN>en marknad för</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">kund som avses i 8 kap. 16 eller</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">ett finansiellt instrument eller en</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft3">17 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26">klass av finansiella instrument, där</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">det ständigt finns beredda och</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">villiga köpare och säljare, enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td171"><P class="p23 ft3">en bedömning utifrån</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td73"><P class="p39 ft3">1. den</P></TD>
<TD colspan=3 class="tr25 td121"><P class="p57 ft26">genomsnittliga</P></TD>
<TD colspan=3 class="tr25 td211"><P class="p20 ft3">transak-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td43"><P class="p23 ft26">tionsfrekvensen</P></TD>
<TD colspan=4 class="tr26 td123"><P class="p20 ft3">och transaktions-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26">volymen under ett antal marknads-</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td73"><P class="p23 ft3">villkor,</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p39 ft3">2. antalet och typen av mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td171"><P class="p23 ft3">nadsaktörer, och</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td73"><P class="p39 ft3">3. den</P></TD>
<TD colspan=3 class="tr25 td121"><P class="p88 ft26">genomsnittliga</P></TD>
<TD colspan=3 class="tr25 td211"><P class="p20 ft3">storleken</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">på skillnader mellan köp- och</P></TD>
</TR>
<TR>
<TD colspan=6 rowspan=2 class="tr0 td77"><P class="p39 ft3">20. <SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: </SPAN>ett multi-</P></TD>
<TD colspan=5 class="tr26 td171"><P class="p23 ft3">säljkurser (spreadar)<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td37"><P class="p39 ft53">matchad</P></TD>
<TD colspan=4 class="tr25 td204"><P class="p154 ft26"><SPAN class="ft55">principalhandel</SPAN><SPAN class="ft27">:</SPAN></P></TD>
<TD class="tr25 td17"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr27 td70"><P class="p23 ft26">lateralt</P></TD>
<TD colspan=2 class="tr27 td197"><P class="p67 ft3">system</P></TD>
<TD class="tr27 td124"><P class="p154 ft3">inom</P></TD>
<TD class="tr27 td74"><P class="p94 ft3">EES</P></TD>
<TD class="tr27 td98"><P class="p95 ft3">som</P></TD>
<TD colspan=3 class="tr27 td37"><P class="p23 ft3">transaktion</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">37</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_38">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t54">
<TR>
<TD class="tr24 td143"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft3">sammanför</SPAN></P></TD>
<TD class="tr24 td97"><P class="p23 ft3">eller</P></TD>
<TD class="tr24 td22"><P class="p20 ft3">möjliggör</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td223"><P class="p20 ft3">sammanförande av ett flertal köp-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td183"><P class="p41 ft35">och säljintressen</P></TD>
<TD class="tr30 td22"><P class="p20 ft35">i finansiella</P></TD>
</TR>
</TABLE>
<P class="p204 ft45">instrument från tredje man – regelmässigt, inom systemet och i enlighet med icke skönsmässiga regler – så att detta leder till avslut,</P>
<P class="p205 ft45"><SPAN class="ft26">21.</SPAN><SPAN class="ft64">sidotjänster</SPAN><SPAN class="ft4">: </SPAN>de tjänster som anges i 2 kap. 2 §<SPAN class="ft4">,</SPAN></P>
<P class="p206 ft3"><SPAN class="ft26">22.</SPAN><SPAN class="ft49">sidoverksamheter</SPAN><SPAN class="ft2">:</SPAN></P>
<P class="p207 ft45">a) för ett värdepappersbolag de verksamheter som anges i 2 kap. 3 och 4 §§,</P>
<P class="p208 ft3"><SPAN class="ft26">b)</SPAN><SPAN class="ft47">för en börs de verksamheter som anges i 13 kap. 12 §, och</SPAN></P>
<P class="p209 ft3"><SPAN class="ft26">c)</SPAN><SPAN class="ft47">för en clearingorganisation</SPAN></P>
<P class="p210 ft45">de verksamheter som anges i 20 kap. 7 §<SPAN class="ft4">,</SPAN></P>
<P class="p211 ft2">38</P>
</DIV>
<DIV id="id_2">
<P class="p162 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">där en mellanhand träder in mellan köpare och säljare på ett sådant sätt att mellanhanden under transaktionens utförande aldrig exponeras för marknads- risk,</SPAN></P>
<P class="p160 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft46">där båda sidor av transak- tionen genomförs samtidigt, och</SPAN></P>
<P class="p162 ft3"><SPAN class="ft3">3.</SPAN><SPAN class="ft47">som genomförs till ett pris som innebär att mellanhanden inte gör någon vinst eller förlust, förutom tidigare tillkännagivna arvoden eller avgifter för transaktionen</SPAN><SPAN class="ft2">,</SPAN></P>
<P class="p212 ft3"><SPAN class="ft53">moderföretag inom EES</SPAN><SPAN class="ft2">: </SPAN>ett moderinstitut inom EES, ett finan- siellt moderholdingföretag inom EES eller ett blandat finansiellt moderholdingföretag inom EES<SPAN class="ft2">,</SPAN></P>
<P class="p213 ft3"><SPAN class="ft53">moderinstitut inom EES</SPAN><SPAN class="ft2">: </SPAN>ett kreditinstitut, värdepappersbolag eller <NOBR>EES-institut</NOBR> som är ett moderföretag och som inte självt är ett dotterföretag till ett</P>
<P class="p214 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">annat kreditinstitut, värdepap- persbolag eller </SPAN><NOBR>EES-institut,</NOBR> eller</P>
<P class="p157 ft3">2. finansiellt holdingföretag eller ett blandat finansiellt hold- ingföretag som är etablerat i något land inom EES<SPAN class="ft2">,</SPAN></P>
<P class="p157 ft3"><SPAN class="ft53">multilateralt system</SPAN>: ett system där flera tredjeparters köp- och säljintressen i finansiella instru- ment kan interagera inom systemet,</P>
<P class="p213 ft3"><SPAN class="ft53">samordnande tillsynsmyndighet</SPAN>: en behörig myndighet som an- svarar för att utöva gruppbaserad tillsyn av moderinstitut inom EES och av värdepappersbolag och kreditinstitut som kontrolleras av finansiella moderholdingföretag inom EES eller blandade finan- siella moderholdingföretag inom EES,</P>
<P class="p215 ft45"><SPAN class="ft52">små och medelstora företag</SPAN>: företag som har ett genomsnittligt börsvärde som understeg 200 mil- joner euro beräknat på slutkurser för de tre föregående kalender- åren,</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_39">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD colspan=7 class="tr24 td77"><P class="p39 ft2"><SPAN class="ft3">23. </SPAN><SPAN class="ft53">startkapital</SPAN>: det kapital som</P></TD>
<TD colspan=8 class="tr24 td76"><P class="p39 ft2"><SPAN class="ft53">startkapital</SPAN>: det kapital som för</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td224"><P class="p23 ft2">för värdepappersföretag</P></TD>
<TD class="tr25 td74"><P class="p216 ft27">avses</P></TD>
<TD colspan=2 class="tr25 td74"><P class="p95 ft2">i</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft2">värdepappersföretag avses i artikel</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">artikel 4.51 i tillsynsförordningen,</P></TD>
<TD colspan=7 class="tr26 td203"><P class="p23 ft2">4.51 i tillsynsförordningen,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td173"><P class="p39 ft3">24. <SPAN class="ft53">systematisk</SPAN></P></TD>
<TD colspan=5 class="tr26 td172"><P class="p95 ft26"><SPAN class="ft55">internhandlare</SPAN><SPAN class="ft27">:</SPAN></P></TD>
<TD colspan=4 class="tr26 td204"><P class="p39 ft53">strukturerad</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p73 ft3"><SPAN class="ft53">insättning</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td13"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td14"><P class="p23 ft3">värdepappersinstitut</P></TD>
<TD class="tr25 td95"><P class="p23 ft3">som</P></TD>
<TD class="tr25 td74"><P class="p109 ft26">på</P></TD>
<TD colspan=2 class="tr25 td74"><P class="p95 ft26">ett</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">insättning enligt definitionen i 2 §</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">organiserat, frekvent och syste-</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">lagen (1995:1571) om insätt-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">matiskt sätt handlar för egen</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft26">ningsgaranti,</P></TD>
<TD colspan=5 class="tr26 td210"><P class="p20 ft3">som måste betalas</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">räkning genom att utföra kund-</P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft26">helt på förfallodagen enligt villkor</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">order utanför en reglerad marknad</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">som innebär att eventuell ränta</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td224"><P class="p23 ft3">eller en handelsplattform<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">eller premie ska beräknas utifrån</P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3">1. ett index eller en kombination</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">av index, med undantag för ränte-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">index,</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3">2. ett finansiellt instrument eller</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft3">en</P></TD>
<TD colspan=3 class="tr26 td122"><P class="p88 ft3">kombination</P></TD>
<TD class="tr26 td65"><P class="p67 ft3">av</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p20 ft26">finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft3">instrument,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3">3. en råvara eller en kombina-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">tion av råvaror eller andra icke-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td188"><P class="p23 ft3">fungibla tillgångar,</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p39 ft3">4. en valutakurs eller en kombi-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td203"><P class="p23 ft3">nation av valutakurser, eller</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 rowspan=2 class="tr46 td173"><P class="p39 ft3">25. utländskt</P></TD>
<TD colspan=5 rowspan=2 class="tr46 td172"><P class="p95 ft3">värdepappers-</P></TD>
<TD colspan=5 class="tr26 td188"><P class="p39 ft3">5. andra faktorer<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr30 td204"><P class="p39 ft65">strukturerade</P></TD>
<TD colspan=3 class="tr30 td80"><P class="p23 ft65">finansiella</P></TD>
<TD class="tr30 td13"><P class="p20 ft65">pro-</P></TD>
</TR>
<TR>
<TD class="tr27 td88"><P class="p23 ft62">företag</P></TD>
<TD colspan=5 class="tr25 td225"><P class="p20 ft3"><SPAN class="ft2">: </SPAN>ett utländskt företag som i</P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr27 td76"><P class="p23 ft3"><SPAN class="ft53">dukter</SPAN><SPAN class="ft2">: </SPAN>detsamma som i artikel</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">hemlandet har tillstånd att driva</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">2.1.28 i förordningen om mark-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td14"><P class="p23 ft3">värdepappersrörelse<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">nader för finansiella instrument<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td224"><P class="p39 ft3">26. <SPAN class="ft53">värdepappersbolag</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td74"><P class="p95 ft26">ett</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p39 ft53">teknik för algoritmisk hög-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">svenskt aktiebolag som har fått</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26"><SPAN class="ft55">frekvenshandel</SPAN><SPAN class="ft27">: </SPAN>en teknik för algo-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">tillstånd enligt denna lag att driva</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p23 ft3">ritmisk</P></TD>
<TD colspan=6 class="tr25 td69"><P class="p20 ft3">handel som kännetecknas</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">värdepappersrörelse och som inte</P></TD>
<TD class="tr26 td17"><P class="p23 ft3">av</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">är ett bankaktiebolag eller ett</P></TD>
<TD colspan=8 class="tr26 td76"><P class="p39 ft3">1. att infrastrukturen är avsedd</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td14"><P class="p23 ft3">kreditmarknadsbolag</P></TD>
<TD colspan=4 class="tr25 td30"><P class="p95 ft3">enligt lagen</P></TD>
<TD class="tr25 td17"><P class="p23 ft3">att</P></TD>
<TD colspan=5 class="tr25 td14"><P class="p23 ft3">minimera fördröjning</P></TD>
<TD colspan=2 class="tr25 td73"><P class="p20 ft3">(latens)</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft3">(2004:297) om bank- och finan-</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">genom</P></TD>
<TD colspan=4 class="tr26 td67"><P class="p73 ft3">samlokalisering,</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p20 ft26">närvärd-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td173"><P class="p23 ft3">sieringsrörelse<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">skap eller elektroniskt höghastig-</P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td168"><P class="p23 ft3">hetstillträde,</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p39 ft3">2. att systemet beslutar när en</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">order</P></TD>
<TD class="tr26 td74"><P class="p23 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p23 ft3">initieras,</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p20 ft3">genereras,</P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td76"><P class="p23 ft3">styras eller utföras utan mänsklig</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">medverkan för enskilda handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft26">transaktioner eller enskilda order,</P></TD>
</TR>
<TR>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft3">och</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td204"><P class="p39 ft3">3. stor mängd</P></TD>
<TD colspan=4 class="tr26 td216"><P class="p20 ft3">intradagsmed-</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td76"><P class="p23 ft3">delanden som utgör order, bud</P></TD>
</TR>
<TR>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td188"><P class="p23 ft3">eller annulleringar<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p217 ft45">27. <SPAN class="ft52">värdepappersinstitut</SPAN>: värde- pappersbolag, svenska kreditinsti- tut som har fått tillstånd enligt denna lag att driva värdepappers- rörelse och utländska företag som driver värdepappersrörelse från filial i Sverige,</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">39</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_40">
<P class="p218 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>28. <SPAN class="ft53">värdepappersrörelse</SPAN>: verk- samhet som består i att yrkes- mässigt tillhandahålla investe- ringstjänster eller utföra investe- ringsverksamhet,</P>
<P class="p219 ft3"><SPAN class="ft26">29.</SPAN><SPAN class="ft66">öppenhetsdirektivet</SPAN>: Europa- parlamentets och rådets direktiv 2004/109/EG av den 15 december 2004 om harmonisering av insyns- kraven angående upplysningar om emittenter vars värdepapper är upptagna till handel på en reglerad marknad och om ändring av direktiv 2001/34/EG, i lydelsen enligt Europaparlamentets och rådets direktiv 2013/50/EU,</P>
<P class="p220 ft45"><SPAN class="ft3">30.</SPAN><SPAN class="ft67">betydande filial</SPAN>: en filial som är betydande enligt artikel</P>
<P class="p221 ft3"><SPAN class="ft3">51.1</SPAN><SPAN class="ft47">i kapitaltäckningsdirektivet,</SPAN></P>
<P class="p222 ft3"><SPAN class="ft3">31.</SPAN><SPAN class="ft68">blandat finansiellt holding- företag</SPAN>: ett holdingföretag enligt artikel 4.1.21 i tillsynsförord- ningen,</P>
<P class="p223 ft3"><SPAN class="ft3">32.</SPAN><SPAN class="ft68">blandat finansiellt moder- holdingföretag inom EES</SPAN>: ett inom EES etablerat blandat finansiellt holdingföretag som inte självt är ett dotterföretag till ett</P>
<P class="p223 ft45"><SPAN class="ft26">a)</SPAN><SPAN class="ft46">kreditinstitut, värdepappers- bolag eller </SPAN><NOBR>EES-institut,</NOBR> eller</P>
<P class="p222 ft3"><SPAN class="ft26">b)</SPAN><SPAN class="ft47">annat blandat finansiellt holdingföretag eller ett finansiellt holdingföretag som är etablerat i något annat land inom EES,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t55">
<TR height=0>
<TD width=66px></TD>
<TD width=85px></TD>
<TD width=73px></TD>
<TD width=29px></TD>
<TD width=43px></TD>
<TD width=12px></TD>
<TD width=1px></TD>
</TR>
<TR>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td226"><P class="p202 ft3">33. <NOBR><SPAN class="ft53">EES-institut</SPAN>:</NOBR></P></TD>
<TD class="tr33 td97"><P class="p74 ft3">ett</P></TD>
<TD colspan=3 class="tr33 td197"><P class="p30 ft3">utländskt</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td226"><P class="p139 ft3">kreditinstitut eller</P></TD>
<TD class="tr26 td97"><P class="p67 ft3">ett</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p30 ft3">utländskt</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td206"><P class="p139 ft3">värdepappersföretag</P></TD>
<TD class="tr26 td15"><P class="p23 ft3">som</P></TD>
<TD colspan=2 class="tr26 td51"><P class="p30 ft3">är</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td31"><P class="p139 ft3">hemmahörande i något annat land</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td206"><P class="p139 ft3">inom EES än Sverige,</P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td41"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td226"><P class="p202 ft3">34. <SPAN class="ft53">finansiellt</SPAN></P></TD>
<TD colspan=4 class="tr26 td30"><P class="p30 ft26"><SPAN class="ft55">holdingföretag</SPAN>:</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td226"><P class="p139 ft3">ett holdingföretag</P></TD>
<TD colspan=4 class="tr25 td30"><P class="p30 ft3">enligt artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td227"><P class="p139 ft3">4.1.20 i tillsynsförordningen,</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td41"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td31"><P class="p202 ft3">35. <SPAN class="ft53">finansiellt institut</SPAN>: ett finan-</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td31"><P class="p139 ft3">siellt institut enligt artikel 4.1.26 i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td206"><P class="p139 ft3">tillsynsförordningen,</P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td41"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td147"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td226"><P class="p202 ft35">36. finansiellt</P></TD>
<TD colspan=4 class="tr30 td30"><P class="p30 ft35">moderholding-</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td30"><P class="p139 ft62">företag</P></TD>
<TD colspan=4 class="tr25 td225"><P class="p20 ft3"><SPAN class="ft53">inom EES</SPAN>: ett inom EES</P></TD>
<TD class="tr27 td41"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td31"><P class="p139 ft26">etablerat finansiellt holdingföretag</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td31"><P class="p139 ft3">som inte självt är ett dotterföretag</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td226"><P class="p139 ft3">till ett</P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td41"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">40</P></TD>
<TD colspan=2 class="tr27 td226"><P class="p202 ft3">a) kreditinstitut,</P></TD>
<TD colspan=4 class="tr27 td30"><P class="p30 ft3">värdepappers-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_41">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">bolag eller <NOBR>EES-institut,</NOBR> eller</P>
<P class="p224 ft45"><SPAN class="ft26">b)</SPAN><SPAN class="ft56">annat finansiellt holdingföre- tag eller ett blandat finansiellt holdingföretag som är etablerat i något land inom EES,</SPAN></P>
<P class="p225 ft3">37. <SPAN class="ft53">holdingföretag med blandad verksamhet</SPAN>: holdingföretag enligt artikel 4.1.22 i tillsynsförord- ningen,</P>
<P class="p226 ft3">38. <SPAN class="ft53">koncernåterhämtningsplan</SPAN>: en plan som upprättats av ett moderföretag inom EES i syfte att identifiera åtgärder som de företag</P>
<P class="p227 ft3"><SPAN class="ft3">i</SPAN><SPAN class="ft50">en grupp som omfattas av grupp- baserad tillsyn avser att vidta för att bevara eller återställa koncern- ens eller ett i koncernen ingående värdepappersbolags eller ut- ländskt värdepappersföretags finansiella ställning och livskraft efter en betydande försämring av den finansiella situationen,</SPAN></P>
<P class="p228 ft3">39. <SPAN class="ft53">krishanteringsdirektivet</SPAN>: Europaparlamentets och rådets direktiv 2014/59/EU av den 15 maj 2014 om inrättande av en ram för återhämtning och resolution av kreditinstitut och värdepappers- företag och om ändring av rådets direktiv 82/891/EEG och Europa- parlamentets och rådets direktiv 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU och 2013/36/EU samt Europaparlamentets och rådets förordningar (EU) nr 1093/2010 och (EU) nr 648/2012, i den ursprungliga lydelsen,</P>
<P class="p229 ft3">40. <SPAN class="ft53">moderföretag inom EES</SPAN>: ett moderinstitut inom EES, ett finan- siellt moderholdingföretag inom EES eller ett blandat finansiellt moderholdingföretag inom EES,</P>
<P class="p224 ft3">41. <SPAN class="ft53">moderinstitut inom EES</SPAN>: ett kreditinstitut, värdepappersbolag eller <NOBR>EES-institut</NOBR> som är ett moderföretag och som inte självt är ett dotterföretag till ett</P>
<P class="p230 ft51"><SPAN class="ft26">a)</SPAN><SPAN class="ft69">annat kreditinstitut, värde- pappersbolag eller </SPAN><NOBR>EES-institut,</NOBR></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">41</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_42">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t54">
<TR>
<TD class="tr24 td228"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr24 td208"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p81 ft3">b) finansiellt</P></TD>
<TD class="tr26 td208"><P class="p23 ft26">holdingföretag</P></TD>
</TR>
</TABLE>
<P class="p204 ft3">eller ett blandat finansiellt hold- ingföretag som är etablerat i något land inom EES,</P>
<P class="p208 ft3"><SPAN class="ft3">42.</SPAN><SPAN class="ft68">samordnande tillsynsmyn- dighet</SPAN>: en behörig myndighet som ansvarar för att utöva grupp- baserad tillsyn av moderinstitut inom EES och av värdepappers- bolag och kreditinstitut som kon- trolleras av finansiella moderhold- ingföretag inom EES eller blandade finansiella moderhold- ingföretag inom EES,</P>
<P class="p231 ft3"><SPAN class="ft3">43.</SPAN><SPAN class="ft68">tillsynsförordningen</SPAN>: Euro- paparlamentets och rådets förord- ning (EU) nr 575/2013 av den 26 juni 2013 om tillsynskrav för kreditinstitut och värdepappers- företag och om ändring av förord- ning (EU) nr 648/2012, i lydelsen enligt Europaparlamentets och rådets direktiv 2014/59/EU,</P>
<P class="p232 ft3"><SPAN class="ft3">44.</SPAN><SPAN class="ft66">utländskt kreditinstitut</SPAN><SPAN class="ft2">: </SPAN>ett</P>
<P class="p233 ft45">kreditinstitut enligt 1 kap. 5 § första stycket 21 lagen om bank- och finansieringsrörelse<SPAN class="ft4">, och</SPAN></P>
<P class="p234 ft3">45. <SPAN class="ft53">återhämtningsplan</SPAN><SPAN class="ft2">: en plan som upprättas av ett värdepappers- bolag i syfte att vidta åtgärder som bolaget avser att vidta för att bevara eller återställa sin finan- siella ställning och livskraft efter en betydande försämring av den finansiella situationen.</SPAN></P>
<P class="p235 ft2">42</P>
</DIV>
<DIV id="id_2">
<P class="p236 ft3"><SPAN class="ft53">varaktigt medium</SPAN><SPAN class="ft2">: </SPAN>ett medel som</P>
<P class="p237 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">gör det möjligt för kunden att bevara information som riktas till denne personligen på ett sätt som är tillgängligt för användning i framtiden och under en tid som är lämplig med hänsyn till vad som är avsikten med informationen, och</SPAN></P>
<P class="p238 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft46">möjliggör oförändrad åter- givning av den bevarade informa- tionen</SPAN><SPAN class="ft4">, och</SPAN></P>
<P class="p239 ft3"><SPAN class="ft53">återhämtningsplan</SPAN><SPAN class="ft2">: en plan som upprättas av ett värdepappersbolag</SPAN></P>
<P class="p240 ft4"><SPAN class="ft2">i</SPAN><SPAN class="ft70">syfte att vidta åtgärder som bolaget avser att vidta för att bevara eller återställa sin finan- siella ställning och livskraft efter en betydande försämring av den finansiella situationen.</SPAN></P>
</DIV>
</DIV>
</DIV>
<DIV id="page_43">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr42 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td42"><P class="p135 ft2">5 a §<SPAN class="ft24">6</SPAN></P></TD>
<TD class="tr42 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td81"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">Vid bedömningen av om ett</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p142 ft2">Vid bedömningen av om ett</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">innehav utgör ett kvalificerat inne-</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p142 ft2">innehav utgör ett kvalificerat inne-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">hav enligt 5 § <SPAN class="ft3">18 </SPAN>ska följande be-</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p142 ft2">hav enligt 5 § ska följande be-</P></TD>
</TR>
<TR>
<TD class="tr25 td218"><P class="p23 ft2">stämmelser</P></TD>
<TD class="tr25 td35"><P class="p23 ft2">i</P></TD>
<TD class="tr25 td85"><P class="p23 ft2">4 kap.</P></TD>
<TD class="tr25 td98"><P class="p95 ft2">lagen</P></TD>
<TD class="tr25 td156"><P class="p23 ft2">stämmelser</P></TD>
<TD class="tr25 td95"><P class="p23 ft2">i</P></TD>
<TD class="tr25 td85"><P class="p23 ft2">4 kap.</P></TD>
<TD class="tr25 td81"><P class="p142 ft2">lagen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">(1991:980) om handel med finan-</P></TD>
<TD colspan=4 class="tr26 td162"><P class="p142 ft2">(1991:980) om handel med finan-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr30 td184"><P class="p23 ft14">siella instrument tillämpas:</P></TD>
<TD class="tr30 td98"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td184"><P class="p23 ft14">siella instrument tillämpas:</P></TD>
<TD class="tr30 td81"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p241 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">2 § första stycket 1 om depåbevis,</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">4 § första stycket, andra stycket </SPAN><NOBR>1–8,</NOBR> samt tredje och femte styckena, om beräkning av innehavet,</P>
<P class="p241 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">5 § andra stycket om beräkning av antalet aktier eller röstetal,</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft48">12 § 1 och 2 om undantag för aktier som innehas för clearing och avveckling eller förvaltas för någon annans räkning,</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">13 § om aktier som ingår i handelslager,</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">14 § om aktier som innehas av marknadsgaranter, samt</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">16 och 17 §§ om undantag för vissa moderföretag.</SPAN></P>
<P class="p93 ft2">Vid bedömningen ska också tillämpas föreskrifter</P>
<P class="p11 ft4">– om aktier som innehas av marknadsgaranter, som har meddelats med stöd av 7 kap. 1 § 3 lagen om handel med finansiella instrument eller 23 kap. 15 § 1 denna lag, och</P>
<P class="p11 ft2">– om undantag för vissa moderföretag, som har meddelats med stöd av 7 kap. 1 § 4 lagen om handel med finansiella instrument.</P>
<P class="p11 ft2">Det som föreskrivs om aktier i de bestämmelser som ska tillämpas enligt första och andra styckena ska också tillämpas för andra andelar i företag.</P>
<P class="p242 ft4">Aktier eller andelar som ett värdepappersinstitut eller ett kreditinstitut som bedriver finansieringsrörelse innehar till följd av verksamhet enligt 2 kap. 1 § 6 ska dock inte beaktas vid bedömningen, under förutsättning att</P>
<P class="p242 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">rösträtten inte utnyttjas eller används på annat sätt för att ingripa i emittentens förvaltning, samt</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">aktierna eller andelarna avyttras inom ett år från förvärvet.</SPAN></P>
<P class="p102 ft4">Det som föreskrivs i fjärde stycket ska gälla också för aktier eller andelar som innehas under motsvarande förutsättningar av ett utländskt värdepappersföretag eller av ett utländskt kreditinstitut som bedriver finansieringsrörelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t57">
<TR>
<TD class="tr42 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td188"><P class="p243 ft2">11 §<SPAN class="ft24">7</SPAN></P></TD>
<TD class="tr42 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">Den som är eller har varit knuten</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">Den som är eller har varit knuten</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">till ett värdepappersbolag, en börs</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">till ett värdepappersbolag, en börs<SPAN class="ft3">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td127"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td13"><P class="p70 ft2">en</P></TD>
<TD class="tr25 td210"><P class="p23 ft2">clearingorganisation</P></TD>
<TD class="tr25 td116"><P class="p95 ft2">som</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p20 ft3">en leverantör av datarapporte-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td39"><P class="p23 ft2">anställd</P></TD>
<TD class="tr26 td210"><P class="p23 ft2">eller uppdragstagare</P></TD>
<TD class="tr26 td116"><P class="p95 ft2">får</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2"><SPAN class="ft3">ringstjänster </SPAN>eller en clearingorga-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">inte obehörigen röja eller utnyttja</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">nisation som anställd eller upp-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p95 ft2">vad han eller hon i anställningen</P></TD>
<TD class="tr25 td216"><P class="p23 ft2">dragstagare får</P></TD>
<TD class="tr25 td124"><P class="p50 ft2">inte</P></TD>
<TD class="tr25 td150"><P class="p20 ft2">obehörigen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">eller under uppdraget har fått veta</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">röja eller utnyttja vad han eller hon</P></TD>
</TR>
<TR>
<TD class="tr27 td127"><P class="p23 ft2">om</P></TD>
<TD colspan=3 class="tr27 td229"><P class="p95 ft2">någon annans affärsförhåll-</P></TD>
<TD class="tr27 td216"><P class="p23 ft2">i anställningen</P></TD>
<TD class="tr27 td124"><P class="p23 ft2">eller</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">under upp-</P></TD>
</TR>
</TABLE>
<P class="p244 ft37"><SPAN class="ft28">6</SPAN><SPAN class="ft36">Senaste lydelse 2009:365.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">7</SPAN><SPAN class="ft38">Senaste lydelse 2014:985.</SPAN></P>
<P class="p13 ft2">43</P>
</DIV>
<DIV id="page_44">
<TABLE cellpadding=0 cellspacing=0 class="t58">
<TR>
<TD class="tr24 td108"><P class="p23 ft2">Prop. 2016/17:162 anden eller</P></TD>
<TD colspan=2 class="tr24 td149"><P class="p184 ft2">personliga</P></TD>
<TD class="tr24 td80"><P class="p106 ft2">förhållan-</P></TD>
<TD colspan=2 class="tr24 td130"><P class="p23 ft2">draget har fått veta om någon</P></TD>
</TR>
<TR>
<TD class="tr25 td108"><P class="p41 ft2">den.</P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td80"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft2">annans</P></TD>
<TD class="tr25 td1"><P class="p20 ft2">affärsförhållanden eller</P></TD>
</TR>
<TR>
<TD class="tr26 td108"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td80"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">personliga förhållanden.</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p106 ft2">Uppgift i en anmälan eller en</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p30 ft2">Uppgift i en anmälan eller en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td155"><P class="p106 ft2">utsaga om en misstänkt över-</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p23 ft2">utsaga om en misstänkt över-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p106 ft2">trädelse av en bestämmelse som</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">trädelse av en bestämmelse som</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p106 ft2">gäller för verksamheten får inte</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">gäller för verksamheten får inte</P></TD>
</TR>
<TR>
<TD class="tr25 td108"><P class="p41 ft2">obehörigen</P></TD>
<TD class="tr25 td116"><P class="p23 ft2">röjas,</P></TD>
<TD class="tr25 td113"><P class="p99 ft2">om</P></TD>
<TD class="tr25 td80"><P class="p106 ft2">uppgiften</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p23 ft2">obehörigen röjas, om uppgiften</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td155"><P class="p41 ft2">kan avslöja anmälarens identitet.</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">kan avslöja anmälarens <SPAN class="ft3">eller den</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td108"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td80"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">anmäldes </SPAN>identitet.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td230"><P class="p81 ft2">I det allmännas</P></TD>
<TD colspan=3 class="tr26 td165"><P class="p1 ft2">verksamhet tillämpas i</P></TD>
<TD class="tr26 td1"><P class="p20 ft2">stället bestämmelserna i</P></TD>
</TR>
</TABLE>
<P class="p245 ft2">offentlighets- och sekretesslagen (2009:400).</P>
<P class="p246 ft4">I 5 a § kreditupplysningslagen (1973:1173) finns bestämmelser som innebär att det som gäller om tystnadsplikt enligt första stycket inte hind- rar att uppgifter i vissa fall utväxlas för kreditupplysningsändamål.</P>
<P class="p247 ft25">2 kap.</P>
<P class="p248 ft2">1 §</P>
<P class="p246 ft4">För att driva värdepappersrörelse krävs tillstånd av Finansinspektionen, om inte något annat framgår av denna lag. Tillstånd får ges för</P>
<P class="p249 ft2">1. mottagande och vidarebefordran av order i fråga om ett eller flera</P>
<TABLE cellpadding=0 cellspacing=0 class="t59">
<TR>
<TD colspan=3 class="tr27 td1"><P class="p23 ft2">finansiella instrument,</P></TD>
<TD colspan=2 rowspan=2 class="tr55 td149"><P class="p106 ft26">avseende</P></TD>
<TD class="tr27 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td173"><P class="p125 ft2">2. utförande av</P></TD>
<TD class="tr25 td25"><P class="p23 ft2">order</P></TD>
<TD class="tr25 td130"><P class="p125 ft2">2. utförande av order på kunders</P></TD>
</TR>
<TR>
<TD class="tr26 td150"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p23 ft3">instrument <SPAN class="ft2">på</SPAN></P></TD>
<TD colspan=2 class="tr26 td149"><P class="p106 ft2">kunders</P></TD>
<TD class="tr26 td130"><P class="p23 ft2">uppdrag,</P></TD>
</TR>
<TR>
<TD class="tr26 td150"><P class="p23 ft2">uppdrag,</P></TD>
<TD rowspan=2 class="tr0 td139"><P class="p74 ft3">med</P></TD>
<TD colspan=2 rowspan=2 class="tr0 td78"><P class="p73 ft3">finansiella</P></TD>
<TD rowspan=2 class="tr0 td88"><P class="p106 ft3">in-</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td150"><P class="p125 ft2">3. handel</P></TD>
<TD class="tr25 td130"><P class="p125 ft2">3. handel för egen räkning,</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td231"><P class="p23 ft2"><SPAN class="ft3">strument </SPAN>för egen räkning,</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td173"><P class="p125 ft3"><SPAN class="ft2">4. </SPAN>diskretionär</P></TD>
<TD colspan=3 class="tr26 td172"><P class="p106 ft2">portföljförvalt-</P></TD>
<TD class="tr26 td130"><P class="p125 ft2">4. portföljförvaltning,</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p23 ft3"><SPAN class="ft2">ning </SPAN>avseende finansiella instru-</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td150"><P class="p23 ft3">ment<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr46 td88"><P class="p106 ft26">till</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr30 td231"><P class="p125 ft14">5. investeringsrådgivning</P></TD>
<TD class="tr30 td130"><P class="p125 ft14">5. investeringsrådgivning,</P></TD>
</TR>
</TABLE>
<P class="p250 ft3">kund avseende finansiella instru- ment<SPAN class="ft2">,</SPAN></P>
<P class="p251 ft4">6. garantigivning avseende finansiella instrument och placering av finansiella instrument med ett fast åtagande,</P>
<TABLE cellpadding=0 cellspacing=0 class="t59">
<TR>
<TD class="tr25 td77"><P class="p125 ft2">7. placering av finansiella instru-</P></TD>
<TD class="tr25 td130"><P class="p125 ft2">7. placering av finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">ment utan fast åtagande, <SPAN class="ft3">och</SPAN></P></TD>
<TD class="tr26 td130"><P class="p23 ft2">ment utan fast åtagande,</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p125 ft3"><SPAN class="ft2">8. drift av </SPAN>handelsplattformar.</P></TD>
<TD class="tr25 td130"><P class="p125 ft3"><SPAN class="ft2">8. drift av </SPAN><NOBR>MTF-plattformar,</NOBR> och</P></TD>
</TR>
<TR>
<TD class="tr27 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td130"><P class="p125 ft3">9<SPAN class="ft2">. </SPAN>drift av <NOBR>OTF-plattformar.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr46 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td130"><P class="p23 ft3">1 a §</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p125 ft3">Tillstånd för en investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft3">tjänst enligt 1 § 1, 2 och <NOBR>4–7</NOBR> om-</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td130"><P class="p23 ft3">fattar även att tjänsten tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft3">hålls avseende en strukturerad</P></TD>
</TR>
<TR>
<TD class="tr31 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td130"><P class="p23 ft3">insättning.</P></TD>
</TR>
</TABLE>
<P class="p252 ft2">44</P>
</DIV>
<DIV id="page_45">
<DIV id="tx1"><SPAN class="ft2">1. förvara finansiella instrument för kunders räkning och ta emot medel med redovisningsskyldig- het, </SPAN><SPAN class="ft3">dock inte tillhandahålla eller föra värdepapperskonton på hög- sta nivå (central kontoförings- tjänst),</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft4">2. lämna kunder kredit för att kunden, genom värdepappersbolag- et, </SPAN><SPAN class="ft45">ska </SPAN><SPAN class="ft4">kunna genomföra en transak- tion i ett eller flera finansiella instru- ment,</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t60">
<TR>
<TD class="tr24 td56"><P class="p23 ft3">1 b §</P></TD>
<TD class="tr24 td110"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td162"><P class="p142 ft3">För drift av ett multilateralt</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td162"><P class="p23 ft3">system krävs tillstånd för drift av</P></TD>
</TR>
<TR>
<TD class="tr26 td56"><P class="p23 ft3">en handelsplattform eller</P></TD>
<TD class="tr26 td110"><P class="p142 ft26">en</P></TD>
</TR>
<TR>
<TD class="tr31 td56"><P class="p23 ft3">reglerad marknad.</P></TD>
<TD class="tr31 td110"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p253 ft2">2 §</P>
<P class="p102 ft4">Ett värdepappersbolag får efter tillstånd av Finansinspektionen som ett led i rörelsen</P>
<P class="p254 ft4">1. förvara finansiella instrument för kunders räkning och ta emot medel med redovisningsskyldig- het,</P>
<P class="p255 ft2">2. lämna kunder kredit för att kunden, genom värdepappersbola- get, <SPAN class="ft3">skall </SPAN>kunna genomföra en transaktion i ett eller flera finan- siella instrument,</P>
<P class="p103 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">lämna råd till företag om kapitalstruktur, företagsstrategi och liknan- de frågor samt lämna råd och utföra tjänster vid fusioner och företags- uppköp,</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft72">utföra valutatjänster om dessa har samband med investeringstjänster,</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">utarbeta och sprida investerings- och finansanalyser samt andra form- er av allmänna rekommendationer rörande handel med finansiella instru- ment</SPAN><SPAN class="ft3">,</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">6.</SPAN><SPAN class="ft71">utföra tjänster i samband med garantigivning avseende finansiella instrument,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t61">
<TR>
<TD colspan=2 class="tr25 td77"><P class="p106 ft2">7. utföra investeringstjänster, inve-</P></TD>
<TD class="tr25 td76"><P class="p20 ft2">7. utföra investeringstjänster, inve-</P></TD>
</TR>
<TR>
<TD class="tr25 td232"><P class="p23 ft2">steringsverksamhet och</P></TD>
<TD class="tr25 td122"><P class="p95 ft27">sidotjänster</P></TD>
<TD class="tr25 td76"><P class="p20 ft27">steringsverksamhet och sidotjänster</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft27">avseende underliggande faktorer till</P></TD>
<TD class="tr26 td76"><P class="p20 ft27">avseende underliggande faktorer till</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft27">sådana finansiella derivatinstrument</P></TD>
<TD class="tr26 td76"><P class="p20 ft27">sådana finansiella derivatinstrument</P></TD>
</TR>
<TR>
<TD class="tr25 td232"><P class="p23 ft2">som avses i 1 kap.</P></TD>
<TD class="tr25 td122"><P class="p95 ft3"><SPAN class="ft2">4 § </SPAN>första</P></TD>
<TD class="tr25 td76"><P class="p20 ft3"><SPAN class="ft2">som avses </SPAN>i punkterna <NOBR>2–4</NOBR> och 7 i</P></TD>
</TR>
<TR>
<TD class="tr30 td232"><P class="p23 ft74">stycket 5 <NOBR>b–d</NOBR> och g<SPAN class="ft73">, och</SPAN></P></TD>
<TD class="tr30 td122"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td76"><P class="p256 ft74">definitionen i <SPAN class="ft73">1 kap. 4 §, och</SPAN></P></TD>
</TR>
</TABLE>
<P class="p11 ft2">8. ta emot kunders medel på konto för att underlätta värdepappers- rörelsen.</P>
<P class="p102 ft4">Tillstånd enligt första stycket 8 får ges bara tillsammans med tillstånd enligt första stycket 2.</P>
<P class="p257 ft2">3 §<SPAN class="ft24">8</SPAN></P>
<P class="p103 ft4">Ett värdepappersbolag får efter tillstånd av Finansinspektionen driva annan verksamhet än att tillhandahålla de sidotjänster som anges i 2 §.</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr27 td77"><P class="p39 ft2">Ett värdepappersbolag får efter</P></TD>
<TD class="tr27 td76"><P class="p20 ft2">Ett värdepappersbolag får efter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">tillstånd av Finansinspektionen</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">tillstånd av Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr31 td77"><P class="p39 ft2"><SPAN class="ft3">1. </SPAN>driva valutahandel<SPAN class="ft3">, och</SPAN></P></TD>
<TD class="tr31 td76"><P class="p258 ft2">driva valutahandel<SPAN class="ft3">.</SPAN></P></TD>
</TR>
<TR>
<TD class="tr51 td77"><P class="p23 ft37"><SPAN class="ft43">8 </SPAN>Senaste lydelse 2012:375.</P></TD>
<TD class="tr51 td76"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p13 ft2">45</P>
</DIV>
<DIV id="page_46">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td111"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td105"><P class="p125 ft3">2. tillhandahålla</P></TD>
<TD class="tr24 td233"><P class="p96 ft3">investerings-</P></TD>
<TD class="tr24 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft3">tjänster, driva</P></TD>
<TD colspan=2 class="tr25 td209"><P class="p96 ft3">investeringsverk-</P></TD>
<TD class="tr25 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">samhet och tillhandahålla sido-</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">tjänster som avser sådana ut-</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td234"><P class="p23 ft3">släppsrätter som inte är finansiella</P></TD>
<TD class="tr25 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">instrument och som auktioneras i</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">enlighet med kommissionens för-</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td234"><P class="p23 ft3">ordning (EU) nr 1031/2010 av den</P></TD>
<TD class="tr25 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">12 november 2010 om tidsschema,</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">administration och andra aspekter</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft3">av auktionering</P></TD>
<TD class="tr25 td71"><P class="p23 ft3">av</P></TD>
<TD class="tr25 td233"><P class="p96 ft26">utsläppsrätter</P></TD>
<TD class="tr25 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">för växthusgaser i enlighet med</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td105"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD class="tr26 td233"><P class="p96 ft3">och rådets</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td234"><P class="p23 ft3">direktiv 2003/87/EG om ett system</P></TD>
<TD class="tr25 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">för handel med utsläppsrätter för</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p23 ft3">växthusgaser inom gemenskapen.</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p125 ft2">Tillstånd enligt första stycket behövs inte för att utöva försäkrings-</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p23 ft2">förmedling under de förutsättningar som föreskrivs i lagen (2005:405)</P></TD>
</TR>
<TR>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td234"><P class="p23 ft2">om försäkringsförmedling.</P></TD>
<TD rowspan=2 class="tr44 td185"><P class="p20 ft3">I 10 kap. finns bestämmelser om</P></TD>
</TR>
<TR>
<TD class="tr49 td111"><P class="p23 ft75"> </P></TD>
<TD class="tr49 td167"><P class="p23 ft75"> </P></TD>
<TD class="tr49 td71"><P class="p23 ft75"> </P></TD>
<TD class="tr49 td233"><P class="p23 ft75"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td185"><P class="p20 ft3">tillhandahållande av vissa data-</P></TD>
</TR>
<TR>
<TD class="tr31 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td185"><P class="p259 ft26">rapporteringstjänster.</P></TD>
</TR>
<TR>
<TD class="tr47 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td236"><P class="p260 ft2">5 §<SPAN class="ft24">9</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p125 ft2">Tillstånd enligt 1 § behövs inte för</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p125 ft2">1. Sveriges riksbank, Riksgäldskontoret och Kammarkollegiet,</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td234"><P class="p125 ft2">2. anknutna ombud för de verk-</P></TD>
<TD class="tr26 td185"><P class="p20 ft2">2. anknutna ombud för de verk-</P></TD>
</TR>
<TR>
<TD class="tr30 td111"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td234"><P class="p23 ft14">samheter som anges i 1 kap. <SPAN class="ft35">5 § 1</SPAN>,</P></TD>
<TD class="tr30 td185"><P class="p154 ft14">samheter som anges i 1 kap. <SPAN class="ft35">4 b §</SPAN>,</P></TD>
</TR>
</TABLE>
<P class="p209 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">börs som driver verksamhet med stöd av sitt tillstånd,</SPAN></P>
<P class="p261 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft76">försäkringsföretag med tillstånd enligt försäkringsrörelselagen (2010:2043),</SPAN></P>
<P class="p261 ft4"><SPAN class="ft2">5.</SPAN><SPAN class="ft77">företag inom en koncern som tillhandahåller investeringstjänster uteslutande till andra företag i koncernen,</SPAN></P>
<P class="p261 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft40">fysiska och juridiska personer som tillhandahåller investeringstjänster, om tjänsten tillhandahålls tillfälligt i samband med annan yrkesmässig verksamhet som regleras av</SPAN></P>
<P class="p209 ft2">a) bestämmelser i lag eller annan författning, eller</P>
<P class="p119 ft4">b) etiska regler som avser yrkesverksamheten i fråga och som inte utesluter att tjänsten tillhandahålls,</P>
<TABLE cellpadding=0 cellspacing=0 class="t46">
<TR>
<TD class="tr25 td77"><P class="p106 ft2">7. fysiska och juridiska personer</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">7. fysiska och juridiska personer</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p106 ft3"><SPAN class="ft2">som </SPAN>inte tillhandahåller investe-</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">som för egen räkning <SPAN class="ft3">handlar med</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft26">ringstjänster eller utför investerings-</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">andra finansiella instrument än</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft3">verksamhet utom handel <SPAN class="ft2">för egen</SPAN></P></TD>
<TD class="tr26 td190"><P class="p23 ft3">råvaruderivat</P></TD>
<TD class="tr26 td52"><P class="p109 ft26">eller</P></TD>
<TD class="tr26 td122"><P class="p30 ft26">utsläppsrätter</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p262 ft27">räkning, såvida de inte</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft3">eller derivat hänförliga till ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">släppsrätter och som inte till-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft3">handahåller</P></TD>
<TD class="tr26 td52"><P class="p174 ft26">andra</P></TD>
<TD class="tr26 td122"><P class="p20 ft3">investerings-</P></TD>
</TR>
<TR>
<TD class="tr31 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td130"><P class="p20 ft3">tjänster eller utför annan investe-</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t62">
<TR>
<TD class="tr25 td110"><P class="p30 ft33">9</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2013:579.</P></TD>
</TR>
<TR>
<TD class="tr27 td110"><P class="p89 ft2">46</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_47">
<TABLE cellpadding=0 cellspacing=0 class="t63">
<TR>
<TD class="tr24 td192"><P class="p23 ft3">ringsverksamhet med andra finan-</P></TD>
<TD class="tr24 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td192"><P class="p23 ft3">siella instrument än råvaruderivat</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td162"><P class="p23 ft35">eller utsläppsrätter eller derivat</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD class="tr25 td237"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td200"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td76"><P class="p23 ft3">hänförliga till utsläppsrätter<SPAN class="ft2">, så-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 rowspan=2 class="tr0 td77"><P class="p39 ft2">a) är marknadsgaranter, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td53"><P class="p23 ft2">vida de inte</P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td140"><P class="p39 ft2">a) är marknadsgaranter,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td237"><P class="p39 ft3"><SPAN class="ft2">b) </SPAN>handlar för</P></TD>
<TD class="tr26 td200"><P class="p95 ft3">egen räkning</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft3"><SPAN class="ft2">b) </SPAN>är deltagare på <SPAN class="ft2">en reglerad</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2"><SPAN class="ft3">utanför </SPAN>en reglerad marknad eller</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p23 ft2">marknad eller en <NOBR><SPAN class="ft3">MTF-plattform</SPAN></NOBR></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3"><SPAN class="ft2">en </SPAN>handelsplattform på ett orga-</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p23 ft3">eller har direkt elektroniskt till-</P></TD>
</TR>
<TR>
<TD class="tr26 td237"><P class="p23 ft3">niserat, frekvent</P></TD>
<TD class="tr26 td200"><P class="p95 ft3">och systematiskt</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p23 ft3">träde till en handelsplats, med</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft3">sätt genom att tillhandahålla ett</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p23 ft3">undantag av <NOBR>icke-finansiella</NOBR> en-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">system som är tillgängligt för någon</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p23 ft3">heter som på en handelsplats</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">utomstående i syfte att handla med</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p23 ft3">genomför transaktioner som på ett</P></TD>
</TR>
<TR>
<TD class="tr25 td237"><P class="p23 ft3">denne<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td200"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td53"><P class="p23 ft3">objektivt mätbart sätt</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p20 ft3">minskar</P></TD>
</TR>
<TR>
<TD class="tr26 td237"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td200"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td76"><P class="p23 ft3">risker som står i direkt samband</P></TD>
</TR>
<TR>
<TD class="tr26 td237"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td200"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td140"><P class="p23 ft3">med affärsverksamheten</P></TD>
<TD class="tr26 td35"><P class="p20 ft26">eller</P></TD>
</TR>
<TR>
<TD class="tr25 td237"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td200"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td53"><P class="p23 ft3">likviditetsförvaltningen</P></TD>
<TD class="tr25 td97"><P class="p23 ft3">hos</P></TD>
<TD class="tr25 td35"><P class="p20 ft3">dem</P></TD>
</TR>
<TR>
<TD class="tr30 td237"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td200"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td140"><P class="p23 ft35">eller de koncerner de ingår i<SPAN class="ft14">,</SPAN></P></TD>
<TD class="tr30 td35"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p263 ft3"><SPAN class="ft26">c)</SPAN><SPAN class="ft47">tillämpar en teknik för algo- ritmisk högfrekvenshandel, eller</SPAN></P>
<P class="p263 ft3"><SPAN class="ft26">d)</SPAN><SPAN class="ft50">handlar för egen räkning vid utförandet av kundorder,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">8.</SPAN><SPAN class="ft72">företag som tillhandahåller investeringstjänster som uteslutande består i förvaltning av ett program som syftar till delägarskap för de anställda i företaget,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft72">företag som tillhandahåller både</SPAN></P>
<P class="p264 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">investeringstjänster som uteslutande består i förvaltning av program som syftar till delägarskap för de anställda i företaget, och</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">andra investeringstjänster än sådana som anges i a uteslutande till andra företag i koncernen,</SPAN></P>
<P class="p144 ft2">10. fondbolag, förvaltningsbolag och fondföretag som får driva verk- samhet enligt lagen (2004:46) om värdepappersfonder samt <NOBR>AIF-förvaltare</NOBR> som får driva verksamhet enligt lagen (2013:561) om förvaltare av alterna- tiva investeringsfonder i andra fall än efter registrering enligt 2 kap. den</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr33 td238"><P class="p23 ft2">lagen,</P></TD>
<TD class="tr33 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td218"><P class="p21 ft2">11. företag</P></TD>
<TD class="tr26 td88"><P class="p109 ft2">som</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p22 ft2">handlar</P></TD>
<TD class="tr26 td98"><P class="p53 ft2">med</P></TD>
<TD class="tr26 td78"><P class="p39 ft2">11. företag</P></TD>
<TD class="tr26 td15"><P class="p67 ft2">som</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p73 ft2">handlar</P></TD>
<TD class="tr26 td168"><P class="p134 ft2">med</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td238"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=3 class="tr26 td238"><P class="p265 ft26">instrument</P></TD>
<TD class="tr26 td11"><P class="p56 ft2">för</P></TD>
<TD class="tr26 td98"><P class="p96 ft2">egen</P></TD>
<TD colspan=4 class="tr26 td79"><P class="p23 ft3">råvaruderivat, utsläppsrätter</P></TD>
<TD class="tr26 td168"><P class="p134 ft26">eller</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td234"><P class="p23 ft2">räkning eller tillhandahåller inve-</P></TD>
<TD colspan=5 class="tr25 td28"><P class="p23 ft3">derivat hänförliga till utsläppsrätter</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td234"><P class="p23 ft2">steringstjänster i fråga om <SPAN class="ft3">deri-</SPAN></P></TD>
<TD colspan=5 class="tr26 td28"><P class="p23 ft2">för egen räkning <SPAN class="ft3">utan att utföra</SPAN></P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td218"><P class="p23 ft3">vatinstrument</P></TD>
<TD class="tr26 td88"><P class="p99 ft3">med</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p22 ft3">råvaror</P></TD>
<TD class="tr26 td98"><P class="p96 ft3">som</P></TD>
<TD class="tr26 td78"><P class="p23 ft3">kundorder,</P></TD>
<TD class="tr26 td15"><P class="p266 ft2">eller</P></TD>
<TD colspan=3 class="tr26 td194"><P class="p134 ft2">tillhandahåller</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td234"><P class="p23 ft3">underliggande tillgång eller sådana</P></TD>
<TD colspan=2 class="tr25 td111"><P class="p23 ft2">investeringstjänster</P></TD>
<TD class="tr25 td62"><P class="p23 ft2">i</P></TD>
<TD class="tr25 td65"><P class="p23 ft2">fråga</P></TD>
<TD class="tr25 td168"><P class="p134 ft2">om</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td218"><P class="p23 ft26">derivatkontrakt</P></TD>
<TD class="tr26 td88"><P class="p82 ft3">som</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p154 ft3">avses i</P></TD>
<TD class="tr26 td98"><P class="p53 ft26">1 kap.</P></TD>
<TD colspan=5 class="tr26 td28"><P class="p23 ft2"><SPAN class="ft3">sådana instrument </SPAN>till kunderna i sin</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td234"><P class="p23 ft3">4 § första stycket 5 g <SPAN class="ft2">till kunderna i</SPAN></P></TD>
<TD colspan=4 class="tr26 td79"><P class="p23 ft2">huvudsakliga verksamhet, om</P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td234"><P class="p23 ft2">sin huvudsakliga verksamhet, om</P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td234"><P class="p96 ft2">a) detta utgör en kompletterande</P></TD>
<TD colspan=5 class="tr26 td28"><P class="p134 ft2">a) detta utgör en kompletterande</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td238"><P class="p23 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p98 ft2">eller,</P></TD>
<TD class="tr26 td13"><P class="p174 ft2">om</P></TD>
<TD colspan=2 class="tr26 td238"><P class="p96 ft2">företaget</P></TD>
<TD class="tr26 td78"><P class="p23 ft2">verksamhet</P></TD>
<TD class="tr26 td15"><P class="p266 ft2">eller,</P></TD>
<TD class="tr26 td62"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td106"><P class="p134 ft2">företaget</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td234"><P class="p23 ft2">ingår i en koncern, detta utgör en</P></TD>
<TD colspan=5 class="tr25 td28"><P class="p23 ft2">ingår i en koncern, detta utgör en</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td234"><P class="p23 ft2">kompletterande verksamhet sett till</P></TD>
<TD colspan=5 class="tr26 td28"><P class="p23 ft2">kompletterande verksamhet sett till</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td226"><P class="p23 ft2">koncernen i dess helhet, <SPAN class="ft3">och</SPAN></P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td188"><P class="p23 ft2">koncernen i dess helhet,</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td239"><P class="p39 ft2">b) den huvudsakliga</P></TD>
<TD colspan=2 class="tr25 td238"><P class="p96 ft2">verksam-</P></TD>
<TD colspan=3 class="tr25 td188"><P class="p39 ft2">b) den huvudsakliga</P></TD>
<TD colspan=2 class="tr25 td106"><P class="p134 ft2">verksam-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td238"><P class="p23 ft2">heten inte</P></TD>
<TD colspan=2 class="tr27 td55"><P class="p99 ft2">utgörs</P></TD>
<TD class="tr27 td13"><P class="p86 ft27">av</P></TD>
<TD colspan=2 class="tr27 td238"><P class="p96 ft2">tillhanda-</P></TD>
<TD class="tr27 td78"><P class="p23 ft2">heten inte</P></TD>
<TD class="tr27 td15"><P class="p267 ft27">utgörs</P></TD>
<TD class="tr27 td62"><P class="p59 ft2">av</P></TD>
<TD colspan=2 class="tr27 td106"><P class="p134 ft2">tillhanda-</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">47</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_48">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR height=0>
<TD width=187px></TD>
<TD width=13px></TD>
<TD width=25px></TD>
<TD width=16px></TD>
<TD width=40px></TD>
<TD width=35px></TD>
<TD width=38px></TD>
<TD width=25px></TD>
<TD width=2px></TD>
<TD width=14px></TD>
<TD width=14px></TD>
<TD width=18px></TD>
<TD width=13px></TD>
<TD width=14px></TD>
<TD width=37px></TD>
<TD width=22px></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td240"><P class="p50 ft2">Prop. 2016/17:162 hållande av</P></TD>
<TD colspan=4 class="tr24 td210"><P class="p56 ft2">investeringstjänster</P></TD>
<TD colspan=2 class="tr24 td150"><P class="p57 ft2">hållande</P></TD>
<TD class="tr24 td8"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td157"><P class="p59 ft2">av</P></TD>
<TD class="tr24 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr24 td173"><P class="p20 ft27">investeringstjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p46 ft2">eller sådana</P></TD>
<TD colspan=3 class="tr25 td117"><P class="p75 ft2">tjänster</P></TD>
<TD colspan=2 class="tr25 td122"><P class="p56 ft2">som avses i</P></TD>
<TD class="tr25 td170"><P class="p57 ft2">eller</P></TD>
<TD colspan=3 class="tr25 td139"><P class="p23 ft2">sådana</P></TD>
<TD colspan=3 class="tr25 td55"><P class="p1 ft2">tjänster</P></TD>
<TD colspan=3 class="tr25 td57"><P class="p20 ft2">som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p46 ft2">7 kap. 1 §</P></TD>
<TD colspan=2 class="tr26 td170"><P class="p23 ft2">lagen</P></TD>
<TD colspan=3 class="tr26 td159"><P class="p56 ft2">(2004:297) om</P></TD>
<TD class="tr26 td170"><P class="p57 ft2">7 kap.</P></TD>
<TD colspan=2 class="tr26 td127"><P class="p30 ft2">1 §</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p178 ft27">lagen</P></TD>
<TD colspan=3 class="tr26 td174"><P class="p154 ft2">(2004:297)</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td241"><P class="p46 ft27">bank- och finansieringsrörelse,</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft2">bank- och finansieringsrörelse <SPAN class="ft3">eller</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td175"><P class="p57 ft3">verksamhet</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p23 ft3">som</P></TD>
<TD colspan=4 class="tr25 td121"><P class="p20 ft26">marknadsgarant</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td158"><P class="p57 ft3">för råvaruderivat<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p175 ft26">c) företaget</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p125 ft26">inte</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td119"><P class="p203 ft26">tillämpar</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft26">teknik för algoritmisk högfrekvens-</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p57 ft3">handel, och</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p175 ft26">d) företaget</P></TD>
<TD colspan=3 class="tr26 td55"><P class="p57 ft26">årligen</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p20 ft3">anmäler</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">till</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td158"><P class="p57 ft26">Finansinspektionen</P></TD>
<TD colspan=2 class="tr25 td127"><P class="p88 ft3">att</P></TD>
<TD colspan=2 class="tr25 td83"><P class="p20 ft26">undantaget</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td150"><P class="p57 ft3">utnyttjas</P></TD>
<TD colspan=3 class="tr26 td74"><P class="p59 ft3">samt</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p44 ft3">på</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p20 ft26">inspektionens</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft26">begäran rapporterar på vilken grund</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td150"><P class="p57 ft3">företaget</P></TD>
<TD colspan=3 class="tr25 td74"><P class="p23 ft3">anser</P></TD>
<TD colspan=2 class="tr25 td88"><P class="p74 ft3">att</P></TD>
<TD colspan=3 class="tr25 td57"><P class="p20 ft26">verksamheten</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">endast är en kompletterande verk-</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td150"><P class="p57 ft3">samhet,</P></TD>
<TD class="tr26 td8"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td240"><P class="p268 ft2">12. fysiska</P></TD>
<TD class="tr25 td95"><P class="p23 ft2">och</P></TD>
<TD colspan=2 class="tr25 td197"><P class="p88 ft2">juridiska</P></TD>
<TD class="tr25 td65"><P class="p56 ft2">per-</P></TD>
<TD colspan=4 class="tr25 td175"><P class="p175 ft2">12. fysiska</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p44 ft2">och</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p76 ft2">juridiska</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">per-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft2">soner som tillhandahåller investe-</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft2">soner som tillhandahåller investe-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td243"><P class="p46 ft2">ringsrådgivning <SPAN class="ft3">till</SPAN></P></TD>
<TD class="tr26 td70"><P class="p73 ft3">kund</P></TD>
<TD class="tr26 td65"><P class="p56 ft2">inom</P></TD>
<TD colspan=5 class="tr26 td84"><P class="p57 ft2">ringsrådgivning</P></TD>
<TD colspan=3 class="tr26 td55"><P class="p44 ft2">inom</P></TD>
<TD class="tr26 td52"><P class="p203 ft2">ramen</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">för</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td96"><P class="p46 ft2">ramen för annan yrkesmässig verk-</P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft2">annan yrkesmässig verksamhet än</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft2">samhet än sådan som omfattas av</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft2">sådan som omfattas av bestäm-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft2">bestämmelserna i denna lag, om</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft2">melserna i denna lag, om det inte</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td96"><P class="p46 ft2">det inte lämnas någon specifik</P></TD>
<TD colspan=5 class="tr25 td84"><P class="p57 ft2">lämnas någon</P></TD>
<TD colspan=3 class="tr25 td55"><P class="p59 ft2">specifik</P></TD>
<TD colspan=2 class="tr25 td83"><P class="p20 ft2">ersättning</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td241"><P class="p46 ft2">ersättning för rådgivningen,</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td158"><P class="p57 ft2">för rådgivningen,</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p268 ft26"><SPAN class="ft27">13. </SPAN>företag</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p185 ft26">vars</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td122"><P class="p56 ft26">huvudsakliga</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p175 ft26"><SPAN class="ft27">13. </SPAN>fysiska och juridiska personer</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td96"><P class="p46 ft3">verksamhet utgörs av handel för</P></TD>
<TD class="tr25 td170"><P class="p57 ft3">som</P></TD>
<TD colspan=2 class="tr25 td127"><P class="p59 ft3">utför</P></TD>
<TD colspan=7 class="tr25 td109"><P class="p20 ft3">investeringsverksamhet,</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">egen räkning med råvaror eller</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">dock inte drift av en andrahands-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">derivatinstrument med råvaror som</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p57 ft3">marknad,</P></TD>
<TD class="tr26 td8"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td98"><P class="p178 ft26">eller</P></TD>
<TD colspan=4 class="tr26 td121"><P class="p20 ft3">tillhandahåller</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td96"><P class="p46 ft26">underliggande tillgång, om företaget</P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft26">investeringstjänster rörande råvaru-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">inte ingår i en koncern vars huvud-</P></TD>
<TD colspan=9 class="tr26 td244"><P class="p57 ft26">derivat för att fullgöra uppgifter</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">sakliga verksamhet utgörs av till-</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p175 ft3">– enligt</P></TD>
<TD class="tr26 td8"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td176"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td240"><P class="p46 ft26">handahållande</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p85 ft3">av</P></TD>
<TD colspan=2 class="tr25 td122"><P class="p56 ft26">investerings-</P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft3">rådets direktiv 2009/72/EG av den</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">tjänster eller sådana tjänster som</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft26">13 juli 2009 om gemensamma regler</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td96"><P class="p46 ft3">avses i 7 kap. 1 § lagen om bank-</P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">för den inre marknaden för el och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td241"><P class="p46 ft3">och finansieringsrörelse<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p57 ft3">om</P></TD>
<TD colspan=5 class="tr25 td57"><P class="p88 ft3">upphävande</P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p73 ft26">av</P></TD>
<TD colspan=2 class="tr25 td83"><P class="p20 ft3">direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p57 ft3">2003/54/EG,</P></TD>
<TD class="tr26 td157"><P class="p50 ft3">i</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p57 ft3">den</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p20 ft3">ursprungliga</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td150"><P class="p57 ft3">lydelsen,</P></TD>
<TD class="tr26 td8"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td150"><P class="p175 ft3">– enligt</P></TD>
<TD class="tr25 td8"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td176"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">rådets direktiv 2009/73/EG av den</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft26">13 juli 2009 om gemensamma regler</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft26">för den inre marknaden för naturgas</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">och om upphävande av direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p57 ft3">2003/55/EG,</P></TD>
<TD class="tr26 td157"><P class="p50 ft3">i</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p57 ft3">den</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p20 ft3">ursprungliga</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td150"><P class="p57 ft3">lydelsen,</P></TD>
<TD class="tr25 td8"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td150"><P class="p175 ft3">– enligt</P></TD>
<TD class="tr26 td8"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td176"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft26">rådets förordning (EG) nr 714/2009</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft3">av den 13 juli 2009 om villkor för</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft3">tillträde till nät för gränsöver-</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td242"><P class="p57 ft26">skridande elhandel och om upphäv-</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td242"><P class="p57 ft3">ande av förordning (EG) nr</P></TD>
</TR>
<TR>
<TD class="tr27 td206"><P class="p23 ft2">48</P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td65"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td150"><P class="p57 ft26">1228/2003</P></TD>
<TD class="tr27 td8"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td92"><P class="p1 ft3">eller</P></TD>
<TD colspan=4 class="tr27 td218"><P class="p88 ft3">enligt sådana</P></TD>
<TD class="tr27 td11"><P class="p20 ft3">nät-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_49">
<DIV>
<DIV id="id_1">
<P class="p193 ft45">14. företag som tillhandahåller investeringstjänster eller utför inve- steringsverksamhet</P>
<P class="p150 ft26"><SPAN class="ft26">a)</SPAN><SPAN class="ft78">som uteslutande består i handel för egen räkning på marknader för finansiella terminer, optioner eller andra derivatinstrument och på avistamarknader bara i syfte att skydda derivatpositioner, eller</SPAN></P>
<P class="p193 ft3"><SPAN class="ft26">b)</SPAN><SPAN class="ft47">som dels handlar på uppdrag av andra medlemmar på mark- naderna som anges i a eller ställer priser för dem, dels garanteras av clearingdeltagare på dessa mark- nader, om ansvaret för att avtal som ingås av företagen fullgörs bärs av clearingdeltagarna, och</SPAN></P>
<P class="p269 ft4"><SPAN class="ft45">15</SPAN>. verksamhet enligt 1 § 1 och 5 som drivs av den som är registrerad för förmedling av alla slag av för- säkringar eller bara livförsäkringar enligt 2 kap. 3 § lagen (2005:405)</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft45">föreskrifter eller riktlinjer som har <SPAN class="ft4">Prop. 2016/17:162 </SPAN>antagits enligt förordningen, eller</P>
<P class="p198 ft26">– enligt Europaparlamentets och rådets förordning (EG) nr 715/2009 av den 13 juli 2009 om villkor för tillträde till naturgasöverförings- näten och om upphävande av förord- ning (EG) nr 1775/2005 eller enligt sådana nätföreskrifter eller riktlinjer som har antagits enligt förord- ningen, om</P>
<P class="p270 ft3"><SPAN class="ft26">a)</SPAN><SPAN class="ft47">personen är en sådan system- ansvarig för överföringssystemet som avses i artikel 2.4 i Europa- parlamentets och rådets direktiv 2009/72/EG, i den ursprungliga lydelsen, eller artikel 2.4 i Europa- parlamentets och rådets direktiv 2009/73/EG, i den ursprungliga lydelsen,</SPAN></P>
<P class="p271 ft80"><SPAN class="ft26">b)</SPAN><SPAN class="ft79">personen tillhandahåller tjänst- er till en systemansvarig som avses</SPAN></P>
<P class="p272 ft3"><SPAN class="ft26">i</SPAN><SPAN class="ft47">a och fullgör uppgifterna för den systemansvariges räkning, eller</SPAN></P>
<P class="p200 ft45"><SPAN class="ft26">c)</SPAN><SPAN class="ft56">personen är operatör eller förvaltare av energibalanserings- system, rörledningsnät eller system för balansering av tillgången och efterfrågan på energi</SPAN><SPAN class="ft4">,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t64">
<TR>
<TD class="tr2 td28"><P class="p134 ft2"><SPAN class="ft3">14</SPAN>. verksamhet enligt 1 § 1 och 5</P></TD>
<TD class="tr2 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td28"><P class="p134 ft2">som drivs av den som är registrerad</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td28"><P class="p134 ft2">för förmedling av alla slag av för-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td28"><P class="p134 ft2">säkringar eller bara livförsäkringar</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td28"><P class="p134 ft2">enligt 2 kap. 3 § lagen (2005:405)</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">49</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
</DIV>
<DIV id="page_50">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD colspan=6 class="tr24 td96"><P class="p273 ft2">Prop. 2016/17:162 om försäkringsförmedling, om</P></TD>
<TD colspan=8 class="tr24 td231"><P class="p57 ft2">om försäkringsförmedling, om</P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p274 ft2">a) verksamheten bara är en sido-</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p175 ft2">a) verksamheten bara är en sido-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">verksamhet till försäkringsförmed-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">verksamhet till försäkringsförmed-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">lingen och bara avser mottagande</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">lingen och bara avser mottagande</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">och vidarebefordran av order av-</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft2">och vidarebefordran av order av-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">seende andelar i värdepappers-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">seende andelar i värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p275 ft2">fonder eller</P></TD>
<TD class="tr26 td72"><P class="p216 ft27">sådana</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p56 ft2">fondföretag</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p57 ft2">fonder</P></TD>
<TD colspan=2 class="tr26 td25"><P class="p73 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td98"><P class="p267 ft27">sådana</P></TD>
<TD colspan=3 class="tr26 td174"><P class="p20 ft2">fondföretag</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">som avses i 1 kap. 7 § lagen om</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft2">som avses i 1 kap. 7 § lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">värdepappersfonder eller andelar i</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">värdepappersfonder eller andelar i</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">specialfonder eller sådana utländ-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">specialfonder eller sådana utländ-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">ska fonder som avses i 4 kap. 2</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft2">ska fonder som avses i 4 kap. 2</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p275 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td216"><P class="p23 ft2">3 § eller 5 kap.</P></TD>
<TD class="tr26 td163"><P class="p99 ft2">6 §</P></TD>
<TD class="tr26 td170"><P class="p56 ft2">första</P></TD>
<TD class="tr26 td70"><P class="p57 ft2">eller</P></TD>
<TD colspan=5 class="tr26 td84"><P class="p23 ft2">3 § eller 5 kap.</P></TD>
<TD class="tr26 td124"><P class="p57 ft2">6 §</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p20 ft2">första</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">stycket 1 eller andra stycket eller</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">stycket 1 eller andra stycket eller</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p275 ft2">11 §</P></TD>
<TD class="tr25 td70"><P class="p59 ft2">första</P></TD>
<TD class="tr25 td72"><P class="p75 ft2">stycket 1</P></TD>
<TD colspan=2 class="tr25 td168"><P class="p56 ft2">lagen om</P></TD>
<TD class="tr25 td70"><P class="p57 ft2">11 §</P></TD>
<TD colspan=2 class="tr25 td163"><P class="p59 ft2">första</P></TD>
<TD colspan=3 class="tr25 td83"><P class="p276 ft2">stycket 1</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p57 ft2">lagen</P></TD>
<TD class="tr25 td13"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">förvaltare av alternativa investe-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">förvaltare av alternativa investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p275 ft2">ringsfonder</P></TD>
<TD colspan=3 class="tr26 td110"><P class="p56 ft2">samt investeringsråd-</P></TD>
<TD colspan=3 class="tr26 td22"><P class="p57 ft2">ringsfonder</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p50 ft2">samt</P></TD>
<TD colspan=4 class="tr26 td218"><P class="p20 ft27">investeringsråd-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">givning <SPAN class="ft3">till kund </SPAN>avseende sådana</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft2">givning avseende sådana andelar,</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p275 ft2">andelar,</P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=14 class="tr26 td247"><P class="p274 ft2">b) kunders order vidarebefordras bara direkt till fondbolag, förvalt-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr25 td248"><P class="p275 ft2">ningsbolag, fondföretag, samt <NOBR>AIF-förvaltare</NOBR> som avses i a, och</P></TD>
<TD class="tr25 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td249"><P class="p274 ft2">c) försäkringsförmedlaren</P></TD>
<TD class="tr26 td170"><P class="p184 ft2">i</P></TD>
<TD colspan=7 class="tr26 td79"><P class="p28 ft2">c) försäkringsförmedlaren</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p30 ft2">i</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td245"><P class="p275 ft2">denna verksamhet inte tar emot</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft2">denna verksamhet inte tar emot</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">kunders medel eller <SPAN class="ft3">fondandelar.</SPAN></P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft2">kunders medel eller <SPAN class="ft3">andelar i</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td79"><P class="p44 ft3">fonder eller fondföretag,</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p28 ft3">15. företag som är verksamhets-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td119"><P class="p44 ft3">utövare</P></TD>
<TD colspan=2 class="tr25 td25"><P class="p88 ft26">enligt</P></TD>
<TD colspan=2 class="tr25 td98"><P class="p57 ft3">1 kap.</P></TD>
<TD class="tr25 td124"><P class="p174 ft3">2 a §</P></TD>
<TD colspan=2 class="tr25 td88"><P class="p20 ft3">lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">(2004:1199) om handel med ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">släppsrätter som handlar med ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">släppsrätter för egen räkning, om</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td153"><P class="p28 ft3">a) företaget</P></TD>
<TD class="tr26 td92"><P class="p73 ft3">inte</P></TD>
<TD colspan=4 class="tr26 td218"><P class="p20 ft26">tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p44 ft26">andra</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td91"><P class="p1 ft3">investeringstjänster</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p20 ft3">eller</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">ägnar sig åt annan investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td91"><P class="p44 ft3">verksamhet, och</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td153"><P class="p28 ft3">b) företaget</P></TD>
<TD class="tr26 td92"><P class="p50 ft3">inte</P></TD>
<TD colspan=3 class="tr26 td83"><P class="p74 ft26">tillämpar</P></TD>
<TD class="tr26 td13"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft26">teknik för algoritmisk högfrekvens-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td22"><P class="p44 ft3">handel, och</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td79"><P class="p28 ft3">16. värdepapperscentraler</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p30 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">tillstånd enligt artikel 16 i förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td119"><P class="p44 ft3">ningen</P></TD>
<TD class="tr26 td13"><P class="p23 ft3">om</P></TD>
<TD colspan=6 class="tr26 td141"><P class="p30 ft26">värdepapperscentraler</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">för att tillhandahålla de tjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">som uttryckligen anges i avsnitt-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">en A och B i bilagan till den för-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td22"><P class="p44 ft3">ordningen.</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=14 class="tr25 td247"><P class="p274 ft2">Tillstånd krävs inte heller för sådan förvaltning av finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td245"><P class="p275 ft2">som är reglerad i någon annan lag.</P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td118"><P class="p71 ft25">3 kap.</P></TD>
<TD class="tr46 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td164"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr44 td163"><P class="p99 ft26">skall</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p190 ft2">9 §</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr44 td124"><P class="p267 ft26">ska</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td250"><P class="p274 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td170"><P class="p184 ft2">innan</P></TD>
<TD colspan=6 class="tr26 td171"><P class="p28 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p20 ft2">innan</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td245"><P class="p275 ft2">den beslutar om tillstånd samråda</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft2">den beslutar om tillstånd samråda</P></TD>
</TR>
<TR>
<TD class="tr27 td51"><P class="p20 ft2">50</P></TD>
<TD colspan=5 class="tr27 td245"><P class="p275 ft2">med behörig myndighet i ett annat</P></TD>
<TD colspan=9 class="tr27 td242"><P class="p44 ft2">med behörig myndighet i ett annat</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_51">
<DIV id="tx1"><SPAN class="ft2">1. driva värdepappersrörelse från filial i Sverige </SPAN><SPAN class="ft3">eller genom att använda ett anknutet ombud som är etablerat här i landet </SPAN><SPAN class="ft2">med början två månader efter det att Finansinspektionen från en be- hörig myndighet i företagets hem- land har tagit emot en under- rättelse som innehåller</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft4">a) en verksamhetsplan för den avsedda verksamheten i Sverige med uppgift om filialens </SPAN><SPAN class="ft45">eller det anknutna ombudets </SPAN><SPAN class="ft4">organisation, </SPAN><SPAN class="ft45">och</SPAN></DIV>
<DIV id="tx3"><SPAN class="ft45">b</SPAN><SPAN class="ft4">) uppgift om filialens </SPAN><SPAN class="ft45">eller det anknutna ombudets </SPAN><SPAN class="ft4">adress och ansvariga ledning, och</SPAN></DIV>
<DIV id="tx4"><SPAN class="ft2">2. driva värdepappersrörelse genom att från sitt hemland er- bjuda och tillhandahålla tjänster med början så snart Finansinspek- tionen från en behörig myndighet i företagets hemland har tagit emot en underrättelse som innehåller en verksamhetsplan för den avsedda verksamheten med uppgift om vilka tjänster som </SPAN><SPAN class="ft3">ska </SPAN><SPAN class="ft2">erbjudas och</SPAN></DIV>
<DIV>
<DIV id="id_1">
<DIV id="id_1_1">
<DIV id="id_1_1_1">
<P class="p19 ft2">land inom EES, om bolaget</P>
<P class="p149 ft4">1. är eller kan förväntas bli dotterföretag till ett värdepappers- företag, ett kreditinstitut eller ett försäkringsföretag med auktorisa- tion i det landet,</P>
</DIV>
<DIV id="id_1_1_2">
<P class="p19 ft2">land inom EES, om bolaget</P>
<P class="p181 ft2">1. är eller kan förväntas bli dotterföretag till ett värdepappers- företag, <SPAN class="ft3">en marknadsoperatör, </SPAN>ett kreditinstitut eller ett försäkrings- företag med auktorisation i det landet,</P>
</DIV>
</DIV>
<DIV id="id_1_2">
<P class="p181 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">är eller kan förväntas bli dotterföretag till moderföretaget till ett värdepappersföretag, ett kreditinstitut, ett företag för elektroniska pengar eller ett försäkringsföretag med auktorisation i det landet, eller</SPAN></P>
<P class="p277 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">kontrolleras eller kan förväntas komma att kontrolleras av samma fysiska eller juridiska personer som har ägarkontroll över ett värdepap- persföretag, ett kreditinstitut, ett företag för elektroniska pengar eller ett försäkringsföretag med auktorisation i det landet.</SPAN></P>
<P class="p278 ft25"><SPAN class="ft25">4</SPAN><SPAN class="ft81">kap.</SPAN></P>
<P class="p279 ft2">1 §</P>
<P class="p181 ft4">Ett utländskt företag som hör hemma inom EES och som i hemlandet har tillstånd att driva värdepappersrörelse behöver inte tillstånd enligt 2 kap. 1 §. Ett sådant företag får</P>
<P class="p225 ft4">1. driva värdepappersrörelse från filial i Sverige med början två månader efter det att Finansins- pektionen från en behörig myndig- het i företagets hemland har tagit emot en underrättelse som inne- håller</P>
<P class="p280 ft4">a) en verksamhetsplan för den avsedda verksamheten i Sverige med uppgift om filialens organi- sation,</P>
<P class="p281 ft45">b) uppgift om huruvida filialen avser att använda anknutna ombud, och</P>
<P class="p225 ft42"><SPAN class="ft51">c</SPAN>) uppgift om filialens adress och ansvariga ledning, och</P>
<P class="p282 ft2">2. driva värdepappersrörelse genom att från sitt hemland er- bjuda och tillhandahålla tjänster med början så snart Finansinspek- tionen från en behörig myndighet i företagets hemland har tagit emot en underrättelse som innehåller en verksamhetsplan för den avsedda verksamheten med uppgift om vilka tjänster som <SPAN class="ft3">skall </SPAN>erbjudas</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">51</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_52">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD colspan=3 class="tr24 td251"><P class="p50 ft2">Prop. 2016/17:162 och om huruvida företaget</P></TD>
<TD class="tr24 td73"><P class="p96 ft2">avser</P></TD>
<TD colspan=7 class="tr24 td185"><P class="p59 ft2">om huruvida företaget avser att</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td252"><P class="p46 ft2">att använda <SPAN class="ft3">anknutna </SPAN>ombud.</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p59 ft3"><SPAN class="ft2">använda </SPAN>ett anknutet <SPAN class="ft2">ombud </SPAN>som</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p59 ft3">är etablerat i företagets hemland<SPAN class="ft2">.</SPAN></P></TD>
</TR>
<TR>
<TD colspan=11 class="tr26 td253"><P class="p268 ft2">Finansinspektionen får besluta att verksamhet får påbörjas tidigare än</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr31 td252"><P class="p46 ft2">vad som anges i första stycket 1.</P></TD>
<TD class="tr31 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td123"><P class="p283 ft2">4 §</P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td252"><P class="p53 ft2">Ett företag som hör hemma</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p39 ft2">Ett företag som hör hemma</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td252"><P class="p46 ft2">utanför EES får efter tillstånd av</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">utanför EES får efter tillstånd av</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td254"><P class="p46 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td70"><P class="p23 ft2">driva</P></TD>
<TD class="tr26 td73"><P class="p53 ft27">värde-</P></TD>
<TD colspan=3 class="tr26 td179"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p23 ft2">driva</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p20 ft2">värde-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td252"><P class="p46 ft2">pappersrörelse från filial i Sverige.</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">pappersrörelse från filial i Sverige.</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p46 ft2">Tillstånd till</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p23 ft2">filialetablering</P></TD>
<TD class="tr26 td73"><P class="p53 ft3">skall</P></TD>
<TD class="tr26 td132"><P class="p23 ft2">Tillstånd</P></TD>
<TD class="tr26 td17"><P class="p23 ft2">till</P></TD>
<TD colspan=4 class="tr26 td233"><P class="p70 ft2">filialetablering</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p46 ft2">ges om</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft2">ges om</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p268 ft2">1. företaget</P></TD>
<TD class="tr25 td116"><P class="p39 ft2">står</P></TD>
<TD class="tr25 td70"><P class="p74 ft2">under</P></TD>
<TD class="tr25 td73"><P class="p53 ft2">be-</P></TD>
<TD colspan=2 class="tr25 td175"><P class="p39 ft2">1. företaget</P></TD>
<TD class="tr25 td170"><P class="p67 ft2">står</P></TD>
<TD colspan=3 class="tr25 td72"><P class="p44 ft2">under</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">be-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td252"><P class="p46 ft2">tryggande tillsyn av en behörig</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">tryggande tillsyn av en behörig</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td252"><P class="p46 ft2">myndighet i hemlandet och <SPAN class="ft3">den</SPAN></P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">myndighet i hemlandet och <SPAN class="ft3">det har</SPAN></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td252"><P class="p46 ft3">myndigheten har tillåtit att före-</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft3">tillstånd i hemlandet för att till-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td251"><P class="p46 ft3">taget etablerar sig i Sverige<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">handahålla de tjänster och driva</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">den verksamhet som ansökan av-</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p23 ft3">ser<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td175"><P class="p39 ft3">2. företagets</P></TD>
<TD colspan=4 class="tr26 td233"><P class="p44 ft3">hemland har</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">vid-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">tagit nödvändiga åtgärder för att</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft3">motverka penningtvätt och finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td179"><P class="p23 ft3">siering av terrorism,</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td175"><P class="p39 ft3">3. det har</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p80 ft26">inrättats</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p20 ft26">samarbets-</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft26">arrangemang mellan Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">tionen och den behöriga myndig-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">heten i det land där företaget hör</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft3">hemma som inbegriper bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">melser som reglerar informations-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft26">utbyte i syfte att bevara marknadens</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft3">integritet och skydda investerare,</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p39 ft3">4. filialen fritt förfogar över ett</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td109"><P class="p23 ft3">tillräckligt startkapital,</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p39 ft3">5. det har utsetts en eller flera</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">personer som ska ha ansvaret för</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">ledningen av filialen, och dessa</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft26">uppfyller kraven i 3 kap. 1 § 5 och 6</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft3">och 5 §,</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td175"><P class="p39 ft3">6. företagets</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p70 ft3">hemland</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p20 ft3">har ingått</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft26">ett avtal med Sverige, som uppfyller</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft3">normerna</P></TD>
<TD colspan=3 class="tr26 td22"><P class="p99 ft3">i artikel 26</P></TD>
<TD class="tr26 td51"><P class="p23 ft3">i</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p20 ft3">OECD:s</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3">modellavtal för skatter på inkomst</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft26">och förmögenhet och säkerställer ett</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft26">effektivt informationsutbyte i skatte-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft26">ärenden, inklusive eventuella multi-</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td179"><P class="p23 ft3">laterala skatteavtal,</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td252"><P class="p53 ft2"><SPAN class="ft3">2</SPAN>. filialen tillhör ett investerar-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p39 ft2"><SPAN class="ft3">7</SPAN>. filialen tillhör ett investerar-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td252"><P class="p46 ft3"><SPAN class="ft2">skydd som </SPAN>uppfyller minst de krav</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft3"><SPAN class="ft2">skydd som </SPAN>har godkänts eller</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td251"><P class="p46 ft3">som gäller inom EES<SPAN class="ft2">, och</SPAN></P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft3">erkänts i enlighet med Europa-</P></TD>
</TR>
<TR>
<TD class="tr27 td242"><P class="p23 ft2">52</P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td175"><P class="p23 ft3">parlamentets</P></TD>
<TD colspan=3 class="tr27 td147"><P class="p23 ft3">och rådets</P></TD>
<TD colspan=2 class="tr27 td55"><P class="p30 ft3">direktiv</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_53">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p150 ft4"><SPAN class="ft45">3</SPAN>. det finns skäl att anta att den planerade verksamheten kommer att drivas enligt bestämmelserna i denna lag <SPAN class="ft45">och </SPAN>föreskrifter som meddelats med stöd av lagen.</P>
</DIV>
<DIV id="id_1_2">
<P class="p186 ft45">97/9/EG av den 3 mars 1997 om <SPAN class="ft4">Prop. 2016/17:162 </SPAN>system för ersättning till investe-</P>
<P class="p113 ft3">rare, i den ursprungliga lydelsen<SPAN class="ft2">, och</SPAN></P>
<P class="p264 ft2"><SPAN class="ft3">8</SPAN>. det finns skäl att anta att den planerade verksamheten kommer att drivas enligt bestämmelserna i denna lag<SPAN class="ft3">, förordningen om mark- nader för finansiella instrument, </SPAN>föreskrifter som meddelats med stöd av lagen <SPAN class="ft3">och andra författningar som gäller för företagets verksam- het i Sverige</SPAN>.</P>
<P class="p165 ft3">7 §</P>
<P class="p284 ft45">Finansinspektionen ska inom sex månader från det att en fullständig ansökan om tillstånd enligt 4 § har lämnats in underrätta företaget om sitt beslut i tillståndsfrågan.</P>
<P class="p285 ft3">8 §</P>
<P class="p286 ft3">Ett företag som avses i 4 § och som har fått tillstånd att driva värdepappersrörelse från filial i Sverige ska tillhandahålla ända- målsenliga rapporteringssystem för anställda som vill göra anmäl- ningar om misstänkta överträdel- ser av bestämmelser som gäller för verksamheten.</P>
<P class="p287 ft45">Personuppgiftslagen (1998:204) gäller vid behandling av person- uppgifter inom ramen för sådana rapporteringssystem.</P>
<P class="p288 ft3">9 §</P>
<P class="p289 ft3">I förordningen om marknader för finansiella instrument finns ytterligare bestämmelser om möj- ligheten för företag som hör hemma utanför EES att under vissa förutsättningar tillhanda- hålla investeringstjänster eller ut- föra investeringsverksamhet inom EES.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">53</P>
</DIV>
</DIV>
<DIV id="page_54">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr2 td46"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr2 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td103"><P class="p290 ft25">5 kap.</P></TD>
<TD class="tr2 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td103"><P class="p290 ft2">1 §</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p125 ft2">Ett värdepappersbolag som avser</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">Ett värdepappersbolag som avser</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">att <SPAN class="ft3">inrätta </SPAN>en filial i ett annat land</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3"><SPAN class="ft2">att </SPAN>driva värdepappersrörelse från</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft2">inom</P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft2">EES</P></TD>
<TD class="tr25 td116"><P class="p23 ft3">skall</P></TD>
<TD colspan=3 class="tr25 td57"><P class="p53 ft2">underrätta</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft3"><SPAN class="ft2">en filial </SPAN>eller genom att använda</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td154"><P class="p23 ft2">Finansinspektionen innan</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p53 ft2">verk-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3">ett anknutet ombud som är</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">samheten påbörjas. Underrättelsen</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2"><SPAN class="ft3">etablerat </SPAN>i ett annat land inom EES</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td216"><P class="p23 ft2"><SPAN class="ft3">skall </SPAN>innehålla</P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft2"><SPAN class="ft3">ska </SPAN>underrätta Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft2">innan</P></TD>
<TD colspan=2 class="tr26 td121"><P class="p88 ft2">verksamheten</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td191"><P class="p20 ft2">påbörjas.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td49"><P class="p23 ft2">Underrättelsen <SPAN class="ft3">ska </SPAN>innehålla</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p125 ft2">1. en</P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td141"><P class="p23 ft2">verksamhetsplan för</P></TD>
<TD class="tr25 td124"><P class="p53 ft27">den</P></TD>
<TD class="tr25 td15"><P class="p39 ft2">1. en</P></TD>
<TD colspan=3 class="tr25 td181"><P class="p88 ft2">verksamhetsplan</P></TD>
<TD class="tr25 td92"><P class="p87 ft2">för</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">den</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">avsedda verksamheten med uppgift</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">avsedda verksamheten med uppgift</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td154"><P class="p23 ft2">om filialens organisation,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3"><SPAN class="ft2">om filialens </SPAN>och det anknutna</P></TD>
</TR>
<TR>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=3 rowspan=2 class="tr44 td216"><P class="p125 ft3">2. uppgift om</P></TD>
<TD colspan=2 rowspan=2 class="tr44 td255"><P class="p70 ft3">huruvida</P></TD>
<TD colspan=2 rowspan=2 class="tr44 td72"><P class="p53 ft26">filialen</P></TD>
<TD colspan=5 class="tr31 td49"><P class="p23 ft2"><SPAN class="ft3">ombudets </SPAN>organisation, <SPAN class="ft3">och</SPAN></P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr48 td46"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td15"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td74"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td197"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td169"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td92"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td17"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p23 ft3">avser att använda anknutna om-</P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td93"><P class="p23 ft3">bud, och</P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p125 ft2"><SPAN class="ft3">3</SPAN>. uppgift om i vilket land</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2"><SPAN class="ft3">2</SPAN>. uppgift om i vilket land</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">filialen <SPAN class="ft3">skall </SPAN>inrättas samt om</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">filialen <SPAN class="ft3">ska </SPAN>inrättas <SPAN class="ft3">och det an-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td93"><P class="p23 ft2">filialens</P></TD>
<TD class="tr25 td29"><P class="p74 ft3">adress</P></TD>
<TD class="tr25 td116"><P class="p85 ft2">och</P></TD>
<TD colspan=3 class="tr25 td57"><P class="p53 ft2">ansvariga</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft26">knutna ombudet användas <SPAN class="ft27">samt om</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td93"><P class="p23 ft3">ledning<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3"><SPAN class="ft2">filialens </SPAN>och det anknutna om-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3">budets adresser <SPAN class="ft2">och ansvariga </SPAN>led-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft3">ningar<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3">Första stycket gäller även ett</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3">svenskt kreditinstitut som har till-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td57"><P class="p23 ft3">stånd enligt</P></TD>
<TD colspan=2 class="tr25 td238"><P class="p86 ft3">3 kap. 10 §</P></TD>
<TD class="tr25 td92"><P class="p86 ft26">och</P></TD>
<TD class="tr25 td17"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft26">avser att driva värdepappersrörelse</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft3">genom att använda ett anknutet</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft3">ombud etablerat i ett annat land</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td57"><P class="p23 ft3">inom EES.</P></TD>
<TD class="tr27 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td103"><P class="p290 ft2">3 §</P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p125 ft2">Om ett värdepappersbolag avser</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">Om ett värdepappersbolag avser</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">att ändra något som angetts i</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">att ändra något som angetts i</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p23 ft2">bolagets underrättelse till Finans-</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft2">bolagets underrättelse till Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">inspektionen efter det att filialen</P></TD>
<TD colspan=2 class="tr26 td57"><P class="p59 ft2">inspektionen</P></TD>
<TD class="tr26 td197"><P class="p291 ft26">enligt</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p96 ft3">1 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td17"><P class="p30 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td93"><P class="p23 ft2">inrättats,</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p50 ft2"><SPAN class="ft3">skall </SPAN>bolaget</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p96 ft2">skriftligen</P></TD>
<TD class="tr26 td15"><P class="p59 ft2">bolaget</P></TD>
<TD colspan=2 class="tr26 td121"><P class="p175 ft2">skriftligen</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p30 ft2">underrätta</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td188"><P class="p23 ft2">underrätta inspektionen</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p57 ft2">minst</P></TD>
<TD class="tr25 td124"><P class="p96 ft2">en</P></TD>
<TD colspan=2 class="tr25 td57"><P class="p59 ft2">inspektionen</P></TD>
<TD colspan=2 class="tr25 td238"><P class="p39 ft2">minst en</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p20 ft2">månad</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">månad innan ändringen genom-</P></TD>
<TD class="tr26 td15"><P class="p59 ft2">innan</P></TD>
<TD colspan=2 class="tr26 td121"><P class="p67 ft2">ändringen</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p20 ft2">genomförs.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft2">förs.</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p96 ft3">skall</P></TD>
<TD colspan=3 class="tr26 td68"><P class="p59 ft2">Finansinspektionen <SPAN class="ft3">ska</SPAN></P></TD>
<TD colspan=3 class="tr26 td87"><P class="p20 ft2">underrätta</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p23 ft2">underrätta den behöriga myndig-</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft2">den behöriga myndigheten i det</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">heten i det andra landet om</P></TD>
<TD colspan=5 class="tr26 td49"><P class="p59 ft2">andra landet om ändringen.</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td216"><P class="p23 ft2">ändringen.</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p125 ft2">Om</P></TD>
<TD colspan=4 class="tr25 td176"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr25 td72"><P class="p96 ft2">finner</P></TD>
<TD class="tr25 td15"><P class="p40 ft2">Om</P></TD>
<TD colspan=5 class="tr25 td128"><P class="p20 ft2">Finansinspektionen finner</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">att ändringen inte får göras, <SPAN class="ft3">skall</SPAN></P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">att ändringen inte får göras, <SPAN class="ft3">ska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td188"><P class="p23 ft2">inspektionen meddela</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p23 ft2">beslut</P></TD>
<TD class="tr26 td124"><P class="p96 ft2">om</P></TD>
<TD colspan=2 class="tr26 td57"><P class="p59 ft2">inspektionen</P></TD>
<TD class="tr26 td197"><P class="p88 ft2">meddela</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p192 ft2">beslut</P></TD>
<TD class="tr26 td17"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p23 ft2">det inom en månad från det att</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft2">det inom en månad från det att</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">underrättelsen kom in till inspek-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">underrättelsen kom in till inspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p23 ft2">tionen. Den behöriga myndigheten</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">tionen. Den behöriga myndigheten</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p23 ft2">i det andra landet <SPAN class="ft3">skall </SPAN>omedelbart</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft2">i det andra landet <SPAN class="ft3">ska </SPAN>omedelbart</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p151 ft2">54</P></TD>
<TD colspan=4 class="tr27 td188"><P class="p23 ft2">underrättas om beslutet.</P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td68"><P class="p59 ft27">underrättas om beslutet.</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_55">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p150 ft4">Vid ändring av investerarskydd eller insättningsgaranti som avses i 2 § första stycket <SPAN class="ft45">skall </SPAN>Finans- inspektionen underrätta den be- höriga myndigheten i det land där filialen finns om ändringen.</P>
</DIV>
<DIV id="id_1_2">
<P class="p292 ft4">Vid ändring av investerarskydd Prop. 2016/17:162 eller insättningsgaranti som avses i</P>
<P class="p272 ft2">2 § första stycket <SPAN class="ft3">ska </SPAN>Finans- inspektionen underrätta den be- höriga myndigheten i det land där filialen finns om ändringen.</P>
<P class="p293 ft3"><NOBR>Första–tredje</NOBR> styckena gäller även ett svenskt kreditinstitut som har tillstånd enligt 3 kap. 10 § och som avser att driva värdepappers- rörelse genom att använda ett an- knutet ombud etablerat i ett annat land inom EES.</P>
</DIV>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td174"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td30"><P class="p294 ft2">4 §</P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p39 ft2">Ett värdepappersbolag som avser</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p39 ft2">Ett värdepappersbolag som avser</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">att driva <SPAN class="ft3">verksamhet </SPAN>i ett annat</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft3"><SPAN class="ft2">att driva </SPAN>värdepappersrörelse <SPAN class="ft2">i ett</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">land inom EES, genom att erbjuda</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft2">annat land inom EES, genom att</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">och tillhandahålla tjänster utan att</P></TD>
<TD class="tr26 td196"><P class="p23 ft2">erbjuda</P></TD>
<TD class="tr26 td92"><P class="p88 ft2">och</P></TD>
<TD colspan=5 class="tr26 td250"><P class="p142 ft2">tillhandahålla tjänster</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">inrätta filial där, <SPAN class="ft3">skall </SPAN>underrätta</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft2">utan att inrätta filial där, <SPAN class="ft3">ska</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td158"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p57 ft2">innan</P></TD>
<TD class="tr26 td15"><P class="p96 ft2">verk-</P></TD>
<TD colspan=2 class="tr26 td78"><P class="p23 ft2">underrätta</P></TD>
<TD colspan=5 class="tr26 td250"><P class="p142 ft2">Finansinspektionen</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">samheten påbörjas. Underrättelsen</P></TD>
<TD class="tr26 td196"><P class="p23 ft2">innan</P></TD>
<TD colspan=4 class="tr26 td67"><P class="p50 ft2">verksamheten</P></TD>
<TD colspan=2 class="tr26 td199"><P class="p142 ft27">påbörjas.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td158"><P class="p23 ft2"><SPAN class="ft3">skall </SPAN>innehålla</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td86"><P class="p23 ft2">Underrättelsen <SPAN class="ft3">ska </SPAN>innehålla</P></TD>
<TD class="tr25 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td73"><P class="p39 ft2">1. en</P></TD>
<TD colspan=2 class="tr26 td181"><P class="p23 ft2">verksamhetsplan</P></TD>
<TD class="tr26 td193"><P class="p23 ft2">för</P></TD>
<TD class="tr26 td15"><P class="p53 ft2">den</P></TD>
<TD class="tr26 td196"><P class="p39 ft2">1. en</P></TD>
<TD colspan=4 class="tr26 td67"><P class="p88 ft2">verksamhetsplan</P></TD>
<TD class="tr26 td74"><P class="p1 ft2">för</P></TD>
<TD class="tr26 td232"><P class="p142 ft27">den</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">avsedda verksamheten med uppgift</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft2">avsedda verksamheten med uppgift</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">om vilka tjänster som <SPAN class="ft3">skall </SPAN>erbjudas,</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft2">om vilka tjänster som <SPAN class="ft3">ska </SPAN>erbjudas,</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p39 ft2">2. uppgift om i vilket land verk-</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p39 ft2">2. uppgift om i vilket land verk-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td224"><P class="p23 ft2">samheten <SPAN class="ft3">skall </SPAN>drivas, och</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td81"><P class="p23 ft2">samheten <SPAN class="ft3">ska </SPAN>drivas, och</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td224"><P class="p39 ft2">3. uppgift om huruvida</P></TD>
<TD colspan=2 class="tr25 td83"><P class="p96 ft2">bolaget</P></TD>
<TD colspan=2 class="tr25 td78"><P class="p39 ft2">3. uppgift</P></TD>
<TD colspan=5 class="tr25 td250"><P class="p142 ft2">om huruvida bolaget</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">avser att använda <SPAN class="ft3">anknutna </SPAN>ombud</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft2">avser att använda <SPAN class="ft3">ett anknutet</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td158"><P class="p23 ft2">i det landet.</P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft3"><SPAN class="ft2">ombud </SPAN>etablerat i Sverige för verk-</P></TD>
</TR>
<TR>
<TD colspan=5 rowspan=2 class="tr0 td234"><P class="p39 ft2">Finansinspektionen <SPAN class="ft3">skall </SPAN>inom en</P></TD>
<TD colspan=6 class="tr25 td86"><P class="p23 ft3">samheten <SPAN class="ft2">i det </SPAN>andra <SPAN class="ft2">landet.</SPAN></P></TD>
<TD class="tr25 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td105"><P class="p39 ft27">Finansinspektionen</P></TD>
<TD class="tr26 td127"><P class="p70 ft3">ska</P></TD>
<TD class="tr26 td74"><P class="p73 ft2">inom</P></TD>
<TD class="tr26 td232"><P class="p142 ft2">en</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">månad från det att underrättelsen</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft2">månad från det att underrättelsen</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">togs emot lämna över den och verk-</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft2">togs emot lämna över den och verk-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td158"><P class="p23 ft2">samhetsplanen till</P></TD>
<TD class="tr26 td163"><P class="p1 ft2">den</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p53 ft27">behöriga</P></TD>
<TD colspan=3 class="tr26 td153"><P class="p23 ft2">samhetsplanen</P></TD>
<TD class="tr26 td127"><P class="p23 ft2">till</P></TD>
<TD class="tr26 td127"><P class="p23 ft2">den</P></TD>
<TD colspan=2 class="tr26 td199"><P class="p142 ft2">behöriga</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">myndigheten i det land där verk-</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft2">myndigheten i det land där verk-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr31 td224"><P class="p23 ft2">samheten <SPAN class="ft3">skall </SPAN>drivas.</P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td105"><P class="p23 ft2">samheten <SPAN class="ft3">ska </SPAN>drivas.</P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr0 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td174"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr0 td30"><P class="p294 ft2">6 §</P></TD>
<TD class="tr0 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td73"><P class="p39 ft3">Avser</P></TD>
<TD colspan=4 class="tr26 td256"><P class="p53 ft3">ett värdepappersbolag att</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p39 ft3">Ett svenskt kreditinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr25 td73"><P class="p23 ft26">använda</P></TD>
<TD class="tr25 td174"><P class="p74 ft3">anknutna</P></TD>
<TD colspan=2 class="tr25 td39"><P class="p88 ft3">ombud,</P></TD>
<TD class="tr25 td15"><P class="p53 ft3">skall</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft3">tillstånd enligt 3 kap. 10 § och som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td158"><P class="p23 ft3">Finansinspektionen</P></TD>
<TD class="tr26 td163"><P class="p23 ft3">lämna</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p53 ft3">uppgift</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft3">avser att driva värdepappersrörelse i</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft3">om vilka ombud bolaget avser att</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft3">ett annat land inom EES genom an-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft3">använda, om den behöriga myn-</P></TD>
<TD colspan=7 class="tr25 td9"><P class="p23 ft3">knutet ombud etablerat i Sverige, ska</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft3">digheten i det land där verksamheten</P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft3">underrätta Finansinspektionen innan</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td224"><P class="p23 ft3">skall drivas begär det.</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td9"><P class="p23 ft3">verksamheten påbörjas om vilket det</P></TD>
</TR>
<TR>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td174"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td105"><P class="p23 ft26">anknutna ombudet är.</P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td232"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td174"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td105"><P class="p39 ft26">Finansinspektionen</P></TD>
<TD class="tr26 td127"><P class="p88 ft3">ska</P></TD>
<TD class="tr26 td74"><P class="p1 ft3">inom</P></TD>
<TD class="tr26 td232"><P class="p142 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr30 td73"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td174"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td163"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td193"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td15"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td196"><P class="p23 ft35">månad</P></TD>
<TD class="tr30 td92"><P class="p23 ft35">från</P></TD>
<TD class="tr30 td21"><P class="p59 ft74">det</P></TD>
<TD class="tr30 td127"><P class="p57 ft35">att</P></TD>
<TD colspan=3 class="tr30 td206"><P class="p142 ft74">underrättelsen</P></TD>
</TR>
<TR>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td174"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td232"><P class="p20 ft2">55</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="page_56">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td257"><P class="p50 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr24 td185"><P class="p23 ft3">togs emot lämna över den till den</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft26">behöriga myndigheten i det land där</P></TD>
</TR>
<TR>
<TD class="tr27 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td239"><P class="p23 ft26">verksamheten ska drivas.</P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td237"><P class="p295 ft2">7 §</P></TD>
<TD class="tr46 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">Ett värdepappersbolag som avser</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">Ett värdepappersbolag som avser</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">att vidta åtgärder i ett annat land</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">att vidta åtgärder i ett annat land</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">inom EES för att underlätta för</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">inom EES för att underlätta för</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">deltagare på distans att få tillträde</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">deltagare på distans att få tillträde</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">till bolagets handelsplattform <SPAN class="ft3">skall</SPAN></P></TD>
<TD colspan=5 class="tr26 td258"><P class="p59 ft2">till bolagets handelsplattform</P></TD>
<TD class="tr26 td148"><P class="p30 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p46 ft2">innan</P></TD>
<TD class="tr25 td73"><P class="p57 ft2">sådana</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p44 ft2">åtgärder</P></TD>
<TD class="tr25 td126"><P class="p96 ft2">påbörjas</P></TD>
<TD class="tr25 td65"><P class="p59 ft2">innan</P></TD>
<TD colspan=3 class="tr25 td172"><P class="p57 ft2">sådana åtgärder</P></TD>
<TD colspan=2 class="tr25 td117"><P class="p20 ft2">påbörjas</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td240"><P class="p46 ft2">underrätta</P></TD>
<TD colspan=3 class="tr26 td141"><P class="p96 ft2">Finansinspektionen.</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p59 ft2">underrätta</P></TD>
<TD colspan=4 class="tr26 td111"><P class="p20 ft2">Finansinspektionen.</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td259"><P class="p46 ft2">Finansinspektionen <SPAN class="ft3">skall</SPAN></P></TD>
<TD class="tr26 td126"><P class="p96 ft2">inom en</P></TD>
<TD colspan=3 class="tr26 td106"><P class="p59 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td97"><P class="p57 ft3">ska</P></TD>
<TD class="tr26 td163"><P class="p88 ft2">inom</P></TD>
<TD class="tr26 td148"><P class="p30 ft2">en</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">månad från det att underrättelsen</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">månad från det att underrättelsen</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">togs emot lämna över den till den</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">togs emot lämna över den till den</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">behöriga myndigheten i det land</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">behöriga myndigheten i det land</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">där åtgärderna <SPAN class="ft3">skall </SPAN>vidtas. På</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">där åtgärderna <SPAN class="ft3">ska </SPAN>vidtas. På</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td240"><P class="p46 ft2">begäran <SPAN class="ft3">skall</SPAN></P></TD>
<TD colspan=3 class="tr26 td141"><P class="p96 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p59 ft2">begäran <SPAN class="ft3">ska</SPAN></P></TD>
<TD colspan=4 class="tr26 td111"><P class="p20 ft2">Finansinspektionen</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">till samma myndighet lämna upp-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">till samma myndighet lämna upp-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">gifter om vilka från det landet som</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">gifter om vilka från det landet som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">deltar på bolagets handelsplatt-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">deltar på bolagets handelsplatt-</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p46 ft2">form.</P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p59 ft2">form.</P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft3">Första stycket gäller även ett</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft3">svenskt kreditinstitut som har till-</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft3">stånd enligt 3 kap. 10 § och som</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft3">avser att vidta åtgärder i ett annat</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft3">land inom EES för att underlätta</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft3">för deltagare på distans att få till-</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft3">träde till institutets handelsplatt-</P></TD>
</TR>
<TR>
<TD class="tr27 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td65"><P class="p59 ft3">form.</P></TD>
<TD class="tr27 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td237"><P class="p295 ft25">6 kap.</P></TD>
<TD class="tr43 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td237"><P class="p295 ft2">1 §</P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p268 ft2">Ett</P></TD>
<TD class="tr26 td73"><P class="p23 ft2">svenskt</P></TD>
<TD colspan=3 class="tr26 td141"><P class="p96 ft27">värdepappersinstitut</P></TD>
<TD class="tr26 td65"><P class="p40 ft2">Ett</P></TD>
<TD class="tr26 td196"><P class="p23 ft2">svenskt</P></TD>
<TD colspan=4 class="tr26 td111"><P class="p30 ft2">värdepappersinstitut</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">eller ett utländskt värdepappers-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">eller ett utländskt värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">företag som hör hemma inom EES</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">företag som hör hemma inom EES</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">som har träffat avtal enligt <SPAN class="ft3">1 kap.</SPAN></P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">som har träffat avtal med ett</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2"><SPAN class="ft3">5 § 1 </SPAN>med ett anknutet ombud som</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">anknutet ombud som <SPAN class="ft3">är etablerat </SPAN>i</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft3">har sitt driftställe <SPAN class="ft2">i Sverige, </SPAN>skall</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">Sverige, <SPAN class="ft3">ska </SPAN>anmäla ombudet för</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td228"><P class="p46 ft2">anmäla ombudet</P></TD>
<TD colspan=2 class="tr26 td172"><P class="p96 ft2">för registrering</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p59 ft2">registrering</P></TD>
<TD class="tr26 td74"><P class="p1 ft2">hos</P></TD>
<TD colspan=3 class="tr26 td43"><P class="p20 ft2">Bolagsverket.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td228"><P class="p46 ft2">hos Bolagsverket.</P></TD>
<TD colspan=2 class="tr26 td172"><P class="p96 ft2">Institutet eller</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">Institutet eller företaget <SPAN class="ft3">ska </SPAN>innan</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">företaget <SPAN class="ft3">skall </SPAN>innan det träffar ett</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p59 ft2">det träffar ett sådant avtal</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">sådant avtal kontrollera att det</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p59 ft2">kontrollera</P></TD>
<TD class="tr26 td74"><P class="p23 ft2">att</P></TD>
<TD class="tr26 td97"><P class="p23 ft2">det</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p20 ft2">anknutna</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">anknutna ombudet har tillräckliga</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">ombudet har tillräckliga kunskaper</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">kunskaper och kvalifikationer för</P></TD>
<TD class="tr25 td65"><P class="p59 ft2">och</P></TD>
<TD colspan=3 class="tr25 td172"><P class="p70 ft2">kvalifikationer</P></TD>
<TD class="tr25 td163"><P class="p23 ft2">för</P></TD>
<TD class="tr25 td148"><P class="p20 ft2">den</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">den verksamhet som det <SPAN class="ft3">skall</SPAN></P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">verksamhet som det <SPAN class="ft3">ska </SPAN>driva samt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td252"><P class="p96 ft2">driva samt att det även i övrigt är</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p59 ft2">att det även i övrigt är lämpligt att</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td252"><P class="p96 ft2">lämpligt att driva sådan verksam-</P></TD>
<TD colspan=4 class="tr25 td239"><P class="p59 ft2">driva sådan verksamhet.</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p46 ft2">het.</P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr30 td252"><P class="p53 ft14">I en anmälan enligt första stycket</P></TD>
<TD colspan=6 class="tr30 td185"><P class="p20 ft14">I en anmälan enligt första stycket</P></TD>
</TR>
<TR>
<TD class="tr31 td257"><P class="p23 ft2">56</P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_57">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p19 ft42"><SPAN class="ft51">skall </SPAN>det anges vilken verksamhet som ombudet <SPAN class="ft51">skall </SPAN>driva.</P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft42"><SPAN class="ft51">ska </SPAN>det anges vilken verksamhet Prop. 2016/17:162 som ombudet <SPAN class="ft51">ska </SPAN>driva.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p296 ft2">4 §</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr24 td77"><P class="p95 ft2">Ett svenskt värdepappersinstitut</P></TD>
<TD class="tr24 td76"><P class="p20 ft2">Ett svenskt värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">eller ett utländskt värdepappers-</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">eller ett utländskt värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">företag som hör hemma inom EES</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">företag som hör hemma inom EES</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2"><SPAN class="ft3">skall </SPAN>se till att ett anknutet ombud</P></TD>
<TD class="tr25 td76"><P class="p20 ft2"><SPAN class="ft3">ska </SPAN>se till att ett anknutet ombud</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">som det har anmält för registrering</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">som det har anmält för registrering</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">enligt 1 <SPAN class="ft3">eller 2 </SPAN>§ informerar kund-</P></TD>
<TD class="tr26 td76"><P class="p203 ft2">enligt 1 § informerar kunderna om</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p297 ft2">erna om</P></TD>
<TD class="tr26 td76"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">vilket värdepappersinstitut eller utländskt värdepappersföretag det företräder,</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">vilka befogenheter det har, och</SPAN></P>
<P class="p102 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">att institutet eller företaget är ansvarigt för ren förmögenhetsskada som ombudet genom sin verksamhet uppsåtligen eller av oaktsamhet or- sakar kunden.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t65">
<TR>
<TD colspan=2 class="tr24 td28"><P class="p273 ft2">5 §</P></TD>
<TD class="tr24 td238"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p39 ft2">Ett svenskt värdepappersinstitut</P></TD>
<TD class="tr25 td163"><P class="p39 ft2">Ett</P></TD>
<TD colspan=4 class="tr25 td260"><P class="p20 ft27">svenskt värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">eller ett utländskt värdepappers-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">eller ett utländskt värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">företag som hör hemma inom EES</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">företag som hör hemma inom EES</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">som har träffat avtal <SPAN class="ft3">enligt 1 kap.</SPAN></P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">som har träffat avtal med ett</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2"><SPAN class="ft3">5 § 1 </SPAN>med ett anknutet ombud är</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">anknutet ombud är ansvarigt för</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">ansvarigt för ren förmögenhets-</P></TD>
<TD class="tr26 td163"><P class="p23 ft2">ren</P></TD>
<TD colspan=3 class="tr26 td171"><P class="p50 ft2">förmögenhetsskada</P></TD>
<TD class="tr26 td11"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">skada som ombudet genom sin</P></TD>
<TD colspan=2 class="tr25 td120"><P class="p23 ft2">ombudet genom</P></TD>
<TD class="tr25 td113"><P class="p80 ft2">sin</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p20 ft2">verksamhet</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">verksamhet uppsåtligen eller av</P></TD>
<TD colspan=2 class="tr26 td120"><P class="p23 ft2">uppsåtligen eller</P></TD>
<TD class="tr26 td113"><P class="p80 ft2">av</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p20 ft2">oaktsamhet</P></TD>
</TR>
<TR>
<TD class="tr27 td234"><P class="p23 ft2">oaktsamhet orsakar en kund.</P></TD>
<TD colspan=2 class="tr27 td120"><P class="p23 ft2">orsakar en kund.</P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td28"><P class="p298 ft2">6 §<SPAN class="ft24">10</SPAN></P></TD>
<TD class="tr46 td238"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p39 ft2">Ett svenskt värdepappersinstitut</P></TD>
<TD class="tr26 td163"><P class="p125 ft2">Ett</P></TD>
<TD colspan=4 class="tr26 td260"><P class="p20 ft27">svenskt värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">eller ett utländskt värdepappers-</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p59 ft2">eller ett utländskt värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">företag som hör hemma inom EES</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft2">företag som hör hemma inom EES</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">ska fortlöpande se till att anknutna</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft2">ska fortlöpande se till att anknutna</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">ombud som det har anmält för</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p59 ft2">ombud som det har anmält för</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">registrering enligt 1 <SPAN class="ft3">eller 2 </SPAN>§ upp-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft2">registrering enligt 1 § uppfyller</P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p23 ft14">fyller</P></TD>
<TD class="tr30 td163"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td238"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td116"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td11"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p93 ft2">1. kraven på kunskaper, kvalifikationer och lämplighet enligt 1 § första</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr27 td103"><P class="p23 ft2">stycket, och</P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr43 td191"><P class="p96 ft2"><SPAN class="ft3">1 </SPAN>och</P></TD>
<TD rowspan=2 class="tr43 td130"><P class="p20 ft2">2. det som enligt 8 kap. <SPAN class="ft3">15 § och</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td103"><P class="p39 ft2">2. det som</P></TD>
<TD class="tr26 td70"><P class="p73 ft2">enligt</P></TD>
<TD class="tr26 td116"><P class="p174 ft2">8 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td103"><P class="p23 ft3">21 <NOBR>a–27</NOBR> <SPAN class="ft2">§§</SPAN></P></TD>
<TD class="tr25 td70"><P class="p23 ft2">gäller</P></TD>
<TD class="tr25 td116"><P class="p267 ft2">för</P></TD>
<TD class="tr25 td191"><P class="p96 ft2">värde-</P></TD>
<TD class="tr25 td130"><P class="p20 ft2"><SPAN class="ft3">9 kap. 1 </SPAN>och <NOBR><SPAN class="ft3">10–29</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§ gäller för</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td210"><P class="p23 ft2">pappersinstitut.</P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td130"><P class="p299 ft27">värdepappersinstitut.</P></TD>
</TR>
</TABLE>
<P class="p300 ft37"><SPAN class="ft43">10 </SPAN>Senaste lydelse 2013:579.</P>
<P class="p13 ft2">57</P>
</DIV>
</DIV>
<DIV id="page_58">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr24 td86"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td57"><P class="p283 ft2">7 §</P></TD>
<TD class="tr24 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td261"><P class="p81 ft2">Bolagsverket</P></TD>
<TD class="tr25 td148"><P class="p73 ft2">är</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft2">registrerings-</P></TD>
<TD colspan=2 class="tr25 td209"><P class="p69 ft2">Bolagsverket</P></TD>
<TD class="tr25 td148"><P class="p73 ft2">är</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft2">registrerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td86"><P class="p41 ft2">myndighet</P></TD>
<TD class="tr26 td65"><P class="p74 ft2">för</P></TD>
<TD colspan=3 class="tr26 td204"><P class="p20 ft2">anknutna ombud</P></TD>
<TD class="tr26 td57"><P class="p84 ft2">myndighet</P></TD>
<TD class="tr26 td25"><P class="p67 ft2">för</P></TD>
<TD colspan=3 class="tr26 td204"><P class="p20 ft2">anknutna ombud</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">som avses i 1 <SPAN class="ft3">och 2 §</SPAN>§. Hos</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">som avses i 1 §. Hos Bolagsverket</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td135"><P class="p41 ft2">Bolagsverket förs</P></TD>
<TD class="tr25 td39"><P class="p59 ft2">register</P></TD>
<TD class="tr25 td113"><P class="p20 ft2">över</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">förs register över anknutna ombud,</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">anknutna ombud, där de uppgifter</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">där de uppgifter som enligt lag</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">som enligt lag eller andra författ-</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">eller andra författningar <SPAN class="ft3">ska </SPAN>tas in i</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td223"><P class="p41 ft2">ningar <SPAN class="ft3">skall </SPAN>tas in i register skrivs</P></TD>
<TD colspan=2 class="tr25 td209"><P class="p84 ft2">register skrivs in.</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td86"><P class="p41 ft2">in.</P></TD>
<TD class="tr27 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td86"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td67"><P class="p140 ft2">10 §</P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td99"><P class="p81 ft2">Regeringen eller den myndighet som regeringen bestämmer får med-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td135"><P class="p41 ft2">dela föreskrifter om</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr0 td113"><P class="p20 ft26">skall</P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr0 td148"><P class="p20 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr25 td86"><P class="p81 ft2">1. vilka</P></TD>
<TD colspan=3 class="tr25 td123"><P class="p59 ft2">förhållanden som</P></TD>
<TD class="tr25 td57"><P class="p69 ft2">1. vilka</P></TD>
<TD colspan=3 class="tr25 td61"><P class="p88 ft2">förhållanden som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">redovisas i ett sådant avtal som av-</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">redovisas i ett sådant avtal som av-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td251"><P class="p41 ft2">ses i 1 kap. <SPAN class="ft3">5 § 1</SPAN>, och</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td262"><P class="p84 ft2">ses i 1 kap. <SPAN class="ft3">4 b §</SPAN>, och</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td86"><P class="p81 ft2">2. vad</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p23 ft2">svenska</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft27">värdepappers-</P></TD>
<TD class="tr25 td57"><P class="p69 ft2">2. vad</P></TD>
<TD colspan=2 class="tr25 td197"><P class="p23 ft2">svenska</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft27">värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">institut och utländska värdepap-</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">institut och utländska värdepap-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td223"><P class="p41 ft2">persföretag <SPAN class="ft3">skall </SPAN>iaktta enligt 1 §</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">persföretag <SPAN class="ft3">ska </SPAN>iaktta enligt 1 § vid</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td223"><P class="p41 ft2">vid anmälan om registrering och</P></TD>
<TD class="tr25 td57"><P class="p84 ft2">anmälan</P></TD>
<TD class="tr25 td25"><P class="p1 ft2">om</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p23 ft2">registrering</P></TD>
<TD class="tr25 td148"><P class="p20 ft2">och</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr27 td251"><P class="p41 ft2">kontroll av anknutna ombud.</P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td262"><P class="p84 ft2">kontroll av anknutna ombud.</P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr46 td223"><P class="p41 ft54"><SPAN class="ft25">8 kap. </SPAN>Skydd för investerare och</P></TD>
<TD colspan=3 class="tr46 td68"><P class="p40 ft54"><SPAN class="ft25">8 kap. </SPAN>Rörelseregler</P></TD>
<TD class="tr46 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr31 td135"><P class="p41 ft54">andra rörelseregler</P></TD>
<TD class="tr31 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p19 ft3">2 §</P>
<P class="p301 ft2">Av bestämmelserna om värde- pappersinstitut i detta kapitel ska bara det som anges i <SPAN class="ft3">1</SPAN>, <SPAN class="ft3">12 </SPAN>och <SPAN class="ft3">21 </SPAN><NOBR><SPAN class="ft3">a–33</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§ tillämpas på utländska företag som driver värdepappers- rörelse i Sverige enligt 4 kap. 1 § första stycket 1.</P>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft83">1 §<SPAN class="ft82">11</SPAN></P>
<P class="p302 ft2">Av bestämmelserna om värde- pappersinstitut i detta kapitel ska bara det som anges i <NOBR><SPAN class="ft3">15</SPAN>–<SPAN class="ft3">20</SPAN>,</NOBR> <SPAN class="ft3">32 </SPAN>och 33 §§ tillämpas på utländska företag som driver värdepappersrörelse i Sverige enligt 4 kap. 1 § första stycket 1.</P>
<P class="p303 ft26">Det som anges i 15 § gäller inte för transaktioner som genomförs mellan deltagarna på en <NOBR>MTF-platt-</NOBR> form enligt de regler som gäller för plattformen eller i förhållandet mellan deltagarna och det värdepap- persinstitut som driver plattformen.</P>
<P class="p304 ft3">2 §</P>
<P class="p305 ft80">Vid försäljning och rådgivning till kunder som avser strukturerade insättningar gäller 1 § första stycket, 8 e, 9 och <NOBR>12–16</NOBR> §§, 6 kap., 9 kap. 1 §, 2 § första stycket samt <NOBR>3–12,</NOBR></P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p306 ft37"><SPAN class="ft43">11 </SPAN>Senaste lydelse av tidigare 2 § 2013:579.</P>
<P class="p307 ft2">58</P>
</DIV>
</DIV>
<DIV id="page_59">
<DIV>
<DIV id="id_1">
<P class="p308 ft51"><NOBR>14–17,</NOBR> <NOBR>20–29,</NOBR> 38, 47 och 49 §§, 23 kap. och 25 kap.</P>
<P class="p309 ft3">8 e §</P>
<P class="p310 ft45">Styrelsen i ett värdepappers- institut ska</P>
<P class="p147 ft3">1. fastställa och övervaka</P>
<P class="p181 ft3"><SPAN class="ft26">a)</SPAN><SPAN class="ft50">genomförandet av arrange- mang för styrning som säkerställer en ansvarsfull ledning av institutet där åtskillnad ska göras mellan funktioner inom organisationen och förebyggande av intresse- konflikter på ett sätt som främjar marknadens integritet och kunder- nas intresse,</SPAN></P>
<P class="p311 ft80"><SPAN class="ft26">b)</SPAN><SPAN class="ft84">institutets organisation när det gäller tillhandahållandet av investeringstjänster och utförandet av investeringsverksamhet,</SPAN></P>
<P class="p169 ft26"><SPAN class="ft3">c)</SPAN><SPAN class="ft78">en policy avseende tjänster, verksamhet och produkter som institutet erbjuder eller tillhanda- håller i enlighet med institutets risktolerans och egenskaperna och behoven hos institutets kunder, och</SPAN></P>
<P class="p181 ft3"><SPAN class="ft26">d)</SPAN><SPAN class="ft50">en policy för ersättning till personer som deltar i tillhanda- hållandet av tjänster till kunder, vilken ska syfta till att främja ansvarsfulla affärsmetoder och en rättvis behandling av kunder och till att undvika intressekonflikter i förbindelserna med kunderna, och</SPAN></P>
<P class="p312 ft3">2. övervaka och regelbundet</P>
<P class="p169 ft26"><SPAN class="ft26">a)</SPAN><SPAN class="ft85">bedöma lämpligheten hos och genomförandet av institutens stra- tegiska mål i tillhandahållandet av investeringstjänster och utförandet av investeringsverksamhet och sidotjänster,</SPAN></P>
<P class="p313 ft45"><SPAN class="ft26">b)</SPAN><SPAN class="ft56">bedöma effektiviteten i insti- tutets styrningsformer,</SPAN></P>
<P class="p169 ft45"><SPAN class="ft3">c)</SPAN><SPAN class="ft46">bedöma lämpligheten hos de strategier som avser tillhandahåll-</SPAN></P>
<P class="p314 ft3">andet av tjänster till kunder, och d) vidta lämpliga åtgärder för</P>
<P class="p315 ft3">att rätta till eventuella brister. Styrelsen ska ha tillgång till den</P>
<P class="p316 ft51">information som krävs för att ha uppsikt över och övervaka verk-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">59</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_60">
<DIV id="tx1"><SPAN class="ft53">Intressekonflikter</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft3">12 §</SPAN></DIV>
<DIV id="tx3"><SPAN class="ft26">Ett värdepappersinstitut ska fast- ställa och tillämpa effektiva organi- satoriska och administrativa för- faranden så att alla rimliga åtgärder vidtas för att förhindra att kunder- nas intressen påverkas negativt av intressekonflikter.</SPAN></DIV>
<DIV id="tx4"><SPAN class="ft53">Produktstyrning</SPAN></DIV>
<DIV id="tx5"><SPAN class="ft3">13 §</SPAN></DIV>
<DIV id="tx6"><SPAN class="ft26">Ett värdepappersinstitut som pro- ducerar finansiella instrument för försäljning till kunder ska fastställa, tillämpa och se över en process för godkännande av varje finansiellt instrument och varje betydande för- ändring av existerande instrument innan de marknadsförs eller distri- bueras till kunder (produktgod- kännande). Processen för produkt- godkännande ska specificera en fastställd målgrupp av slutkunder för ett finansiellt instrument och säkerställa att alla relevanta risker för målgruppen bedöms och att den avsedda distributionsstrategin är förenlig med målgruppen.</SPAN></DIV>
<DIV id="tx7"><SPAN class="ft86">Värdepappersinstitutet ska regel- bundet se över de finansiella instru-</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td263"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td255"><P class="p59 ft3">ställande</P></TD>
<TD colspan=4 class="tr24 td232"><P class="p20 ft3">direktörens beslutsfatt-</P></TD>
</TR>
<TR>
<TD class="tr31 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p59 ft3">ande.</P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td263"><P class="p23 ft7"> </P></TD>
<TD colspan=2 rowspan=2 class="tr56 td263"><P class="p50 ft27">värdepappersinstitut <SPAN class="ft26">skall</SPAN></P></TD>
<TD colspan=2 class="tr47 td80"><P class="p201 ft2">10 §</P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td208"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr56 td17"><P class="p23 ft3">ska</P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td263"><P class="p81 ft2">Ett</P></TD>
<TD class="tr25 td124"><P class="p53 ft2">ha</P></TD>
<TD class="tr25 td25"><P class="p39 ft2">Ett</P></TD>
<TD colspan=3 class="tr25 td105"><P class="p59 ft2">värdepappersinstitut</P></TD>
<TD class="tr25 td71"><P class="p20 ft2">ha</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td264"><P class="p41 ft2">tillräckliga system, resurser</P></TD>
<TD class="tr26 td124"><P class="p53 ft27">och</P></TD>
<TD colspan=2 class="tr26 td255"><P class="p23 ft2">tillräckliga</P></TD>
<TD colspan=3 class="tr26 td158"><P class="p57 ft2">system, resurser</P></TD>
<TD class="tr26 td71"><P class="p20 ft27">och</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td265"><P class="p41 ft2">rutiner för att institutet <SPAN class="ft3">skall </SPAN>kunna</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft2">rutiner för att institutet <SPAN class="ft3">ska </SPAN>kunna</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td266"><P class="p41 ft27">tillhandahålla</P></TD>
<TD colspan=2 class="tr25 td195"><P class="p53 ft2">investeringstjänster</P></TD>
<TD colspan=3 class="tr25 td78"><P class="p23 ft27">tillhandahålla</P></TD>
<TD colspan=3 class="tr25 td14"><P class="p20 ft2">investeringstjänster</P></TD>
</TR>
<TR>
<TD class="tr26 td263"><P class="p41 ft2">och</P></TD>
<TD class="tr26 td139"><P class="p23 ft2">utföra</P></TD>
<TD colspan=2 class="tr26 td195"><P class="p53 ft27">investeringsverksamhet</P></TD>
<TD colspan=2 class="tr26 td255"><P class="p23 ft2">och utföra</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td14"><P class="p20 ft27">investeringsverksamhet</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td264"><P class="p41 ft2">kontinuerligt och regelbundet.</P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td86"><P class="p23 ft2">kontinuerligt och regelbundet.</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p39 ft3">Ett</P></TD>
<TD colspan=3 class="tr25 td105"><P class="p23 ft3">värdepappersinstitut</P></TD>
<TD class="tr25 td17"><P class="p23 ft3">ska</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">ha</P></TD>
</TR>
<TR>
<TD class="tr26 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft3">sunda</P></TD>
<TD colspan=3 class="tr26 td105"><P class="p50 ft3">skyddsmekanismer</P></TD>
<TD class="tr26 td17"><P class="p23 ft3">för</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">att</P></TD>
</TR>
<TR>
<TD class="tr26 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">säkerställa skyddet och autentise-</P></TD>
</TR>
<TR>
<TD class="tr25 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft3">ringen</P></TD>
<TD colspan=2 class="tr25 td163"><P class="p44 ft3">vid</P></TD>
<TD colspan=3 class="tr25 td14"><P class="p20 ft26">informationsöverföring</P></TD>
</TR>
<TR>
<TD class="tr26 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">och för att minimera risken för data-</P></TD>
</TR>
<TR>
<TD class="tr26 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">förvanskning och obehörig åtkomst</P></TD>
</TR>
<TR>
<TD class="tr31 td263"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td172"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td267"><P class="p23 ft3">till informationen.</P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p317 ft2">60</P>
</DIV>
<DIV id="page_61">
<P class="p318 ft45">ment som institutet erbjuder eller <SPAN class="ft4">Prop. 2016/17:162 </SPAN>marknadsför, med beaktande av alla</P>
<P class="p319 ft26">händelser som väsentligt skulle kunna påverka den potentiella risken för den fastställda målgrupp- en, för att bedöma om produkten fortfarande är förenlig med behoven hos den fastställda målgruppen och om den avsedda distributions- strategin fortfarande är lämplig<SPAN class="ft27">.</SPAN></P>
<P class="p320 ft3">14 §</P>
<P class="p321 ft26">Om ett värdepappersinstitut som producerar finansiella instrument anlitar någon annan för att distri- buera dessa, ska institutet förse denne med all lämplig information om instrumenten och processen för produktgodkännande, inbegripet den fastställda målgruppen för dem.</P>
<P class="p322 ft3">Om ett värdepappersinstitut er- bjuder eller rekommenderar finan- siella instrument som det inte själv producerar, ska institutet ha ade- kvata arrangemang för att få sådan information som avses i första stycket och för att förstå egenskap- erna hos instrumenten och den fastställda målgruppen för dem.</P>
<P class="p323 ft53">Kompetenskrav</P>
<P class="p324 ft3">15 §</P>
<P class="p325 ft26">Ett värdepappersinstitut ska säker- ställa och, på begäran av Finans- inspektionen, kunna visa att de personer som lämnar investerings- rådgivning eller information om finansiella instrument, investerings- tjänster eller sidotjänster har den kunskap och kompetens som krävs för att institutet ska uppfylla sina skyldigheter enligt denna lag.</P>
<TABLE cellpadding=0 cellspacing=0 class="t67">
<TR>
<TD class="tr2 td30"><P class="p23 ft3">12 §</P></TD>
<TD class="tr2 td118"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr57 td163"><P class="p99 ft26">skall</P></TD>
<TD class="tr2 td167"><P class="p44 ft3">16 §</P></TD>
<TD class="tr2 td37"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr57 td175"><P class="p134 ft3">ska</P></TD>
<TD class="tr2 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td268"><P class="p39 ft2">Ett värdepappersinstitut</P></TD>
<TD colspan=2 class="tr26 td79"><P class="p21 ft2">Ett värdepappersinstitut</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td30"><P class="p23 ft2">dokumentera</P></TD>
<TD colspan=2 class="tr25 td61"><P class="p99 ft2">samtliga investe-</P></TD>
<TD class="tr25 td167"><P class="p44 ft2">dokumentera</P></TD>
<TD colspan=2 class="tr25 td267"><P class="p134 ft3">all investerings-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft2">ringstjänster,</P></TD>
<TD class="tr26 td118"><P class="p1 ft2">sidotjänster</P></TD>
<TD class="tr26 td163"><P class="p99 ft2">och</P></TD>
<TD colspan=3 class="tr26 td269"><P class="p44 ft2"><SPAN class="ft3">verksamhet och </SPAN>samtliga investe-</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">transaktioner som det har genom-</P></TD>
<TD class="tr26 td167"><P class="p44 ft2">ringstjänster,</P></TD>
<TD class="tr26 td37"><P class="p59 ft2">sidotjänster</P></TD>
<TD class="tr26 td175"><P class="p134 ft2">och</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft2">fört. Dokumentationen <SPAN class="ft3">skall ske på</SPAN></P></TD>
<TD colspan=3 class="tr25 td269"><P class="p44 ft2">transaktioner som det har genom-</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td30"><P class="p23 ft3">ett sådant sätt</P></TD>
<TD colspan=2 class="tr27 td61"><P class="p99 ft2">att Finansinspek-</P></TD>
<TD colspan=2 class="tr27 td79"><P class="p44 ft2">fört. Dokumentationen <SPAN class="ft3">ska</SPAN></P></TD>
<TD class="tr27 td175"><P class="p134 ft26">göras</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">61</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_62">
<DIV>
<DIV id="id_1">
<P class="p326 ft4">Prop. 2016/17:162 tionen har möjlighet att övervaka att institutet har iakttagit kraven i denna lag och <SPAN class="ft45">genomförande- förordningen </SPAN>samt i föreskrifter som har meddelats med stöd av lagen.</P>
<P class="p327 ft2">62</P>
</DIV>
<DIV id="id_2">
<P class="p328 ft2"><SPAN class="ft3">så </SPAN>att Finansinspektionen har möjlighet att övervaka att institutet har iakttagit kraven i denna lag och <SPAN class="ft3">förordningen om marknader för finansiella instrument </SPAN>samt i föreskrifter som har meddelats med stöd av lagen.</P>
<P class="p329 ft45">Dokumentationen ska också göras så att Finansinspektionen har möjlighet att övervaka att marknadsmissbruksförordningen följs.</P>
<P class="p330 ft3">17 §</P>
<P class="p331 ft45">Dokumentationen enligt 16 § ska inbegripa</P>
<P class="p239 ft26"><SPAN class="ft3">1.</SPAN><SPAN class="ft78">inspelning av telefonsamtal eller bevarande av elektronisk kommunikation som avser transak- tioner som genomförts vid handel för egen räkning och tillhandahållande av tjänster som rör mottagande, vidarebefordran och utförande av order på kunders uppdrag, och</SPAN></P>
<P class="p332 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">telefonsamtal och elektronisk kommunikation som avses leda till att en sådan transaktion genomförs eller att en sådan investerings- tjänst tillhandahålls.</SPAN></P>
<P class="p303 ft26">För att uppfylla kraven i första stycket ska värdepappersinstitutet vidta alla rimliga åtgärder för att spela in alla telefonsamtal och be- vara all elektronisk kommunikation som görs, sänds eller tas emot med utrustning som institutet tillhanda- håller en anställd eller underleve- rantör eller som institutet accepterar eller tillåter att en anställd eller underleverantör använder.</P>
<P class="p333 ft3">18 §</P>
<P class="p334 ft3">Ett värdepappersinstitut ska in- formera sina kunder om att tele- fonsamtal eller elektronisk kommu- nikation mellan institutet och kunder som leder eller kan leda till transak- tioner kommer att spelas in eller bevaras. Informationen ska lämnas innan några investeringstjänster tillhandahålls.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_63">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">13 §</P>
<P class="p335 ft2">Ett värdepappersinstitut som har tillstånd att driva en handelsplatt- form eller som på annat sätt orga- niserar handel i finansiella instru- ment enligt 2 kap. 1 § 1 <SPAN class="ft3">skall </SPAN>över- vaka handeln och kursbildningen <SPAN class="ft3">och </SPAN>se till att handeln sker i över- ensstämmelse med institutets regler, denna lag, andra författ- ningar och god sed på värdepap- persmarknaden.</P>
</DIV>
<DIV id="id_2">
<P class="p169 ft26">Värdepappersinstitutet får inte per telefon eller via elektronisk kommu- nikation tillhandahålla investerings- tjänsterna mottagande och vidare- befordran av order eller utförande av order till kunder som inte har informerats enligt första stycket.</P>
<P class="p170 ft26">Värdepappersinstitutet ska vidta alla rimliga åtgärder för att för- hindra att en anställd eller under- leverantör genomför telefonsamtal eller elektronisk kommunikation som ska spelas in eller bevaras enligt 17 § med utrustning som inte tillhör institutet och som gör att institutet inte kan dokumentera eller kopiera telefonsamtalet eller den elektron- iska kommunikationen.</P>
<P class="p165 ft3">19 §</P>
<P class="p336 ft3">Om ett värdepappersinstitut tar emot en order från en kund på annat sätt än per telefon, ska institutet dokumentera ordern på ett varaktigt medium.</P>
<P class="p304 ft3">20 §</P>
<P class="p337 ft3">Ett värdepappersinstitut ska spara dokumentation enligt 17 och 19 §§ i minst fem år eller den längre tid, upp till sju år, som anges i föreskrifter som har meddelats med stöd av lagen.</P>
<P class="p338 ft45">Värdepappersinstitutet ska på begäran tillhandahålla berörda kunder dokumentationen.</P>
<P class="p288 ft3">21 §</P>
<P class="p339 ft2">Ett värdepappersinstitut som har tillstånd att driva en handelsplatt- form eller som på annat sätt orga- niserar handel i finansiella instru- ment enligt 2 kap. 1 § 1 <SPAN class="ft3">ska</SPAN></P>
<P class="p339 ft4"><SPAN class="ft3">1.</SPAN><SPAN class="ft71">övervaka handeln och kurs- bildningen</SPAN><SPAN class="ft45">,</SPAN></P>
<P class="p340 ft2"><SPAN class="ft3">2.</SPAN><SPAN class="ft72">se till att handeln sker i över- ensstämmelse med institutets regler, denna lag, andra författ- ningar och god sed på värdepap- persmarknaden</SPAN><SPAN class="ft3">, och</SPAN></P>
<P class="p341 ft3"><SPAN class="ft3">3.</SPAN><SPAN class="ft50">kunna upptäcka system-</SPAN></P>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">63</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_64">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td270"><P class="p342 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td256"><P class="p343 ft3">avbrott<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr24 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p344 ft3">Värdepappersinstutet ska på be-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td212"><P class="p343 ft3">gäran</P></TD>
<TD colspan=5 class="tr26 td188"><P class="p94 ft3">av Finansinspektionen</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">ge</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft3">inspektionen åtkomst till sitt sy-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p343 ft26">stem för övervakningen av handeln</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td230"><P class="p343 ft3">och kursbildningen.</P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p344 ft3">Värdepappersinstitutet ska ome-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td256"><P class="p343 ft3">delbart</P></TD>
<TD colspan=3 class="tr25 td147"><P class="p184 ft26">underrätta</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft26">Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p343 ft3">tionen om</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td180"><P class="p344 ft3">1. betydande</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p56 ft26">överträdelser</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">av</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td180"><P class="p343 ft26">handelsreglerna,</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td180"><P class="p344 ft3">2. otillbörliga</P></TD>
<TD colspan=3 class="tr26 td237"><P class="p20 ft3">marknadsförhåll-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td212"><P class="p343 ft3">anden,</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p344 ft3">3. beteenden som kan tyda på</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p343 ft3">överträdelser</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p20 ft3">av marknadsmiss-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td236"><P class="p343 ft3">bruksförordningen, och</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td230"><P class="p344 ft3">4. systemavbrott.</P></TD>
<TD class="tr31 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr44 td230"><P class="p345 ft54">Algoritmisk handel</P></TD>
<TD class="tr44 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr44 td130"><P class="p345 ft55">Allmänna krav</P></TD>
<TD class="tr44 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td212"><P class="p345 ft3">23 §</P></TD>
<TD class="tr44 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p346 ft3">Ett värdepappersinstitut som be-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">driver algoritmisk handel ska ha</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td256"><P class="p345 ft3">effektiva</P></TD>
<TD colspan=2 class="tr25 td55"><P class="p1 ft3">system</P></TD>
<TD class="tr25 td17"><P class="p22 ft26">och</P></TD>
<TD colspan=2 class="tr25 td103"><P class="p20 ft26">riskkontroller</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">som är anpassade för den verk-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">samheten. Systemen och kontroller-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft3">na ska säkerställa att institutets</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p345 ft3">handelssystem</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p20 ft26">är motståndskraftiga</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">och har tillräcklig kapacitet, att de</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft26">omfattas av lämpliga handelströsk-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">lar och handelslimiter och att de</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">förhindrar att felaktiga order skickas</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft3">eller att systemet på annat sätt</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">fungerar så att det kan skapa eller</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td236"><P class="p345 ft3">bidra till en oordnad marknad.</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p346 ft26">Värdepappersinstitutet ska också</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">ha effektiva system och åtgärder för</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">riskkontroll för att säkerställa att</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft26">handelssystemen inte kan användas</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">för något ändamål som strider mot</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td236"><P class="p345 ft26">marknadsmissbruksförordningen</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft3">eller mot reglerna på en handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">plats till vilken institutet är anslutet.</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p346 ft26">Värdepappersinstitutet ska ha in-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td212"><P class="p345 ft3">rättat</P></TD>
<TD colspan=3 class="tr25 td85"><P class="p23 ft3">effektiva</P></TD>
<TD colspan=2 class="tr25 td118"><P class="p56 ft26">arrangemang</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td180"><P class="p345 ft26">kontinuerlig drift</P></TD>
<TD class="tr26 td17"><P class="p22 ft3">av</P></TD>
<TD colspan=2 class="tr26 td103"><P class="p20 ft3">verksamheten</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">för att hantera driftavbrott i sina</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td236"><P class="p345 ft3">handelssystem och ska se till</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">att</P></TD>
</TR>
<TR>
<TD class="tr27 td270"><P class="p347 ft2">64</P></TD>
<TD colspan=2 class="tr27 td256"><P class="p345 ft3">systemen</P></TD>
<TD class="tr27 td129"><P class="p40 ft3">är</P></TD>
<TD colspan=2 class="tr27 td163"><P class="p56 ft3">fullt</P></TD>
<TD class="tr27 td189"><P class="p53 ft3">testade</P></TD>
<TD class="tr27 td71"><P class="p20 ft26">och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_65">
<DIV>
<DIV id="id_1">
<P class="p163 ft45">lämpligt övervakade för att säker- ställa att de uppfyller kraven i första och andra styckena.</P>
<P class="p169 ft80">Värdepappersinstitutet ska doku- mentera de åtgärder som det har vidtagit enligt <NOBR>första–tredje</NOBR> styckena så att Finansinspektionen har möjlighet att övervaka att institutet har följt denna lag.</P>
<P class="p309 ft3">24 §</P>
<P class="p348 ft26">Ett värdepappersinstitut som be- driver algoritmisk handel ska an- mäla detta till Finansinspektionen och till den behöriga myndighet som utövar tillsyn över handelsplatsen.</P>
<P class="p349 ft52">Särskilda krav vid högfrekvenshandel</P>
<P class="p167 ft3">25 §</P>
<P class="p311 ft26">Ett värdepappersinstitut som tillämpar en teknik för algoritmisk högfrekvenshandel ska bevara korrekta och kronologiska uppgifter om alla sina lagda order, utförda order och bud på handelsplatser. Institutet ska på begäran av Finansinspektionen göra uppgifterna tillgängliga för inspektionen.</P>
<P class="p350 ft87">Särskilda krav vid marknadsgarantstrategi</P>
<P class="p330 ft3">26 §</P>
<P class="p311 ft26">För ett värdepappersinstitut som handlar för egen räkning som del- tagare på en eller flera handels- platser och har en strategi som om- fattar att lämna fasta, samtidiga köp- och säljbud av jämförbar storlek till konkurrenskraftiga priser avseende ett eller flera finansiella instrument på en enda handelsplats eller olika handelsplatser så att likviditet regel- bundet och löpande tillhandahålls den totala marknaden (marknads- garantstrategi) gäller 27 §.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">65</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_66">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td272"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td195"><P class="p343 ft3">27 §</P></TD>
<TD class="tr24 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p344 ft3">Ett värdepappersinstitut som be-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft26">driver algoritmisk handel som ett led</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td274"><P class="p343 ft26">i en marknadsgarantstrategi ska</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td258"><P class="p344 ft3">1. utföra</P></TD>
<TD colspan=2 class="tr25 td25"><P class="p73 ft3">denna</P></TD>
<TD colspan=4 class="tr25 td84"><P class="p20 ft26">marknadsgarant-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft3">strategi kontinuerligt under en be-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td154"><P class="p343 ft3">stämd</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p59 ft3">andel av</P></TD>
<TD colspan=4 class="tr26 td84"><P class="p20 ft3">handelsplatsens</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p343 ft26">handelstider, utom under exception-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft26">ella omständigheter, så att handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td154"><P class="p343 ft3">platsen</P></TD>
<TD colspan=4 class="tr26 td22"><P class="p185 ft26">tillhandahålls</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p44 ft26">likviditet</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">på</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td195"><P class="p343 ft3">ett</P></TD>
<TD colspan=4 class="tr25 td168"><P class="p23 ft3">regelbundet</P></TD>
<TD class="tr25 td148"><P class="p23 ft3">och</P></TD>
<TD colspan=3 class="tr25 td57"><P class="p20 ft3">förutsägbart</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td195"><P class="p343 ft3">sätt,</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p344 ft26">2. ingå ett bindande skriftligt avtal</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p343 ft26">med den som driver handelsplatsen</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td195"><P class="p343 ft3">som</P></TD>
<TD colspan=4 class="tr26 td168"><P class="p44 ft3">åtminstone</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p1 ft3">anger</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p20 ft3">institutets</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td269"><P class="p343 ft26">skyldigheter enligt 1, och</P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p344 ft3">3. ha infört effektiva system och</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft26">kontroller som säkerställer att insti-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft3">tutet alltid uppfyller sina skyldig-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p343 ft26">heter enligt det avtal som avses i 2.</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p344 ft26">Kraven i första stycket gäller med</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft3">beaktande av likviditeten, omfatt-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p343 ft3">ningen och arten på den specifika</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p343 ft3">marknaden och särdragen hos de</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td258"><P class="p343 ft3">finansiella</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p23 ft26">instrument</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p20 ft3">som handlas</P></TD>
</TR>
<TR>
<TD class="tr31 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td261"><P class="p343 ft3">på marknaden.</P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr44 td274"><P class="p345 ft54">Direkt elektroniskt tillträde</P></TD>
<TD class="tr44 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td195"><P class="p345 ft3">28 §</P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p346 ft26">Ett värdepappersinstitut som till-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p345 ft26">handahåller direkt elektroniskt till-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p345 ft26">träde till en handelsplats ska ha in-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p345 ft26">rättat effektiva system och kontroller</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td135"><P class="p345 ft3">som säkerställer att</P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td261"><P class="p346 ft3">1. lämpligheten</P></TD>
<TD class="tr26 td148"><P class="p73 ft26">hos</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p44 ft3">kunder</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td258"><P class="p345 ft3">använder</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p73 ft3">tjänsten</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p23 ft3">bedöms</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td269"><P class="p345 ft26">granskas på lämpligt sätt,</P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td258"><P class="p346 ft26">2. kunder</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td110"><P class="p20 ft3">som använder tjänsten</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p345 ft3">förhindras att överskrida förin-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td271"><P class="p345 ft26">ställda handels- och kredittrösklar,</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p346 ft3">3. handel som bedrivs av kunder</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td271"><P class="p345 ft26">som använder tjänsten övervakas på</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td261"><P class="p345 ft3">lämpligt sätt, och</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td244"><P class="p346 ft3">4. lämplig</P></TD>
<TD colspan=3 class="tr26 td78"><P class="p70 ft3">riskkontroll</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p20 ft26">förhindrar</P></TD>
</TR>
<TR>
<TD class="tr30 td272"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td154"><P class="p345 ft35">handel</P></TD>
<TD colspan=2 class="tr30 td13"><P class="p23 ft35">som</P></TD>
<TD class="tr30 td88"><P class="p75 ft74">kan</P></TD>
<TD colspan=2 class="tr30 td116"><P class="p73 ft35">skapa</P></TD>
<TD class="tr30 td124"><P class="p59 ft35">risker</P></TD>
<TD class="tr30 td17"><P class="p20 ft35">för</P></TD>
</TR>
</TABLE>
<P class="p351 ft45">institutet självt eller som skulle kunna skapa eller bidra till en oordnad marknad eller stå i strid</P>
<P class="p352 ft2">66</P>
</DIV>
<DIV id="page_67">
<P class="p186 ft45">med marknadsmissbruksförord <SPAN class="ft4">Prop. 2016/17:162 </SPAN>ningen eller de regler som gäller för</P>
<P class="p353 ft3">handelsplatsen.</P>
<P class="p354 ft3">29 §</P>
<P class="p264 ft3">Ett värdepappersinstitut som till- handahåller direkt elektroniskt till- träde ska se till att kunder som an- vänder tjänsten uppfyller kraven i denna lag och följer handelsplatsens regler.</P>
<P class="p284 ft3">Värdepappersinstitutet ska över- vaka transaktionerna för att kunna upptäcka överträdelser av denna lag, otillbörliga marknadsförhåll- anden eller ageranden som kan innebära marknadsmissbruk och som ska rapporteras till Finans- inspektionen.</P>
<P class="p355 ft26">Värdepappersinstitutet ska säker- ställa att det finns ett bindande skriftligt avtal mellan institutet och kunden om de huvudsakliga rättig- heter och skyldigheter som följer av tillhandahållandet av tjänsten och att institutet enligt avtalet förblir ansvarigt enligt denna lag.</P>
<P class="p356 ft3">30 §</P>
<P class="p357 ft45">Ett värdepappersinstitut som till- handahåller direkt elektroniskt till- träde ska anmäla detta till Finans- inspektionen och till den behöriga myndighet som utövar tillsyn över handelsplatsen.</P>
<P class="p358 ft3">31 §</P>
<P class="p359 ft80">Ett värdepappersinstitut som till- handahåller direkt elektroniskt till- träde ska dokumentera de åtgärder som det har vidtagit för att uppfylla kraven i 28 och 29 §§ så att Finans- inspektionen har möjlighet att över- vaka att institutet har följt denna lag.</P>
<P class="p360 ft2">67</P>
</DIV>
<DIV id="page_68">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr2 td275"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr2 td276"><P class="p345 ft54">Underrättelseskyldighet för</P></TD>
</TR>
<TR>
<TD class="tr31 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td276"><P class="p345 ft54">systematiska internhandlare</P></TD>
</TR>
<TR>
<TD class="tr47 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td276"><P class="p345 ft3">32 §</P></TD>
</TR>
<TR>
<TD class="tr25 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td276"><P class="p361 ft3">Om ett värdepappersinstitut är</P></TD>
</TR>
<TR>
<TD class="tr26 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td276"><P class="p345 ft26">systematisk internhandlare, ska det</P></TD>
</TR>
<TR>
<TD class="tr26 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td276"><P class="p345 ft26">underrätta Finansinspektionen om</P></TD>
</TR>
<TR>
<TD class="tr31 td275"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td276"><P class="p345 ft3">detta.</P></TD>
</TR>
</TABLE>
<P class="p362 ft54">Information om kvalitet på utförande av transaktioner</P>
<P class="p363 ft3">33 §</P>
<P class="p364 ft3">Ett värdepappersinstitut som är systematisk internhandlare, mark- nadsgarant eller annan tillhanda- hållare av likviditet ska offentlig- göra information om kvaliteten på sitt utförande av transaktioner.</P>
<P class="p365 ft45">Informationen ska offentliggöras minst en gång per år och tillhanda- hållas avgiftsfritt.</P>
<P class="p366 ft54">Clearingmedlem för andra personer</P>
<P class="p363 ft3">34 §</P>
<P class="p364 ft3">Ett värdepappersinstitut som är clearingmedlem för andra per- soner ska ha inrättat effektiva system och kontroller för att säkerställa att avvecklingstjänster tillämpas enbart på personer som är lämpliga och uppfyller tydliga kriterier och att lämpliga krav ställs på dessa personer för att minska riskerna för institutet och för marknaden.</P>
<P class="p367 ft45">Värdepappersinstitutet ska säker- ställa att det finns ett bindande skriftligt avtal mellan institutet och personen om de huvudsakliga rättigheter och skyldigheter som följer av tillhandahållandet av tjänsten.</P>
<P class="p368 ft2">68</P>
</DIV>
<DIV id="page_69">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p19 ft3">42 §</P>
<P class="p213 ft4">Regeringen eller den myndighet dela föreskrifter om</P>
<P class="p157 ft3">1. vad ett värdepappersinstitut ska iaktta för att uppfylla skyldigheterna i 1 §,</P>
<P class="p157 ft2"><SPAN class="ft3">2</SPAN>. vilka åtgärder <SPAN class="ft3">som </SPAN>ett värde- pappersbolag ska vidta för att upp- fylla de krav på soliditet och likviditet, riskhantering och gen- omlysning samt riktlinjer och instruktioner som avses i <NOBR>3–8</NOBR> §§,</P>
<P class="p159 ft2"><SPAN class="ft3">3</SPAN>. värdepappersbolags mång- faldspolicy vid tillsättandet av styrelse samt resurser för intro- duktion och utbildning av styrelse- ledamöter,</P>
<P class="p159 ft4"><SPAN class="ft45">4</SPAN>. de riktlinjer, regler och rutiner ett värdepappersinstitut ska upprätta och tillämpa enligt 9 §,</P>
<P class="p157 ft2"><SPAN class="ft3">5</SPAN>. vilka system, resurser och rutiner ett värdepappersinstitut ska ha enligt 10 §,</P>
<P class="p157 ft2"><SPAN class="ft3">6</SPAN>. vad ett värdepappersinstitut ska iaktta för att uppfylla skyldigheterna i 11 §,</P>
<P class="p369 ft3">7<SPAN class="ft2">. </SPAN>dokumentation enligt 12 §<SPAN class="ft2">,</SPAN></P>
<P class="p370 ft51">8<SPAN class="ft42">. </SPAN>övervakning av handeln och kursbildningen enligt 13 §<SPAN class="ft42">,</SPAN></P>
<P class="p371 ft45">9<SPAN class="ft4">. </SPAN>vad ett värdepappersinstitut ska iaktta och vilka krav som institutet ska uppfylla vid uppdragsavtal enligt 14 §<SPAN class="ft4">,</SPAN></P>
<P class="p372 ft45">10<SPAN class="ft4">. </SPAN>vad ett värdepappersinstitut ska iaktta när det delar in sina kunder i kategorier enligt 15 §<SPAN class="ft4">,</SPAN></P>
</DIV>
<DIV id="id_1_2">
<TABLE cellpadding=0 cellspacing=0 class="t68">
<TR>
<TD class="tr42 td277"><P class="p373 ft3">35 §<SPAN class="ft24">12</SPAN></P></TD>
<TD class="tr42 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr27 td277"><P class="p97 ft2">som regeringen bestämmer får med-</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p374 ft2"><SPAN class="ft3">1</SPAN>. vilka åtgärder ett värde- pappersbolag ska vidta för att upp- fylla de krav på soliditet och likviditet, riskhantering och genomlysning samt riktlinjer och instruktioner som avses i <NOBR>3–8</NOBR> §§,</P>
<P class="p375 ft2"><SPAN class="ft3">2</SPAN>. värdepappersbolags mång- faldspolicy vid tillsättandet av styrelse samt resurser för intro- duktion och utbildning av styrelse- ledamöter,</P>
<P class="p375 ft4"><SPAN class="ft45">3</SPAN>. de riktlinjer, regler och rutiner ett värdepappersinstitut ska upprätta och tillämpa enligt 9 §,</P>
<P class="p376 ft2"><SPAN class="ft3">4</SPAN>. vilka system, resurser och rutiner ett värdepappersinstitut ska ha enligt 10 §,</P>
<P class="p376 ft2"><SPAN class="ft3">5</SPAN>. vad ett värdepappersinstitut ska iaktta för att uppfylla skyldigheterna i 11 §,</P>
<P class="p376 ft3">6<SPAN class="ft2">. </SPAN>de processer för produkt- godkännande och översyn ett värdepappersinstitut ska ha enligt 13 §<SPAN class="ft2">,</SPAN></P>
<P class="p377 ft45">7<SPAN class="ft4">. </SPAN>den information ett värde- pappersinstitut ska lämna enligt 14 § första stycket<SPAN class="ft4">,</SPAN></P>
<P class="p376 ft3">8<SPAN class="ft2">. </SPAN>de arrangemang ett värde- pappersinstitut ska ha för att få information och för att förstå egenskaperna hos finansiella instrument och den fastställda målgruppen för instrumenten enligt 14 § andra stycket<SPAN class="ft2">,</SPAN></P>
<P class="p378 ft45">9<SPAN class="ft4">. </SPAN>de arrangemang ett värdepap- persinstitut som distribuerar finan- siella instrument ska ha för urvalet av finansiella instrument och tjänster som erbjuds eller rekom- menderas till kunder<SPAN class="ft4">,</SPAN></P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p12 ft37"><SPAN class="ft43">12 </SPAN>Senaste lydelse av tidigare 42 § 2014:985.</P>
<P class="p13 ft2">69</P>
</DIV>
</DIV>
<DIV id="page_70">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td61"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=7 class="tr24 td234"><P class="p21 ft26">11<SPAN class="ft27">. </SPAN>hantering av intressekonflikter</P></TD>
<TD colspan=2 class="tr24 td242"><P class="p20 ft3">10<SPAN class="ft2">. </SPAN>kraven för bedömning av</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td75"><P class="p57 ft26">enligt 21 §<SPAN class="ft27">,</SPAN></P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td79"><P class="p44 ft3">kunskap och kompetens</P></TD>
<TD class="tr25 td88"><P class="p20 ft26">enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p44 ft3">15 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p21 ft3">12<SPAN class="ft2">. </SPAN>vilken information ett värde-</P></TD>
<TD class="tr26 td79"><P class="p28 ft3">11<SPAN class="ft2">. </SPAN>dokumentation enligt</P></TD>
<TD class="tr26 td88"><P class="p20 ft3">16 §</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">pappersinstitut ska lämna till sina</P></TD>
<TD colspan=2 class="tr25 td242"><P class="p44 ft3">och hur lång tid dokumentation</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td205"><P class="p57 ft3">kunder enligt 22 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p44 ft3">ska sparas enligt 20 §<SPAN class="ft2">, </SPAN>och</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p21 ft3">13<SPAN class="ft2">. </SPAN>på vilket sätt information en-</P></TD>
<TD colspan=2 class="tr26 td242"><P class="p20 ft3">12<SPAN class="ft2">. </SPAN>övervakning av handeln och</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft26">ligt 22 b § ska lämnas till kunderna,</P></TD>
<TD class="tr25 td79"><P class="p44 ft3">kursbildningen enligt 21 §.</P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p21 ft3">14. vad</P></TD>
<TD class="tr26 td35"><P class="p23 ft3">ett</P></TD>
<TD colspan=5 class="tr26 td111"><P class="p184 ft26">värdepappersinstitut</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p57 ft3">ska iaktta vid inhämtande av upp-</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">gifter från sina kunder enligt 23 och</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p57 ft3">24 §§,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p21 ft3">15. vad</P></TD>
<TD class="tr26 td35"><P class="p23 ft3">ett</P></TD>
<TD colspan=5 class="tr26 td111"><P class="p184 ft26">värdepappersinstitut</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">ska iaktta vid en prövning enligt 23</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p57 ft3">och 24 §§,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p21 ft3">16. vilka</P></TD>
<TD colspan=6 class="tr26 td278"><P class="p184 ft3">finansiella instrument</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">som ska anses vara okomplicerade</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td279"><P class="p57 ft26">enligt 25 § första stycket 1 e,</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td205"><P class="p21 ft26">17. dokumentation</P></TD>
<TD class="tr26 td25"><P class="p57 ft3">och</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p184 ft3">rappor-</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">tering till kund enligt 26 och 27 §§,</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p21 ft3">18. vad</P></TD>
<TD class="tr26 td35"><P class="p23 ft3">ett</P></TD>
<TD colspan=5 class="tr26 td111"><P class="p184 ft26">värdepappersinstitut</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p57 ft3">ska iaktta för att uppfylla kraven på</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">att uppnå bästa möjliga resultat</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p57 ft26">enligt 28 §,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td159"><P class="p21 ft3">19. riktlinjer</P></TD>
<TD class="tr26 td127"><P class="p82 ft3">för</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p70 ft3">utförande</P></TD>
<TD class="tr26 td95"><P class="p184 ft3">av</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td205"><P class="p57 ft3">order enligt 29 §,</P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td159"><P class="p21 ft26">20. hantering</P></TD>
<TD class="tr26 td127"><P class="p82 ft3">av</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p23 ft3">kunders</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p184 ft26">order</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p57 ft26">enligt 33 §,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td159"><P class="p21 ft26">21. hantering</P></TD>
<TD class="tr25 td127"><P class="p109 ft26">av</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p59 ft3">finansiella</P></TD>
<TD class="tr25 td95"><P class="p184 ft3">in-</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td205"><P class="p57 ft26">strument enligt 34 §,</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td159"><P class="p21 ft26">22. hantering</P></TD>
<TD class="tr26 td127"><P class="p74 ft3">av</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p50 ft3">medel</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p184 ft26">enligt</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td75"><P class="p57 ft3">35 §,</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p21 ft26">23. mottagande av medel på konto</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p57 ft26">samt bolagets eller företagets system</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">för hantering av vissa uppgifter</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p57 ft26">enligt 36 §,</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td234"><P class="p21 ft3">24. vilka begränsningar som ska</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft26">gälla vid ställande av säkerhet enligt</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td279"><P class="p57 ft3">37 § andra stycket, och</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p21 ft3">25. vilka</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p1 ft26">uppgifter</P></TD>
<TD class="tr26 td25"><P class="p57 ft3">som</P></TD>
<TD colspan=2 class="tr26 td95"><P class="p23 ft3">ska</P></TD>
<TD class="tr26 td95"><P class="p184 ft26">an-</P></TD>
<TD class="tr26 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td234"><P class="p57 ft3">tecknas i en förteckning enligt 38 §</P></TD>
<TD class="tr25 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td159"><P class="p57 ft3">fjärde stycket.</P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td79"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr46 td234"><P class="p57 ft54"><SPAN class="ft25">9 kap. </SPAN>Information om kurser och</P></TD>
<TD colspan=2 class="tr46 td242"><P class="p44 ft54"><SPAN class="ft25">9 kap. </SPAN>Uppföranderegler och</P></TD>
</TR>
<TR>
<TD class="tr27 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td213"><P class="p57 ft54">omsättningsuppgifter m.m.</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td79"><P class="p44 ft54">investerarskyddsregler</P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td79"><P class="p44 ft3">2 §</P></TD>
<TD class="tr46 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td242"><P class="p20 ft3">Av bestämmelserna om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td242"><P class="p44 ft3">pappersinstitut i detta kapitel ska</P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td242"><P class="p44 ft3">bara det som anges i 1, <NOBR>10–39,</NOBR> 47</P></TD>
</TR>
<TR>
<TD class="tr27 td61"><P class="p60 ft2">70</P></TD>
<TD class="tr27 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td242"><P class="p44 ft3">och 48 §§ tillämpas på utländska</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_71">
<TABLE cellpadding=0 cellspacing=0 class="t69">
<TR>
<TD class="tr24 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr24 td275"><P class="p44 ft3">företag som driver värdepappers-</P></TD>
<TD class="tr24 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td275"><P class="p44 ft3">rörelse i Sverige enligt 4 kap. 1 §</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td106"><P class="p44 ft3">första stycket 1.</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p21 ft3">Det som anges i 1, <NOBR>10–12,</NOBR></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td275"><P class="p44 ft3"><NOBR>14–17,</NOBR> <NOBR>20–29</NOBR> och <NOBR>31–39</NOBR> §§ gäller</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">inte för transaktioner som genom-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">förs mellan deltagarna på en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td275"><P class="p44 ft3"><NOBR>MTF-plattform</NOBR> enligt de regler</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">som gäller för plattformen eller i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td202"><P class="p44 ft3">förhållandet</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft3">mellan</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p97 ft3">deltagarna</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td275"><P class="p44 ft3">och det värdepappersinstitut som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td232"><P class="p44 ft3">driver plattformen.</P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td242"><P class="p23 ft3">8 kap. 15 §</P></TD>
<TD class="tr46 td191"><P class="p57 ft3">3 §</P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p39 ft2">Ett värdepappersinstitut <SPAN class="ft3">skall </SPAN>dela</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p175 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska </SPAN>dela in</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft2">in sina kunder i kategorierna</P></TD>
<TD class="tr26 td191"><P class="p57 ft2">sina</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p23 ft2">kunder</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft2">i</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p97 ft2">kategorierna</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft2">professionell kund och icke-</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p57 ft2">professionell kund och icke-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft2">professionell kund. Ett värde-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p57 ft2">professionell kund. Ett värde-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft2">pappersinstitut får behandla vissa</P></TD>
<TD colspan=3 class="tr26 td202"><P class="p57 ft2">pappersinstitut</P></TD>
<TD class="tr26 td71"><P class="p1 ft2">får</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p44 ft2">behandla</P></TD>
<TD class="tr26 td29"><P class="p97 ft2">vissa</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft2">professionella kunder som jäm-</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p57 ft2">professionella kunder som jäm-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td134"><P class="p23 ft2">bördiga motparter. Ett värde- bördiga motparter. Ett värde-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft27">pappersinstitut <SPAN class="ft26">skall </SPAN>upprätta interna</P></TD>
<TD colspan=3 class="tr26 td202"><P class="p57 ft2">pappersinstitut</P></TD>
<TD class="tr26 td71"><P class="p23 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p185 ft27">upprätta</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p97 ft2">interna</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft2">regler och rutiner för indelning av</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p57 ft2">regler och rutiner för indelning av</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft2">sina kunder.</P></TD>
<TD colspan=3 class="tr26 td202"><P class="p57 ft2">sina kunder.</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p39 ft2">I <SPAN class="ft3">16 </SPAN>och <SPAN class="ft3">17 </SPAN>§§ finns bestäm-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p175 ft2">I <SPAN class="ft3">4 </SPAN>och <SPAN class="ft3">5 </SPAN>§§ finns bestämmelser</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft2">melser om kunder som får be-</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p57 ft2">om kunder som får behandlas som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft2">handlas som professionella kunder.</P></TD>
<TD colspan=5 class="tr26 td232"><P class="p57 ft2">professionella kunder.</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p39 ft2">I <SPAN class="ft3">19 </SPAN>och <SPAN class="ft3">20 </SPAN>§§ finns bestäm-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p175 ft2">I <SPAN class="ft3">6 </SPAN>och <SPAN class="ft3">7 </SPAN>§§ finns bestämmelser</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft2">melser om kunder som får be-</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p57 ft2">om kunder som får behandlas som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td24"><P class="p23 ft2">handlas som jämbördiga motparter. jämbördiga motparter.</P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td191"><P class="p44 ft3">4 §</P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p21 ft3">Ett</P></TD>
<TD colspan=6 class="tr26 td210"><P class="p73 ft3">värdepappersinstitut</P></TD>
<TD class="tr26 td29"><P class="p97 ft3">ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">betrakta en kund som en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td202"><P class="p44 ft3">professionell</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p59 ft3">kund,</P></TD>
<TD class="tr25 td113"><P class="p23 ft3">om</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p97 ft26">kunden</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">ingår i någon av följande grupper:</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p21 ft3">1. enheter med tillstånd att verka</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td182"><P class="p44 ft3">på finansmarknaderna,</P></TD>
<TD class="tr25 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td106"><P class="p21 ft3">2. företag som</P></TD>
<TD colspan=3 class="tr26 td132"><P class="p82 ft26">uppfyller</P></TD>
<TD class="tr26 td29"><P class="p97 ft3">minst</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td182"><P class="p44 ft3">två av följande tre krav</P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td232"><P class="p21 ft26">a) balansomslutning</P></TD>
<TD colspan=3 class="tr25 td175"><P class="p97 ft3">enligt ba-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td202"><P class="p44 ft3">lansräkningen</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p85 ft3">som</P></TD>
<TD colspan=3 class="tr26 td175"><P class="p97 ft3">motsvarar</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td182"><P class="p44 ft3">minst 20 000 000 euro,</P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td203"><P class="p21 ft3">b) nettoomsättning enligt</P></TD>
<TD class="tr25 td29"><P class="p97 ft3">resul-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td275"><P class="p44 ft3">taträkningen som motsvarar minst</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td232"><P class="p44 ft3">40 000 000 euro, och</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td147"><P class="p21 ft3">c) eget</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p23 ft3">kapital</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p44 ft3">enligt</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p97 ft26">balans-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td147"><P class="p44 ft3">räkningen</P></TD>
<TD colspan=5 class="tr26 td67"><P class="p50 ft3">som motsvarar</P></TD>
<TD class="tr26 td29"><P class="p97 ft3">minst</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td106"><P class="p44 ft3">2 000 000 euro,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td275"><P class="p21 ft3">3. stater, delstater, statliga och</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td242"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr27 td275"><P class="p44 ft3">delstatliga myndigheter, offentliga</P></TD>
<TD class="tr27 td67"><P class="p20 ft2">71</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_72">
<DIV>
<DIV id="id_1">
<P class="p379 ft2">Prop. 2016/17:162</P>
<TABLE cellpadding=0 cellspacing=0 class="t70">
<TR>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td31"><P class="p380 ft3">8 kap. 17 §</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">Ett värdepappersinstitut får be-</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">handla en kund som inte ingår i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">någon av grupperna i <SPAN class="ft3">16 </SPAN>§ första</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">stycket som en professionell kund,</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">om kunden skriftligen har begärt</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">hos värdepappersinstitutet att bli</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">behandlad som en professionell</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">kund, antingen generellt eller i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">fråga om en särskild investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">tjänst eller transaktion eller en viss</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">typ av transaktion eller produkt,</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">72</P></TD>
<TD class="tr27 td31"><P class="p20 ft2">och kunden uppfyller minst två av</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p328 ft3">organ för förvaltning av stats- skulden, centralbanker och Euro- peiska centralbanken samt Euro- peiska investeringsbanken, Världs- banken, Internationella valuta- fonden och andra liknande mellan- statliga eller överstatliga organ- isationer, och</P>
<P class="p381 ft3">4. andra institutionella investe- rare än dem som omfattas av <NOBR>1–3</NOBR> vars huvudverksamhet är att in- vestera i finansiella instrument, inklusive företag som ägnar sig åt värdepapperisering av tillgångar eller andra finansiella trans- aktioner.</P>
<P class="p382 ft3">Innan ett värdepappersinstitut tillhandahåller en tjänst till en kund som avses i första stycket, ska det informera kunden om att den kommer att betraktas som en professionell kund och behandlas som en sådan, om inte institutet och kunden avtalar något annat. Värdepappersinstitutet ska upplysa kunden om möjligheten att begära en ändring av avtalsvillkoren för att bli behandlad som en icke- professionell kund.</P>
<P class="p383 ft3">Om en kund som avses i första stycket begär att bli behandlad som en <NOBR>icke-professionell</NOBR> kund, får värdepappersinstitutet ingå ett skriftligt avtal med kunden som innebär att kunden i vissa avseen- den inte ska betraktas som en professionell kund.</P>
<P class="p384 ft3">5 §</P>
<P class="p385 ft2">Ett värdepappersinstitut får be- handla en kund som inte ingår i någon av grupperna i <SPAN class="ft3">4 </SPAN>§ första stycket som en professionell kund, om kunden skriftligen har begärt hos värdepappersinstitutet att bli behandlad som en professionell kund, antingen generellt eller i fråga om en särskild investerings- tjänst eller transaktion eller en viss typ av transaktion eller produkt, och kunden uppfyller minst två av</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_73">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr33 td234"><P class="p23 ft2">följande tre krav:</P></TD>
<TD class="tr33 td180"><P class="p23 ft2">följande tre krav:</P></TD>
<TD class="tr33 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">Kunden har på den aktuella marknaden genomfört i genomsnitt minst tio transaktioner av betydande storlek per kvartal under de närmast föregående fyra kvartalen.</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">Värdet av kundens portfölj av finansiella instrument, definierad som insättningar av kontanta medel och innehav av finansiella instrument, överstiger motsvarande 500 000 euro.</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">Kunden arbetar, eller har arbetat minst ett år, inom finanssektorn i en befattning som kräver kunskap om de aktuella transaktionerna eller tjänsterna.</SPAN></P>
<P class="p11 ft2">För att få behandla en kund som avses i första stycket som en professionell kund måste värdepappersinstitutet</P>
<P class="p11 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">ha gjort en adekvat bedömning av kundens sakkunskap, erfarenhet och kunskap som ger en tillräcklig grund för att anta att kunden med tanke på de planerade transaktionernas och tjänsternas karaktär är i stånd att fatta sina egna investeringsbeslut och förstå de aktuella riskerna, och</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">ha gett kunden tydlig skriftlig information om vilken rätt till skydd och ersättning till investerare som kunden kan förlora och i ett särskilt dokument skriftligen ha fått en förklaring från kunden att den är med- veten om följderna av att förlora detta skydd.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr25 td119"><P class="p39 ft2">Innan</P></TD>
<TD class="tr25 td97"><P class="p70 ft2">ett</P></TD>
<TD class="tr25 td179"><P class="p184 ft27">värdepappersinstitut</P></TD>
<TD class="tr25 td87"><P class="p175 ft2">Innan</P></TD>
<TD class="tr25 td113"><P class="p23 ft2">ett</P></TD>
<TD class="tr25 td209"><P class="p20 ft27">värdepappersinstitut</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">godtar en begäran från en kund att</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft2">godtar en begäran från en kund att</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft2">bli behandlad som en professionell</P></TD>
<TD colspan=3 class="tr25 td281"><P class="p57 ft2">bli behandlad som en professionell</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">kund, <SPAN class="ft3">skall </SPAN>institutet vidta alla</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft2">kund, <SPAN class="ft3">ska </SPAN>institutet vidta alla</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">rimliga åtgärder för att försäkra sig</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft2">rimliga åtgärder för att försäkra sig</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft2">om att kunden uppfyller de krav</P></TD>
<TD colspan=3 class="tr25 td281"><P class="p57 ft2">om att kunden uppfyller de krav</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td242"><P class="p23 ft2">som ställs enligt första stycket.</P></TD>
<TD colspan=3 class="tr27 td281"><P class="p57 ft2">som ställs enligt första stycket.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td208"><P class="p23 ft3">8 kap. 18 §</P></TD>
<TD class="tr0 td179"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td87"><P class="p57 ft3">6 §</P></TD>
<TD class="tr0 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td209"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p56 ft2">En kund som avses i <SPAN class="ft3">17 </SPAN>§ <SPAN class="ft3">skall </SPAN>in-</P></TD>
<TD colspan=3 class="tr25 td281"><P class="p20 ft2">En kund som avses i <SPAN class="ft3">5 </SPAN>§ <SPAN class="ft3">ska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft2">formera</P></TD>
<TD colspan=2 class="tr26 td69"><P class="p56 ft27">värdepappersinstitutet om</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft27">informera värdepappersinstitutet om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">alla förändringar som kan påverka</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft2">alla förändringar som kan påverka</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft27">förutsättningarna för att kunden <SPAN class="ft26">skall</SPAN></P></TD>
<TD colspan=3 class="tr25 td281"><P class="p57 ft27">förutsättningarna för att kunden <SPAN class="ft26">ska</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">få bli behandlad som en profession-</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft27">få bli behandlad som en profession-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft27">ell kund. Värdepappersinstitutet <SPAN class="ft26">skall</SPAN></P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft27">ell kund. Värdepappersinstitutet <SPAN class="ft26">ska</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft2">vidta lämpliga åtgärder om det får</P></TD>
<TD colspan=3 class="tr25 td281"><P class="p57 ft2">vidta lämpliga åtgärder om det får</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td242"><P class="p23 ft2">kunskap om att kunden inte längre</P></TD>
<TD colspan=3 class="tr26 td281"><P class="p57 ft2">kunskap om att kunden inte längre</P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft2">uppfyller</P></TD>
<TD class="tr26 td97"><P class="p50 ft2">de</P></TD>
<TD class="tr26 td179"><P class="p56 ft2">ursprungliga villkor</P></TD>
<TD class="tr26 td87"><P class="p57 ft2">uppfyller</P></TD>
<TD class="tr26 td113"><P class="p1 ft2">de</P></TD>
<TD class="tr26 td209"><P class="p20 ft2">ursprungliga villkor</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td242"><P class="p23 ft2">som berättigade denne att bli be-</P></TD>
<TD colspan=3 class="tr25 td281"><P class="p57 ft2">som berättigade denne att bli be-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td242"><P class="p23 ft2">handlad som en professionell kund.</P></TD>
<TD colspan=3 class="tr27 td281"><P class="p57 ft2">handlad som en professionell kund.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr47 td208"><P class="p23 ft3">8 kap. 19 §</P></TD>
<TD class="tr47 td179"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td87"><P class="p57 ft3">7 §<SPAN class="ft24">13</SPAN></P></TD>
<TD class="tr47 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td209"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2">Ett värdepappersinstitut får behandla en enhet som ingår i någon av följande grupper som en jämbördig motpart:</P>
<P class="p241 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">värdepappersbolag och utländska värdepappersföretag,</SPAN></P>
<P class="p386 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">kreditinstitut,</SPAN></P>
<P class="p387 ft37"><SPAN class="ft43">13 </SPAN>Senaste lydelse av tidigare 8 kap. 19 § 2013:579. Ändringen innebär bl.a. att andra och</P>
<P class="p12 ft39">tredje styckena tas bort.</P>
<P class="p13 ft2">73</P>
</DIV>
<DIV id="page_74">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t71">
<TR>
<TD class="tr33 td194"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr33 td105"><P class="p23 ft2">3. försäkringsföretag,</P></TD>
</TR>
</TABLE>
<P class="p388 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">värdepappersfonder som avses i 1 kap. 1 § första stycket 25 lagen (2004:46) om värdepappersfonder och fondföretag som avses i 1 kap. 7 § första stycket första meningen samma lag samt fondbolag eller förvalt- ningsbolag som förvaltar dem,</SPAN></P>
<P class="p389 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">pensionsfonder och förvaltningsbolag som förvaltar dem,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t72">
<TR>
<TD class="tr31 td83"><P class="p40 ft2">6. andra</P></TD>
<TD colspan=3 class="tr31 td75"><P class="p50 ft2">finansiella</P></TD>
<TD class="tr31 td196"><P class="p70 ft2">företag</P></TD>
<TD class="tr31 td52"><P class="p96 ft2">än</P></TD>
<TD class="tr31 td149"><P class="p40 ft2">6. andra</P></TD>
<TD class="tr31 td150"><P class="p23 ft2">finansiella</P></TD>
<TD class="tr31 td29"><P class="p71 ft2">företag</P></TD>
<TD class="tr31 td71"><P class="p30 ft2">än</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p59 ft2">sådana som avses i <NOBR>1–5</NOBR> som har</P></TD>
<TD colspan=4 class="tr25 td89"><P class="p59 ft2">sådana som avses i <NOBR>1–5</NOBR> som har</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p59 ft2">tillstånd</P></TD>
<TD class="tr26 td6"><P class="p23 ft2">att</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p75 ft2">driva</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p96 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td198"><P class="p59 ft2">tillstånd att driva</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p22 ft2">verksamhet</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p59 ft2">enligt lagstiftningen i det land där</P></TD>
<TD colspan=4 class="tr26 td89"><P class="p59 ft2">enligt lagstiftningen i det land där</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p59 ft2">de hör hemma eller som regleras i</P></TD>
<TD colspan=4 class="tr25 td89"><P class="p59 ft2">de hör hemma eller som regleras i</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td137"><P class="p59 ft2">lagstiftning i det landet,</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td198"><P class="p59 ft2">lagstiftning i det landet,</P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td22"><P class="p40 ft3">7. företag</P></TD>
<TD class="tr26 td88"><P class="p23 ft3">som</P></TD>
<TD class="tr26 td17"><P class="p23 ft3">är</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p96 ft26">undantagna</P></TD>
<TD class="tr26 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p59 ft3">från tillståndsplikt enligt 2 kap. 5 §</P></TD>
<TD class="tr25 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td137"><P class="p59 ft3">första stycket 13 och 14,</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td149"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p96 ft2"><SPAN class="ft3">8</SPAN>. nationella regeringar och där-</P></TD>
<TD colspan=4 class="tr26 td89"><P class="p30 ft2"><SPAN class="ft3">7</SPAN>. nationella regeringar och där-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p59 ft2">med sammanhängande organ, in-</P></TD>
<TD colspan=4 class="tr25 td89"><P class="p59 ft2">med sammanhängande organ, in-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p59 ft2">klusive offentliga organ som har</P></TD>
<TD colspan=4 class="tr26 td89"><P class="p59 ft2">klusive offentliga organ som har</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p59 ft2">hand om statsskuld, centralbanker</P></TD>
<TD colspan=4 class="tr26 td89"><P class="p59 ft2">hand om statsskuld, centralbanker</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td123"><P class="p59 ft2">och överstatliga</P></TD>
<TD colspan=3 class="tr25 td131"><P class="p96 ft2">organisationer,</P></TD>
<TD colspan=4 class="tr25 td89"><P class="p59 ft2">och överstatliga organisationer,</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p59 ft2">samt</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td149"><P class="p59 ft2">samt</P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p53 ft2"><SPAN class="ft3">9</SPAN>. andra <SPAN class="ft3">företag </SPAN>än sådana som</P></TD>
<TD colspan=4 class="tr26 td89"><P class="p20 ft2"><SPAN class="ft3">8</SPAN>. andra <SPAN class="ft3">enheter </SPAN>än sådana som</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">avses i <NOBR>1–<SPAN class="ft3">8</SPAN>,</NOBR> om de <SPAN class="ft3">ska </SPAN>betraktas som</P></TD>
<TD colspan=4 class="tr25 td89"><P class="p23 ft27">avses i <NOBR>1–<SPAN class="ft26">7</SPAN>,</NOBR> om de <SPAN class="ft26">får </SPAN>betraktas som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td22"><P class="p23 ft26">professionella</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p291 ft26">kunder</P></TD>
<TD class="tr26 td196"><P class="p1 ft2">enligt</P></TD>
<TD class="tr26 td52"><P class="p53 ft26">16 §</P></TD>
<TD class="tr26 td149"><P class="p23 ft3">jämbördiga</P></TD>
<TD class="tr26 td150"><P class="p50 ft3">motparter</P></TD>
<TD class="tr26 td29"><P class="p87 ft27">enligt</P></TD>
<TD class="tr26 td71"><P class="p20 ft26">den</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td123"><P class="p23 ft3">första stycket <NOBR>1–3<SPAN class="ft2">.</SPAN></NOBR></P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td149"><P class="p23 ft3">delegerade</P></TD>
<TD colspan=2 class="tr26 td106"><P class="p175 ft3">förordningen</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">till</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td149"><P class="p23 ft3">MiFID II<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p390 ft3">Ett värdepappersinstitut får be- handla ett företag som inte ingår i någon av grupperna i första stycket som en jämbördig motpart, om företaget</P>
<P class="p391 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">begär att bli behandlat som en jämbördig motpart, och</SPAN></P>
<P class="p391 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">får behandlas som en pro- fessionell kund enligt 17 § första stycket.</SPAN></P>
<P class="p392 ft80">Ett värdepappersinstitut får be- handla ett företag som en jämbördig motpart enligt andra stycket bara om företaget får behandlas som en professionell kund enligt 17 § för sådana tjänster och transaktioner.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<TABLE cellpadding=0 cellspacing=0 class="t55">
<TR>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td31"><P class="p380 ft3">8 kap. 20 §</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">Ett värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">tillstånd att driva värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">rörelse enligt 2 kap. 1 § 1, 2 eller 3</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">får i sådan verksamhet medverka</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td31"><P class="p20 ft2">till eller inleda transaktioner med</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td31"><P class="p20 ft2">jämbördiga motparter utan att</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">74</P></TD>
<TD class="tr27 td31"><P class="p20 ft2">tillämpa <NOBR><SPAN class="ft3">22–33</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§ för dessa trans-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft3">8 §</P>
<P class="p385 ft2">Ett värdepappersinstitut som har tillstånd att driva värdepappers- rörelse enligt 2 kap. 1 § 1, 2 eller 3 får i sådan verksamhet medverka till eller inleda transaktioner med jämbördiga motparter utan att tillämpa <SPAN class="ft3">det krav att tillvarata</SPAN></P>
</DIV>
</DIV>
</DIV>
<DIV id="page_75">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=6 class="tr24 td242"><P class="p23 ft2">aktioner och sidotjänster som är</P></TD>
<TD colspan=6 class="tr24 td275"><P class="p57 ft3">kundens intressen som anges i 1 §</P></TD>
<TD class="tr24 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft2">direkt knutna till transaktionerna.</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft3">eller någon av <NOBR>10–12,</NOBR> 16, 21,</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft3"><NOBR>24–26,</NOBR> 30, 31, <NOBR>33–36</NOBR> eller 38 <SPAN class="ft2">§§</SPAN>,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p57 ft2">för</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p57 ft2">dessa</P></TD>
<TD colspan=2 class="tr26 td216"><P class="p50 ft2">transaktioner</P></TD>
<TD class="tr26 td88"><P class="p97 ft27">och</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">sidotjänster som är direkt knutna till</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td123"><P class="p57 ft2">transaktionerna.</P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p56 ft2">En motpart har dock rätt att begära</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p97 ft3"><SPAN class="ft2">En motpart </SPAN>som ingår i en sådan</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft27">att <NOBR><SPAN class="ft26">22–33</SPAN></NOBR><SPAN class="ft26"> §§ skall </SPAN>tillämpas generellt</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft3">grupp som anges i 7 § <NOBR>1–7</NOBR> <SPAN class="ft2">har dock</SPAN></P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">i avtalsförhållandet eller avse en</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">rätt att begära att <SPAN class="ft3">de bestämmelser</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">enskild transaktion. <SPAN class="ft3">Om ett värde-</SPAN></P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft3">som anges i första stycket ska <SPAN class="ft2">tilläm-</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td153"><P class="p23 ft3">pappersinstitut</P></TD>
<TD colspan=2 class="tr25 td149"><P class="p59 ft3">samtycker</P></TD>
<TD class="tr25 td62"><P class="p23 ft3">till</P></TD>
<TD class="tr25 td127"><P class="p56 ft3">en</P></TD>
<TD class="tr25 td65"><P class="p57 ft2">pas</P></TD>
<TD colspan=2 class="tr25 td119"><P class="p56 ft27">generellt</P></TD>
<TD class="tr25 td71"><P class="p70 ft2">i</P></TD>
<TD colspan=2 class="tr25 td173"><P class="p97 ft27">avtalsförhållandet</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft3">sådan begäran från en enhet som</P></TD>
<TD colspan=5 class="tr26 td229"><P class="p57 ft27">eller avse en enskild transaktion.</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft3">ingår i en sådan grupp anges i 19 §</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft3">första stycket <NOBR>1–8,</NOBR> skall institutet</P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft26">behandla</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p76 ft3">motparten</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p44 ft3">som</P></TD>
<TD class="tr26 td127"><P class="p56 ft3">en</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td232"><P class="p23 ft3">professionell kund, om</P></TD>
<TD colspan=3 class="tr26 td75"><P class="p56 ft3">motparten</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft3">inte uttryckligen begär att bli</P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft26">behandlad som en <NOBR>icke-professionell</NOBR></P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft3">kund. Om motparten begär att bli</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft26">behandlad som en <NOBR>icke-professionell</NOBR></P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft3">kund, tillämpas i fråga om en sådan</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft3">begäran</P></TD>
<TD class="tr26 td25"><P class="p80 ft3">16 §</P></TD>
<TD class="tr26 td15"><P class="p76 ft26">andra</P></TD>
<TD class="tr26 td11"><P class="p23 ft3">och</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p56 ft3">tredje</P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td258"><P class="p23 ft3">styckena på motsvarande sätt.</P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p39 ft2">Innan</P></TD>
<TD class="tr26 td25"><P class="p95 ft2">ett</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p56 ft27">värdepappersinstitut</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p175 ft2">Innan</P></TD>
<TD class="tr26 td52"><P class="p99 ft2">ett</P></TD>
<TD colspan=3 class="tr26 td141"><P class="p97 ft27">värdepappersinstitut</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">inleder en transaktion med en</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">inleder en transaktion med en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft3"><SPAN class="ft2">motpart som är </SPAN>ett sådant företag</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">motpart som är <SPAN class="ft3">en sådan enhet </SPAN>som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft3"><SPAN class="ft2">som avses i </SPAN>19 <SPAN class="ft2">§ </SPAN>första stycket 9<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td65"><P class="p57 ft27">avses</P></TD>
<TD class="tr26 td157"><P class="p50 ft2">i</P></TD>
<TD class="tr26 td52"><P class="p154 ft3">7 <SPAN class="ft2">§ </SPAN>8<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td71"><P class="p23 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td173"><P class="p97 ft3">enheten <SPAN class="ft2">uttryck-</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2"><SPAN class="ft3">skall företaget </SPAN>uttryckligen ha god-</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">ligen ha godtagit att bli <SPAN class="ft3">behandlad</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft2">tagit att bli <SPAN class="ft3">behandlat </SPAN>som en jäm-</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">som en jämbördig motpart. God-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft27">bördig motpart. Godtagandet kan ges</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">tagandet kan ges generellt eller avse</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">generellt eller avse en enskild trans-</P></TD>
<TD colspan=5 class="tr26 td229"><P class="p57 ft2">en enskild transaktion.</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td119"><P class="p23 ft2">aktion.</P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p184 ft2">I fråga om motparter som inte in-</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p97 ft2">I fråga om motparter som inte in-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">går i någon av de grupper som an-</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">går i någon av de grupper som an-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td258"><P class="p23 ft3"><SPAN class="ft2">ges i </SPAN>19 <SPAN class="ft2">§ </SPAN>första stycket <NOBR><SPAN class="ft2">1–</SPAN>8</NOBR></P></TD>
<TD class="tr25 td127"><P class="p184 ft27">och</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">ges i <SPAN class="ft3">7 </SPAN>§ <NOBR>1–<SPAN class="ft3">7</SPAN></NOBR><SPAN class="ft3"> </SPAN>och som hör hemma i</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">som hör hemma i ett annat land</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">ett annat land inom EES gäller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">inom EES gäller första stycket bara</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">första stycket bara om motparten i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft2">om motparten i den staten erkänns</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">den staten erkänns som jämbördig</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">som jämbördig motpart i enlighet</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">motpart i enlighet med artikel <SPAN class="ft3">30.3</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">med artikel <SPAN class="ft3">24.3 </SPAN>i direktivet om</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">i direktivet om marknader för</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td242"><P class="p23 ft2">marknader för finansiella instru-</P></TD>
<TD colspan=6 class="tr25 td275"><P class="p57 ft2">finansiella instrument. I sådana fall</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td242"><P class="p23 ft2">ment. I sådana fall tillämpas tredje</P></TD>
<TD colspan=6 class="tr26 td275"><P class="p57 ft2">tillämpas tredje stycket på motsvar-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr27 td154"><P class="p23 ft27">stycket på motsvarande sätt.</P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td121"><P class="p57 ft2">ande sätt.</P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr44 td229"><P class="p57 ft54">Uppföranderegler m.m.</P></TD>
<TD class="tr44 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr0 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr0 td123"><P class="p57 ft53">Intressekonflikter</P></TD>
<TD class="tr0 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td65"><P class="p57 ft3">9 §</P></TD>
<TD class="tr46 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td275"><P class="p97 ft3">Ett värdepappersinstitut ska vidta</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr27 td275"><P class="p57 ft3">alla rimliga åtgärder för att identi-</P></TD>
<TD class="tr27 td67"><P class="p20 ft2">75</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_76">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td265"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td92"><P class="p23 ft3">fiera,</P></TD>
<TD class="tr24 td214"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td121"><P class="p184 ft3">förhindra och</P></TD>
<TD colspan=2 class="tr24 td147"><P class="p20 ft3">hantera de</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft3">intressekonflikter som kan upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">komma mellan institutet, ett anknutet</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td170"><P class="p23 ft3">ombud</P></TD>
<TD class="tr26 td98"><P class="p39 ft3">eller</P></TD>
<TD class="tr26 td70"><P class="p192 ft3">någon</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p20 ft3">närstående</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft3">person till dem och en kund eller</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">mellan kunder i samband med till-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td142"><P class="p23 ft3">handahållande</P></TD>
<TD class="tr26 td70"><P class="p95 ft3">av</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p20 ft26">investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td263"><P class="p23 ft3">tjänster och sidotjänster,</P></TD>
<TD class="tr25 td93"><P class="p20 ft26">inklusive</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">sådana som orsakas av ersättningar</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">eller förmåner från annan än</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft26">kunden, institutets eget ersättnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">system eller andra incitaments-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td142"><P class="p23 ft3">strukturer.</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td93"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p20 ft3">Om de förfaranden som ett</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td263"><P class="p23 ft3">värdepappersinstitut har</P></TD>
<TD class="tr26 td93"><P class="p20 ft3">fastställt</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft3">och</P></TD>
<TD colspan=2 class="tr26 td197"><P class="p23 ft3">tillämpar</P></TD>
<TD class="tr26 td70"><P class="p56 ft3">enligt</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p20 ft3">8 kap. 12 §</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft3">och de åtgärder som institutet har</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">vidtagit enligt första stycket inte</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">räcker för att förhindra att kunder-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td185"><P class="p23 ft3">nas intressen kan komma att på-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">verkas negativt, ska institutet infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">mera kunden om arten av eller</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td170"><P class="p23 ft3">källan</P></TD>
<TD class="tr25 td98"><P class="p40 ft3">till</P></TD>
<TD colspan=3 class="tr25 td138"><P class="p20 ft26">intressekonflikterna</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft3">innan institutet åtar sig att utföra</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td185"><P class="p23 ft26">en investeringstjänst eller sidotjänst</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft3">för</P></TD>
<TD colspan=2 class="tr26 td197"><P class="p23 ft3">kundens</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p59 ft3">räkning.</P></TD>
<TD class="tr26 td93"><P class="p20 ft3">Informa-</P></TD>
</TR>
</TABLE>
<P class="p351 ft3">tionen ska lämnas på ett varaktigt medium och vara tillräckligt tydlig och detaljerad med hänsyn till om kunden är en professionell kund eller en <NOBR>icke-professionell</NOBR> kund, för att kunden ska kunna fatta ett välgrundat beslut när det gäller den investeringstjänst eller sido- tjänst där intressekonflikten upp- står.</P>
<P class="p393 ft53">Ersättningssystem</P>
<P class="p394 ft3">10 §</P>
<P class="p395 ft45">Ett värdepappersinstitut ska ut- forma sina ersättningssystem så att personalen inte belönas eller be- döms på ett sätt som kommer i konflikt med institutets skyldighet att iaktta kundernas intressen.</P>
<P class="p396 ft2">76</P>
</DIV>
<DIV id="page_77">
<DIV>
<DIV id="id_1">
<P class="p163 ft88">Produktion och distribution av finansiella instrument</P>
<P class="p309 ft3">11 §</P>
<P class="p336 ft3">Ett värdepappersinstitut som producerar finansiella instrument för försäljning till kunder ska säkerställa att instrumenten är utformade för att uppfylla behoven hos en fastställd målgrupp enligt 8 kap. 13 §, att strategin för distri- bution av instrumenten är lämplig i förhållande till den målgruppen och att rimliga åtgärder vidtas för att säkerställa att instrumenten distribueras till målgruppen.</P>
<P class="p397 ft3">12 §</P>
<P class="p311 ft26">Ett värdepappersinstitut som distribuerar finansiella instrument ska vara väl insatt i de finansiella instrument som institutet erbjuder eller rekommenderar. Institutet ska bedöma hur instrumenten svarar mot behoven hos de kunder till vilka institutet tillhandahåller invest- eringstjänster med beaktande av den fastställda målgruppen enligt 8 kap. 13 §. Institutet ska säkerställa att de finansiella instrumenten erbjuds eller rekommenderas endast när detta ligger i kundens intresse.</P>
<P class="p398 ft53">Information till kund</P>
<P class="p354 ft3">14 §</P>
<P class="p399 ft3">Ett värdepappersinstitut ska förse sina kunder med lämplig och lättbegriplig information enligt 15– 17 §§ i god tid innan institutet till- handahåller en investeringstjänst eller sidotjänst.</P>
<P class="p400 ft3">Informationen ska ge kunderna rimliga möjligheter att förstå arten av de investeringstjänster och finansiella instrument som insti- tutet erbjuder och vilka risker som är förknippade med dem. Informa- tionen får lämnas i standardiserad form.</P>
<P class="p401 ft3">All information som ett värde-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">77</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_78">
<TABLE cellpadding=0 cellspacing=0 class="t73">
<TR>
<TD class="tr24 td282"><P class="p402 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=3 class="tr24 td242"><P class="p345 ft3">pappersinstitut</P></TD>
<TD colspan=2 class="tr24 td39"><P class="p70 ft3">lämnar</P></TD>
<TD colspan=2 class="tr24 td88"><P class="p70 ft3">till</P></TD>
<TD colspan=2 class="tr24 td13"><P class="p30 ft26">sina</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">kunder ska vara rättvisande och</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">tydlig och får inte vara vilseled-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft26">ande. Marknadsföringsmaterial ska</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">lätt kunna identifieras som sådant.</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td283"><P class="p361 ft3">Särskilda bestämmelser</P></TD>
<TD colspan=2 class="tr26 td148"><P class="p23 ft3">om</P></TD>
<TD class="tr26 td71"><P class="p30 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">näringsidkares marknadsföring av</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">produkter och tjänster och vilken</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">information som ska lämnas till</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">kunder finns i marknadsförings-</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td256"><P class="p345 ft3">lagen</P></TD>
<TD colspan=3 class="tr25 td149"><P class="p184 ft26">(2008:486)</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p39 ft3">och</P></TD>
<TD colspan=3 class="tr25 td116"><P class="p30 ft3">lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">(2005:59) om distansavtal och av-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">tal utanför affärslokaler. Om infor-</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">mation inte lämnas i enlighet med</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">denna paragraf och <NOBR>15–17</NOBR> §§, ska</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td284"><P class="p345 ft3">marknadsföringslagen</P></TD>
<TD colspan=4 class="tr26 td117"><P class="p30 ft26">tillämpas,</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">med undantag av bestämmelserna i</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td137"><P class="p345 ft3"><NOBR>29–36</NOBR> §§</P></TD>
<TD colspan=7 class="tr26 td171"><P class="p30 ft3">om marknadsstörnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">avgift. Sådan information ska an-</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft26">ses vara väsentlig enligt 10 § tredje</P></TD>
</TR>
<TR>
<TD class="tr27 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td228"><P class="p345 ft3">stycket den lagen.</P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td282"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td256"><P class="p345 ft3">15 §</P></TD>
<TD class="tr46 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p361 ft26">Ett värdepappersinstitut ska förse</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td283"><P class="p345 ft3">kunder med information om</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td274"><P class="p361 ft26">1. institutet och dess tjänster,</P></TD>
<TD class="tr25 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td242"><P class="p361 ft3">2. finansiella</P></TD>
<TD colspan=4 class="tr26 td156"><P class="p67 ft3">instrument</P></TD>
<TD colspan=2 class="tr26 td13"><P class="p30 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td137"><P class="p345 ft3">föreslagna</P></TD>
<TD colspan=7 class="tr26 td171"><P class="p30 ft3">placeringsstrategier,</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">inbegripet vägledning om och var-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">ningar för de risker som är för-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td137"><P class="p345 ft3">knippade</P></TD>
<TD class="tr26 td97"><P class="p403 ft3">med</P></TD>
<TD colspan=5 class="tr26 td30"><P class="p40 ft26">investeringar</P></TD>
<TD class="tr26 td71"><P class="p30 ft3">i</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td242"><P class="p345 ft3">instrumenten</P></TD>
<TD class="tr25 td95"><P class="p75 ft3">eller</P></TD>
<TD colspan=5 class="tr25 td175"><P class="p30 ft3">placerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">strategierna samt om instrumentet i</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">fråga, med beaktande av den mål-</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">grupp som har fastställts för</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">instrumentet, är avsett för pro-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft26">fessionella eller <NOBR>icke-professionella</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td256"><P class="p345 ft3">kunder,</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td284"><P class="p361 ft26">3. utförandeplatser, och</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p361 ft26">4. alla kostnader och avgifter för-</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td256"><P class="p345 ft26">knippade</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft3">med</P></TD>
<TD colspan=6 class="tr25 td173"><P class="p20 ft26">investeringstjänster</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft26">och sidotjänster, inbegripet kostnad-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft26">erna för rådgivning och kostnaderna</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft3">för de finansiella instrument som</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td242"><P class="p345 ft3">rekommenderas</P></TD>
<TD class="tr26 td95"><P class="p291 ft26">eller</P></TD>
<TD colspan=5 class="tr26 td175"><P class="p30 ft3">marknadsförs</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td9"><P class="p345 ft3">till kunden samt hur kunden får</P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td9"><P class="p345 ft26">betala kostnader och avgifter, inbe-</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td274"><P class="p345 ft3">gripet eventuella betalningar</P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p20 ft3">till</P></TD>
</TR>
<TR>
<TD class="tr26 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td283"><P class="p345 ft3">institutet från en tredjepart.</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td282"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td242"><P class="p361 ft26">Informationen</P></TD>
<TD class="tr25 td95"><P class="p216 ft3">om</P></TD>
<TD colspan=3 class="tr25 td197"><P class="p73 ft26">kostnader</P></TD>
<TD class="tr25 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p20 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr27 td282"><P class="p404 ft2">78</P></TD>
<TD class="tr27 td256"><P class="p345 ft3">avgifter,</P></TD>
<TD colspan=3 class="tr27 td149"><P class="p70 ft3">inbegripet</P></TD>
<TD colspan=3 class="tr27 td197"><P class="p23 ft3">kostnader</P></TD>
<TD class="tr27 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p20 ft26">och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_79">
<DIV>
<DIV id="id_1">
<P class="p405 ft26">avgifter för investeringstjänsten och det finansiella instrumentet, som inte beror på underliggande marknads- risk, ska räknas samman så att kunden kan förstå den totala kost- naden liksom den kumulativa effekt- en på investeringens avkastning. Om kunden begär det, ska en uppdelning per post ges. Informationen ska, i förekommande fall, ges till kunden regelbundet, åtminstone årligen, under investeringens varaktighet.</P>
<P class="p165 ft3">16 §</P>
<P class="p406 ft26">När en investeringstjänst erbjuds tillsammans med en annan tjänst eller produkt som en del av ett paket eller som ett villkor för samma överenskommelse eller paket (kors- försäljning), ska värdepappersinsti- tutet informera kunden om huruvida det är möjligt att köpa de olika kom- ponenterna separat och, i före- kommande fall, förse kunden med uppgifter om kostnaderna och av- gifterna för varje komponent.</P>
<P class="p407 ft26">Om riskerna med en överens- kommelse eller ett paket som erbjuds en <NOBR>icke-professionell</NOBR> kund sannolikt skiljer sig från de risker som uppstår om komponenterna väljs separat, ska institutet förse kunden med en adekvat beskrivning av de olika komponenterna i överenskommelsen eller paketet och hur förhållandet mellan dem förändrar riskerna.</P>
<P class="p356 ft3">17 §</P>
<P class="p169 ft80">Ett värdepappersinstitut som till- handahåller investeringsrådgivning ska informera kunden om huruvida</P>
<P class="p181 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">rådgivningen tillhandahålls på oberoende grund eller inte,</SPAN></P>
<P class="p406 ft26"><SPAN class="ft3">2.</SPAN><SPAN class="ft78">rådgivningen är baserad på en allmän eller mer begränsad analys av olika finansiella instrument, och särskilt om urvalet omfattar eller är begränsat till finansiella instrument utgivna, utfärdade eller tillhanda- hållna av institutet, företag som institutet har nära förbindelser med</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">79</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_80">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td265"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=3 class="tr24 td185"><P class="p23 ft26">eller andra företag till vilka institutet</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td185"><P class="p23 ft26">har ett sådant rättsligt eller ekonom-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p23 ft26">iskt förhållande att det kan riskera</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft3">att försämra</P></TD>
<TD colspan=2 class="tr26 td111"><P class="p20 ft26">förutsättningarna för</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td190"><P class="p23 ft3">institutet att</P></TD>
<TD colspan=2 class="tr25 td111"><P class="p20 ft3">lämna oberoende</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td104"><P class="p23 ft3">investeringsråd, och</P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p39 ft3">3. institutet</P></TD>
<TD class="tr26 td147"><P class="p59 ft26">regelbundet</P></TD>
<TD class="tr26 td73"><P class="p20 ft3">kommer</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td104"><P class="p23 ft3">att bedöma lämpligheten</P></TD>
<TD class="tr25 td73"><P class="p20 ft26">avseende</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p23 ft3">de finansiella instrument som det</P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td104"><P class="p23 ft3">rekommenderar kunden.</P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p408 ft52">Urvalet av finansiella instrument vid investeringsrådgivning på oberoende grund</P>
<TABLE cellpadding=0 cellspacing=0 class="t74">
<TR>
<TD class="tr24 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td63"><P class="p409 ft3">20 §</P></TD>
<TD class="tr24 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">Ett värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">informerat kunden om att institutet</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p409 ft3">tillhandahåller</P></TD>
<TD class="tr26 td67"><P class="p20 ft26">investeringsrådgiv-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">ning på oberoende grund ska i den</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">verksamheten bedöma ett tillräckligt</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">stort och diversifierat urval av finan-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">siella instrument som är tillgängliga</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">på marknaden för att säkerställa att</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">kundens investeringsmål på lämpligt</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">sätt kan tillgodoses. Urvalet får inte</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">omfatta finansiella instrument utgiv-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p409 ft3">na, utfärdade</P></TD>
<TD colspan=2 class="tr26 td179"><P class="p20 ft3">eller tillhandahållna</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">av institutet, företag som institutet</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">har nära förbindelser med eller</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">andra företag till vilka institutet har</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">ett sådant rättsligt eller ekonomiskt</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">förhållande att det kan riskera att</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">försämra förutsättningarna för insti-</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">tutet att lämna oberoende investe-</P></TD>
</TR>
<TR>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td63"><P class="p409 ft3">ringsråd.</P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr46 td247"><P class="p410 ft53">Ersättningar till eller från</P></TD>
</TR>
<TR>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td63"><P class="p410 ft53">tredjepart</P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td63"><P class="p410 ft3">21 §</P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">Ett värdepappersinstitut som till-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p410 ft3">handahåller</P></TD>
<TD class="tr26 td62"><P class="p23 ft3">en</P></TD>
<TD class="tr26 td67"><P class="p20 ft3">investeringstjänst</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">eller sidotjänst till en kund får betala</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">eller ta emot en ersättning eller till-</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p20 ft3">handahålla eller ta emot en förmån</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">till eller från någon annan än kunden</P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td63"><P class="p410 ft3">bara om</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td247"><P class="p68 ft3">1. ersättningen eller förmånen</P></TD>
</TR>
<TR>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td247"><P class="p20 ft3">a) är utformad för att höja kvali-</P></TD>
</TR>
<TR>
<TD class="tr27 td51"><P class="p20 ft2">80</P></TD>
<TD colspan=3 class="tr27 td247"><P class="p410 ft3">teten på tjänsten till kunden, och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_81">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">8 kap. 23 §</P>
<P class="p411 ft4">Ett värdepappersinstitut <SPAN class="ft45">skall</SPAN>, när det tillhandahåller <SPAN class="ft45">investerings- tjänsterna </SPAN>investeringsrådgivning <SPAN class="ft45">till kund avseende finansiella instrument </SPAN>eller <SPAN class="ft45">diskretionär </SPAN>port-</P>
</DIV>
<DIV id="id_2">
<P class="p169 ft3">b) inte försämrar institutets förut- sättningar att uppfylla sina skyldig- heter att agera hederligt, rättvist och professionellt i enlighet med kundens intressen, och</P>
<P class="p311 ft26">2. kunden, innan tjänsten tillhanda- hålls, på ett heltäckande, korrekt och begripligt sätt har informerats om ersättningens eller förmånens före- komst, art och belopp eller, om be- loppet inte kan fastställas, om metod- en för beräkning av beloppet samt, i förekommande fall, om hur ersätt- ningen eller förmånen överförs till kunden.</P>
<P class="p170 ft26">Första stycket gäller inte ersätt- ningar eller förmåner som är nöd- vändiga för att tillhandahålla tjänsten och som är av sådan art att de inte kan anses stå i strid med värdepap- persinstitutets skyldighet att agera hederligt, rättvist och professionellt i enlighet med kundens intressen.</P>
<P class="p412 ft3">22 §</P>
<P class="p413 ft26">Ett värdepappersinstitut som har informerat en kund om att institutet tillhandahåller investeringsrådgiv- ning på oberoende grund eller ett värdepappersinstitut som tillhanda- håller portföljförvaltning, får i sam- band med att det tillhandahåller en sådan tjänst till kunden inte ta emot och behålla en ersättning eller för- mån från någon annan än kunden.</P>
<P class="p414 ft80">Första stycket gäller inte mindre <NOBR>icke-monetära</NOBR> förmåner som värde- pappersinstitutet har informerat kunden om och som kan höja kvali- teten på tjänsten till kunden och som är av en sådan omfattning och art att de inte kan anses hindra institutet från att uppfylla sin skyldighet att tillvarata kundens intressen.</P>
<P class="p415 ft3">23 §</P>
<P class="p416 ft4">Ett värdepappersinstitut <SPAN class="ft45">ska</SPAN>, när det tillhandahåller investerings- rådgivning eller portföljförvalt- ning, hämta in nödvändiga upp- gifter från kunden om dennes</P>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">81</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_82">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td265"><P class="p53 ft2">Prop. 2016/17:162 följförvaltning <SPAN class="ft3">avseende finan-</SPAN></P></TD>
<TD colspan=4 class="tr24 td185"><P class="p23 ft2">kunskaper och erfarenheter av den</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p53 ft3">siella instrument<SPAN class="ft2">, hämta in nöd-</SPAN></P></TD>
<TD colspan=2 class="tr25 td173"><P class="p23 ft2">specifika tjänsten</P></TD>
<TD class="tr25 td129"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td117"><P class="p20 ft27">produkten</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft2">vändiga uppgifter från kunden om</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft2">samt om dennes ekonomiska situa-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft2">dennes kunskaper och erfarenheter</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft2">tion och mål med investeringen, så</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p53 ft2">av den specifika tjänsten eller pro-</P></TD>
<TD class="tr25 td78"><P class="p23 ft2">att institutet</P></TD>
<TD class="tr25 td163"><P class="p67 ft2">kan</P></TD>
<TD colspan=2 class="tr25 td121"><P class="p20 ft2">rekommendera</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft2">dukten samt om dennes eko-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft2">kunden de investeringstjänster och</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p96 ft2">nomiska situation och mål med</P></TD>
<TD class="tr26 td78"><P class="p23 ft2">finansiella</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p23 ft2">instrument</P></TD>
<TD class="tr26 td117"><P class="p30 ft2">som är</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p96 ft2">investeringen, så att institutet kan</P></TD>
<TD colspan=2 class="tr25 td173"><P class="p23 ft2">lämpliga för denne.</P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td265"><P class="p53 ft14">rekommendera kunden de investe-</P></TD>
<TD class="tr30 td78"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td163"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td117"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p417 ft2">ringstjänster och finansiella instru- ment som är lämpliga för denne.</P>
<P class="p418 ft3">Uppgifterna om kundens ekonom- iska situation och investeringsmål ska ge tillräckligt underlag för att värdepappersinstitutet ska kunna bedöma och särskilt beakta kundens risktolerans och möjlighet att klara av förluster.</P>
<P class="p419 ft45">Vid korsförsäljning ska värde- pappersinstitutet bedöma lämplig- heten av överenskommelsen eller paketet som helhet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t75">
<TR>
<TD class="tr2 td286"><P class="p46 ft3">8 kap. 24 §</P></TD>
<TD class="tr2 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td178"><P class="p44 ft3">24 §</P></TD>
<TD class="tr2 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td129"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p184 ft2">Ett värdepappersinstitut <SPAN class="ft3">skall</SPAN>, när</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p20 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska</SPAN>, när</P></TD>
</TR>
<TR>
<TD class="tr25 td286"><P class="p46 ft2">det tillhandahåller</P></TD>
<TD colspan=2 class="tr25 td119"><P class="p44 ft2">någon</P></TD>
<TD class="tr25 td70"><P class="p184 ft27">annan</P></TD>
<TD class="tr25 td178"><P class="p44 ft2">det tillhandahåller</P></TD>
<TD colspan=2 class="tr25 td15"><P class="p23 ft2">någon</P></TD>
<TD class="tr25 td129"><P class="p20 ft27">annan</P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p46 ft2">investeringstjänst</P></TD>
<TD class="tr26 td95"><P class="p23 ft2">än</P></TD>
<TD class="tr26 td113"><P class="p23 ft2">dem</P></TD>
<TD class="tr26 td70"><P class="p184 ft2">som</P></TD>
<TD colspan=2 class="tr26 td164"><P class="p44 ft2">investeringstjänst än</P></TD>
<TD class="tr26 td113"><P class="p23 ft2">dem</P></TD>
<TD class="tr26 td129"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">anges i 23 §, begära att kunden</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">anges i 23 §, begära att kunden</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">lämnar uppgifter om sina kun-</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">lämnar uppgifter om sina kun-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">skaper och erfarenheter av den</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">skaper och erfarenheter av den</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">specifika tjänsten eller produkten,</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">specifika tjänsten eller produkten,</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">så att institutet kan bedöma om</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">så att institutet kan bedöma om</P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p46 ft27">investeringstjänsten</P></TD>
<TD colspan=3 class="tr26 td159"><P class="p184 ft2">eller produk-</P></TD>
<TD class="tr26 td178"><P class="p44 ft2">investeringstjänsten</P></TD>
<TD colspan=3 class="tr26 td122"><P class="p20 ft2">eller produk-</P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p46 ft2">ten passar kunden.</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">ten passar kunden. <SPAN class="ft3">Vid korsförsälj-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft3">ning ska bedömningen avse över-</P></TD>
</TR>
<TR>
<TD class="tr25 td286"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td178"><P class="p44 ft3">enskommelsen eller</P></TD>
<TD colspan=3 class="tr25 td122"><P class="p30 ft3">paketet som</P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td178"><P class="p44 ft3">helhet.</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p184 ft2">Ett värdepappersinstitut <SPAN class="ft3">skall</SPAN>, om</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p20 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska</SPAN>, om</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">det mot bakgrund av de uppgifter</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">det mot bakgrund av de uppgifter</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">som det har fått enligt första stycket</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft27">som det har fått enligt första stycket</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft27">anser att tjänsten eller produkten inte</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft27">anser att tjänsten eller produkten inte</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">passar kunden, informera kunden</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">passar kunden, informera kunden</P></TD>
</TR>
<TR>
<TD class="tr26 td286"><P class="p46 ft2">om detta.</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td178"><P class="p44 ft2">om detta.</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p184 ft2">Ett värdepappersinstitut <SPAN class="ft3">skall</SPAN>, om</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p20 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska</SPAN>, om</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">en kund inte lämnar uppgifter</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">en kund inte lämnar uppgifter</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">enligt första stycket eller lämnar</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">enligt första stycket eller lämnar</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td287"><P class="p46 ft2">ofullständiga uppgifter,</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p184 ft2">informera</P></TD>
<TD colspan=2 class="tr26 td164"><P class="p44 ft2">ofullständiga uppgifter,</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p20 ft2">informera</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td96"><P class="p46 ft2">kunden om att institutet inte kan</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">kunden om att institutet inte kan</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td96"><P class="p46 ft2">avgöra om tjänsten eller produkten</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">avgöra om tjänsten eller produkten</P></TD>
</TR>
<TR>
<TD class="tr30 td286"><P class="p46 ft14">passar kunden.</P></TD>
<TD class="tr30 td95"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td70"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td178"><P class="p44 ft14">passar kunden.</P></TD>
<TD class="tr30 td21"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr31 td286"><P class="p23 ft2">82</P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_83">
<DIV id="id_1">
<P class="p292 ft42">Information enligt andra och tredje styckena får lämnas i standard- Prop. 2016/17:162 iserad form.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p19 ft3">8 kap. 25 §</P>
<P class="p420 ft2">Ett värdepappersinstitut får till- handahålla investeringstjänsterna mottagande och vidarebefordran av order i fråga om ett eller flera finansiella instrument och utföran- de av order <SPAN class="ft3">avseende finansiella instrument </SPAN>på kunders uppdrag utan att uppfylla kraven i 24 §, om</P>
<P class="p421 ft2">1. tjänsten avser</P>
<P class="p422 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">aktier som tagits upp till handel på en reglerad marknad </SPAN><SPAN class="ft45">eller på </SPAN>en <SPAN class="ft45">motsvarande </SPAN>marknad utanför EES,</P>
<P class="p423 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">penningmarknadsinstrument,</SPAN></P>
<P class="p424 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">obligationer eller andra former av skuldförbindelser </SPAN><SPAN class="ft45">utan derivat- inslag</SPAN>,</P>
<P class="p425 ft4">d) andelar i en värdepappersfond som avses i 1 kap. 1 § första stycket 25 lagen (2004:46) om</P>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft3">25 §<SPAN class="ft24">14</SPAN></P>
<P class="p426 ft4">Ett värdepappersinstitut får till- handahålla investeringstjänsterna mottagande och vidarebefordran av order i fråga om ett eller flera finansiella instrument och utföran- de av order på kunders uppdrag utan att uppfylla kraven i 24 §, om</P>
<P class="p427 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">aktier som tagits upp till handel på en reglerad marknad, en marknad utanför EES </SPAN><SPAN class="ft3">som enligt beslut av Europeiska kommis- sionen bedömts vara likvärdig med en reglerad marknad eller en </SPAN><NOBR><SPAN class="ft3">MTF-plattform,</SPAN></NOBR><SPAN class="ft3"> med undantag för aktier i andra företag för kollek- tiva investeringar än sådana som avses i d och aktier som omfattar derivat</SPAN>,</P>
<P class="p428 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">penningmarknadsinstrument, </SPAN><SPAN class="ft3">med undantag för sådana instru- ment som omfattar derivat eller har en struktur som gör det svårt för kunden att förstå den risk som instrumentet är förenad med,</SPAN></P>
<P class="p429 ft2"><SPAN class="ft2">c)</SPAN><SPAN class="ft40">obligationer eller andra former av skuldförbindelser </SPAN><SPAN class="ft3">som tagits upp till handel på en reg- lerad marknad, en marknad utanför EES som enligt beslut av Europeiska kommissionen bedömts vara likvärdig med en reglerad marknad eller en </SPAN><NOBR><SPAN class="ft3">MTF-plattform,</SPAN></NOBR><SPAN class="ft3"> med undantag för sådana skuld- förbindelser som omfattar derivat eller innehåller en struktur som gör det svårt för kunden att förstå den risk som skuldförbindelsen är förenad med</SPAN>,</P>
<P class="p430 ft4"><SPAN class="ft2">d)</SPAN><SPAN class="ft71">andelar i en värdepappersfond som avses i 1 kap. 1 § första stycket 25 lagen (2004:46) om</SPAN></P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p12 ft37"><SPAN class="ft43">14 </SPAN>Senaste lydelse av tidigare 8 kap. 25 § 2013:579.</P>
<P class="p13 ft2">83</P>
</DIV>
</DIV>
<DIV id="page_84">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD colspan=4 class="tr24 td44"><P class="p50 ft2">Prop. 2016/17:162 värdepappersfonder</P></TD>
<TD colspan=2 class="tr24 td65"><P class="p76 ft2">eller</P></TD>
<TD class="tr24 td196"><P class="p99 ft2">i ett</P></TD>
<TD colspan=5 class="tr24 td14"><P class="p44 ft2">värdepappersfonder</P></TD>
<TD colspan=2 class="tr24 td139"><P class="p99 ft2">eller</P></TD>
<TD class="tr24 td157"><P class="p216 ft2">i</P></TD>
<TD class="tr24 td11"><P class="p30 ft2">ett</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p46 ft2">fondföretag som avses i 1 kap. 7 §</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft2">fondföretag som avses i 1 kap. 7 §</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p46 ft2">första</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p23 ft2">stycket</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p73 ft2">första</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p184 ft2">meningen</P></TD>
<TD class="tr26 td119"><P class="p44 ft2">första</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p30 ft27">stycket</P></TD>
<TD colspan=3 class="tr26 td85"><P class="p76 ft2">första</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft2">meningen</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td288"><P class="p46 ft2">samma lag, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3"><SPAN class="ft2">samma lag, </SPAN>med undantag för</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td233"><P class="p44 ft3">strukturerade</P></TD>
<TD colspan=4 class="tr25 td37"><P class="p22 ft3">fondföretag</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p30 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">avses i artikel 36.1 andra stycket i</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">kommissionens förordning (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">583/2010 av den 1 juli 2010 om</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td233"><P class="p44 ft3">genomförande</P></TD>
<TD class="tr26 td17"><P class="p44 ft3">av</P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td190"><P class="p20 ft3">Europaparla-</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td119"><P class="p44 ft3">mentets</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p203 ft3">och</P></TD>
<TD colspan=3 class="tr26 td85"><P class="p192 ft3">rådets</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft3">direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">2009/65/EG rörande basfakta för</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">investerare och villkor som ska</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">uppfyllas när faktablad med bas-</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">fakta för investerare eller prospekt</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td233"><P class="p44 ft3">tillhandahålls</P></TD>
<TD class="tr26 td17"><P class="p23 ft3">på</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p22 ft26">annat</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft3">varaktigt</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">medium än papper eller på en</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td22"><P class="p44 ft3">webbplats,</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td158"><P class="p28 ft3">e) strukturerade</P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td190"><P class="p20 ft3">insättningar,</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">med undantag för sådana vars</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft3">struktur gör det svårt för kunden</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3">att förstå risken avseende avkast-</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft26">ningen eller kostnaden för att säga</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td244"><P class="p44 ft3">upp insättningen i förtid, eller</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p184 ft2"><SPAN class="ft3">e</SPAN>) andra okomplicerade finansiella</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p20 ft2"><SPAN class="ft3">f</SPAN>) andra okomplicerade finansiella</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td76"><P class="p46 ft2">instrument,</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td22"><P class="p44 ft2">instrument,</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td134"><P class="p268 ft2">2. tjänsten tillhandahålls på kundens initiativ, samt</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p184 ft2">3. kunden klart och tydligt har</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p20 ft2">3. kunden klart och tydligt har</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p46 ft2">informerats om att institutet inte</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p44 ft3"><SPAN class="ft2">informerats</SPAN>, i standardiserad eller</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td76"><P class="p46 ft2">kommer</P></TD>
<TD class="tr25 td11"><P class="p23 ft2">att</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p56 ft2">bedöma</P></TD>
<TD class="tr25 td196"><P class="p184 ft2">om</P></TD>
<TD colspan=9 class="tr25 td242"><P class="p44 ft2"><SPAN class="ft3">annan form, </SPAN>om att institutet inte</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td76"><P class="p46 ft2">instrumentet</P></TD>
<TD colspan=4 class="tr26 td121"><P class="p56 ft2">eller tjänsten</P></TD>
<TD class="tr26 td196"><P class="p184 ft27">passar</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p44 ft2">kommer</P></TD>
<TD class="tr26 td193"><P class="p20 ft2">att</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td39"><P class="p192 ft2">bedöma</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p46 ft2">kunden.</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td158"><P class="p44 ft2">instrumentet eller</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p192 ft2">tjänsten</P></TD>
<TD colspan=2 class="tr26 td25"><P class="p20 ft2">passar</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td119"><P class="p44 ft2">kunden.</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p56 ft3">Information enligt första styck-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p20 ft3">Om institutet i samband med</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p46 ft3">et 3 får lämnas i standardiserad</P></TD>
<TD colspan=5 class="tr26 td14"><P class="p57 ft3">investeringstjänsten</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p22 ft3">lämnar</P></TD>
<TD colspan=2 class="tr26 td25"><P class="p20 ft3">kund-</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p46 ft3">form.</P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft3">en en kredit för att den ska kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft3">genomföra en transaktion i finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td158"><P class="p57 ft3">siella instrument,</P></TD>
<TD class="tr26 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p192 ft26">ska</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft3">institutet</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft3">uppfylla vad som krävs enligt 24 §.</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td104"><P class="p175 ft3">Finansinspektionen</P></TD>
<TD class="tr26 td62"><P class="p94 ft3">får</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p20 ft3">hos</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td22"><P class="p57 ft3">Europeiska</P></TD>
<TD colspan=7 class="tr26 td141"><P class="p20 ft3">kommissionen begära</P></TD>
</TR>
<TR>
<TD class="tr25 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td242"><P class="p57 ft3">ett sådant beslut om likvärdighet</P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft3">för en marknad utanför EES som</P></TD>
</TR>
<TR>
<TD class="tr31 td217"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr31 td244"><P class="p57 ft3">avses i första stycket 1 a och c.</P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr0 td76"><P class="p46 ft3">8 kap. 27 §</P></TD>
<TD class="tr0 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td119"><P class="p57 ft3">27 §</P></TD>
<TD class="tr0 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td217"><P class="p268 ft2">Ett</P></TD>
<TD colspan=5 class="tr26 td61"><P class="p56 ft27">värdepappersinstitut</P></TD>
<TD class="tr26 td196"><P class="p56 ft3">skall</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p20 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska på ett</SPAN></P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p46 ft2">lämna en tillfredsställande rapporte-</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft3">varaktigt medium <SPAN class="ft2">lämna en till-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td96"><P class="p46 ft2">ring till en kund om de tjänster som</P></TD>
<TD colspan=7 class="tr25 td166"><P class="p57 ft2">fredsställande rapportering</P></TD>
<TD class="tr25 td157"><P class="p75 ft2">till</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">en</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td96"><P class="p46 ft2">institutet har utfört för kunden.</P></TD>
<TD colspan=9 class="tr26 td242"><P class="p57 ft2">kund om de tjänster som institutet</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr30 td288"><P class="p46 ft14">Rapporteringen</P></TD>
<TD class="tr30 td97"><P class="p23 ft35">skall</P></TD>
<TD class="tr30 td193"><P class="p57 ft14">i</P></TD>
<TD colspan=2 class="tr30 td87"><P class="p56 ft14">förekom-</P></TD>
<TD colspan=2 class="tr30 td22"><P class="p57 ft14">har utfört</P></TD>
<TD class="tr30 td193"><P class="p30 ft14">för</P></TD>
<TD colspan=3 class="tr30 td85"><P class="p94 ft14">kunden.</P></TD>
<TD colspan=3 class="tr30 td117"><P class="p20 ft14">Rapport-</P></TD>
</TR>
<TR>
<TD class="tr31 td217"><P class="p23 ft2">84</P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td280"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_85">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">mande fall innehålla uppgifter om kostnaderna för de transaktioner och tjänster som har utförts för kundens räkning.</P>
</DIV>
<DIV id="id_2">
<P class="p431 ft89">eringen <SPAN class="ft80">ska </SPAN>i förekommande fall <SPAN class="ft80">lämnas regelbundet och även </SPAN>innehålla uppgifter om kostnaderna för de transaktioner och tjänster som har utförts för kundens räkning.</P>
<P class="p309 ft3">28 §</P>
<P class="p406 ft26">Ett värdepappersinstitut som till- handahåller investeringsrådgivning ska på ett varaktigt medium lämna en <NOBR>icke-professionell</NOBR> kund en tillfredsställande dokumentation som detaljerat anger vilket råd kunden har fått och hur rådet motsvarar kundens önskemål, mål med investe- ringen och andra egenskaper (lämp- lighetsförklaring). Dokumentationen ska lämnas innan en transaktion utförs, om inte villkoren i andra stycket är uppfyllda.</P>
<P class="p432 ft3">Om ett avtal att köpa eller sälja ett finansiellt instrument ingås med hjälp av ett medel för distans- kommunikation som hindrar att dokumentationen lämnas i förväg, får värdepappersinstitutet lämna lämplighetsförklaringen snarast efter det att avtalet har ingåtts, om</P>
<P class="p313 ft45"><SPAN class="ft26">a)</SPAN><SPAN class="ft46">kunden har gett sitt samtycke till att få lämplighetsförklaringen utan onödigt dröjsmål efter det att transaktionen har utförts, och</SPAN></P>
<P class="p181 ft45"><SPAN class="ft26">b)</SPAN><SPAN class="ft46">institutet har erbjudit kunden möjligheten att senarelägga transak- tionen så att kunden först kan få lämplighetsförklaringen.</SPAN></P>
<P class="p433 ft3">29 §</P>
<P class="p434 ft3">Om ett värdepappersinstitut er- bjuder portföljförvaltning till en <NOBR>icke-professionell</NOBR> kund eller har informerat en sådan kund om att institutet kommer att utföra en regelbunden lämplighetsbedöm- ning enligt 17 § 3, ska rapport- eringen innehålla en uppdaterad förklaring till hur investeringen motsvarar kundens önskemål, mål med investeringen och andra egen- skaper.</P>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">85</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_86">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td289"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td290"><P class="p44 ft3">30 §</P></TD>
</TR>
<TR>
<TD class="tr25 td289"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td290"><P class="p21 ft3">Ett värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr26 td289"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td290"><P class="p44 ft3">utfört en transaktion för en kunds</P></TD>
</TR>
<TR>
<TD class="tr26 td289"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td290"><P class="p44 ft3">räkning ska informera kunden om</P></TD>
</TR>
<TR>
<TD class="tr31 td289"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td290"><P class="p44 ft3">var ordern utfördes.</P></TD>
</TR>
<TR>
<TD class="tr0 td289"><P class="p41 ft3">8 kap. 28 §</P></TD>
<TD class="tr0 td290"><P class="p74 ft3">31 §</P></TD>
</TR>
<TR>
<TD class="tr26 td289"><P class="p81 ft2">När ett värdepappersinstitut ut-</P></TD>
<TD class="tr26 td290"><P class="p141 ft2">När ett värdepappersinstitut ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td289"><P class="p41 ft2">för en kunds order, <SPAN class="ft3">skall </SPAN>det vidta</P></TD>
<TD class="tr25 td290"><P class="p74 ft2">för en kunds order, <SPAN class="ft3">ska </SPAN>det vidta</P></TD>
</TR>
<TR>
<TD class="tr26 td289"><P class="p41 ft2">alla <SPAN class="ft3">rimliga </SPAN>åtgärder för att uppnå</P></TD>
<TD class="tr26 td290"><P class="p74 ft2">alla <SPAN class="ft3">de </SPAN>åtgärder <SPAN class="ft3">som behövs </SPAN>för att</P></TD>
</TR>
<TR>
<TD class="tr25 td289"><P class="p41 ft2">bästa möjliga resultat för kunden</P></TD>
<TD class="tr25 td290"><P class="p74 ft2">uppnå bästa möjliga resultat för</P></TD>
</TR>
<TR>
<TD class="tr30 td289"><P class="p41 ft14">med avseende på</P></TD>
<TD class="tr30 td290"><P class="p74 ft14">kunden med avseende på</P></TD>
</TR>
</TABLE>
<P class="p209 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">pris,</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">kostnad,</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">snabbhet,</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">sannolikhet för utförande och avveckling,</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">storlek,</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft40">art, och</SPAN></P>
<P class="p209 ft2"><SPAN class="ft2">7.</SPAN><SPAN class="ft40">andra för kunden väsentliga förhållanden.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr31 td96"><P class="p184 ft2">Om en kund har gett specifika</P></TD>
<TD colspan=4 class="tr31 td242"><P class="p28 ft2">Om en kund har gett specifika</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p184 ft2">instruktioner, <SPAN class="ft3">skall </SPAN>ett värdepap-</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">instruktioner, <SPAN class="ft3">ska </SPAN>ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p184 ft2">persinstitut utföra ordern i enlighet</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">persinstitut utföra ordern i enlighet</P></TD>
</TR>
<TR>
<TD class="tr31 td96"><P class="p46 ft2">med dessa.</P></TD>
<TD class="tr31 td181"><P class="p44 ft2">med dessa.</P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td96"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td181"><P class="p57 ft3">32 §</P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p175 ft26">När ett värdepappersinstitut utför</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">en order för en <NOBR>icke-professionell</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">kunds räkning, ska bästa möjliga</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">resultat fastställas med hänsyn till</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td205"><P class="p175 ft3">1. priset för det</P></TD>
<TD class="tr25 td189"><P class="p59 ft26">finansiella</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">in-</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td181"><P class="p57 ft3">strumentet, och</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td181"><P class="p175 ft26">2. kostnaderna</P></TD>
<TD class="tr26 td148"><P class="p82 ft3">i</P></TD>
<TD class="tr26 td189"><P class="p23 ft3">samband</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td244"><P class="p57 ft26">utförandet, inbegripet kundens</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">alla</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">utgifter som hänför sig direkt till</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td205"><P class="p57 ft26">utförandet av ordern.</P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p175 ft3">I bedömningen av bästa möjliga</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">resultat ska värdepappersinstitutet</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">beakta de egna ersättningar och</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft26">avgifter som det tar ut av kunden för</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">utförandet av ordern på var och en</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">av de platser som kan komma i fråga</P></TD>
</TR>
<TR>
<TD class="tr31 td96"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td181"><P class="p57 ft26">för att utföra den.</P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td96"><P class="p46 ft3">8 kap. 29 §</P></TD>
<TD class="tr47 td181"><P class="p44 ft3">33 §</P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p184 ft2">Ett värdepappersinstitut <SPAN class="ft3">skall </SPAN>ha</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p28 ft2">Ett värdepappersinstitut <SPAN class="ft3">ska </SPAN>ha</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p184 ft2">system och riktlinjer för hur insti-</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">system och riktlinjer för hur insti-</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p184 ft2">tutet <SPAN class="ft3">skall </SPAN>uppnå bästa möjliga re-</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft2">tutet <SPAN class="ft3">ska </SPAN>uppnå bästa möjliga re-</P></TD>
</TR>
<TR>
<TD class="tr25 td96"><P class="p184 ft2">sultat enligt <SPAN class="ft3">28 </SPAN>§ när en kunds</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft2">sultat enligt <SPAN class="ft3">31 och 32 </SPAN>§<SPAN class="ft3">§ </SPAN>när en</P></TD>
</TR>
<TR>
<TD class="tr26 td96"><P class="p46 ft2">order utförs.</P></TD>
<TD colspan=2 class="tr26 td205"><P class="p44 ft2">kunds order utförs.</P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td96"><P class="p184 ft14">I riktlinjerna <SPAN class="ft35">skall </SPAN>det för varje</P></TD>
<TD class="tr30 td181"><P class="p28 ft14">I riktlinjerna</P></TD>
<TD class="tr30 td148"><P class="p71 ft74">ska</P></TD>
<TD colspan=2 class="tr30 td175"><P class="p20 ft14">det för varje</P></TD>
</TR>
<TR>
<TD class="tr31 td96"><P class="p435 ft2">86</P></TD>
<TD class="tr31 td181"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_87">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p116 ft2"><SPAN class="ft3">kategori </SPAN>av finansiella instrument finnas uppgifter om de olika <SPAN class="ft3">handelsplatser </SPAN>där värdepappers- institutet utför sina kundorder och de faktorer som påverkar valet av <SPAN class="ft3">handelsplats</SPAN>. Riktlinjerna <SPAN class="ft3">skall </SPAN>omfatta de <SPAN class="ft3">handelsplatser </SPAN>som gör det möjligt för institutet att stadig- varande uppnå bästa möjliga resultat när en kundorder utförs.</P>
<P class="p436 ft4">Ett värdepappersinstitut <SPAN class="ft45">skall </SPAN>övervaka och regelbundet upp- datera sina system och riktlinjer för utförande av order och <SPAN class="ft45">in- formera sina kunder </SPAN>om varje väsentlig förändring av dessa.</P>
</DIV>
<DIV id="id_1_2">
<TABLE cellpadding=0 cellspacing=0 class="t49">
<TR height=0>
<TD width=39px></TD>
<TD width=25px></TD>
<TD width=10px></TD>
<TD width=49px></TD>
<TD width=43px></TD>
<TD width=134px></TD>
</TR>
<TR>
<TD class="tr2 td116"><P class="p23 ft3">klass</P></TD>
<TD class="tr2 td95"><P class="p23 ft2">av</P></TD>
<TD colspan=2 class="tr2 td83"><P class="p23 ft2">finansiella</P></TD>
<TD colspan=2 class="tr2 td291"><P class="p20 ft2">instrument Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td162"><P class="p23 ft2">finnas uppgifter om de olika</P></TD>
</TR>
<TR>
<TD class="tr26 td116"><P class="p23 ft3">platser</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p44 ft2">där</P></TD>
<TD colspan=3 class="tr26 td135"><P class="p142 ft27">värdepappersinstitutet</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td162"><P class="p23 ft2">utför sina kundorder och de faktorer</P></TD>
</TR>
<TR>
<TD class="tr25 td116"><P class="p23 ft2">som</P></TD>
<TD colspan=3 class="tr25 td142"><P class="p67 ft2">påverkar</P></TD>
<TD class="tr25 td15"><P class="p23 ft2">valet</P></TD>
<TD class="tr25 td195"><P class="p142 ft2">av</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td79"><P class="p23 ft3">utförandeplats<SPAN class="ft2">. Riktlinjerna</SPAN></P></TD>
<TD class="tr26 td195"><P class="p142 ft3">ska</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td174"><P class="p23 ft2">omfatta de</P></TD>
<TD colspan=3 class="tr26 td120"><P class="p88 ft3">utförandeplatser</P></TD>
<TD class="tr26 td195"><P class="p142 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td162"><P class="p23 ft2">gör det möjligt för institutet att</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td22"><P class="p23 ft27">stadigvarande</P></TD>
<TD colspan=3 class="tr26 td135"><P class="p142 ft2">uppnå bästa möjliga</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td79"><P class="p23 ft27">resultat när en kundorder utförs.</P></TD>
<TD rowspan=2 class="tr44 td195"><P class="p142 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr26 td116"><P class="p39 ft2">Ett</P></TD>
<TD colspan=4 class="tr26 td42"><P class="p88 ft2">värdepappersinstitut</P></TD>
</TR>
</TABLE>
<P class="p272 ft2">övervaka och regelbundet <SPAN class="ft3">ut- värdera och </SPAN>uppdatera sina system och riktlinjer för utförande av order och <SPAN class="ft3">lämna information </SPAN>om varje väsentlig förändring av dessa <SPAN class="ft3">till de kunder med vilka institutet har en fortlöpande relation</SPAN>. <SPAN class="ft3">I utvärderingen ska institutet beakta den information som har offentlig- gjorts enligt 37 §, 8 kap. 33 § och 13 kap. 9 §.</SPAN></P>
</DIV>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p19 ft3">8 kap. 30 §</P>
<P class="p437 ft45"><SPAN class="ft4">Innan </SPAN>ett värdepappersinstitut <SPAN class="ft4">utför en kunds order, </SPAN>skall <SPAN class="ft4">kunden ha godtagit </SPAN>de riktlinjer för utför- ande av order som institutet har<SPAN class="ft4">.</SPAN></P>
<P class="p354 ft3">8 kap. 32 §</P>
<P class="p438 ft4">Om en kund begär det, <SPAN class="ft45">skall </SPAN>ett värdepappersinstitut kunna visa att det har utfört kundens order i enlighet med institutets riktlinjer för utförande av order.</P>
</DIV>
<DIV id="id_2_2">
<P class="p439 ft3">34 §</P>
<P class="p440 ft26">Ett värdepappersinstitut ska förse sina kunder med lämplig infor- mation om institutets riktlinjer för utförande av order. Informationen ska förklara hur en order kommer att utföras på ett sätt som är tyd- ligt, tillräckligt detaljerat och lätt för kunder att förstå.</P>
<P class="p441 ft51"><SPAN class="ft42">Innan </SPAN>värdepappersinstitutet <SPAN class="ft42">utför en kunds order, </SPAN>ska <SPAN class="ft42">kunden ha godtagit </SPAN>riktlinjerna<SPAN class="ft42">.</SPAN></P>
<P class="p442 ft3">36 §</P>
<P class="p264 ft2">Om en kund begär det, <SPAN class="ft3">ska </SPAN>ett värdepappersinstitut kunna visa att det har utfört kundens order i enlighet med institutets riktlinjer för utförande av order.</P>
<P class="p426 ft45">Om Finansinspektionen begär det, ska ett värdepappersinstitut kunna visa att det uppfyller kraven i <NOBR>31–35</NOBR> och 37 §§.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">87</P>
</DIV>
</DIV>
<DIV id="page_88">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr42 td272"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=4 class="tr42 td271"><P class="p345 ft53">Information om utförande av order</P></TD>
</TR>
<TR>
<TD class="tr46 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td165"><P class="p345 ft3">37 §</P></TD>
<TD class="tr46 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td132"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">Ett värdepappersinstitut som utför</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p345 ft26">kundorder ska varje år offentliggöra</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">en sammanfattning av de fem</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td282"><P class="p345 ft3">utförandeplatser</P></TD>
<TD class="tr26 td113"><P class="p184 ft26">där</P></TD>
<TD class="tr26 td132"><P class="p20 ft3">institutet</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p345 ft3">främst, i fråga om handelsvolym,</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p345 ft3">utfört</P></TD>
<TD colspan=2 class="tr26 td237"><P class="p56 ft26">kundorder under</P></TD>
<TD class="tr26 td132"><P class="p20 ft26">föregående</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">år. Sammanfattningen ska vara upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td165"><P class="p345 ft3">delad</P></TD>
<TD class="tr26 td37"><P class="p88 ft3">på klasser</P></TD>
<TD class="tr26 td113"><P class="p56 ft3">av</P></TD>
<TD class="tr26 td132"><P class="p20 ft3">finansiella</P></TD>
</TR>
</TABLE>
<P class="p351 ft45">instrument och innehålla informa- tion om kvaliteten på utförandet.</P>
<P class="p443 ft53">Limitorder</P>
<P class="p394 ft3">39 §</P>
<P class="p395 ft3">Om en kund har angett ett lägsta pris vid försäljning till tredje man eller ett högsta pris vid inköp (limit) avseende aktier som är upp- tagna till handel på en reglerad marknad eller handlas på en MTF- plattform och värdepappersinsti- tutet inte utför ordern, ska institut- et omedelbart offentliggöra ordern på ett sätt som gör den lätt till- gänglig för övriga marknadsak- törer. Detta gäller dock inte om kunden har gett andra instruk- tioner.</P>
<P class="p444 ft3">41 §</P>
<P class="p445 ft45">Ett värdepappersinstitut som innehar en kunds medel ska</P>
<P class="p446 ft3">1. vidta lämpliga åtgärder för att skydda kundens rättigheter, och 2. hålla medlen avskilda från institutets tillgångar, om det inte har tillstånd att ta emot medel på konto enligt 2 kap. 2 § första stycket 8 eller är ett kreditinstitut. Ett värdepappersbolag och ett utländskt företag som tar emot medel med redovisningsskyldighet enligt 2 kap. 2 § första stycket 1 ska omedelbart avskilja medlen</P>
<P class="p447 ft3">från de egna tillgångarna.</P>
<P class="p448 ft2">88</P>
</DIV>
<DIV id="page_89">
<TABLE cellpadding=0 cellspacing=0 class="t69">
<TR>
<TD class="tr24 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td139"><P class="p57 ft3">43 §</P></TD>
<TD class="tr24 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td69"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td139"><P class="p175 ft3">Ett</P></TD>
<TD colspan=3 class="tr25 td292"><P class="p142 ft26">värdepappersinstitut får inte</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td30"><P class="p57 ft3">ingå avtal om</P></TD>
<TD colspan=2 class="tr26 td230"><P class="p142 ft26">säkerhetsöverlåtelse</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft3">(återköpsavtal) av finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td293"><P class="p57 ft3">ment, valuta eller sådana fordringar</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft3">som avses i 8 kap. 10 § andra stycket</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft3">konkurslagen (1987:672) med icke-</P></TD>
</TR>
<TR>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td293"><P class="p57 ft3">professionella kunder i syfte att</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft3">säkra eller täcka kundens aktuella</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft3">eller framtida, faktiska eller vill-</P></TD>
</TR>
<TR>
<TD class="tr31 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td61"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td293"><P class="p57 ft3">korade eller presumtiva förpliktelser.</P></TD>
</TR>
<TR>
<TD class="tr47 td30"><P class="p23 ft3">8 kap. 38 §</P></TD>
<TD class="tr47 td61"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td139"><P class="p57 ft3">45 §</P></TD>
<TD class="tr47 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td69"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td242"><P class="p39 ft2">Vid kreditgivning enligt 2 kap. 2 §</P></TD>
<TD colspan=4 class="tr25 td293"><P class="p142 ft2">Vid kreditgivning enligt 2 kap. 2 §</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">första stycket 2 gäller för värde-</P></TD>
<TD class="tr26 td139"><P class="p57 ft2">första</P></TD>
<TD colspan=2 class="tr26 td146"><P class="p70 ft2">stycket 2 gäller för</P></TD>
<TD class="tr26 td69"><P class="p142 ft2">värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td30"><P class="p23 ft2">pappersbolag</P></TD>
<TD class="tr26 td61"><P class="p184 ft3">bestämmelserna i</P></TD>
<TD colspan=2 class="tr26 td30"><P class="p57 ft2">pappersbolag</P></TD>
<TD colspan=2 class="tr26 td230"><P class="p142 ft2">denna paragraf och</P></TD>
</TR>
<TR>
<TD class="tr25 td30"><P class="p23 ft2">denna paragraf</P></TD>
<TD class="tr25 td61"><P class="p184 ft2">och <SPAN class="ft3">37 </SPAN>§ i stället</P></TD>
<TD class="tr25 td139"><P class="p57 ft3">44 <SPAN class="ft2">§</SPAN></P></TD>
<TD class="tr25 td29"><P class="p23 ft2">i stället</P></TD>
<TD class="tr25 td190"><P class="p88 ft2">för 21 kap.</P></TD>
<TD class="tr25 td69"><P class="p142 ft2">aktie-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">för <SPAN class="ft3">bestämmelserna i </SPAN>21 kap. aktie-</P></TD>
<TD colspan=3 class="tr26 td217"><P class="p57 ft2">bolagslagen (2005:551).</P></TD>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">bolagslagen (2005:551).</P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td186"><P class="p39 ft2">Ett värdepappersbolag får inte på andra villkor än sådana som bolaget</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">normalt ställer upp lämna kredit till</P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p39 ft2">1. en styrelseledamot,</P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td242"><P class="p39 ft2">2. en person som ensam eller i</P></TD>
<TD colspan=4 class="tr25 td293"><P class="p142 ft2">2. en person som ensam eller i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">förening med någon annan får av-</P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft2">förening med någon annan får av-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">göra kreditärenden som <SPAN class="ft3">skall </SPAN>av-</P></TD>
<TD colspan=4 class="tr26 td293"><P class="p57 ft2">göra kreditärenden som <SPAN class="ft3">ska </SPAN>av-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td242"><P class="p23 ft2">göras av styrelsen,</P></TD>
<TD colspan=3 class="tr26 td217"><P class="p57 ft2">göras av styrelsen,</P></TD>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p143 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">en anställd som har en ledande ställning inom bolaget,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft72">någon annan aktieägare än staten med ett aktieinnehav som motsvarar minst tre procent av hela aktiekapitalet,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft72">den som är make eller sambo till någon som avses i </SPAN><NOBR>1–4,</NOBR> eller</P>
<P class="p144 ft4"><SPAN class="ft2">6.</SPAN><SPAN class="ft71">en juridisk person i vilken någon som avses i </SPAN><NOBR>1–5</NOBR> har ett väsentligt ekonomiskt intresse i egenskap av delägare eller medlem.</P>
<P class="p144 ft2">Finansinspektionen prövar efter ansökan om en anställd har sådan ledande ställning som avses i andra stycket 3.</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr27 td212"><P class="p39 ft2">Värdepappersbolagets</P></TD>
<TD class="tr27 td211"><P class="p23 ft2">styrelse</P></TD>
<TD class="tr27 td102"><P class="p39 ft2">Värdepappersbolagets</P></TD>
<TD class="tr27 td139"><P class="p23 ft27">styrelse</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2"><SPAN class="ft3">skall </SPAN>avgöra ärenden om kredit till</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">ska </SPAN>avgöra ärenden om kredit till</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">de personer och företag som avses</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">de personer och företag som avses</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p23 ft2">i andra stycket. Bolaget <SPAN class="ft3">skall </SPAN>föra in</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p23 ft2">i andra stycket. Bolaget <SPAN class="ft3">ska </SPAN>föra in</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">uppgifter om sådana krediter i en</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">uppgifter om sådana krediter i en</P></TD>
</TR>
<TR>
<TD class="tr30 td212"><P class="p23 ft14">förteckning.</P></TD>
<TD class="tr30 td211"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td102"><P class="p23 ft14">förteckning.</P></TD>
<TD class="tr30 td139"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft4"><NOBR>Andra–fjärde</NOBR> styckena tillämpas också på krediter mot säkerhet av borgen eller fordringsrätt som utfärdas av någon som avses i andra stycket. Detsamma gäller för en fordran som bolaget förvärvar och för vilken någon som avses i andra stycket är betalningsskyldig.</P>
<P class="p449 ft2">89</P>
</DIV>
<DIV id="page_90">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p450 ft25"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Undantag <SPAN class="ft54">om </SPAN>det finns särskilda regler i <NOBR><SPAN class="ft54">EG</SPAN>-rätten</NOBR></P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft25">Undantag <SPAN class="ft54">när </SPAN>det finns särskilda regler i <NOBR><SPAN class="ft54">EU</SPAN>-rätten</NOBR></P>
</DIV>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t76">
<TR>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td277"><P class="p451 ft3">8 kap. 40 §</P></TD>
<TD class="tr24 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td52"><P class="p57 ft3">47 §</P></TD>
<TD class="tr24 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p56 ft2">Om ett värdepappersinstitut utför</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p175 ft2">Om ett värdepappersinstitut utför</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p451 ft2">en investeringstjänst som bara är</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">en investeringstjänst som bara är</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p451 ft2">en del av en finansiell produkt för</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">en del av en finansiell produkt för</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p451 ft2">vilken det finns <SPAN class="ft3">andra </SPAN>regler i <SPAN class="ft3">EG</SPAN>-</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">vilken det finns <SPAN class="ft3">särskilda </SPAN>regler i</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p451 ft2">rätten, gäller inte <SPAN class="ft3">bestämmelserna i</SPAN></P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2"><NOBR><SPAN class="ft3">EU</SPAN>-rätten,</NOBR> gäller inte <SPAN class="ft3">14, 15 och</SPAN></P></TD>
</TR>
<TR>
<TD class="tr31 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td277"><P class="p451 ft3"><NOBR>22–27</NOBR> <SPAN class="ft2">§§.</SPAN></P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td211"><P class="p57 ft3">17 <SPAN class="ft2">§§.</SPAN></P></TD>
<TD class="tr31 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p57 ft3">48 §</P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p30 ft3">Om ett kreditavtal som omfattas av</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft3">Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">direktiv 2014/17/EU av den 4 feb-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft26">ruari 2014 om konsumentkreditavtal</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft3">som avser bostadsfastighet och om</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td211"><P class="p57 ft3">ändring</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p23 ft3">av direktiven</P></TD>
<TD colspan=2 class="tr26 td174"><P class="p30 ft26">2008/48/EG</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p57 ft3">och</P></TD>
<TD colspan=3 class="tr26 td237"><P class="p203 ft3">2013/36/EU och</P></TD>
<TD colspan=2 class="tr26 td174"><P class="p30 ft3">förordning</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft26">(EU) nr 1093/2010, i den ursprung-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">liga lydelsen, förutsätter, för att</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">lånet ska kunna betalas ut, läggas</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft3">om eller lösas in, att samma kund</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td67"><P class="p57 ft26">tillhandahålls en</P></TD>
<TD colspan=3 class="tr26 td67"><P class="p30 ft3">investeringstjänst</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td211"><P class="p57 ft26">avseende</P></TD>
<TD colspan=3 class="tr26 td46"><P class="p50 ft26">hypoteksobligationer</P></TD>
<TD class="tr26 td35"><P class="p30 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft26">ges ut specifikt i syfte att säkra finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">sieringen av kreditavtalet och har</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">identiska villkor med det, ska</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td211"><P class="p57 ft26"><NOBR>23–28</NOBR> §§</P></TD>
<TD class="tr25 td29"><P class="p40 ft3">och</P></TD>
<TD class="tr25 td65"><P class="p203 ft26">8 kap.</P></TD>
<TD class="tr25 td70"><P class="p99 ft3">15 §</P></TD>
<TD class="tr25 td35"><P class="p30 ft3">inte</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft3">tillämpas på den investerings-</P></TD>
</TR>
<TR>
<TD class="tr31 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td167"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td205"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td211"><P class="p57 ft3">tjänsten.</P></TD>
<TD class="tr31 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td277"><P class="p139 ft3">8 kap. 41 §</P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p57 ft3">49 §</P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p202 ft2">Ett</P></TD>
<TD class="tr26 td205"><P class="p59 ft2">värdepappersinstitut</P></TD>
<TD class="tr26 td52"><P class="p56 ft2">som</P></TD>
<TD class="tr26 td52"><P class="p175 ft2">Ett</P></TD>
<TD colspan=4 class="tr26 td278"><P class="p40 ft2">värdepappersinstitut</P></TD>
<TD class="tr26 td35"><P class="p30 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p139 ft2">genom förmedling av ett annat</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">genom förmedling av ett annat</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">värdepappersinstitut eller ett ut-</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">värdepappersinstitut eller ett ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td167"><P class="p139 ft2">ländskt</P></TD>
<TD class="tr26 td205"><P class="p44 ft27">värdepappersföretag</P></TD>
<TD class="tr26 td52"><P class="p56 ft2">som</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p57 ft2">ländskt</P></TD>
<TD colspan=3 class="tr26 td46"><P class="p73 ft2">värdepappersföretag</P></TD>
<TD class="tr26 td35"><P class="p30 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p139 ft2">hör hemma inom EES tar emot en</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">hör hemma inom EES tar emot en</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">instruktion om att utföra en</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">instruktion om att utföra en</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">investeringstjänst eller en sido-</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">investeringstjänst eller en sido-</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p139 ft2">tjänst för en kunds räkning, får</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">tjänst för en kunds räkning, får</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">förlita sig på de uppgifter om</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">förlita sig på de uppgifter om</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">kunden som det har fått av det</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">kunden som det har fått av det</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p139 ft2">andra</P></TD>
<TD class="tr25 td205"><P class="p23 ft27">värdepappersinstitutet</P></TD>
<TD class="tr25 td52"><P class="p56 ft2">eller</P></TD>
<TD class="tr25 td52"><P class="p57 ft2">andra</P></TD>
<TD colspan=4 class="tr25 td278"><P class="p125 ft2">värdepappersinstitutet</P></TD>
<TD class="tr25 td35"><P class="p30 ft2">eller</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">företaget och alla rekommenda-</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">företaget och alla rekommenda-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">tioner i fråga om tjänsten eller</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">tioner i fråga om tjänsten eller</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td287"><P class="p139 ft2">transaktionen som kunden har fått</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">transaktionen som kunden har fått</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">från det andra institutet eller före-</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">från det andra institutet eller före-</P></TD>
</TR>
<TR>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td287"><P class="p139 ft2">taget. Ett värdepappersinstitut som</P></TD>
<TD colspan=6 class="tr26 td290"><P class="p57 ft2">taget. Ett värdepappersinstitut som</P></TD>
</TR>
<TR>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td277"><P class="p139 ft2">genomför en tjänst eller</P></TD>
<TD class="tr25 td52"><P class="p56 ft27">trans-</P></TD>
<TD colspan=6 class="tr25 td290"><P class="p57 ft2">genomför en tjänst eller trans-</P></TD>
</TR>
<TR>
<TD class="tr27 td147"><P class="p140 ft2">90</P></TD>
<TD colspan=3 class="tr27 td287"><P class="p139 ft2">aktion utifrån sådana uppgifter och</P></TD>
<TD colspan=6 class="tr27 td290"><P class="p57 ft2">aktion utifrån sådana uppgifter och</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="page_91">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr24 td234"><P class="p23 ft2">rekommendationer ansvarar för att</P></TD>
<TD class="tr24 td130"><P class="p23 ft2">rekommendationer ansvarar för att</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">tjänsten eller transaktionen utförs i</P></TD>
<TD class="tr25 td130"><P class="p23 ft2">tjänsten eller transaktionen utförs i</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">enlighet med bestämmelserna i detta</P></TD>
<TD class="tr26 td130"><P class="p23 ft27">enlighet med bestämmelserna i detta</P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p23 ft14">kapitel.</P></TD>
<TD class="tr30 td130"><P class="p23 ft14">kapitel <SPAN class="ft35">och 8 kap</SPAN>.</P></TD>
</TR>
</TABLE>
<P class="p181 ft4">Ett värdepappersinstitut som har förmedlat en instruktion till ett annat värdepappersinstitut eller ett utländskt värdepappersföretag ansvarar för att den information som det har lämnat över är fullständig och riktig och att de rekommendationer och den rådgivning som institutet har tillhanda- hållit är lämpliga för kunden.</P>
<P class="p452 ft54">Bemyndiganden</P>
<P class="p324 ft3">50 §</P>
<P class="p453 ft45">Regeringen eller den myndighet som regeringen bestämmer får med- dela föreskrifter om</P>
<P class="p453 ft3">1. vad ett värdepappersinstitut ska iaktta för att uppfylla skyldigheterna i 1 §,</P>
<P class="p454 ft3">2. på vilket sätt information enligt</P>
<P class="p455 ft3">19 § ska lämnas till kunderna,</P>
<P class="p456 ft26">3. kriterierna för att bedöma vilka ersättningar och förmåner ett värde- pappersinstitut får lämna till eller ta emot av någon annan än kunden samt vilka uppgifter som ska lämnas till kunden om ersättningar och för- måner som institutet lämnar till eller tar emot av någon annan än kunden enligt 21 §,</P>
<P class="p457 ft3">4. tidpunkt, omfattning och rikt- linjer för återbetalning till kund av mottagna ersättningar eller för- måner enligt 22 § första stycket,</P>
<P class="p458 ft26">5. kriterierna för att bedöma vilka <NOBR>icke-monetära</NOBR> förmåner ett värde- pappersinstitut får ta emot och be- hålla när det tillhandahåller investe- ringsrådgivning på oberoende grund eller portföljförvaltning enligt 22 § andra stycket,</P>
<P class="p459 ft3">6. villkoren för att ett värdepap- persinstitut ska få ta emot investe- ringsanalyser från en tredjepart utan att det är att betrakta som en ersätt- ning eller förmån enligt 21 eller 22 §,</P>
<P class="p460 ft80">7. undantag från skyldigheten att offentliggöra en order enligt 39 §,</P>
<P class="p461 ft51">8. hantering av finansiella instru- ment enligt 40 §,</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">91</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_92">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td272"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=4 class="tr24 td271"><P class="p346 ft26">9. hantering av medel enligt 41 §,</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p20 ft3">10. mottagande av medel på konto</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">och bolagets eller företagets system</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">för hantering av vissa uppgifter</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td281"><P class="p345 ft3">enligt 42 §,</P></TD>
<TD class="tr25 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">11. vilka åtgärder ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">persinstitut ska vidta för att säker-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p345 ft3">ställa att det följer förbudet i 43 §,</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">12. vilka begränsningar som ska</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">gälla vid ställande av säkerhet enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td294"><P class="p345 ft3">44 § tredje meningen, och</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td294"><P class="p346 ft3">13. vilka uppgifter som ska</P></TD>
<TD class="tr26 td21"><P class="p20 ft26">an-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">tecknas i en förteckning enligt 45 §</P></TD>
</TR>
<TR>
<TD class="tr31 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td281"><P class="p345 ft3">fjärde stycket.</P></TD>
<TD class="tr31 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr44 td271"><P class="p22 ft54">10 kap. Datarapporteringstjänster</P></TD>
</TR>
<TR>
<TD class="tr44 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td281"><P class="p345 ft54">Tillståndskrav</P></TD>
<TD class="tr44 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td260"><P class="p345 ft3">1 §</P></TD>
<TD class="tr44 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">Ett svenskt aktiebolag får efter till-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">stånd av Finansinspektionen yrkes-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p345 ft3">mässigt</P></TD>
<TD colspan=3 class="tr25 td165"><P class="p20 ft26">tillhandahålla datarappor-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">teringstjänster som <NOBR>APA-leverantör,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3"><NOBR>CTP-leverantör</NOBR> eller <NOBR>ARM-leve-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p345 ft3">rantör.</P></TD>
<TD class="tr25 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">Finansinspektionen ska inom sex</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">månader från det att en fullständig</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p345 ft26">ansökan har lämnats in underrätta</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">sökanden om sitt beslut i tillstånds-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p345 ft3">frågan.</P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p20 ft3">Tillstånd enligt första stycket be-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">hövs inte för en börs eller ett</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p345 ft3">svenskt</P></TD>
<TD colspan=3 class="tr26 td165"><P class="p20 ft3">värdepappersinstitut som</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p345 ft3">har tillstånd att driva en handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft3">plats, om börsen eller institutet</P></TD>
</TR>
<TR>
<TD class="tr31 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td294"><P class="p345 ft3">uppfyller kraven i detta kapitel.</P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr46 td294"><P class="p345 ft54">Förutsättningar för tillstånd</P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td260"><P class="p345 ft3">2 §</P></TD>
<TD class="tr43 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td271"><P class="p20 ft3">Tillstånd att tillhandahålla data-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td294"><P class="p345 ft26">rapporteringstjänster ska ges, om</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">1. bolaget har sitt huvudkontor i</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p345 ft3">Sverige,</P></TD>
<TD class="tr25 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p20 ft3">2. det finns skäl att anta att den</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td271"><P class="p345 ft26">planerade verksamheten kommer att</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p345 ft3">drivas</P></TD>
<TD class="tr25 td139"><P class="p23 ft3">enligt</P></TD>
<TD class="tr25 td121"><P class="p73 ft26">bestämmelserna</P></TD>
<TD class="tr25 td21"><P class="p20 ft3">i</P></TD>
</TR>
<TR>
<TD class="tr30 td272"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td281"><P class="p345 ft35">denna lag och</P></TD>
<TD colspan=2 class="tr30 td295"><P class="p20 ft74">andra författningar</P></TD>
</TR>
</TABLE>
<P class="p462 ft90">som reglerar verksamheten,</P>
<P class="p19 ft2">92</P>
</DIV>
<DIV id="page_93">
<DIV>
<DIV id="id_1">
<P class="p169 ft26"><SPAN class="ft26">3.</SPAN><SPAN class="ft78">den som ska ingå i styrelsen för bolaget eller vara verkställande direktör, eller vara ersättare för nå- gon av dem, har tillräcklig insikt och erfarenhet för att delta i ledningen av bolaget och även i övrigt är lämplig för en sådan uppgift,</SPAN></P>
<P class="p313 ft45"><SPAN class="ft3">4.</SPAN><SPAN class="ft46">styrelsen i sin helhet har till- räcklig kunskap och erfarenhet för att leda bolaget, och</SPAN></P>
<P class="p277 ft51"><SPAN class="ft3">5.</SPAN><SPAN class="ft91">bolaget uppfyller de villkor i övrigt som anges i denna lag.</SPAN></P>
<P class="p330 ft3">3 §</P>
<P class="p336 ft45">En ansökan enligt 1 § ska inne- hålla en verksamhetsplan.</P>
<P class="p352 ft54">Krav på styrelsen</P>
<P class="p167 ft3">4 §</P>
<P class="p348 ft26">Styrelsen i ett bolag som till- handahåller datarapporterings- tjänster ska fastställa och övervaka arrangemang för styrning som säkerställer en ansvarsfull ledning av bolaget. I arrangemangen för styrning ska, på ett sätt som främ- jar marknadens integritet, åtskill- nad göras mellan funktioner inom organisationen och förebyggande av intressekonflikter.</P>
<P class="p463 ft54">Godkänt publiceringsarrangemang <NOBR>(APA-leverantör)</NOBR></P>
<P class="p167 ft3">5 §</P>
<P class="p169 ft26">En <NOBR>APA-leverantör</NOBR> ska ha ade- kvata strategier och arrangemang för att offentliggöra den information som krävs enligt artiklarna 20 och 21 i förordningen om marknader för finansiella instrument så nära realtid som det är tekniskt möjligt och på rimliga affärsmässiga villkor.</P>
<P class="p336 ft3">Informationen ska hållas till- gänglig kostnadsfritt 15 minuter efter det att <NOBR>APA-leverantören</NOBR> har offentliggjort den.</P>
<P class="p348 ft86">En <NOBR>APA-leverantör</NOBR> ska på ett effektivt och konsekvent sätt kunna</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">93</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_94">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td270"><P class="p342 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=5 class="tr24 td28"><P class="p345 ft3">sprida informationen</P></TD>
<TD colspan=2 class="tr24 td196"><P class="p56 ft3">så att</P></TD>
<TD class="tr24 td71"><P class="p20 ft3">det</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">säkerställer en snabb tillgång till</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">informationen på <NOBR>icke-diskriminer-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">ande grunder och i ett format som</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td229"><P class="p345 ft3">underlättar</P></TD>
<TD colspan=5 class="tr25 td120"><P class="p59 ft3">en sammanföring</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">av</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p345 ft3">informationen</P></TD>
<TD class="tr26 td97"><P class="p109 ft3">med</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p1 ft26">liknande</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p20 ft3">data</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td160"><P class="p345 ft3">från andra källor.</P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td260"><P class="p343 ft3">6 §</P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p344 ft3">Informationen enligt 5 § ska om-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p343 ft26">fatta åtminstone följande uppgifter:</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p344 ft26">1. identifieringskod för det finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td160"><P class="p343 ft3">siella instrumentet,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p344 ft26">2. pris</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p67 ft3">till</P></TD>
<TD class="tr25 td97"><P class="p216 ft26">vilket</P></TD>
<TD colspan=4 class="tr25 td208"><P class="p20 ft3">transaktionen</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p343 ft3">genomfördes,</P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td296"><P class="p344 ft3">3. transaktionsvolymen,</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td236"><P class="p344 ft26">4. tidpunkt för transaktionen,</P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td229"><P class="p344 ft26">5. tidpunkt</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p82 ft26">då</P></TD>
<TD colspan=4 class="tr26 td208"><P class="p20 ft3">transaktionen</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p343 ft26">rapporterades,</P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p344 ft26">6. prisnotering för transaktionen,</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p344 ft26">7. koden för den handelsplats där</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td185"><P class="p343 ft3">transaktionen</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p73 ft3">utfördes</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p99 ft3">eller,</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td185"><P class="p343 ft3">transaktionen</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p23 ft3">utfördes</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p94 ft3">genom</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">en</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td229"><P class="p343 ft3">systematisk</P></TD>
<TD colspan=4 class="tr26 td233"><P class="p23 ft3">internhandlare,</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p20 ft26">koden</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td296"><P class="p343 ft26">”SI”, eller koden ”OTC”, och</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p344 ft3">8. i tillämpliga fall, en indikator</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p343 ft26">som visar att särskilda villkor gällde</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td160"><P class="p343 ft3">för transaktionen.</P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td260"><P class="p345 ft3">7 §</P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p346 ft26">En <NOBR>APA-leverantör</NOBR> ska ha system</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">som på ett effektivt sätt kan kon-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p345 ft3">trollera</P></TD>
<TD colspan=7 class="tr26 td165"><P class="p20 ft26">handelsrapporters fullstän-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">dighet, hitta fall av utelämnad infor-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">mation och uppenbara fel och</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">begära omsändning av alla sådana</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td160"><P class="p345 ft3">felaktiga rapporter.</P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr47 td271"><P class="p345 ft54">Tillhandahållare av konsoliderad</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td160"><P class="p345 ft92">handelsinformation</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td160"><P class="p345 ft54"><NOBR>(CTP-leverantör)</NOBR></P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td260"><P class="p345 ft3">8 §</P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p346 ft3">En <NOBR>CTP-leverantör</NOBR> ska ha ade-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">kvata strategier och arrangemang</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">för att samla in den information som</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">offentliggjorts i enlighet med artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">larna 6, 10, 20 och 21 i förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">om marknader för finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft26">ment, sammanföra den till en konti-</P></TD>
</TR>
<TR>
<TD class="tr27 td270"><P class="p347 ft2">94</P></TD>
<TD class="tr27 td260"><P class="p345 ft3">nuerlig</P></TD>
<TD colspan=3 class="tr27 td174"><P class="p23 ft3">elektronisk</P></TD>
<TD colspan=3 class="tr27 td87"><P class="p99 ft26">dataström</P></TD>
<TD class="tr27 td71"><P class="p20 ft26">och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_95">
<DIV>
<DIV id="id_1">
<P class="p163 ft45">göra informationen tillgänglig för allmänheten så nära realtid som det är tekniskt möjligt och på rimliga affärsmässiga villkor.</P>
<P class="p181 ft3">Informationen ska hållas till- gänglig kostnadsfritt 15 minuter efter det att <NOBR>CTP-leverantören</NOBR> har offentliggjort den.</P>
<P class="p311 ft26">En <NOBR>CTP-leverantör</NOBR> ska på ett effektivt och konsekvent sätt kunna sprida informationen så att det säkerställer en snabb tillgång till informationen på <NOBR>icke-diskrimi-</NOBR> nerande grunder och i format som är lätta att ta del av och att an- vända för marknadsdeltagare<SPAN class="ft27">.</SPAN></P>
<P class="p356 ft3">9 §</P>
<P class="p169 ft80">Informationen enligt 8 § ska om- fatta åtminstone följande uppgifter:</P>
<P class="p181 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">identifieringskod eller identifier- bara kännetecken för det finansiella instrumentet,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft46">pris till vilket transaktionen genomfördes,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">3.</SPAN><SPAN class="ft47">transaktionsvolymen,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">4.</SPAN><SPAN class="ft47">tidpunkt för transaktionen,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">5.</SPAN><SPAN class="ft46">tidpunkt då transaktionen rapporterades,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">6.</SPAN><SPAN class="ft93">prisnotering för transaktionen,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">7.</SPAN><SPAN class="ft47">koden för den handelsplats där transaktionen utfördes, eller om transaktionen utfördes genom en systematisk internhandlare koden ”SI”, eller koden ”OTC”,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">8.</SPAN><SPAN class="ft47">i tillämpliga fall, att en dator- algoritm låg bakom investerings- beslutet och utförandet av transak- tionen,</SPAN></P>
<P class="p277 ft45"><SPAN class="ft3">9.</SPAN><SPAN class="ft46">i tillämpliga fall, en indikator som visar att särskilda villkor gällde för transaktionen, och</SPAN></P>
<P class="p169 ft26"><SPAN class="ft26">10.</SPAN><SPAN class="ft78">i tillämpliga fall, en markering som, om undantag i enlighet med artikel 4.1 a eller b i förordningen om marknader för finansiella in- strument gjorts från kravet att offentliggöra den information som avses i artikel 3.1 i den förord- ningen, visar vilket av undantagen som gällde för transaktionen.</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">95</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_96">
<TABLE cellpadding=0 cellspacing=0 class="t38">
<TR>
<TD class="tr24 td270"><P class="p342 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td279"><P class="p345 ft3">10 §</P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p20 ft3">En <NOBR>CTP-leverantör</NOBR> ska säkerställa</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">att de data som den tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">har sammanställts från alla regle-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">rade marknader, <NOBR>MTF-plattformar,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3"><NOBR>OTF-plattformar</NOBR> och <NOBR>APA-leveran-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">törer och avser de finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">ment som anges i kommissionens</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td161"><P class="p345 ft3">delegerade</P></TD>
<TD colspan=3 class="tr26 td150"><P class="p23 ft3">förordning</P></TD>
<TD class="tr26 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft3">av</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">den</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">2 juni 2016 om komplettering av</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td297"><P class="p345 ft3">Europaparlamentets</P></TD>
<TD colspan=2 class="tr25 td35"><P class="p1 ft3">och</P></TD>
<TD colspan=2 class="tr25 td98"><P class="p20 ft3">rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td279"><P class="p345 ft3">direktiv</P></TD>
<TD colspan=4 class="tr26 td159"><P class="p40 ft3">2014/65/EU</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft3">avseende</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">tekniska tillsynsstandarder när det</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td279"><P class="p345 ft3">gäller</P></TD>
<TD colspan=4 class="tr25 td159"><P class="p1 ft3">auktorisation,</P></TD>
<TD colspan=3 class="tr25 td117"><P class="p20 ft3">organisa-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">toriska krav och publicering av</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td161"><P class="p345 ft26">transaktioner</P></TD>
<TD colspan=6 class="tr26 td179"><P class="p20 ft3">för leverantörer av</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr31 td23"><P class="p345 ft26">datarapporteringstjänster.</P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr47 td271"><P class="p345 ft54">Godkänd rapporteringsmekanism</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td297"><P class="p345 ft54"><NOBR>(ARM-leverantör)</NOBR></P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td279"><P class="p345 ft3">11 §</P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p20 ft3">En <NOBR>ARM-leverantör</NOBR> ska ha ade-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td180"><P class="p345 ft3">kvata strategier</P></TD>
<TD class="tr26 td127"><P class="p83 ft26">och</P></TD>
<TD colspan=4 class="tr26 td78"><P class="p20 ft26">arrangemang</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">för att så snart som möjligt, och</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">senast vid slutet av arbetsdagen</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">dagen efter den dag då trans-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">aktionen ägt rum, lämna information</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">i enlighet med vad som följer av</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">artikel 26 i förordningen om mark-</P></TD>
</TR>
<TR>
<TD class="tr31 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr31 td274"><P class="p345 ft26">nader för finansiella instrument.</P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td279"><P class="p345 ft3">12 §</P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p20 ft3">En <NOBR>ARM-leverantör</NOBR> ska ha system</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">som på ett effektivt sätt kan kon-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td279"><P class="p345 ft3">trollera</P></TD>
<TD colspan=6 class="tr26 td110"><P class="p174 ft26">transaktionsrapporters</P></TD>
<TD class="tr26 td17"><P class="p20 ft26">full-</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">ständighet, hitta fall av utelämnad</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft3">information och uppenbara fel som</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">orsakats av ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">och då sådana fel eller uteläm-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td279"><P class="p345 ft3">nanden</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p59 ft3">inträffar</P></TD>
<TD colspan=3 class="tr25 td119"><P class="p88 ft3">upplysa</P></TD>
<TD colspan=2 class="tr25 td98"><P class="p20 ft26">institutet</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">om dem och begära omsändning av</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td274"><P class="p345 ft26">alla sådana felaktiga rapporter.</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p20 ft3">En <NOBR>ARM-leverantör</NOBR> ska även ha</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">system som gör det möjligt för den</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft26">att upptäcka fel eller utelämnanden</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft26">som den själv har orsakat och kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td279"><P class="p345 ft3">åtgärda</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p125 ft3">dessa</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p74 ft3">och</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p20 ft26">översända</P></TD>
</TR>
<TR>
<TD class="tr26 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td271"><P class="p345 ft3">korrekta och fullständiga transak-</P></TD>
</TR>
<TR>
<TD class="tr25 td270"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td271"><P class="p345 ft26">tionsrapporter eller, i förekommande</P></TD>
</TR>
<TR>
<TD class="tr27 td270"><P class="p347 ft2">96</P></TD>
<TD colspan=5 class="tr27 td269"><P class="p345 ft26">fall, sända in dem på nytt.</P></TD>
<TD class="tr27 td201"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_97">
<DIV>
<DIV id="id_1">
<P class="p464 ft54">Gemensamma bestämmelser</P>
<P class="p465 ft3">13 §</P>
<P class="p466 ft45">Den som tillhandahåller en data- rapporteringstjänst ska ha effektiva arrangemang för att förhindra intressekonflikter.</P>
<P class="p467 ft3">14 §</P>
<P class="p468 ft26">Den som tillhandahåller en data- rapporteringstjänst ska ha sunda skyddsmekanismer som är utformade för att garantera skyddet vid infor- mationsöverföring och för att mini- mera risken för dataförvanskning och för obehörigt tillträde till infor- mationen samt adekvata resurser och reservanordningar för att kontinuerligt kunna tillhandahålla tjänsten.</P>
<P class="p469 ft3">15 §</P>
<P class="p470 ft26">Den som tillhandahåller en data- rapporteringstjänst ska ha ända- målsenliga rapporteringssystem för anställda som vill göra anmälningar om misstänkta överträdelser av be- stämmelser som gäller för verk- samheten.</P>
<P class="p471 ft45">Personuppgiftslagen (1998:204) gäller vid behandling av person- uppgifter inom ramen för sådana rapporteringssystem.</P>
<P class="p167 ft25">11 kap.</P>
<P class="p472 ft3">1 a §</P>
<P class="p470 ft26">För ett värdepappersinstitut som driver en handelsplattform gäller 13 kap. 1 <NOBR>a–1</NOBR> j, 6 a och 9 §§. Det som anges där om börs och reglerad marknad ska då avse värdepappers- institut respektive handelsplattform.</P>
<P class="p473 ft3">För ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> gäller ut- över det som anges i 13 kap. 1 b § att endast ett institut som inte har nära förbindelser med den som driver plattformen får driva verksamhet som marknadsgarant på plattformen.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">97</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_98">
<TABLE cellpadding=0 cellspacing=0 class="t41">
<TR>
<TD class="tr24 td265"><P class="p474 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td196"><P class="p23 ft3">1 b §</P></TD>
<TD class="tr24 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td185"><P class="p20 ft3">Ett värdepappersinstitut som driv-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td185"><P class="p23 ft3">er en handelsplattform ska vidta</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td185"><P class="p23 ft26">lämpliga åtgärder för att identifiera</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td185"><P class="p23 ft26">och hantera möjliga negativa följder</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td147"><P class="p23 ft3">för driften</P></TD>
<TD colspan=3 class="tr26 td110"><P class="p20 ft26">av handelsplattformen,</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td185"><P class="p23 ft3">eller för deltagarna i handeln på</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td147"><P class="p23 ft3">plattformen,</P></TD>
<TD class="tr25 td127"><P class="p67 ft3">av</P></TD>
<TD colspan=2 class="tr25 td237"><P class="p20 ft3">intressekonflikter</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td185"><P class="p23 ft26">mellan den verksamheten och insti-</P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td279"><P class="p23 ft3">tutets övriga verksamhet.</P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr47 td298"><P class="p294 ft2">2 §</P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft2">Ett värdepappersinstitut som <SPAN class="ft3">för</SPAN></P></TD>
<TD class="tr26 td196"><P class="p39 ft2">Ett</P></TD>
<TD colspan=3 class="tr26 td61"><P class="p59 ft2">värdepappersinstitut</P></TD>
<TD class="tr26 td25"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p53 ft3">egen räkning deltar i handeln på</P></TD>
<TD colspan=5 class="tr25 td185"><P class="p23 ft3">driver en <NOBR>MTF-plattform</NOBR> får inte</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft3">en handelsplattform som institutet</P></TD>
<TD colspan=3 class="tr26 td84"><P class="p23 ft3">på plattformen</P></TD>
<TD colspan=2 class="tr26 td237"><P class="p20 ft3">utföra kundorder</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft3">självt driver skall inte därigenom</P></TD>
<TD colspan=5 class="tr26 td185"><P class="p23 ft26">med utnyttjande av egna tillgångar</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p53 ft3">anses ha utfört sådana investe-</P></TD>
<TD class="tr25 td196"><P class="p23 ft3">eller</P></TD>
<TD colspan=2 class="tr25 td119"><P class="p23 ft3">bedriva</P></TD>
<TD class="tr25 td87"><P class="p57 ft3">handel</P></TD>
<TD class="tr25 td25"><P class="p20 ft3">genom</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p53 ft3">ringstjänster som avses i 2 kap.</P></TD>
<TD colspan=4 class="tr26 td279"><P class="p23 ft3">matchad principalhandel<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p475 ft3">1 § 1, 2 och 4<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p476 ft3">2 a §</P>
<P class="p364 ft45">Ett värdepappersinstitut som driv- er en <NOBR>MTF-plattform</NOBR> ska ha</P>
<P class="p364 ft3">1. tillräckliga förutsättningar för att kunna hantera de risker platt- formen är exponerad för och vidta lämpliga åtgärder och införa system för att identifiera alla betydande risker för verksamheten på platt- formen och för att reducera sådana risker,</P>
<P class="p477 ft45">2. effektiva arrangemang för att underlätta avslut utan dröjsmål av de transaktioner som utförs i platt- formens system, och</P>
<P class="p364 ft3">3. tillräckliga finansiella resur- ser för att plattformen ska kunna fungera korrekt med hänsyn till arten och omfattningen av de transaktioner som genomförs på plattformen samt till sammansätt- ningen och graden av dess risk- exponering.</P>
<P class="p478 ft2">98</P>
</DIV>
<DIV id="page_99">
<DIV>
<DIV id="id_1">
<P class="p128 ft3">2 b §</P>
<P class="p479 ft3">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> ska ha arran- gemang som förhindrar att kund- order utförs med utnyttjande av egna tillgångar hos institutet eller hos ett företag som ingår i samma koncern som institutet.</P>
<P class="p480 ft45">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> får på platt- formen</P>
<P class="p481 ft3">1. bedriva matchad principal- handel i obligationer, strukturer- ade finansiella produkter, ut- släppsrätter och derivatinstrument bara om kunden har gett sitt sam- tycke till det, och</P>
<P class="p481 ft26">2. bedriva annan handel för egen räkning än matchad princi- palhandel bara i statspapper för vilka det saknas en likvid marknad.</P>
<P class="p482 ft26">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> får på platt- formen inte bedriva matchad prin- cipalhandel för att utföra kund- order med derivatinstrument som omfattas av clearingkravet i artikel 5 i Europaparlamentets och rådets förordning (EU) nr 648/2012.</P>
<TABLE cellpadding=0 cellspacing=0 class="t77">
<TR>
<TD class="tr24 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td166"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td15"><P class="p23 ft3">2 c §</P></TD>
<TD class="tr24 td110"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft3">Ett värdepappersinstitut som driv-</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">er en <NOBR>OTF-plattform</NOBR> får inte vara</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft26">systematisk internhandlare i finan-</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft3">siella instrument som handlas på</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td213"><P class="p23 ft3">plattformen.</P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">En <NOBR>OTF-plattform</NOBR> får inte an-</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft26">slutas till en systematisk internhand-</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">lare eller till en annan <NOBR>OTF-platt-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">form på ett sådant sätt att order på</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td213"><P class="p23 ft3">plattformen kan interagera</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">order eller bud hos systematiska</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">internhandlare eller med order på</P></TD>
</TR>
<TR>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td166"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td213"><P class="p23 ft3">andra <NOBR>OTF-plattformar.</NOBR></P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td234"><P class="p483 ft2">3 §</P></TD>
<TD class="tr47 td110"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p39 ft2">Ett</P></TD>
<TD class="tr25 td166"><P class="p96 ft2">värdepappersinstitut som</P></TD>
<TD class="tr25 td15"><P class="p39 ft2">Ett</P></TD>
<TD class="tr25 td110"><P class="p23 ft2">värdepappersinstitut</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p96 ft2">driver en handelsplattform <SPAN class="ft3">skall </SPAN>ha</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">driver en handelsplattform <SPAN class="ft3">ska </SPAN>ha</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p96 ft2">regler för vilka som får delta i</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">regler för vilka som får delta i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p96 ft2">handeln på denna. Som deltagare i</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">handeln på denna. Som deltagare i</P></TD>
</TR>
<TR>
<TD class="tr27 td15"><P class="p23 ft2">handeln</P></TD>
<TD class="tr27 td166"><P class="p96 ft2">får institutet ha Sveriges</P></TD>
<TD class="tr27 td15"><P class="p23 ft2">handeln</P></TD>
<TD colspan=2 class="tr27 td69"><P class="p20 ft3">på en <NOBR>MTF-plattform</NOBR> <SPAN class="ft2">får</SPAN></P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p171 ft2">99</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_100">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t78">
<TR>
<TD class="tr24 td261"><P class="p23 ft2">Prop. 2016/17:162 riksbank och</P></TD>
<TD colspan=2 class="tr24 td237"><P class="p20 ft2">Riksgäldskontoret</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td245"><P class="p20 ft2">samt fysiska och juridiska personer</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td245"><P class="p20 ft2">som har en betryggande kapital-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td264"><P class="p41 ft2">styrka, tillräckliga kunskaper</P></TD>
<TD class="tr26 td71"><P class="p20 ft27">och</P></TD>
</TR>
<TR>
<TD class="tr26 td261"><P class="p41 ft2">ändamålsenlig</P></TD>
<TD class="tr26 td118"><P class="p59 ft2">organisation</P></TD>
<TD class="tr26 td71"><P class="p20 ft2">av</P></TD>
</TR>
</TABLE>
<P class="p484 ft42">verksamheten och som i övrigt är lämpliga att delta i handeln.</P>
<P class="p485 ft2">100</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">institutet ha Sveriges riksbank och Riksgäldskontoret samt fysiska och juridiska personer som har en betryggande kapitalstyrka, tillräck- liga kunskaper och ändamålsenlig organisation av verksamheten och som i övrigt är lämpliga att delta i handeln.</P>
<P class="p384 ft3">3 a §</P>
<P class="p334 ft80">På en handelsplattform ska det finnas åtminstone tre aktiva del- tagare som var och en har möjlighet att interagera med övriga deltagare för prisbildningen på plattformen.</P>
<P class="p330 ft3">4 a §</P>
<P class="p332 ft45">Reglerna för utförande av order på en <NOBR>MTF-plattform</NOBR> får inte vara skönsmässiga.</P>
<P class="p487 ft3">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> ska handla diskretionärt endast vid beslut om att</P>
<P class="p487 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">lägga eller dra tillbaka en order på plattformen, eller</SPAN></P>
<P class="p487 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">inte matcha en specifik kund- order med de övriga order som finns tillgängliga i systemet vid en viss tidpunkt, förutsatt att detta stämmer överens med institutets skyldigheter enligt 9 kap. 31 och 32 §§.</SPAN></P>
<P class="p384 ft3">4 b §</P>
<P class="p239 ft3">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> i form av ett system som matchar kundorder får besluta om och, i så fall, när och i vilken utsträckning två eller flera order ska matchas inom systemet.</P>
<P class="p303 ft26">Ett värdepappersinstitut som driv- er en <NOBR>OTF-plattform</NOBR> i form av ett system som anordnar transaktioner med icke aktieliknande finansiella instrument får underlätta förhand- lingar kunder emellan för att sam- manföra två eller flera potentiellt kompatibla köp- och säljintressen i en transaktion.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_101">
<DIV id="tx1"><SPAN class="ft26">Ett värdepappersinstitut som driv- er en handelsplattform får avbryta handeln med ett finansiellt instru- ment (handelsstopp) eller avföra instrumentet från handel, om instru- mentet inte uppfyller de krav som gäller för att handlas på plattformen och det inte är sannolikt att handels- stoppet eller avförandet allvarligt skulle skada investerarnas intressen eller hindra marknaden från att fungera korrekt.</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft26">Ett värdepappersinstitut får av- bryta handeln med ett finansiellt instrument eller avföra instrumentet från handel även i andra fall än de som anges i första stycket, om det inte är sannolikt att handelsstoppet eller avförandet allvarligt skulle skada investerarnas intressen eller hindra marknaden från att fungera korrekt.</SPAN></DIV>
<DIV id="tx3"><SPAN class="ft26">Om värdepappersinstitutet av- bryter handeln med ett finansiellt instrument eller avför instrumentet från handel, ska institutet även av- bryta handeln med finansiella derivatinstrument som är hänförliga till det instrumentet respektive av- föra sådana derivatinstrument från handel när det är nödvändigt med hänsyn till syftet med handelsstoppet</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr42 td185"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td143"><P class="p488 ft2">6 §<SPAN class="ft24">1</SPAN></P></TD>
<TD class="tr42 td210"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td185"><P class="p22 ft2">En utgivare av sådana överlåt-</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p142 ft2">En utgivare av sådana överlåt-</P></TD>
</TR>
<TR>
<TD class="tr26 td185"><P class="p22 ft2">bara värdepapper <SPAN class="ft3">enligt </SPAN>1 kap. 4 §</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p142 ft2">bara värdepapper <SPAN class="ft3">som avses i</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td185"><P class="p22 ft3">första stycket 2 a <SPAN class="ft2">eller </SPAN>b <SPAN class="ft2">som efter</SPAN></P></TD>
<TD class="tr26 td143"><P class="p32 ft3">punkt 1 <SPAN class="ft2">eller </SPAN>2 i definitionen</P></TD>
<TD class="tr26 td210"><P class="p142 ft3">i</P></TD>
</TR>
<TR>
<TD class="tr25 td185"><P class="p22 ft2">ansökan av utgivare handlas på en</P></TD>
<TD colspan=2 class="tr25 td59"><P class="p142 ft2">1 kap. 4 § <SPAN class="ft3">och </SPAN>som efter ansökan</P></TD>
</TR>
<TR>
<TD class="tr26 td185"><P class="p489 ft2">handelsplattform ska</P></TD>
<TD colspan=2 class="tr26 td59"><P class="p142 ft2">av utgivare handlas på en</P></TD>
</TR>
<TR>
<TD class="tr30 td185"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td143"><P class="p32 ft14">handelsplattform ska</P></TD>
<TD class="tr30 td210"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">fortlöpande informera det värdepappersinstitut som driver handels- plattformen om sin verksamhet, och</SPAN></P>
<P class="p102 ft42"><SPAN class="ft2">2.</SPAN><SPAN class="ft94">i övrigt lämna institutet de upplysningar som det behöver för att kunna fullgöra sina uppgifter enligt denna lag och andra författningar.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t79">
<TR>
<TD class="tr31 td234"><P class="p23 ft54">Bemyndiganden</P></TD>
<TD class="tr31 td22"><P class="p23 ft95">Handelsstopp</P></TD>
</TR>
</TABLE>
<P class="p490 ft2">12 §</P>
<P class="p491 ft3">Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om skyldig- heten att offentliggöra information</P>
<P class="p100 ft3">1. om handeln enligt 9 §,</P>
<P class="p100 ft3">2. före handel enligt 10 § och</P>
<P class="p492 ft3">3. efter handel enligt 11 §.</P>
<P class="p493 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2016:1313.</P>
<P class="p13 ft2">101</P>
</DIV>
<DIV id="page_102">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td299"><P class="p342 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=3 class="tr24 td207"><P class="p345 ft3">eller avförandet.</P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p346 ft26">Värdepappersinstitutet ska offent-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">liggöra beslut om handelsstopp eller</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">avförande av finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">från handel och underrätta Finans-</P></TD>
</TR>
<TR>
<TD class="tr27 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td300"><P class="p345 ft26">inspektionen om sådana beslut.</P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr46 td300"><P class="p345 ft54">Tillväxtmarknad för små och</P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td207"><P class="p345 ft54">medelstora företag</P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td260"><P class="p345 ft3">13 §</P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p346 ft26">Ett värdepappersinstitut som driv-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">er en <NOBR>MTF-plattform</NOBR> får ansöka hos</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">Finansinspektionen om att få platt-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">formen registrerad som en tillväxt-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">marknad för små och medelstora</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">företag. Finansinspektionen ska bi-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td207"><P class="p345 ft3">falla ansökan om</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td300"><P class="p346 ft3">1. minst 50 procent av de</P></TD>
<TD class="tr26 td127"><P class="p20 ft3">emit-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">tenter vars finansiella instrument tas</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">upp till handel på plattformen är</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td300"><P class="p345 ft3">små och medelstora företag,</P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p346 ft3">2. det finns lämpliga kriterier för</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">upptagande av finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td207"><P class="p345 ft26">till handel på plattformen,</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p346 ft26">3. det finns tillräcklig information</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">offentliggjord för att göra det möjligt</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">för investerare att fatta ett väl-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">grundat beslut om att investera eller</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">inte investera i de finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">menten, antingen i form av ett pro-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">spekt enligt 2 kap. lagen (1991:980)</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">om handel med finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">ment eller, om ett prospekt inte krävs</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft3">enligt den lagen, ett upptagande-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td161"><P class="p345 ft3">dokument,</P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p346 ft3">4. det</P></TD>
<TD colspan=3 class="tr26 td179"><P class="p73 ft3">finns ändamålsenlig,</P></TD>
<TD class="tr26 td127"><P class="p20 ft3">fort-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td161"><P class="p345 ft3">löpande och</P></TD>
<TD colspan=3 class="tr25 td179"><P class="p20 ft26">regelbunden finansiell</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td300"><P class="p345 ft26">rapportering från emittenterna,</P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p346 ft26">5. emittenterna och personer som</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft26">har ledande ställning hos dem samt</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">närstående till emittenterna och per-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft26">soner som har ledande ställning hos</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td161"><P class="p345 ft3">emittenterna</P></TD>
<TD class="tr25 td126"><P class="p174 ft26">uppfyller</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p20 ft3">kraven i</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p345 ft3">marknadsmissbruksförordningen,</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td207"><P class="p346 ft3">6. tillsynsinformation</P></TD>
<TD class="tr26 td92"><P class="p59 ft3">som</P></TD>
<TD class="tr26 td127"><P class="p20 ft3">rör</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft3">emittenterna lagras och sprids till</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td207"><P class="p345 ft3">allmänheten, och</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td271"><P class="p346 ft3">7. det finns effektiva system och</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td271"><P class="p345 ft3">kontroller som syftar till att för-</P></TD>
</TR>
<TR>
<TD class="tr27 td299"><P class="p347 ft2">102</P></TD>
<TD class="tr27 td260"><P class="p345 ft3">hindra</P></TD>
<TD class="tr27 td127"><P class="p23 ft3">och</P></TD>
<TD class="tr27 td126"><P class="p267 ft26">upptäcka</P></TD>
<TD colspan=2 class="tr27 td211"><P class="p20 ft26">marknads-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_103">
<DIV id="id_1">
<P class="p494 ft51">missbruk i enlighet med kraven i <SPAN class="ft42">Prop. 2016/17:162 </SPAN>marknadsmissbruksförordningen.</P>
<P class="p495 ft3">14 §</P>
<P class="p496 ft45">En <NOBR>MTF-plattform</NOBR> som har regi- strerats som en tillväxtmarknad för små och medelstora företag får av- registreras, om</P>
<P class="p497 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">det värdepappersinstitut som driver plattformen ansöker om av- registrering, eller</SPAN></P>
<P class="p496 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft46">kraven i 13 § inte längre är uppfyllda.</SPAN></P>
<P class="p498 ft3">15 §</P>
<P class="p499 ft26">Om en emittents finansiella instru- ment tas upp till handel på en till- växtmarknad för små och medel- stora företag, får handel med det instrumentet bedrivas på en annan tillväxtmarknad för små och medel- stora företag endast när emittenten har informerats och inte motsatt sig det. I sådana fall ska emittenten inte omfattas av någon skyldighet i fråga om bolagsstyrning eller offentlig- görande som gäller på den andra tillväxtmarknaden.</P>
<P class="p500 ft25">12 kap.</P>
<P class="p501 ft2">2 §<SPAN class="ft24">2</SPAN></P>
<P class="p502 ft4">Tillstånd att som börs driva en reglerad marknad ska ges ett svenskt aktiebolag eller en svensk ekonomisk förening, om</P>
<P class="p144 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">bolagsordningen eller stadgarna inte strider mot denna lag eller någon annan författning,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">det finns skäl att anta att den planerade verksamheten kommer att drivas enligt bestämmelserna i denna lag och andra författningar som reglerar företagets verksamhet,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">den som har eller kan förväntas komma att få ett kvalificerat innehav</SPAN></P>
<P class="p113 ft4"><SPAN class="ft2">i</SPAN><SPAN class="ft96">företaget bedöms lämplig att utöva ett väsentligt inflytande över led- ningen av en börs,</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft4">4. den som ska ingå i styrelsen för företaget eller vara verkställ- ande direktör i det, eller vara er- sättare för någon av dem, har tillräcklig insikt och erfarenhet för att delta i ledningen av en börs och</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">4. den som ska ingå i styrelsen för företaget eller vara verkställ- ande direktör i det, eller vara er- sättare för någon av dem, har tillräcklig insikt och erfarenhet för att delta i ledningen av en börs och</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p12 ft37"><SPAN class="ft43">2 </SPAN>Senaste lydelse 2009:365.</P>
<P class="p13 ft2">103</P>
</DIV>
</DIV>
<DIV id="page_104">
<DIV>
<DIV id="id_1">
<P class="p503 ft42">Prop. 2016/17:162 även i övrigt är lämplig för en sådan uppgift, <SPAN class="ft51">och</SPAN></P>
<P class="p504 ft42"><SPAN class="ft51">5. </SPAN>företaget uppfyller de villkor i övrigt som anges i denna lag.</P>
<P class="p485 ft2">104</P>
</DIV>
<DIV id="id_2">
<P class="p505 ft4">även i övrigt är lämplig för en sådan uppgift,</P>
<P class="p487 ft3"><SPAN class="ft3">5.</SPAN><SPAN class="ft47">styrelsen i sin helhet har till- räcklig kunskap och erfarenhet för att leda börsen, och</SPAN></P>
<P class="p506 ft42"><SPAN class="ft3">6.</SPAN><SPAN class="ft41">företaget uppfyller de villkor i övrigt som anges i denna lag.</SPAN></P>
<P class="p285 ft3">6 b §</P>
<P class="p507 ft26">Den som är ledamot i styrelsen för en börs eller är dess verkställande direktör får utöver detta uppdrag ha det antal uppdrag som styrelse- ledamot eller verkställande direktör i andra företag som bedöms lämpligt med hänsyn till omständigheterna i det enskilda fallet samt till arten, omfattningen och komplexiteten hos börsens verksamhet.</P>
<P class="p508 ft80">Om en börs är betydande i fråga om storlek, intern organisation samt verksamhetens art, omfattning och komplexitet, får en styrelseledamot eller verkställande direktör endast inneha en av följande kombinationer av uppdrag:</P>
<P class="p509 ft45"><SPAN class="ft26">1.</SPAN><SPAN class="ft46">ett uppdrag som verkställande direktör och två uppdrag som styrelseledamot, eller</SPAN></P>
<P class="p510 ft45"><SPAN class="ft26">2.</SPAN><SPAN class="ft46">fyra uppdrag som styrelse- ledamot.</SPAN></P>
<P class="p511 ft3">6 c §</P>
<P class="p331 ft45">Vid tillämpningen av 6 b § andra stycket ska</P>
<P class="p487 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">uppdrag inom samma koncern eller i företag där börsen har ett kvalificerat innehav räknas som ett enda uppdrag, och</SPAN></P>
<P class="p487 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">uppdrag i verksamheter och organisationer som inte huvudsak- ligen har ett kommersiellt syfte inte beaktas.</SPAN></P>
<P class="p332 ft45">Om styrelseledamoten represen- terar svenska staten gäller inte 6 b § andra stycket.</P>
<P class="p239 ft45">En styrelseledamot eller verk- ställande direktör i en börs som är betydande får, efter tillstånd av Finansinspektionen, ha ytterligare ett uppdrag som styrelseledamot ut-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_105">
<DIV>
<DIV id="id_1">
<P class="p163 ft51">över de som anges i 6 b § andra stycket 1 eller 2.</P>
<P class="p358 ft3">6 d §</P>
<P class="p434 ft45">Den som är styrelseledamot eller verkställande direktör i en börs ska avsätta tillräckligt med tid för att kunna utföra sitt upp- drag.</P>
<P class="p442 ft3">6 e §</P>
<P class="p406 ft26">Styrelsen i en börs ska fastställa och övervaka genomförandet av arrangemang för styrning som säkerställer en ansvarsfull ledning av börsen. I arrangemangen för styrning ska, på ett sätt som främjar marknadens integritet, åtskillnad göras mellan funktioner inom organisationen och förebyggande av intressekonflikter.</P>
<P class="p512 ft26">Styrelsen ska övervaka och regel- bundet utvärdera effektiviteten hos arrangemangen för styrning enligt första stycket och vidta lämpliga åtgärder för att rätta till brister.</P>
<P class="p164 ft3">Styrelsen ska ha tillgång till den information och de dokument som krävs för att ha uppsikt över och övervaka verkställande direktörens beslutsfattande.</P>
<P class="p513 ft3">8 a §</P>
<P class="p339 ft3">Finansinspektionen ska innan den beslutar om tillstånd samråda med behörig myndighet i ett annat land inom EES, om företaget</P>
<P class="p339 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft56">är eller kan förväntas bli dotterföretag till ett kreditinstitut eller försäkringsföretag med auk- torisation i det landet,</SPAN></P>
<P class="p340 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft50">är eller kan förväntas bli dotterföretag till moderföretaget till ett kreditinstitut eller försäk- ringsföretag med auktorisation i det landet, eller</SPAN></P>
<P class="p339 ft45"><SPAN class="ft3">3.</SPAN><SPAN class="ft56">kontrolleras eller kan förvän- tas komma att kontrolleras av samma fysiska eller juridiska per- soner som har ägarkontroll över ett kreditinstitut eller försäkrings-</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">105</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_106">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td257"><P class="p40 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr24 td281"><P class="p57 ft3">företag med auktorisation i det</P></TD>
</TR>
<TR>
<TD class="tr31 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td132"><P class="p57 ft3">landet.</P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td150"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td57"><P class="p515 ft2">10 §</P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p184 ft2">En börs som avser att vidta</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p66 ft2">En börs som avser att vidta</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">åtgärder i ett annat land inom EES</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">åtgärder i ett annat land inom EES</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">för att underlätta för deltagare på</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">för att underlätta för deltagare på</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p516 ft2">distans att få tillträde till börsens</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p50 ft2">distans att få tillträde till börsens</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">reglerade marknad eller till en</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">reglerade marknad eller till en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td297"><P class="p516 ft2">handelsplattform</P></TD>
<TD class="tr26 td150"><P class="p30 ft2">som drivs</P></TD>
<TD class="tr26 td129"><P class="p184 ft2">av</P></TD>
<TD colspan=5 class="tr26 td172"><P class="p50 ft2">handelsplattform</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p44 ft2">som drivs</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">av</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p516 ft2">börsen, <SPAN class="ft3">skall </SPAN>innan sådana åtgärder</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p50 ft2">börsen, <SPAN class="ft3">ska </SPAN>innan sådana åtgärder</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td229"><P class="p516 ft2">påbörjas</P></TD>
<TD colspan=4 class="tr26 td69"><P class="p184 ft2">underrätta Finansinspek-</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p50 ft2">påbörjas</P></TD>
<TD colspan=6 class="tr26 td125"><P class="p20 ft2">underrätta Finansinspek-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td229"><P class="p516 ft2">tionen.</P></TD>
<TD colspan=3 class="tr26 td105"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td129"><P class="p184 ft26">skall</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p50 ft2">tionen.</P></TD>
<TD colspan=4 class="tr26 td123"><P class="p30 ft27">Finansinspektionen</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p20 ft3">ska</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p516 ft2">inom en månad från det att under-</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p50 ft2">inom en månad från det att under-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">rättelsen togs emot lämna över den</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">rättelsen togs emot lämna över den</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">till den behöriga myndigheten i det</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">till den behöriga myndigheten i det</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p516 ft2">land där åtgärderna <SPAN class="ft3">skall </SPAN>vidtas. På</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p50 ft2">land där åtgärderna <SPAN class="ft3">ska </SPAN>vidtas. På</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td229"><P class="p516 ft2">begäran</P></TD>
<TD class="tr26 td124"><P class="p23 ft3">skall</P></TD>
<TD colspan=3 class="tr26 td111"><P class="p184 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p50 ft2">begäran</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p98 ft3">ska</P></TD>
<TD colspan=4 class="tr26 td123"><P class="p20 ft2">Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p516 ft2">till</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p70 ft2">samma</P></TD>
<TD colspan=3 class="tr26 td111"><P class="p184 ft2">myndighet lämna</P></TD>
<TD class="tr26 td139"><P class="p50 ft3">utan</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p154 ft3">onödigt</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p106 ft26">dröjsmål</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p20 ft2">lämna</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p516 ft2">uppgifter om vilka från det landet</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p50 ft2">uppgifter till samma myndighet om</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">som deltar i handeln på en reglerad</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">vilka från det landet som deltar i</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">marknad eller handelsplattform.</P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft2">handeln på en reglerad marknad</P></TD>
</TR>
<TR>
<TD class="tr31 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr31 td268"><P class="p50 ft2">eller handelsplattform.</P></TD>
<TD class="tr31 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td150"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td57"><P class="p515 ft2">11 §</P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td187"><P class="p99 ft2">Regeringen eller den myndighet</P></TD>
<TD colspan=8 class="tr25 td281"><P class="p21 ft2">Regeringen eller den myndighet</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p516 ft2">som</P></TD>
<TD colspan=3 class="tr26 td103"><P class="p44 ft2">regeringen</P></TD>
<TD class="tr26 td150"><P class="p203 ft2">bestämmer</P></TD>
<TD class="tr26 td129"><P class="p99 ft2">får</P></TD>
<TD class="tr26 td139"><P class="p57 ft2">som</P></TD>
<TD colspan=4 class="tr26 td255"><P class="p94 ft2">regeringen</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p74 ft2">bestämmer</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">får</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">meddela föreskrifter om storleken</P></TD>
<TD colspan=6 class="tr26 td268"><P class="p57 ft2">meddela föreskrifter om</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p516 ft2">av</P></TD>
<TD colspan=3 class="tr25 td103"><P class="p23 ft2">aktiekapitalet,</P></TD>
<TD class="tr25 td150"><P class="p203 ft2">summan</P></TD>
<TD class="tr25 td129"><P class="p99 ft2">av</P></TD>
<TD colspan=3 class="tr25 td122"><P class="p21 ft3">1. börsers</P></TD>
<TD colspan=4 class="tr25 td172"><P class="p57 ft3">mångfaldspolicy</P></TD>
<TD class="tr25 td148"><P class="p20 ft3">vid</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">gjorda medlemsinsatser och för-</P></TD>
<TD colspan=3 class="tr26 td122"><P class="p57 ft3">tillsättandet</P></TD>
<TD colspan=2 class="tr26 td113"><P class="p22 ft3">av</P></TD>
<TD class="tr26 td126"><P class="p184 ft3">styrelse</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p30 ft3">samt</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td187"><P class="p516 ft2">lagsinsatser <SPAN class="ft3">samt </SPAN>kravet på start-</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p57 ft3">resurser</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p99 ft3">för</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p30 ft3">introduktion</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p30 ft26">och</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td297"><P class="p516 ft2">kapital enligt 7 §.</P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td281"><P class="p57 ft3">utbildning av styrelseledamöter,</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td56"><P class="p21 ft2"><SPAN class="ft3">2. </SPAN>storleken av aktiekapitalet,</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td281"><P class="p21 ft2"><SPAN class="ft3">3. </SPAN>summan av gjorda medlems-</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td281"><P class="p57 ft2">insatser och förlagsinsatser<SPAN class="ft3">, och</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td122"><P class="p21 ft2"><SPAN class="ft3">4. </SPAN>kravet</P></TD>
<TD class="tr26 td193"><P class="p203 ft27">på</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p56 ft2">startkapital</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p20 ft2">enligt</P></TD>
</TR>
<TR>
<TD class="tr27 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td139"><P class="p57 ft2">7 §.</P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td150"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td57"><P class="p515 ft25">13 kap.</P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p50 ft3">1 a §</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td281"><P class="p66 ft3">En börs ska inrätta effektiva</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft3">system, förfaranden och arrange-</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft26">mang för att säkerställa att handels-</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td132"><P class="p50 ft3">systemen</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td268"><P class="p66 ft3">1. är motståndskraftiga,</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td281"><P class="p66 ft26">2. har tillräcklig kapacitet för att</P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td139"><P class="p50 ft3">kunna</P></TD>
<TD colspan=3 class="tr25 td39"><P class="p56 ft3">hantera</P></TD>
<TD colspan=4 class="tr25 td123"><P class="p20 ft26">svåra påfrestningar</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td281"><P class="p50 ft26">på marknaden i fråga om order- och</P></TD>
</TR>
<TR>
<TD class="tr26 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td268"><P class="p50 ft3">meddelandevolymer,</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td257"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td281"><P class="p66 ft26">3. kan upprätthålla ordnad handel</P></TD>
</TR>
<TR>
<TD class="tr27 td257"><P class="p23 ft2">106</P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr27 td281"><P class="p50 ft26">vid förhållanden med påfrestningar</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_107">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">på marknaden,</P>
<P class="p517 ft3"><SPAN class="ft3">4.</SPAN><SPAN class="ft47">är fullständigt testade, och</SPAN></P>
<P class="p169 ft80"><SPAN class="ft26">5.</SPAN><SPAN class="ft79">garanterar kontinuitet i verk- samheten vid eventuella driftavbrott</SPAN></P>
<P class="p518 ft3"><SPAN class="ft26">i</SPAN><SPAN class="ft47">handelssystemet.</SPAN></P>
<P class="p354 ft3">1 b §</P>
<P class="p406 ft26">En börs ska ingå skriftliga avtal med samtliga värdepappersinstitut som bedriver en marknadsgarant- strategi på en reglerad marknad som börsen driver, och ingå sådana avtal med ett tillräckligt antal institut. Av avtalen ska det framgå</P>
<P class="p348 ft26">1. att värdepappersinstituten ska ställa fasta bud till konkurrens- kraftiga priser så att marknaden tillförs likviditet på regelbunden och förutsägbar basis, och</P>
<P class="p406 ft80">2. de incitament i form av rabatter eller annat som erbjuds institutet för att uppfylla åtagandena enligt 1.</P>
<P class="p181 ft45">Börsen ska övervaka att avtalen följs och underrätta Finansinspek- tionen om innehållet i dem.</P>
<P class="p167 ft3">1 c §</P>
<P class="p181 ft3">En börs ska inrätta effektiva sys- tem, förfaranden och arrangemang för att kunna avvisa order på en reglerad marknad som den driver som överskrider förutbestämda volym- och priströsklar eller är uppenbart felaktiga.</P>
<P class="p311 ft26">Börsen ska även tillfälligt kunna avbryta eller begränsa handeln på en reglerad marknad, om det under en kort period finns en betydande prisrörelse för ett finansiellt instru- ment på den marknaden eller en när- liggande marknad och, i undan- tagsfall, kunna annullera, justera eller korrigera en transaktion.</P>
<P class="p170 ft26">Börsen ska säkerställa att para- metrarna för att avbryta handeln är lämpligt kalibrerade på ett sätt som beaktar likviditeten för olika tillgångskategorier och under- kategorier, marknadsmodellens art och olika typer av användare och att parametrarna är tillräckliga för</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">107</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_108">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td301"><P class="p474 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=4 class="tr24 td185"><P class="p23 ft26">att undvika betydande störningar i</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">en ordnad handel. Börsen ska</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">underrätta Finansinspektionen om</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">parametrarna och om betydande</P></TD>
</TR>
<TR>
<TD class="tr31 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td224"><P class="p23 ft3">ändringar av dem.</P></TD>
<TD class="tr31 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td85"><P class="p23 ft3">1 d §</P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft3">En börs ska inrätta effektiva sys-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">tem, förfaranden och arrangemang</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">för att säkerställa att deltagare som</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft3">använder</P></TD>
<TD colspan=2 class="tr25 td216"><P class="p106 ft3">algoritmiska</P></TD>
<TD class="tr25 td55"><P class="p20 ft26">handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">system på en reglerad marknad som</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">börsen driver inte kan skapa eller</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft26">bidra till otillbörliga marknadsför-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">hållanden på marknaden och för att</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">kunna hantera eventuella otillbör-</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft26">liga marknadsförhållanden som kan</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">uppstå till följd av användningen av</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">sådana algoritmiska handelssystem.</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft3">I de förfaranden som avses i första</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td224"><P class="p23 ft3">stycket ska det ingå</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft3">1. krav på deltagarna att utföra</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft26">lämpliga tester av algoritmer och att</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">tillhandahålla miljöer för att under-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td224"><P class="p23 ft3">lätta sådana tester,</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft3">2. system för att begränsa an-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">delen inte utförda order i förhåll-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">ande till transaktionerna som kan</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">läggas in i systemet av en del-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft3">tagare,</P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft3">3. system för att det ska vara</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">möjligt att bromsa orderflödet om</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">det finns en risk för att taket för</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">systemkapaciteten uppnås, och</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft3">4. system för att begränsa och</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">upprätthålla den minsta prisänd-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">ring som får tillämpas på den</P></TD>
</TR>
<TR>
<TD class="tr31 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td224"><P class="p23 ft3">reglerade marknaden.</P></TD>
<TD class="tr31 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td85"><P class="p23 ft3">1 e §</P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft3">En börs som tillåter direkt elek-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">troniskt tillträde till en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">marknad som börsen driver ska ha</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft3">effektiva</P></TD>
<TD class="tr25 td15"><P class="p23 ft3">system,</P></TD>
<TD colspan=2 class="tr25 td177"><P class="p20 ft3">förfaranden och</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">arrangemang för att säkerställa</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft3">1. att endast svenska värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft26">persinstitut och utländska värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">persföretag som hör hemma inom</P></TD>
</TR>
<TR>
<TD class="tr26 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft3">EES får</P></TD>
<TD colspan=2 class="tr26 td216"><P class="p56 ft3">tillhandahålla</P></TD>
<TD class="tr26 td55"><P class="p20 ft3">sådana</P></TD>
</TR>
<TR>
<TD class="tr25 td301"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft3">tjänster,</P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td301"><P class="p519 ft2">108</P></TD>
<TD colspan=2 class="tr27 td204"><P class="p39 ft3">2. att lämpliga</P></TD>
<TD class="tr27 td191"><P class="p56 ft26">kriterier</P></TD>
<TD class="tr27 td55"><P class="p20 ft26">fastställs</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_109">
<DIV>
<DIV id="id_1">
<P class="p163 ft45">och tillämpas i fråga om lämplig- heten hos personer för vilka sådant tillträde kan medges, och</P>
<P class="p169 ft26">3. att deltagaren behåller ansvaret för att order och transaktioner som utförs med användning av tjänsten utförs i enlighet med kraven i denna lag och andra författningar.</P>
<P class="p311 ft26">Börsen ska fastställa lämpliga standarder beträffande riskkontroll och trösklar för handel via direkt elektroniskt tillträde och kunna särskilja och, vid behov, stoppa order eller handel som utförs av en person som använder direkt elek- troniskt tillträde. Börsen ska även tillfälligt kunna stoppa eller avsluta en deltagares tillhandahållande av direkt elektroniskt tillträde.</P>
<P class="p165 ft3">1 f §</P>
<P class="p311 ft80">En börs ska ha transparenta, rättvisa och <NOBR>icke-diskriminerande</NOBR> regler om samlokaliseringstjänster.</P>
<P class="p511 ft3">1 g §</P>
<P class="p406 ft26">En börs ska säkerställa att den avgiftsstruktur som börsen tilläm- par är transparent, rättvis och <NOBR>icke-diskriminerande</NOBR> och inte skapar incitament för att lägga, ändra eller annullera order eller utföra transaktioner på ett sätt som bidrar till otillbörliga handelsför- hållanden eller marknadsmissbruk.</P>
<P class="p164 ft45">Om en börs har avtal med mark- nadsgaranter avseende aktier, ska ersättning i första hand ges i form av rabatter.</P>
<P class="p511 ft3">1 h §</P>
<P class="p181 ft45">En börs ska med hjälp av marke- ringar som görs av deltagare på en reglerad marknad som börsen driver kunna identifiera vilka</P>
<P class="p181 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">order som har genererats ge- nom algoritmisk handel,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">algoritmer som har använts för att skapa olika order, och</SPAN></P>
<P class="p277 ft51"><SPAN class="ft3">3.</SPAN><SPAN class="ft91">personer som har initierat dessa order.</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">109</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_110">
<TABLE cellpadding=0 cellspacing=0 class="t81">
<TR>
<TD class="tr24 td265"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td93"><P class="p23 ft3">1 i §</P></TD>
<TD class="tr24 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p39 ft3">En börs ska ha regler för minsta</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">tillåtna prisändring för aktier, depå-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft3">bevis, börshandlade fonder, certifi-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p23 ft3">kat och andra liknande finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">instrument som handlas på en regle-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft3">rad marknad som börsen driver.</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td105"><P class="p23 ft3">Reglerna ska</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p39 ft26">1. kalibreras så att de återspeglar</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">det aktuella finansiella instrumentets</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p23 ft26">likviditetsprofil och den genomsnit-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">tliga skillnaden mellan köp- och sälj-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">kurs, med beaktande av möjligheten</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p23 ft3">till rimligt stabila priser utan att i</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft3">onödan hindra ännu mindre skill-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td126"><P class="p23 ft3">nader, och</P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p39 ft3">2. på lämpligt sätt justera minsta</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft26">tillåtna prisändring för varje finan-</P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td105"><P class="p23 ft3">siellt instrument.</P></TD>
<TD class="tr31 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td93"><P class="p59 ft3">1 j §</P></TD>
<TD class="tr47 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p40 ft3">En börs som rapporterar trans-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p59 ft3">aktioner för ett värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td105"><P class="p59 ft3">instituts räkning ska</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td93"><P class="p40 ft3">1. ha</P></TD>
<TD colspan=5 class="tr26 td104"><P class="p20 ft3">sunda skyddsmekanismer</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p59 ft3">som är utformade för att garantera</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p59 ft3">skyddet och riktigheten vid infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td105"><P class="p59 ft3">mationsöverföringen</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td93"><P class="p40 ft3">– för</P></TD>
<TD class="tr25 td157"><P class="p23 ft26">att</P></TD>
<TD colspan=2 class="tr25 td147"><P class="p67 ft3">minimera</P></TD>
<TD class="tr25 td70"><P class="p291 ft26">risken</P></TD>
<TD class="tr25 td13"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p59 ft3">förvanskning av data och för</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td198"><P class="p59 ft26">obehörigt tillträde, och</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p40 ft3">– för att förhindra informations-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p59 ft3">läckor och se till att uppgifterna</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td137"><P class="p59 ft3">behandlas konfidentiellt, och</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td93"><P class="p40 ft3">2. ha</P></TD>
<TD colspan=2 class="tr25 td147"><P class="p70 ft3">adekvata</P></TD>
<TD colspan=2 class="tr25 td117"><P class="p23 ft3">resurser</P></TD>
<TD class="tr25 td13"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td105"><P class="p59 ft3">reservanordningar</P></TD>
<TD class="tr26 td157"><P class="p59 ft3">så</P></TD>
<TD class="tr26 td70"><P class="p216 ft3">att</P></TD>
<TD class="tr26 td13"><P class="p20 ft3">dess</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p59 ft3">tjänster alltid kan erbjudas och</P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td105"><P class="p59 ft3">upprätthållas.</P></TD>
<TD class="tr31 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td93"><P class="p23 ft3">2 a §</P></TD>
<TD class="tr47 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p39 ft26">En börs ska tillhandahålla ända-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td126"><P class="p23 ft3">målsenliga</P></TD>
<TD colspan=4 class="tr26 td68"><P class="p30 ft3">rapporteringssystem</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft3">för anställda som vill göra anmäl-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td89"><P class="p23 ft3">ningar om misstänkta överträd-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td89"><P class="p23 ft3">elser av bestämmelser som gäller</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td105"><P class="p23 ft3">för verksamheten.</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td198"><P class="p39 ft3">Personuppgiftslagen</P></TD>
<TD colspan=2 class="tr25 td150"><P class="p30 ft26">(1998:204)</P></TD>
</TR>
<TR>
<TD class="tr30 td265"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td126"><P class="p23 ft35">gäller vid</P></TD>
<TD colspan=2 class="tr30 td147"><P class="p23 ft35">behandling</P></TD>
<TD colspan=2 class="tr30 td150"><P class="p30 ft35">av person-</P></TD>
</TR>
</TABLE>
<P class="p520 ft3">uppgifter inom ramen för sådana rapporteringssystem.</P>
<P class="p353 ft2">110</P>
</DIV>
<DIV id="page_111">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=2 class="tr24 td302"><P class="p521 ft2">5 §</P></TD>
<TD class="tr24 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p39 ft2">Överlåtbara värdepapper <SPAN class="ft3">enligt</SPAN></P></TD>
<TD colspan=2 class="tr25 td142"><P class="p125 ft2">Överlåtbara</P></TD>
<TD colspan=2 class="tr25 td142"><P class="p70 ft2">värdepapper</P></TD>
<TD class="tr25 td17"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft3"><SPAN class="ft2">1 kap. 4 § </SPAN>första stycket 2 a <SPAN class="ft2">eller </SPAN>b</P></TD>
<TD class="tr26 td83"><P class="p59 ft3">avses i</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p85 ft3">punkt</P></TD>
<TD class="tr26 td197"><P class="p67 ft2"><SPAN class="ft3">1 </SPAN>eller <SPAN class="ft3">2</SPAN></P></TD>
<TD class="tr26 td17"><P class="p20 ft3">i</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">som har getts ut av ett företag som</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft3">definitionen i <SPAN class="ft2">1 kap. 4 § </SPAN>och <SPAN class="ft2">som</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">har tillstånd som börs får inte tas</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p59 ft2">har getts ut av ett företag som har</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">upp till handel på en reglerad</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft2">tillstånd som börs får inte tas upp</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">marknad som drivs av den börsen.</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft2">till handel på en reglerad marknad</P></TD>
</TR>
<TR>
<TD class="tr31 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td137"><P class="p59 ft2">som drivs av den börsen.</P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td234"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td83"><P class="p59 ft3">6 a §</P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td130"><P class="p125 ft26">En börs ska, på en reglerad mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft26">nad som den driver, synkronisera de</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft3">klockor som används för att</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td130"><P class="p59 ft26">registrera datum och tid för sådana</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p59 ft26">händelser som omfattas av rapport-</P></TD>
</TR>
<TR>
<TD class="tr31 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td61"><P class="p59 ft3">eringsskyldighet.</P></TD>
<TD class="tr31 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr47 td302"><P class="p521 ft2">7 §</P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p39 ft2">Börsen <SPAN class="ft3">skall </SPAN>övervaka handeln</P></TD>
<TD class="tr26 td83"><P class="p39 ft2">Börsen</P></TD>
<TD class="tr26 td95"><P class="p23 ft3">ska</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p20 ft2">övervaka handeln</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">och kursbildningen vid <SPAN class="ft3">den regle-</SPAN></P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">och kursbildningen vid <SPAN class="ft3">en reglerad</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft3">rade marknaden <SPAN class="ft2">och se till att</SPAN></P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft3">marknad som den driver <SPAN class="ft2">och se till</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">handeln sker i överensstämmelse</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">att handeln sker i överensstäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">med denna lag och andra författ-</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">melse med denna lag och andra</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">ningar och god sed på värdepap-</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">författningar och god sed på värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">persmarknaden.</P></TD>
<TD colspan=3 class="tr26 td61"><P class="p23 ft2">pappersmarknaden.</P></TD>
<TD class="tr26 td197"><P class="p57 ft3">Börsen</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft3">också kunna upptäcka system-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td83"><P class="p23 ft3">avbrott.</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p39 ft26">Börsen ska omedelbart underrätta</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td137"><P class="p23 ft3">Finansinspektionen om</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td142"><P class="p39 ft3">– betydande</P></TD>
<TD colspan=2 class="tr26 td142"><P class="p57 ft3">överträdelser</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">av</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td61"><P class="p23 ft3">handelsreglerna,</P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td142"><P class="p39 ft26">– otillbörliga</P></TD>
<TD colspan=3 class="tr25 td123"><P class="p20 ft26">marknadsförhållan-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft26">den och beteenden som kan tyda på</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td142"><P class="p23 ft3">överträdelser</P></TD>
<TD class="tr26 td92"><P class="p23 ft3">av</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p20 ft26">marknadsmiss-</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td137"><P class="p23 ft3">bruksförordningen, och</P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td61"><P class="p39 ft35">– systemavbrott.</P></TD>
<TD class="tr30 td197"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td17"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p169 ft97">Börsen är skyldig att på begäran av Finansinspektionen ge inspektionen åtkomst till sitt system för övervakningen av handeln och kursbildningen.</P>
<P class="p498 ft54">Handelsstopp</P>
<P class="p498 ft3">7 a §</P>
<P class="p522 ft26">En börs får avbryta handeln med ett finansiellt instrument (handels- stopp), om instrumentet inte upp- fyller de krav som gäller för upp- tagande till handel och det inte är sannolikt att handelsstoppet allvar- ligt skulle skada investerarnas in- tressen eller hindra marknaden från att fungera korrekt.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">111</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_112">
<DIV id="tx1"><SPAN class="ft27">En börs </SPAN><SPAN class="ft26">ska </SPAN><SPAN class="ft27">offentliggöra </SPAN><SPAN class="ft26">infor- mation avseende de finansiella instrument </SPAN><SPAN class="ft27">som är upptagna till handel på </SPAN><SPAN class="ft26">en reglerad marknad som börsen driver</SPAN><SPAN class="ft27">. </SPAN><SPAN class="ft26">Ytterligare bestämmelser om sådant offentlig- görande och om tillstånd att skjuta upp ett offentliggörande finns i förordningen om marknader för finansiella instrument</SPAN><SPAN class="ft27">.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td183"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr24 td185"><P class="p20 ft3">En börs får avbryta handeln med</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">ett finansiellt instrument även i</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">andra fall än de som anges i första</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft26">stycket, om det inte är sannolikt att</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td233"><P class="p23 ft3">handelsstoppet</P></TD>
<TD class="tr25 td78"><P class="p88 ft3">allvarligt</P></TD>
<TD class="tr25 td74"><P class="p20 ft26">skulle</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft3">skada</P></TD>
<TD colspan=2 class="tr26 td141"><P class="p23 ft26">investerarnas intressen</P></TD>
<TD class="tr26 td74"><P class="p20 ft3">eller</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">hindra marknaden från att fungera</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td233"><P class="p23 ft3">korrekt.</P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p39 ft3">Om</P></TD>
<TD class="tr26 td85"><P class="p88 ft3">börsen</P></TD>
<TD colspan=2 class="tr26 td131"><P class="p20 ft3">avbryter handeln</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">med ett finansiellt instrument, ska</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">börsen även avbryta handeln med</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td199"><P class="p23 ft3">finansiella derivatinstrument</P></TD>
<TD class="tr26 td74"><P class="p20 ft3">hän-</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3">förliga till det instrumentet om det</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">är nödvändigt med hänsyn till</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td199"><P class="p23 ft3">syftet med handelsstoppet.</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft3">Börsen ska offentliggöra beslut om</P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft26">handelsstopp och underrätta Finans-</P></TD>
</TR>
<TR>
<TD class="tr27 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td199"><P class="p23 ft26">inspektionen om sådana beslut.</P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td265"><P class="p41 ft54"><SPAN class="ft25">Information </SPAN>före och efter handel</P></TD>
<TD colspan=4 class="tr46 td185"><P class="p23 ft54"><SPAN class="ft25">Information </SPAN>om kvaliteten på</P></TD>
</TR>
<TR>
<TD class="tr31 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td199"><P class="p23 ft54">utförande av transaktioner</P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td183"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td152"><P class="p523 ft2">9 §</P></TD>
<TD class="tr47 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p53 ft2">En börs <SPAN class="ft3">skall </SPAN>offentliggöra in-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">En börs <SPAN class="ft3">ska </SPAN>offentliggöra infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td183"><P class="p41 ft2">formation <SPAN class="ft3">avseende</SPAN></P></TD>
<TD class="tr26 td27"><P class="p53 ft3">de finansiella</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p23 ft3"><SPAN class="ft2">mation </SPAN>om kvaliteten på utförande</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td265"><P class="p41 ft3">instrument som är upptagna till</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">av transaktioner på en reglerad</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">handel på den reglerade marknaden,</P></TD>
<TD colspan=3 class="tr26 td199"><P class="p23 ft3">marknad som börsen driver<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">utom sådana som avses i 10 och</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td265"><P class="p41 ft3">11 §§, i den utsträckning som, med</P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">hänsyn till verksamhetens art och</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">omfattning, behövs för att säkra en</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p41 ft3">god genomlysning<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr25 td27"><P class="p53 ft26">Informationen</P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">skall göras tillgänglig för all-</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td265"><P class="p41 ft3">mänheten på rimliga affärsmässiga</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td183"><P class="p41 ft3">villkor.</P></TD>
<TD class="tr31 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=2 rowspan=2 class="tr44 td233"><P class="p39 ft3">Informationen</P></TD>
<TD colspan=2 rowspan=2 class="tr44 td131"><P class="p20 ft3">ska offentliggöras</P></TD>
</TR>
<TR>
<TD class="tr48 td183"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td27"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr25 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td185"><P class="p23 ft3">minst en gång per år och till-</P></TD>
</TR>
<TR>
<TD class="tr31 td183"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td199"><P class="p23 ft3">handahållas avgiftsfritt.</P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p524 ft4">10 § En börs <SPAN class="ft45">skall </SPAN>offentliggöra <SPAN class="ft45">köp-</SPAN></P>
<P class="p525 ft3">och säljbud samt orderdjup för aktier <SPAN class="ft2">som är upptagna till handel på </SPAN>den reglerade marknaden<SPAN class="ft2">. </SPAN>Informationen skall göras till- gänglig för allmänheten fortlöp- ande under den tid som den regle- rade marknaden är öppen och på rimliga affärsmässiga villkor<SPAN class="ft2">.</SPAN></P>
<P class="p526 ft2">112</P>
</DIV>
<DIV id="page_113">
<TABLE cellpadding=0 cellspacing=0 class="t28">
<TR>
<TD class="tr2 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td51"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td22"><P class="p527 ft2">12 §<SPAN class="ft24">3</SPAN></P></TD>
<TD class="tr2 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td91"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p125 ft3">En börs får, utöver den verksam-</P></TD>
<TD colspan=9 class="tr25 td293"><P class="p142 ft2">En börs får driva annan verk-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p59 ft3">het som tillståndet omfattar, på</P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft2">samhet som har nära samband med</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p59 ft3">rimliga</P></TD>
<TD colspan=3 class="tr26 td142"><P class="p50 ft3">affärsmässiga</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p75 ft26">villkor</P></TD>
<TD class="tr26 td35"><P class="p99 ft3">ge</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p44 ft2">den verksamhet</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p23 ft2">som</P></TD>
<TD colspan=3 class="tr26 td79"><P class="p142 ft2">tillståndet</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p59 ft3">värdepappersinstitut och utländska</P></TD>
<TD colspan=2 class="tr25 td147"><P class="p44 ft2">omfattar.</P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td179"><P class="p59 ft3">värdepappersföretag</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p88 ft3">tillträde</P></TD>
<TD class="tr26 td35"><P class="p99 ft26">till</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p59 ft3">de funktioner inom den reglerade</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p59 ft3">marknaden som används för att</P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p59 ft3">offentliggöra information enligt 9–</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p59 ft3">11 §§.</P></TD>
<TD class="tr26 td193"><P class="p59 ft2">En</P></TD>
<TD class="tr26 td132"><P class="p67 ft2">börs får</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft3">även</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p99 ft2">driva</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p59 ft2">annan verksamhet som har nära</P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p59 ft2">samband med den verksamhet som</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td179"><P class="p59 ft2">tillståndet omfattar.</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=11 class="tr25 td293"><P class="p125 ft2">En börs får också efter tillstånd av Finansinspektionen</P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p125 ft2">1. driva en handelsplattform, och</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p125 ft2">2. driva en auktionsplattform för</P></TD>
<TD colspan=9 class="tr26 td293"><P class="p142 ft2">2. driva en auktionsplattform för</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p59 ft2">handel med utsläppsrätter som en</P></TD>
<TD colspan=9 class="tr25 td293"><P class="p44 ft2">handel med utsläppsrätter som en</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p59 ft2">reglerad marknad i enlighet med</P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft2">reglerad marknad i enlighet med</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td231"><P class="p59 ft2">förordning (EU) nr 1031/2010.</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft2"><SPAN class="ft3">kommissionens </SPAN>förordning (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td147"><P class="p44 ft2">1031/2010</P></TD>
<TD class="tr25 td92"><P class="p185 ft3">av</P></TD>
<TD colspan=2 class="tr25 td92"><P class="p70 ft3">den</P></TD>
<TD colspan=4 class="tr25 td82"><P class="p142 ft3">12 november</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft3">2010 om tidsschema, administra-</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft3">tion och andra aspekter av</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td293"><P class="p44 ft3">auktionering av utsläppsrätter för</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td177"><P class="p44 ft3">växthusgaser</P></TD>
<TD class="tr26 td193"><P class="p23 ft3">i</P></TD>
<TD colspan=3 class="tr26 td85"><P class="p70 ft3">enlighet</P></TD>
<TD colspan=2 class="tr26 td224"><P class="p142 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td178"><P class="p44 ft3">Europaparlamentets</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p82 ft26">och</P></TD>
<TD colspan=2 class="tr26 td224"><P class="p142 ft26">rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td293"><P class="p44 ft3">direktiv 2003/87/EG om ett system</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td293"><P class="p44 ft3">för handel med utsläppsrätter för</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td303"><P class="p44 ft3">växthusgaser inom gemenskapen<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p39 ft2">För</P></TD>
<TD colspan=2 class="tr25 td22"><P class="p23 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p23 ft2">enligt</P></TD>
<TD colspan=2 class="tr25 td52"><P class="p184 ft27">andra</P></TD>
<TD class="tr25 td39"><P class="p175 ft2">För</P></TD>
<TD colspan=4 class="tr25 td168"><P class="p515 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p174 ft2">enligt</P></TD>
<TD colspan=2 class="tr25 td224"><P class="p89 ft2">andra</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p23 ft3"><SPAN class="ft2">stycket 1 ska </SPAN>7 § första stycket <SPAN class="ft2">och</SPAN></P></TD>
<TD colspan=2 class="tr26 td147"><P class="p57 ft2">stycket 1</P></TD>
<TD class="tr26 td92"><P class="p99 ft2">ska</P></TD>
<TD colspan=3 class="tr26 td93"><P class="p1 ft3">8 kap.</P></TD>
<TD colspan=3 class="tr26 td79"><P class="p89 ft3">21 § <SPAN class="ft2">och</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td179"><P class="p23 ft2">11 kap. gälla.</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p57 ft2">11 kap.</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p80 ft2">gälla.</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p23 ft3">Det</P></TD>
<TD colspan=3 class="tr26 td37"><P class="p23 ft3">som anges</P></TD>
<TD class="tr26 td91"><P class="p89 ft3">i</P></TD>
</TR>
<TR>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td293"><P class="p57 ft3">8 kap. 21 § och 11 kap. om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td303"><P class="p57 ft3">pappersinstitut ska då avse börs.</P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td15"><P class="p39 ft2">För</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p23 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p23 ft2">enligt</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p184 ft27">andra</P></TD>
<TD class="tr26 td39"><P class="p175 ft2">För</P></TD>
<TD colspan=4 class="tr26 td168"><P class="p515 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p174 ft2">enligt</P></TD>
<TD colspan=2 class="tr26 td224"><P class="p89 ft2">andra</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td83"><P class="p23 ft2">stycket 2</P></TD>
<TD colspan=5 class="tr25 td164"><P class="p184 ft2">ska bestämmelserna i</P></TD>
<TD colspan=2 class="tr25 td147"><P class="p57 ft2">stycket 2</P></TD>
<TD class="tr25 td92"><P class="p80 ft2">ska</P></TD>
<TD colspan=5 class="tr25 td67"><P class="p267 ft2">bestämmelserna</P></TD>
<TD class="tr25 td91"><P class="p89 ft2">i</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p23 ft2">denna lag om reglerade marknader</P></TD>
<TD colspan=9 class="tr26 td293"><P class="p57 ft2">denna lag om reglerade marknader</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td290"><P class="p23 ft3"><SPAN class="ft2">gälla </SPAN>och det som i de be-</P></TD>
<TD class="tr26 td39"><P class="p57 ft2">gälla.</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td290"><P class="p23 ft3">stämmelserna anges om finansiella</P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td91"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td83"><P class="p23 ft35">instrument</P></TD>
<TD colspan=2 class="tr30 td238"><P class="p40 ft35">tillämpas</P></TD>
<TD colspan=2 class="tr30 td73"><P class="p71 ft74">även</P></TD>
<TD class="tr30 td35"><P class="p184 ft35">på</P></TD>
<TD class="tr30 td39"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td193"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td193"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td169"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td148"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td17"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td74"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td91"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p528 ft3">sådana utsläppsrätter som inte är finansiella instrument<SPAN class="ft2">.</SPAN></P>
<P class="p529 ft4">Om det finns särskilda skäl, får Finansinspektionen ge tillstånd till en börs att driva även annan verksamhet.</P>
<P class="p530 ft3">12 a §</P>
<P class="p531 ft51">En börs får utföra datarapport- eringstjänster enligt 10 kap.</P>
<P class="p532 ft37"><SPAN class="ft43">3 </SPAN>Senaste lydelse 2012:375.</P>
<P class="p533 ft2">113</P>
</DIV>
<DIV id="page_114">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td194"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td304"><P class="p534 ft2">17 §</P></TD>
</TR>
<TR>
<TD class="tr26 td194"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td304"><P class="p20 ft2">Regeringen eller den myndighet som regeringen bestämmer får med-</P></TD>
</TR>
</TABLE>
<P class="p535 ft2">dela föreskrifter om</P>
<P class="p536 ft2">1. övervakningen av handeln och kursbildningen enligt 7 §,</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=4 class="tr27 td89"><P class="p125 ft2">2. handelsregler för en reglerad</P></TD>
<TD class="tr27 td305"><P class="p29 ft2">2. handelsregler för en reglerad</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p23 ft2">marknad i fråga om aktiebolags</P></TD>
<TD class="tr26 td305"><P class="p85 ft2">marknad i fråga om aktiebolags</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p23 ft2">förvärv och överlåtelse av egna</P></TD>
<TD class="tr26 td305"><P class="p85 ft2">förvärv och överlåtelse av egna</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td89"><P class="p23 ft2">aktier vid den reglerade mark-</P></TD>
<TD class="tr25 td305"><P class="p85 ft2">aktier vid den reglerade mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft2">naden,</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p85 ft2">naden, <SPAN class="ft3">och</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td171"><P class="p125 ft3">3. börsens skyldighet</P></TD>
<TD class="tr26 td170"><P class="p154 ft3">enligt</P></TD>
<TD class="tr26 td148"><P class="p22 ft3">9 §</P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td84"><P class="p23 ft3">att offentliggöra</P></TD>
<TD colspan=2 class="tr25 td118"><P class="p56 ft3">information</P></TD>
<TD class="tr25 td148"><P class="p22 ft3">om</P></TD>
<TD class="tr25 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft3">handeln,</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p125 ft26">4. skyldigheten</P></TD>
<TD class="tr26 td70"><P class="p57 ft3">enligt</P></TD>
<TD class="tr26 td170"><P class="p56 ft3">10 §</P></TD>
<TD class="tr26 td148"><P class="p22 ft3">att</P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td89"><P class="p23 ft3">offentliggöra information före han-</P></TD>
<TD class="tr25 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft3">del,</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p125 ft26">5. skyldigheten</P></TD>
<TD class="tr26 td70"><P class="p57 ft3">enligt</P></TD>
<TD class="tr26 td170"><P class="p56 ft3">11 §</P></TD>
<TD class="tr26 td148"><P class="p22 ft3">att</P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td89"><P class="p23 ft26">offentliggöra information efter han-</P></TD>
<TD class="tr25 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft3">del, och</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p125 ft2"><SPAN class="ft3">6</SPAN>. disciplinnämnd och hand-</P></TD>
<TD class="tr26 td305"><P class="p29 ft2"><SPAN class="ft3">3</SPAN>. disciplinnämnd och hand-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr31 td86"><P class="p23 ft2">läggningen av disciplinärenden.</P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td305"><P class="p85 ft2">läggningen av disciplinärenden.</P></TD>
</TR>
<TR>
<TD class="tr47 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td230"><P class="p88 ft25">14 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td305"><P class="p85 ft3">3 b §</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p29 ft3">Alla deltagare på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p85 ft26">marknad ska synkronisera de klock-</P></TD>
</TR>
<TR>
<TD class="tr25 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td305"><P class="p85 ft3">or som används för att registrera</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p85 ft26">datum och tid för sådana händelser</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td305"><P class="p85 ft3">på den marknad som omfattas av</P></TD>
</TR>
<TR>
<TD class="tr31 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td305"><P class="p85 ft3">rapporteringsskyldighet.</P></TD>
</TR>
<TR>
<TD class="tr47 td84"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td170"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td230"><P class="p88 ft25">15 kap.</P></TD>
</TR>
<TR>
<TD colspan=4 rowspan=2 class="tr0 td89"><P class="p125 ft2">Om överlåtbara värdepapper <SPAN class="ft3">en-</SPAN></P></TD>
<TD class="tr25 td305"><P class="p59 ft2">6 §<SPAN class="ft24">4</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td305"><P class="p29 ft2">Om överlåtbara värdepapper</P></TD>
</TR>
<TR>
<TD class="tr26 td84"><P class="p23 ft2"><SPAN class="ft3">ligt </SPAN>1 kap. 4 §</P></TD>
<TD class="tr26 td70"><P class="p23 ft3">första</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p22 ft26">stycket 2 a</P></TD>
<TD class="tr26 td305"><P class="p85 ft3">som avses i punkt 1 <SPAN class="ft2">eller </SPAN>2 i defini-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td89"><P class="p23 ft2">eller <SPAN class="ft3">b </SPAN>har tagits upp till handel på</P></TD>
<TD class="tr25 td305"><P class="p85 ft2"><SPAN class="ft3">tionen i </SPAN>1 kap. 4 § har tagits upp</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p23 ft2">en reglerad marknad efter ansökan</P></TD>
<TD class="tr26 td305"><P class="p85 ft2">till handel på en reglerad marknad</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p23 ft2">av utgivaren eller om denne läm-</P></TD>
<TD class="tr26 td305"><P class="p85 ft2">efter ansökan av utgivaren eller</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td89"><P class="p23 ft2">nat in en ansökan om upptagande</P></TD>
<TD class="tr25 td305"><P class="p85 ft2">om denne lämnat in en ansökan</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td89"><P class="p23 ft2">till handel, gäller följande. Utgiva-</P></TD>
<TD class="tr26 td305"><P class="p85 ft2">om upptagande till handel, gäller</P></TD>
</TR>
<TR>
<TD class="tr30 td84"><P class="p23 ft14">ren ska</P></TD>
<TD class="tr30 td70"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td170"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td148"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td305"><P class="p85 ft14">följande. Utgivaren ska</P></TD>
</TR>
</TABLE>
<P class="p537 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">fortlöpande informera börsen om sin verksamhet, och</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">i övrigt lämna börsen de upplysningar som den behöver för att kunna fullgöra sina uppgifter enligt denna lag och andra författningar.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr31 td306"><P class="p106 ft2">Om ett företag som har ett kvali-</P></TD>
<TD class="tr31 td130"><P class="p20 ft2">Om ett företag som har ett kvali-</P></TD>
</TR>
<TR>
<TD class="tr26 td306"><P class="p106 ft2">ficerat innehav i en börs har gett ut</P></TD>
<TD class="tr26 td130"><P class="p30 ft2">ficerat innehav i en börs har gett ut</P></TD>
</TR>
<TR>
<TD class="tr26 td306"><P class="p106 ft2">överlåtbara värdepapper <SPAN class="ft3">enligt</SPAN></P></TD>
<TD class="tr26 td130"><P class="p20 ft2">överlåtbara värdepapper <SPAN class="ft3">som avses</SPAN></P></TD>
</TR>
<TR>
<TD class="tr31 td306"><P class="p106 ft3"><SPAN class="ft2">1 kap. 4 § </SPAN>första stycket 2 a <SPAN class="ft2">eller </SPAN>b</P></TD>
<TD class="tr31 td130"><P class="p20 ft3">i punkt 1 <SPAN class="ft2">eller </SPAN>2 i definitionen i</P></TD>
</TR>
<TR>
<TD class="tr58 td306"><P class="p539 ft37"><SPAN class="ft43">4 </SPAN>Senaste lydelse 2016:1313.</P></TD>
<TD class="tr58 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td306"><P class="p176 ft2">114</P></TD>
<TD class="tr27 td130"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_115">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p116 ft4">som har tagits upp till handel på en reglerad marknad som drivs av börsen, ska börsen omedelbart vidarebefordra information enligt första stycket till Finansinspek- tionen.</P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft4">1 kap. 4 § <SPAN class="ft45">och </SPAN>som har tagits upp Prop. 2016/17:162 till handel på en reglerad marknad</P>
<P class="p540 ft4">som drivs av börsen, ska börsen omedelbart vidarebefordra infor- mation enligt första stycket till Finansinspektionen.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p296 ft2">11 §<SPAN class="ft24">5</SPAN></P>
<P class="p103 ft2">En börs ska avslå en begäran om upptagande till handel eller besluta att ett finansiellt instrument inte längre ska vara upptaget till handel (avnote- ring), om instrumentet inte uppfyller de krav som gäller för upptagande till handel eller om emittenten allvarligt åsidosätter sina förpliktelser en- ligt denna lag eller någon annan författning eller om Riksgäldskontoret begär det enligt 14 kap. 3 § första stycket 1 lagen (2015:1016) om resolu- tion eller en utländsk resolutionsmyndighet begär det enligt nationell lag- stiftning som genomför artikel 64.1 c i krishanteringsdirektivet. Avnote- ring av ett finansiellt instrument som har tagits upp till handel ska även ske på begäran av den efter vars begäran instrumentet har tagits upp till handel. Om det är lämpligt från allmän synpunkt, får avnotering skjutas upp.</P>
<P class="p541 ft3">En börs får avnotera ett finan- siellt instrument från handel även i andra fall än de som anges i första stycket, om det inte är sannolikt att avnoteringen orsakar väsentlig skada för investerarna eller mark- nadens funktion.</P>
<P class="p103 ft2">Avnotering får inte beslutas utan att emittenten har fått tillfälle att yttra sig över det som har tillförts ärendet genom någon annan än emittenten själv, om det inte är uppenbart obehövligt eller om beslutet inte kan skjutas upp.</P>
<P class="p542 ft45">En börs ska omedelbart offent- liggöra ett beslut om avnotering och informera Finansinspektionen om beslutet. Inspektionen ska där- efter underrätta övriga behöriga myndigheter inom EES om be- slutet.</P>
<P class="p543 ft3">11 a §</P>
<P class="p544 ft45">Om en börs beslutar om avnote- ring av ett finansiellt instrument, ska börsen även besluta om av- notering av finansiella derivat- instrument relaterade till det instrumentet när det är nödvändigt med hänsyn till syftet med avnote-</P>
<P class="p545 ft37"><SPAN class="ft43">5 </SPAN>Senaste lydelse 2015:1032.</P>
<P class="p13 ft2">115</P>
</DIV>
</DIV>
<DIV id="page_116">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td155"><P class="p172 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td216"><P class="p23 ft3">ringen.</P></TD>
<TD class="tr24 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td103"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft3">En börs ska omedelbart offent-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">liggöra ett beslut om avnotering</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">och informera Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">om beslutet. Inspektionen ska där-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft3">efter</P></TD>
<TD class="tr26 td83"><P class="p23 ft3">underrätta</P></TD>
<TD colspan=2 class="tr26 td237"><P class="p20 ft3">övriga behöriga</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">myndigheter inom EES om be-</P></TD>
</TR>
<TR>
<TD class="tr31 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td124"><P class="p23 ft3">slutet.</P></TD>
<TD class="tr31 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td103"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr47 td144"><P class="p298 ft2">12 §</P></TD>
<TD class="tr47 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td103"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p106 ft2">Om en börs erbjuder inregistre-</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">Om en börs erbjuder inregistre-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p106 ft2">ring vid en reglerad marknad får</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">ring vid en reglerad marknad får</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p106 ft2">överlåtbara värdepapper <SPAN class="ft3">enligt</SPAN></P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">överlåtbara värdepapper <SPAN class="ft3">som avses</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p106 ft3"><SPAN class="ft2">1 kap. 4 § </SPAN>första stycket 2 a <SPAN class="ft2">eller </SPAN>b<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=3 class="tr25 td111"><P class="p23 ft3">i punkt 1 <SPAN class="ft2">eller </SPAN>2 i</P></TD>
<TD class="tr25 td103"><P class="p20 ft3">definitionen i</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p106 ft2">som har tagits upp till handel på</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">1 kap. 4 § <SPAN class="ft3">och </SPAN>som har tagits upp</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p106 ft2">marknaden, inregistreras där efter</P></TD>
<TD class="tr26 td124"><P class="p23 ft2">till</P></TD>
<TD class="tr26 td83"><P class="p1 ft2">handel</P></TD>
<TD class="tr26 td17"><P class="p23 ft2">på</P></TD>
<TD class="tr26 td103"><P class="p20 ft2">marknaden,</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p546 ft2">ansökan av utgivaren.</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft2">inregistreras där efter ansökan av</P></TD>
</TR>
<TR>
<TD class="tr30 td155"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td216"><P class="p23 ft14">utgivaren.</P></TD>
<TD class="tr30 td17"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td103"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p547 ft4">Inregistrering får ske bara om det med hänsyn till marknadsförhållan- dena för de överlåtbara värdepapperen och omständigheterna i övrigt finns förutsättningar för en ändamålsenlig handel med dem.</P>
<P class="p548 ft54">15 a kap. Positionslimiter och hantering av positioner avseende råvaruderivat och utsläppsrätter</P>
<TABLE cellpadding=0 cellspacing=0 class="t84">
<TR>
<TD class="tr42 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td307"><P class="p409 ft54">Råvaruderivat</P></TD>
<TD class="tr42 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td78"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr44 td247"><P class="p409 ft53">Fastställande av positionslimiter</P></TD>
</TR>
<TR>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td133"><P class="p409 ft3">1 §</P></TD>
<TD class="tr46 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td78"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td247"><P class="p20 ft3">Regeringen eller, efter regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td307"><P class="p409 ft26">bemyndigande,</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p20 ft3">Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">får meddela föreskrifter som fast-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td133"><P class="p409 ft3">ställer</P></TD>
<TD colspan=2 class="tr25 td218"><P class="p44 ft3">kvantitativa</P></TD>
<TD class="tr25 td78"><P class="p20 ft26">tröskelvärden</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">(positionslimiter) för den netto-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft26">position som en fysisk eller juridisk</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td247"><P class="p409 ft3">person får inneha i råvaruderivat</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft26">som handlas på en handelsplats och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td307"><P class="p409 ft3"><NOBR>OTC-kontrakt</NOBR></P></TD>
<TD class="tr26 td70"><P class="p125 ft3">som</P></TD>
<TD class="tr26 td78"><P class="p20 ft3">ekonomiskt</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td308"><P class="p409 ft3">motsvarar dessa. En</P></TD>
<TD class="tr25 td78"><P class="p20 ft26">positionslimit</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">ska fastställas för varje råvaru-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">derivat som handlas på en</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td308"><P class="p409 ft26">handelsplats i Sverige.</P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p20 ft3">Positionslimiterna ska vara trans-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">parenta och <NOBR>icke-diskriminerande</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td247"><P class="p409 ft3">samt syfta till att förhindra mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td307"><P class="p409 ft3">nadsmissbruk</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p20 ft3">och främja ordnad</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td247"><P class="p409 ft3">prissättning och avveckling.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td247"><P class="p20 ft3">Positionslimiterna ska fastställas</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p20 ft2">116</P></TD>
<TD class="tr27 td133"><P class="p409 ft3">enligt</P></TD>
<TD colspan=3 class="tr27 td154"><P class="p20 ft3">de beräkningsmetoder som</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_117">
<DIV>
<DIV id="id_1">
<P class="p163 ft45">fastställs av Europeiska värde- pappers- och marknadsmyndig- heten och avse alla positioner som innehas av en fysisk eller juridisk person eller på en juridisk persons vägnar på aggregerad gruppnivå.</P>
<P class="p309 ft3">2 §</P>
<P class="p336 ft3">Vid betydande förändringar av underliggande levererbara till- gångar eller av öppna kontrakt eller vid andra betydande förändringar på marknaden ska positionslimiterna ses över och nya positionslimiter fastställas.</P>
<P class="p549 ft88">Lägre positionslimiter i undantagsfall</P>
<P class="p330 ft3">3 §</P>
<P class="p406 ft26">En lägre positionslimit än vad som följer av 1 § får i undantagsfall fast- ställas om det krävs med hänsyn till likviditeten på den specifika mark- naden och marknadens funktion. Positionslimiten ska offentliggöras på Finansinspektionens webbplats och gälla under högst sex månader från dagen för offentliggörandet.</P>
<P class="p170 ft26">Giltighetstiden för positionslimiten får förlängas med högst sex månad- er åt gången. Även en förlängning ska offentliggöras på Finansinspek- tionens webbplats<SPAN class="ft27">.</SPAN></P>
<P class="p356 ft53">Gemensam positionslimit inom EES</P>
<P class="p352 ft3">4 §</P>
<P class="p169 ft3">Bestämmelserna i 1 § gäller inte för råvaruderivat för vilka en be- hörig myndighet i ett annat land inom EES har fastställt en sådan gemensam positionslimit som avses i artikel 57.6 i direktivet om mark- nader för finansiella instrument.</P>
<P class="p170 ft80">När ett råvaruderivat som handlas på en handelsplats i Sverige även handlas i betydande volymer på en eller flera handelsplatser i andra länder inom EES, ska en gemensam positionslimit fastställas enligt 1 §,</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">117</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_118">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td299"><P class="p342 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=7 class="tr24 td271"><P class="p345 ft26">om den största handelsvolymen sker</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td309"><P class="p345 ft26">på en handelsplats här i landet.</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p346 ft26">Innan en gemensam positionslimit</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">fastställs ska samråd ske med de</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td284"><P class="p345 ft3">behöriga myndigheterna</P></TD>
<TD class="tr25 td74"><P class="p57 ft3">för</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">den</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">eller de handelsplatserna som avses</P></TD>
</TR>
<TR>
<TD class="tr31 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td185"><P class="p345 ft26">i andra stycket.</P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr46 td271"><P class="p343 ft53">Tillämpning av positionslimiter</P></TD>
</TR>
<TR>
<TD class="tr44 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td212"><P class="p343 ft3">5 §</P></TD>
<TD class="tr44 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p30 ft3">En fysisk eller juridisk person</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td185"><P class="p343 ft3">som innehar</P></TD>
<TD colspan=4 class="tr26 td153"><P class="p1 ft3">råvaruderivat</P></TD>
<TD class="tr26 td11"><P class="p30 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p343 ft3">handlas på en handelsplats eller</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft3"><NOBR>OTC-kontrakt</NOBR> som ekonomiskt</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft3">motsvarar dessa, ska följa de posi-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td270"><P class="p343 ft3">tionslimiter som</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p1 ft3">har</P></TD>
<TD colspan=2 class="tr25 td72"><P class="p30 ft26">fastställts</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft3">enligt <NOBR>1–4</NOBR> §§ och de gemensamma</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td227"><P class="p343 ft3">positionslimiter som</P></TD>
<TD class="tr26 td21"><P class="p88 ft26">en</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p20 ft3">behörig</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p343 ft3">myndighet i ett annat land inom</P></TD>
</TR>
<TR>
<TD class="tr27 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td270"><P class="p343 ft3">EES har fastställt.</P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td212"><P class="p343 ft3">6 §</P></TD>
<TD class="tr46 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p20 ft3">Finansinspektionen får efter an-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft3">sökan av en <NOBR>icke-finansiell</NOBR> enhet</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p343 ft26">medge att en positionslimit inte ska</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft26">tillämpas på positioner som enheten</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft26">eller någon annan för enhetens räk-</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p343 ft3">ning innehar och som på ett objek-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p343 ft26">tivt mätbart sätt minskar riskerna i</P></TD>
</TR>
<TR>
<TD class="tr31 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr31 td309"><P class="p343 ft3">enhetens affärsverksamhet.</P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr46 td271"><P class="p345 ft53">Kontroller för positionshantering</P></TD>
</TR>
<TR>
<TD class="tr44 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td212"><P class="p345 ft3">7 §</P></TD>
<TD class="tr44 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p20 ft3">Ett värdepappersinstitut eller en</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">börs som driver en handelsplats på</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td212"><P class="p345 ft3">vilken</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p59 ft3">råvaruderivat</P></TD>
<TD colspan=2 class="tr25 td73"><P class="p59 ft3">handlas</P></TD>
<TD class="tr25 td11"><P class="p20 ft3">ska</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">tillämpa kontroller för positionshan-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">tering som ger institutet eller börsen</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td185"><P class="p345 ft3">befogenhet att</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td185"><P class="p346 ft3">1. övervaka</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p23 ft3">öppna</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p20 ft3">positioner i</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td185"><P class="p345 ft3">råvaruderivat</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p88 ft3">som</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p23 ft3">handlas</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">på</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td185"><P class="p345 ft26">handelsplatsen,</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p20 ft3">2. få tillgång till information och</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td185"><P class="p345 ft26">dokumentation</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p88 ft3">avseende</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p20 ft3">storleken</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft3">på och syftet med en position i rå-</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">varuderivat eller en exponering som</P></TD>
</TR>
<TR>
<TD class="tr26 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">innehas samt information om verklig</P></TD>
</TR>
<TR>
<TD class="tr25 td299"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft3">eller indirekt ägare till positionen,</P></TD>
</TR>
<TR>
<TD class="tr27 td299"><P class="p347 ft2">118</P></TD>
<TD class="tr27 td212"><P class="p346 ft3">3. få</P></TD>
<TD class="tr27 td139"><P class="p23 ft26">tillgång</P></TD>
<TD class="tr27 td35"><P class="p70 ft3">till</P></TD>
<TD colspan=3 class="tr27 td150"><P class="p23 ft26">information</P></TD>
<TD class="tr27 td11"><P class="p20 ft3">och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_119">
<P class="p186 ft45">dokumentation om överenskommel- <SPAN class="ft4">Prop. 2016/17:162 </SPAN>ser, tillgångar och skulder på mark-</P>
<P class="p550 ft3">naden för råvaruderivatpositionens underliggande tillgång,</P>
<P class="p144 ft3"><SPAN class="ft3">4.</SPAN><SPAN class="ft47">kräva att den som innehar en position i råvaruderivat tillfälligt eller permanent avslutar eller min- skar positionen, och</SPAN></P>
<P class="p551 ft26"><SPAN class="ft26">5.</SPAN><SPAN class="ft78">kräva, för att mildra effekterna av en stor eller dominerande posi- tion i råvaruderivat, att den som innehar positionen tillfälligt till- handahåller likviditet till marknaden till ett överenskommet pris och i överenskommen omfattning.</SPAN></P>
<P class="p426 ft45">Kontroller för positionshante- ring ska vara transparenta och <NOBR>icke-diskriminerande.</NOBR></P>
<P class="p288 ft3">8 §</P>
<P class="p552 ft3">Värdepappersinstitutet och börsen ska ha arrangemang som gör det möjligt för dem att avsluta eller minska positioner för den som inte följer ett krav enligt 7 § första stycket 4.</P>
<P class="p553 ft3">Värdepappersinstitutet och börsen ska till Finansinspektionen lämna detaljerade uppgifter om de kontroller som avses i 7 § första stycket.</P>
<P class="p554 ft88">Information till Europeiska värdepappers- och marknadsmyndigheten</P>
<P class="p309 ft3">9 §</P>
<P class="p144 ft45">Finansinspektionen ska till Euro- peiska värdepappers- och marknads- myndigheten lämna</P>
<P class="p144 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">detaljerade uppgifter om de positionslimiter som har fastställts, och</SPAN></P>
<P class="p551 ft45"><SPAN class="ft3">2.</SPAN><SPAN class="ft46">den information om kontroller för positionshantering som inspek- tionen fått enligt 8 § andra stycket.</SPAN></P>
<P class="p555 ft2">119</P>
</DIV>
<DIV id="page_120">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr2 td272"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=7 class="tr2 td271"><P class="p345 ft54">Indelning i kategorier av dem som</P></TD>
</TR>
<TR>
<TD class="tr31 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td310"><P class="p345 ft54">innehar positioner</P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td263"><P class="p345 ft3">10 §</P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p346 ft3">Ett värdepappersinstitut eller en</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">börs som driver en handelsplats på</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td263"><P class="p345 ft26">vilken</P></TD>
<TD colspan=3 class="tr26 td30"><P class="p70 ft3">råvaruderivat,</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p20 ft26">utsläppsrätter</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft26">eller derivat hänförliga till utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">rätter handlas ska dela in dem som</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">har positioner i sådana finansiella</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td236"><P class="p345 ft26">instrument i följande kategorier:</P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td38"><P class="p346 ft3">1. värdepappersbolag,</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p20 ft26">utländska</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td310"><P class="p345 ft3">värdepappersföretag,</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p20 ft3">kreditinstitut</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td236"><P class="p345 ft3">eller utländska kreditinstitut,</P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p346 ft26">2. värdepappersfonder som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td263"><P class="p345 ft26">1 kap.</P></TD>
<TD class="tr26 td13"><P class="p20 ft3">1 §</P></TD>
<TD colspan=5 class="tr26 td195"><P class="p20 ft3">första stycket 25 lagen</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td203"><P class="p345 ft3">(2004:46)</P></TD>
<TD class="tr25 td74"><P class="p88 ft3">om</P></TD>
<TD colspan=4 class="tr25 td173"><P class="p20 ft26">värdepappersfonder</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">eller sådana fondföretag som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">1 kap. 7 § första stycket samma lag</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td263"><P class="p345 ft3">eller</P></TD>
<TD colspan=3 class="tr25 td30"><P class="p23 ft3"><NOBR>AIF-förvaltare</NOBR></P></TD>
<TD class="tr25 td11"><P class="p216 ft3">som</P></TD>
<TD colspan=2 class="tr25 td39"><P class="p20 ft3">avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">1 kap. 3 § lagen (2013:561) om för-</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">valtare av alternativa investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td203"><P class="p345 ft3">fonder,</P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td203"><P class="p346 ft26">3. andra</P></TD>
<TD colspan=2 class="tr26 td126"><P class="p44 ft26">finansiella</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p74 ft3">institut</P></TD>
<TD class="tr26 td71"><P class="p20 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td310"><P class="p345 ft26">tjänstepensionsinstitut</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p20 ft3">enligt defini-</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td263"><P class="p345 ft26">tionen</P></TD>
<TD class="tr25 td13"><P class="p80 ft3">i</P></TD>
<TD colspan=4 class="tr25 td91"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD class="tr25 td71"><P class="p20 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">rådets direktiv 2003/41/EG av den</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft3">3 juni 2003 om verksamhet i och</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td271"><P class="p345 ft26">tillsyn över tjänstepensionsinstitut, i</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td38"><P class="p345 ft26">den ursprungliga lydelsen,</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td236"><P class="p346 ft3">4. kommersiella företag, eller</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td311"><P class="p346 ft3">5. operatörer</P></TD>
<TD colspan=3 class="tr25 td30"><P class="p71 ft26">med skyldighet</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">att</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td271"><P class="p345 ft26">följa Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td310"><P class="p345 ft3">direktiv 2003/87/EG,</P></TD>
<TD class="tr26 td11"><P class="p40 ft3">i</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p20 ft3">lydelsen</P></TD>
</TR>
<TR>
<TD class="tr25 td272"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td263"><P class="p345 ft3">enligt</P></TD>
<TD colspan=5 class="tr25 td125"><P class="p32 ft3">Europaparlamentets</P></TD>
<TD class="tr25 td71"><P class="p20 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr27 td272"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr27 td271"><P class="p345 ft26">rådets förordning (EU) nr 421/2014.</P></TD>
</TR>
</TABLE>
<P class="p556 ft54">Offentliggörande av uppgifter om positioner</P>
<TABLE cellpadding=0 cellspacing=0 class="t84">
<TR>
<TD class="tr2 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td247"><P class="p409 ft3">11 §</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p20 ft3">Ett värdepappersinstitut eller en</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p20 ft3">börs som driver en handelsplats på</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p20 ft3">vilken råvaruderivat, utsläppsrätter</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p20 ft3">eller derivat hänförliga till utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p20 ft3">rätter handlas ska varje vecka</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p20 ft3">offentliggöra en rapport med upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p409 ft3">gifter om</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p20 ft3">1. de totala positioner som inne-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p20 ft3">has av de olika kategorierna enligt</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p20 ft2">120</P></TD>
<TD class="tr27 td247"><P class="p20 ft3">10 § för de råvaruderivat, utsläpps-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_121">
<DIV>
<DIV id="id_1">
<P class="p163 ft45">rätter eller derivat hänförliga till ut- släppsrätter som handlas på handelsplatsen,</P>
<P class="p169 ft26"><SPAN class="ft3">2.</SPAN><SPAN class="ft78">antalet långa och korta posi- tioner per kategori och förändringar av dessa sedan föregående rapport,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">3.</SPAN><SPAN class="ft46">procentandel öppna kontrakt totalt för varje kategori, och</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">4.</SPAN><SPAN class="ft47">antalet personer som innehar en position i varje kategori.</SPAN></P>
<P class="p181 ft3">I rapporten ska positioner som innehas i syfte att minska riskerna i en enhets affärsverksamhet skiljas från andra positioner.</P>
<P class="p181 ft3">Rapporten ska lämnas till Finans- inspektionen och till Europeiska värdepappers- och marknadsmyn- digheten.</P>
<P class="p348 ft80"><NOBR>Första–tredje</NOBR> styckena gäller bara när antalet personer och öppna posi- tioner överstiger de tröskelvärden som anges i artikel 83 i den dele- gerade förordningen till MiFID II.</P>
<P class="p557 ft98">Uppgifter till Finansinspektionen eller behörig myndighet i ett annat land inom EES</P>
<P class="p511 ft3">12 §</P>
<P class="p348 ft26">Ett värdepappersinstitut eller en börs som driver en handelsplats på vilken råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläpps- rätter handlas ska dagligen till Finansinspektionen lämna en redo- visning av positioner som innehas av dem som deltar i handeln och deras kunder.</P>
<P class="p356 ft3">13 §</P>
<P class="p311 ft26">Ett värdepappersinstitut som utan- för en handelsplats handlar med råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter som handlas på en handelsplats i Sverige ska dagligen till Finans- inspektionen eller, i förekommande fall, den behöriga myndighet i ett annat land inom EES som har fastställt en gemensam positionslimit för det finansiella instrumentet,</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">121</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_122">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr24 td242"><P class="p57 ft3">lämna en redovisning av sina</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft26">egna, sina kunders och slutkunder-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">nas positioner i sådana instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">och <NOBR>OTC-kontrakt</NOBR> som ekonomiskt</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td244"><P class="p57 ft3">motsvarar sådana instrument.</P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p175 ft3">Ett svenskt värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">som utanför en handelsplats hand-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">lar med råvaruderivat, utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">rätter eller derivat hänförliga till</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">utsläppsrätter som handlas på en</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">handelsplats i ett annat land inom</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">EES ska dagligen till den behöriga</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">myndigheten i det landet eller, i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td177"><P class="p57 ft3">förekommande</P></TD>
<TD class="tr25 td92"><P class="p23 ft3">fall,</P></TD>
<TD colspan=2 class="tr25 td122"><P class="p30 ft3">den behöriga</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">myndighet som har fastställt en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td244"><P class="p57 ft3">gemensam positionslimit för</P></TD>
<TD class="tr26 td11"><P class="p20 ft3">det</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">finansiella instrumentet, lämna en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">redovisning av sina egna, sina</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">kunders och slutkundernas posi-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">tioner i sådana instrument och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td177"><P class="p57 ft3"><NOBR>OTC-kontrakt</NOBR></P></TD>
<TD class="tr26 td92"><P class="p88 ft3">som</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p20 ft3">ekonomiskt</P></TD>
</TR>
<TR>
<TD class="tr31 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td244"><P class="p57 ft3">motsvarar sådana instrument.</P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr47 td242"><P class="p57 ft95">Rapportering av positioner till den</P></TD>
</TR>
<TR>
<TD class="tr31 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td244"><P class="p57 ft54">som driver en handelsplats</P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td177"><P class="p57 ft3">14 §</P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p175 ft3">Den som deltar i handeln på en</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">handelsplats på vilken råvaru-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">derivat, utsläppsrätter eller derivat</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">hänförliga till utsläppsrätter hand-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft3">las, ska dagligen till den börs eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft26">det värdepappersinstitut som driver</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td177"><P class="p57 ft3">handelsplatsen</P></TD>
<TD colspan=2 class="tr26 td156"><P class="p44 ft3">rapportera</P></TD>
<TD class="tr26 td11"><P class="p20 ft26">sina</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td242"><P class="p57 ft26">egna, sina kunders och slutkunder-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p57 ft3">nas positioner i sådana finansiella</P></TD>
</TR>
<TR>
<TD class="tr31 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td177"><P class="p57 ft3">instrument.</P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td232"><P class="p558 ft25">22 kap.</P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td232"><P class="p258 ft2">1 §</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td242"><P class="p184 ft3">Avbryter en börs handeln med ett</P></TD>
<TD colspan=2 class="tr25 td178"><P class="p28 ft27">Finansinspektionen</P></TD>
<TD colspan=2 class="tr25 td122"><P class="p20 ft3">ska, efter en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td242"><P class="p23 ft26">finansiellt instrument på en reglerad</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft3">underrättelse om handelsstopp en-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft3">marknad</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p67 ft3">(handelsstopp),</P></TD>
<TD class="tr26 td25"><P class="p184 ft3">skall</P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft26">ligt 11 kap. 12 § fjärde stycket eller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft3">börsen</P></TD>
<TD colspan=2 class="tr25 td118"><P class="p23 ft3">omedelbart</P></TD>
<TD colspan=2 class="tr25 td150"><P class="p184 ft26">underrätta</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p44 ft26">13 kap. 7 a § fjärde stycket, så snart</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td195"><P class="p23 ft2">Finansinspektionen om</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p184 ft3">åtgärden<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft3">det kan ske besluta <SPAN class="ft2">om </SPAN>handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td195"><P class="p23 ft26"><SPAN class="ft27">om </SPAN>denna grundas <SPAN class="ft27">på </SPAN>att</P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td242"><P class="p44 ft3">stoppet ska bestå<SPAN class="ft2">, om </SPAN>det berott <SPAN class="ft2">på</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td159"><P class="p125 ft26"><SPAN class="ft27">1. </SPAN>investerarna</P></TD>
<TD colspan=3 class="tr25 td138"><P class="p56 ft3">inte har tillgång</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p175 ft3"><SPAN class="ft2">1. </SPAN>misstänkt marknadsmissbruk<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td242"><P class="p23 ft3">till information om det finansiella</P></TD>
<TD class="tr26 td177"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td166"><P class="p23 ft3">instrumentet på lika villkor<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td177"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td159"><P class="p125 ft26"><SPAN class="ft27">2. </SPAN>investerarna</P></TD>
<TD class="tr25 td15"><P class="p57 ft3">inte i</P></TD>
<TD colspan=2 class="tr25 td150"><P class="p56 ft3">tillräcklig</P></TD>
<TD colspan=4 class="tr25 td242"><P class="p175 ft3"><SPAN class="ft2">2. </SPAN>ett uppköpserbjudande<SPAN class="ft2">, </SPAN>eller</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">122</P></TD>
<TD class="tr27 td197"><P class="p23 ft26">omfattning</P></TD>
<TD class="tr27 td65"><P class="p44 ft3">har</P></TD>
<TD class="tr27 td15"><P class="p23 ft26">tillgång</P></TD>
<TD class="tr27 td127"><P class="p88 ft3">till</P></TD>
<TD class="tr27 td25"><P class="p56 ft26">infor-</P></TD>
<TD class="tr27 td177"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_123">
<TABLE cellpadding=0 cellspacing=0 class="t85">
<TR>
<TD class="tr24 td234"><P class="p23 ft3">mation om emittenten<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr24 td9"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p39 ft3"><SPAN class="ft2">3. </SPAN>emittentens ställning är sådan</P></TD>
<TD class="tr25 td9"><P class="p142 ft3"><SPAN class="ft2">3. </SPAN>att investerarna inte i tillräcklig</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft3">att handeln skulle skada investerar-</P></TD>
<TD class="tr26 td9"><P class="p142 ft26">omfattning har tillgång till informa-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft3">nas intressen,</P></TD>
<TD class="tr26 td9"><P class="p142 ft3">tion om emittenten eller det finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td9"><P class="p559 ft26">siella instrumentet.</P></TD>
</TR>
</TABLE>
<P class="p560 ft26"><SPAN class="ft3">4.</SPAN><SPAN class="ft78">det finansiella instrumentet inte uppfyller de krav som följer av den reglerade marknadens regler, eller</SPAN></P>
<P class="p561 ft3"><SPAN class="ft3">5.</SPAN><SPAN class="ft47">det annars finns särskilda skäl hänförliga till emittenten eller det finansiella instrumentet.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t86">
<TR>
<TD colspan=4 class="tr31 td234"><P class="p96 ft3">Handeln med ett visst finansiellt</P></TD>
<TD colspan=3 class="tr31 td185"><P class="p30 ft3">Finansinspektionen får, utan före-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">instrument får inte avbrytas av en</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft3">gående beslut av en börs eller ett</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft3">börs, om det allvarligt skulle skada</P></TD>
<TD class="tr25 td178"><P class="p23 ft3">värdepappersinstitut,</P></TD>
<TD class="tr25 td191"><P class="p23 ft3">besluta</P></TD>
<TD class="tr25 td71"><P class="p30 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr26 td208"><P class="p23 ft3">investerarnas</P></TD>
<TD colspan=2 class="tr26 td30"><P class="p32 ft3">intressen</P></TD>
<TD class="tr26 td116"><P class="p96 ft26">eller</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft3">handelsstopp på sådan grund som</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">hindra marknaden från att fungera</P></TD>
<TD class="tr26 td178"><P class="p23 ft3">anges i första stycket<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td208"><P class="p23 ft3">korrekt<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td166"><P class="p562 ft2">2 §<SPAN class="ft24">6</SPAN></P></TD>
<TD class="tr47 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p106 ft3">Finansinspektionen skall, efter en</P></TD>
<TD class="tr25 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">underrättelse enligt 1 §, så snart</P></TD>
<TD class="tr26 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">det kan ske besluta om handels-</P></TD>
<TD class="tr26 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td208"><P class="p23 ft3">stoppet skall</P></TD>
<TD class="tr25 td170"><P class="p174 ft3">bestå.</P></TD>
<TD colspan=2 class="tr25 td121"><P class="p106 ft26">Inspektionen</P></TD>
<TD class="tr25 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">får också, utan föregående beslut</P></TD>
<TD class="tr26 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3">av börs, besluta om handelsstopp</P></TD>
<TD class="tr26 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft3">på sådan grund som anges i 1 §.</P></TD>
<TD class="tr25 td178"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p53 ft2">Finansinspektionen får besluta att</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">Finansinspektionen får besluta att</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft3"><SPAN class="ft2">handeln </SPAN>skall avbrytas med ett</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft26"><SPAN class="ft27">handeln </SPAN>genom systematiska intern-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft3">finansiellt instrument på en han-</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft2"><SPAN class="ft3">handlare </SPAN>eller i annan av ett</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2"><SPAN class="ft3">delsplattform </SPAN>eller i annan av ett</P></TD>
<TD class="tr26 td178"><P class="p23 ft2">värdepappersinstitut</P></TD>
<TD colspan=2 class="tr26 td238"><P class="p30 ft2">organiserad</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td205"><P class="p23 ft2">värdepappersinstitut</P></TD>
<TD colspan=2 class="tr26 td121"><P class="p96 ft2">organiserad</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft3"><SPAN class="ft2">handel </SPAN>ska avbrytas med ett finan-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft2">handel på sådan grund som anges i</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft3">siellt instrument <SPAN class="ft2">på sådan grund</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td208"><P class="p23 ft2">1 §.</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td178"><P class="p23 ft2">som anges i 1 §.</P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p53 ft2">Har Finansinspektionen meddelat</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">Har Finansinspektionen meddelat</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft2">ett beslut enligt första <SPAN class="ft3">eller andra</SPAN></P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft2">ett beslut enligt <SPAN class="ft3">1 § eller enligt</SPAN></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">stycket, <SPAN class="ft3">skall </SPAN>börsen eller värde-</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">första stycket, <SPAN class="ft3">ska </SPAN>börsen eller</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">pappersinstitutet besluta när handeln</P></TD>
<TD class="tr26 td178"><P class="p23 ft2">värdepappersinstitutet</P></TD>
<TD class="tr26 td191"><P class="p73 ft2">besluta</P></TD>
<TD class="tr26 td71"><P class="p30 ft2">när</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft2">kan återupptas. Ett beslut om att</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft2">handeln kan återupptas. Ett beslut</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">återuppta handeln får, om inte</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">om att återuppta handeln får, om</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">särskilda skäl finns, meddelas först</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">inte särskilda skäl finns, meddelas</P></TD>
</TR>
<TR>
<TD class="tr25 td208"><P class="p23 ft2">efter samråd</P></TD>
<TD class="tr25 td170"><P class="p86 ft2">med</P></TD>
<TD colspan=2 class="tr25 td121"><P class="p96 ft27">inspektionen.</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft2">först efter samråd med inspek-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">Om ett beslut om att återuppta</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">tionen. Om ett beslut om att åter-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">handeln har meddelats utan ett</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">uppta handeln har meddelats utan</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td234"><P class="p23 ft2">föregående samråd med inspek-</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p30 ft2">ett föregående samråd med inspek-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td234"><P class="p23 ft2">tionen, <SPAN class="ft3">skall </SPAN>börsen eller värde-</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">tionen, <SPAN class="ft3">ska </SPAN>börsen eller värde-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td203"><P class="p23 ft2">pappersinstitutet omedelbart</P></TD>
<TD class="tr26 td116"><P class="p96 ft2">un-</P></TD>
<TD colspan=2 class="tr26 td86"><P class="p23 ft2">pappersinstitutet omedelbart</P></TD>
<TD class="tr26 td71"><P class="p30 ft2">un-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr31 td234"><P class="p23 ft2">derrätta inspektionen om beslutet.</P></TD>
<TD colspan=3 class="tr31 td185"><P class="p23 ft2">derrätta inspektionen om beslutet.</P></TD>
</TR>
</TABLE>
<P class="p563 ft37"><SPAN class="ft43">6 </SPAN>Ändringen innebär bl.a. att första stycket tas bort.</P>
<P class="p13 ft2">123</P>
</DIV>
<DIV id="page_124">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr2 td81"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr2 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td97"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td123"><P class="p564 ft2">2 a §<SPAN class="ft24">7</SPAN></P></TD>
<TD class="tr2 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td151"><P class="p81 ft2">Finansinspektionen</P></TD>
<TD class="tr25 td97"><P class="p56 ft2">ska</P></TD>
<TD class="tr25 td25"><P class="p20 ft2">pröva</P></TD>
<TD colspan=6 class="tr25 td165"><P class="p69 ft2">Finansinspektionen</P></TD>
<TD class="tr25 td11"><P class="p203 ft2">ska</P></TD>
<TD colspan=2 class="tr25 td116"><P class="p20 ft2">pröva</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">om förutsättningarna i 2 § första</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">om förutsättningarna i <SPAN class="ft3">1 § eller </SPAN>2 §</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2"><SPAN class="ft3">eller andra </SPAN>stycket om handels-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">första stycket om handelsstopp är</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">stopp är uppfyllda, om Riksgälds-</P></TD>
<TD colspan=2 class="tr25 td175"><P class="p84 ft2">uppfyllda,</P></TD>
<TD class="tr25 td95"><P class="p154 ft2">om</P></TD>
<TD colspan=6 class="tr25 td172"><P class="p20 ft2">Riksgäldskontoret</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td203"><P class="p41 ft2">kontoret</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p22 ft2">begär</P></TD>
<TD class="tr26 td92"><P class="p88 ft2">det</P></TD>
<TD colspan=3 class="tr26 td190"><P class="p20 ft2">enligt 14 kap.</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">begär det enligt 14 kap. 3 § första</P></TD>
</TR>
<TR>
<TD class="tr26 td81"><P class="p41 ft2">3 §</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p96 ft2">första</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p96 ft2">stycket 3</P></TD>
<TD class="tr26 td25"><P class="p20 ft2">lagen</P></TD>
<TD class="tr26 td80"><P class="p84 ft2">stycket 3</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p22 ft2">lagen</P></TD>
<TD colspan=5 class="tr26 td122"><P class="p44 ft2">(2015:1016)</P></TD>
<TD class="tr26 td113"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">(2015:1016) om resolution eller en</P></TD>
<TD colspan=2 class="tr25 td175"><P class="p84 ft2">resolution</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p44 ft2">eller</P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft2">en</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p20 ft2">utländsk</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">utländsk resolutionsmyndighet be-</P></TD>
<TD colspan=6 class="tr26 td165"><P class="p84 ft2">resolutionsmyndighet</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p59 ft2">begär</P></TD>
<TD class="tr26 td113"><P class="p20 ft2">det</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">gär det enligt nationell lagstiftning</P></TD>
<TD colspan=3 class="tr26 td173"><P class="p84 ft2">enligt nationell</P></TD>
<TD colspan=5 class="tr26 td122"><P class="p44 ft2">lagstiftning</P></TD>
<TD class="tr26 td113"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">som genomför artikel 64.1 c i kris-</P></TD>
<TD class="tr25 td80"><P class="p84 ft2">genomför</P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td29"><P class="p23 ft2">artikel</P></TD>
<TD colspan=3 class="tr25 td15"><P class="p23 ft2">64.1 c</P></TD>
<TD class="tr25 td51"><P class="p23 ft2">i</P></TD>
<TD class="tr25 td113"><P class="p20 ft2">kris-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr27 td286"><P class="p41 ft2">hanteringsdirektivet.</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td68"><P class="p84 ft2">hanteringsdirektivet.</P></TD>
<TD class="tr27 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td80"><P class="p23 ft2">5 §</P></TD>
<TD class="tr46 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p20 ft2">Om handeln med ett visst finan-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p20 ft2">Om handeln med ett visst finan-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">siellt instrument har avbrutits en-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">siellt instrument har avbrutits en-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">ligt 2 § och detta instrument utgör</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p84 ft2">ligt <SPAN class="ft3">1 eller </SPAN>2 § och detta instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td81"><P class="p41 ft2">den</P></TD>
<TD colspan=4 class="tr26 td142"><P class="p23 ft2">underliggande</P></TD>
<TD colspan=3 class="tr26 td190"><P class="p20 ft2">tillgången för</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">utgör den underliggande tillgången</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">ett annat finansiellt instrument som</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">för ett annat finansiellt instrument</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">är föremål för handel på en regle-</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p84 ft2">som är föremål för handel på en</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">rad marknad eller en handels-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">reglerad marknad eller en handels-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">plattform eller annars genom ett</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">plattform eller annars genom ett</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td286"><P class="p41 ft27">värdepappersinstitut,</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p184 ft3">skall</P></TD>
<TD class="tr25 td25"><P class="p20 ft27">börsen</P></TD>
<TD colspan=5 class="tr25 td68"><P class="p84 ft27">värdepappersinstitut,</P></TD>
<TD colspan=2 class="tr25 td52"><P class="p99 ft3">ska</P></TD>
<TD colspan=2 class="tr25 td116"><P class="p20 ft2">börsen</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td136"><P class="p41 ft2">respektive</P></TD>
<TD colspan=5 class="tr26 td178"><P class="p20 ft2">värdepappersinstitutet</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p84 ft2">respektive</P></TD>
<TD colspan=7 class="tr26 td152"><P class="p20 ft2">värdepappersinstitutet</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td136"><P class="p41 ft2">omedelbart</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p87 ft27">avbryta</P></TD>
<TD colspan=3 class="tr26 td190"><P class="p20 ft2">handeln även</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p84 ft2">omedelbart</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p70 ft2">avbryta</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p59 ft2">handeln</P></TD>
<TD class="tr26 td113"><P class="p20 ft2">även</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">med det finansiella instrument som</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p84 ft2">med det finansiella instrument som</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">inte utgör den underliggande till-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">inte utgör den underliggande till-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td203"><P class="p41 ft2">gången.</P></TD>
<TD colspan=4 class="tr26 td168"><P class="p75 ft2">Handeln får</P></TD>
<TD colspan=2 class="tr26 td149"><P class="p20 ft2">återupptas</P></TD>
<TD class="tr26 td80"><P class="p84 ft2">gången.</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p23 ft2">Handeln</P></TD>
<TD colspan=2 class="tr26 td17"><P class="p59 ft2">får</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p20 ft2">återupptas</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">först när handeln <SPAN class="ft3">i </SPAN>det finansiella</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p84 ft2">först när handeln <SPAN class="ft3">med </SPAN>det finan-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td242"><P class="p41 ft2">instrumentet</P></TD>
<TD class="tr26 td92"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p30 ft27">utgör</P></TD>
<TD class="tr26 td25"><P class="p20 ft2">den</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">siella instrumentet som utgör den</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">underliggande tillgången har åter-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">underliggande tillgången har åter-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td136"><P class="p41 ft2">upptagits.</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td80"><P class="p84 ft27">upptagits.</P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=17 class="tr26 td99"><P class="p81 ft2">Om det finns särskilda skäl, får Finansinspektionen efter ansökan</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td66"><P class="p41 ft2">besluta om undantag från första stycket.</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td77"><P class="p20 ft3">Handeln får inte avbrytas om det</P></TD>
</TR>
<TR>
<TD class="tr26 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft3">allvarligt skulle skada investerar-</P></TD>
</TR>
<TR>
<TD class="tr26 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft3">nas intressen eller hindra mark-</P></TD>
</TR>
<TR>
<TD class="tr31 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr31 td77"><P class="p84 ft3">naden från att fungera korrekt.</P></TD>
</TR>
<TR>
<TD class="tr47 td81"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td80"><P class="p23 ft2">6 §</P></TD>
<TD class="tr47 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p20 ft2">Om handeln med ett visst finan-</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p20 ft2">Om handeln med ett visst finan-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">siellt instrument har avbrutits en-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">siellt instrument har avbrutits en-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">ligt 2 §, <SPAN class="ft3">skall </SPAN>även annan handel</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">ligt <SPAN class="ft3">1 eller </SPAN>2 §, <SPAN class="ft3">ska </SPAN>även annan</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">med samma instrument på en</P></TD>
<TD colspan=9 class="tr25 td77"><P class="p84 ft2">handel med samma instrument på</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">reglerad marknad eller handels-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">en reglerad marknad eller handels-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">plattform avbrytas. Ett värdepap-</P></TD>
<TD colspan=9 class="tr26 td77"><P class="p84 ft2">plattform avbrytas. Ett värdepap-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr31 td136"><P class="p41 ft2">persinstitut</P></TD>
<TD class="tr31 td21"><P class="p94 ft2">får</P></TD>
<TD class="tr31 td92"><P class="p88 ft2">inte</P></TD>
<TD colspan=2 class="tr31 td139"><P class="p56 ft2">heller</P></TD>
<TD class="tr31 td25"><P class="p20 ft2">handla</P></TD>
<TD colspan=2 class="tr31 td175"><P class="p84 ft2">persinstitut</P></TD>
<TD class="tr31 td95"><P class="p56 ft2">får</P></TD>
<TD colspan=2 class="tr31 td95"><P class="p23 ft2">inte</P></TD>
<TD colspan=2 class="tr31 td52"><P class="p203 ft2">heller</P></TD>
<TD colspan=2 class="tr31 td116"><P class="p30 ft2">handla</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t87">
<TR>
<TD class="tr25 td188"><P class="p30 ft33">7</P></TD>
<TD class="tr25 td205"><P class="p59 ft30">Senaste lydelse 2015:1032.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">124</P></TD>
<TD class="tr27 td205"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_125">
<DIV id="tx1"><SPAN class="ft2">Beslut enligt detta kapitel om handelsstopp eller stängning ska omedelbart offentliggöras. Om Finansinspektionen har meddelat beslut om handelsstopp enligt </SPAN><SPAN class="ft3">1 eller </SPAN><SPAN class="ft2">2 §, ska inspektionen sam- tidigt underrätta de behöriga myndigheterna i andra länder inom EES och Europeiska värdepapp- ers- och marknadsmyndigheten.</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft3">Underrättelse enligt första styck- et ska även ske om Finansinspek- tionen har meddelat beslut om att inte stoppa handeln enligt 3 § samt när ett beslut om handelsstopp en- ligt 1 eller 2 § har upphört att gälla.</SPAN></DIV>
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p116 ft4">eller medverka vid handel med ett finansiellt instrument som beslutet avser. En tidigare avtalad affär får dock genomföras.</P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft4">eller medverka vid handel med ett Prop. 2016/17:162 finansiellt instrument som beslutet</P>
<P class="p272 ft2">avser. En tidigare avtalad affär får dock genomföras.</P>
<P class="p565 ft45">Handeln får inte avbrytas om det allvarligt skulle skada investerar- nas intressen eller hindra mark- naden från att fungera korrekt.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p566 ft2">8 §<SPAN class="ft24">8 </SPAN>Beslut enligt detta kapitel om</P>
<P class="p567 ft2">handelsstopp eller stängning ska omedelbart offentliggöras. Om Finansinspektionen har meddelat beslut om handelsstopp enligt 2 § <SPAN class="ft3">första stycket</SPAN>, ska inspektionen samtidigt underrätta de behöriga myndigheterna i andra länder inom EES och Europeiska värdepapp- ers- och marknadsmyndigheten.</P>
<P class="p568 ft25">23 kap.</P>
<P class="p569 ft2">1 §</P>
</DIV>
<DIV id="id_3">
<DIV id="id_3_1">
<P class="p570 ft4">Finansinspektionen har tillsyn över värdepappersinstitut, börser, clearingorganisationer <SPAN class="ft45">och </SPAN>sådana utländska företag som har tillstånd att driva en reglerad marknad från filial i Sverige.</P>
<P class="p571 ft2">För svenska värdepappersinsti- tut, börser och svenska clearing- organisationer omfattar tillsynen att rörelsen drivs enligt denna lag, andra författningar som reglerar företagets verksamhet, företagets bolagsordning, stadgar eller regle- mente och interna instruktioner som har sin grund i en författning</P>
</DIV>
<DIV id="id_3_2">
<P class="p572 ft2">Finansinspektionen har tillsyn över värdepappersinstitut, börser, <SPAN class="ft3">svenska leverantörer av data- rapporteringstjänster, </SPAN>clearing- organisationer <SPAN class="ft3">samt </SPAN>sådana utländska företag som har tillstånd att driva en reglerad marknad från filial i Sverige.</P>
<P class="p573 ft2">För svenska värdepappersinsti- tut, börser<SPAN class="ft3">, svenska leverantörer av datarapporteringstjänster </SPAN>och svenska clearingorganisationer om- fattar tillsynen att rörelsen drivs enligt denna lag, andra författ- ningar som reglerar företagets verksamhet, företagets bolags- ordning, stadgar eller reglemente</P>
</DIV>
</DIV>
<DIV id="id_4">
<P class="p12 ft37"><SPAN class="ft43">8 </SPAN>Senaste lydelse 2012:197.</P>
<P class="p13 ft2">125</P>
</DIV>
</DIV>
<DIV id="page_126">
<DIV id="tx1"><SPAN class="ft2">Värdepappersinstitut, börser, </SPAN><SPAN class="ft3">svenska leverantörer av data- rapporteringstjänster, </SPAN><SPAN class="ft2">clearing- organisationer </SPAN><SPAN class="ft3">samt </SPAN><SPAN class="ft2">sådana utländska företag som har tillstånd att driva en reglerad marknad från filial i Sverige ska lämna Finans- inspektionen upplysningar om sin verksamhet och därmed samman- hängande omständigheter enligt föreskrifter som meddelats med stöd av lagen.</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft2">Värdepappersinstitut, börser och sådana utländska företag som har tillstånd att driva en reglerad mark- nad från filial i Sverige ska lämna Finansinspektionen sådana upplys- ningar om emittenter som har sam- band med kontrollen av att emit- tenterna fullgör sin informations- skyldighet enligt artikel 17 i </SPAN><SPAN class="ft3">mark- nadsmissbruksförordningen </SPAN><SPAN class="ft2">enligt föreskrifter som meddelats med stöd av lagen.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td312"><P class="p23 ft2">Prop. 2016/17:162 som reglerar</P></TD>
<TD class="tr24 td162"><P class="p20 ft2">företagets verk- och interna instruktioner som har</P></TD>
</TR>
<TR>
<TD class="tr25 td312"><P class="p41 ft2">samhet.</P></TD>
<TD class="tr25 td162"><P class="p20 ft2">sin grund i en författning som</P></TD>
</TR>
<TR>
<TD class="tr30 td312"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td162"><P class="p574 ft14">reglerar företagets verksamhet.</P></TD>
</TR>
</TABLE>
<P class="p575 ft2">För ett utländskt företag som driver värdepappersrörelse eller en regle- rad marknad eller clearingverksamhet från filial i Sverige omfattar till- synen att företaget följer de lagar och andra författningar som gäller för företagets verksamhet i Sverige.</P>
<P class="p576 ft42">Finansinspektionen har därutöver tillsyn över att bestämmelserna om regelbunden finansiell information i 16 kap. följs.</P>
<P class="p577 ft2">2 §<SPAN class="ft24">9 </SPAN>Värdepappersinstitut, börser,</P>
<P class="p578 ft2">clearingorganisationer <SPAN class="ft3">och </SPAN>sådana utländska företag som har tillstånd att driva en reglerad marknad från filial i Sverige ska lämna Finans- inspektionen upplysningar om sin verksamhet och därmed samman- hängande omständigheter enligt föreskrifter som meddelats med stöd av lagen.</P>
<P class="p579 ft2">Värdepappersinstitut, börser och sådana utländska företag som har tillstånd att driva en reglerad mark- nad från filial i Sverige ska lämna Finansinspektionen sådana upplys- ningar om emittenter som har sam- band med kontrollen av att emit- tenterna fullgör sin informations- skyldighet enligt artikel 17 i <SPAN class="ft3">Euro- paparlamentets och rådets förord- ning (EU) nr 596/2014 </SPAN>enligt före- skrifter som meddelats med stöd av lagen.</P>
<P class="p580 ft4">Företagen ska, utöver det som anges i första och andra styckena, lämna Finansinspektionen de upplysningar som inspektionen begär.</P>
<P class="p576 ft2">Finansinspektionen får även begära sådana upplysningar som avses i första och tredje styckena av personer som är anställda hos de företag som avses i första stycket samt av personer som är anställda i företag som avses i 6 kap. 1 § lagen (2014:968) om särskild tillsyn över kredit- institut och värdepappersbolag.</P>
<P class="p581 ft37"><SPAN class="ft43">9 </SPAN>Senaste lydelse 2016:1313.</P>
<P class="p19 ft2">126</P>
</DIV>
<DIV id="page_127">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr42 td268"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td282"><P class="p582 ft2">3 §<SPAN class="ft24">10</SPAN></P></TD>
<TD class="tr42 td42"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">För övervakningen av att be-</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p142 ft2">För övervakningen av att be-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">stämmelserna i denna lag och</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p142 ft2">stämmelserna i denna lag och</P></TD>
</TR>
<TR>
<TD class="tr26 td268"><P class="p23 ft3">genomförandeförordningen</P></TD>
<TD class="tr26 td196"><P class="p95 ft2">samt</P></TD>
<TD class="tr26 td313"><P class="p23 ft3">förordningen om marknader</P></TD>
<TD class="tr26 td42"><P class="p142 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr25 td268"><P class="p23 ft2">föreskrifter meddelade med</P></TD>
<TD class="tr25 td196"><P class="p95 ft2">stöd</P></TD>
<TD colspan=2 class="tr25 td162"><P class="p142 ft3">finansiella instrument <SPAN class="ft2">samt före-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">av lagen följs, får Finansinspek-</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p142 ft2">skrifter meddelade med stöd av</P></TD>
</TR>
<TR>
<TD class="tr26 td268"><P class="p23 ft2">tionen begära att</P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td162"><P class="p142 ft2">lagen följs, får Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td313"><P class="p23 ft2">begära att</P></TD>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">ett företag eller någon annan tillhandahåller uppgifter, handlingar eller annat, och</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">den som förväntas kunna lämna upplysningar i saken inställer sig till förhör på tid och plats som inspektionen bestämmer.</SPAN></P>
<P class="p11 ft4">Första stycket gäller inte i den utsträckning uppgiftslämnandet skulle strida mot den i lag reglerade tystnadsplikten för advokater.</P>
<P class="p11 ft2">Vid tillämpningen av 16 kap. <NOBR>1–12</NOBR> §§ och 17 kap. <NOBR>1–4</NOBR> §§ gäller inte första stycket 2.</P>
<P class="p11 ft2">Om en begäran från en utländsk myndighet enligt 6 a § avser en fråga som rör reglering som motsvarar den i 16 kap. <NOBR>1–12</NOBR> §§ eller 17 kap. 1– 4 §§, gäller inte första stycket 2.</P>
<P class="p102 ft42">Finansinspektionen får förelägga den som inte följer en begäran enligt första stycket att göra rättelse.</P>
<P class="p583 ft3">3 a §</P>
<P class="p584 ft26">Finansinspektionen får, när det är nödvändigt för att uppfylla kraven i denna lag eller förordningen om marknader för finansiella instru- ment och föreskrifter meddelade med stöd av lagen, förelägga ett företag eller någon annan att</P>
<P class="p544 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">vidta åtgärder för att minska storleken på en position eller expo- nering i finansiella instrument, och</SPAN></P>
<P class="p585 ft51"><SPAN class="ft3">2.</SPAN><SPAN class="ft91">inte ingå ett råvaruderivat- kontrakt.</SPAN></P>
<P class="p586 ft3">3 b §</P>
<P class="p587 ft3">Finansinspektionen får stoppa marknadsföring eller försäljning av finansiella instrument eller struk- turerade insättningar, om det värde- pappersinstitut som har producerat produkten inte har utvecklat eller tillämpat en effektiv process för produktgodkännande eller i övrigt inte uppfyllt kraven i 8 kap. 13 och 14 §§.</P>
<P class="p588 ft37"><SPAN class="ft43">10 </SPAN>Senaste lydelse 2010:1863.</P>
<P class="p13 ft2">127</P>
</DIV>
<DIV id="page_128">
<DIV id="tx1"><SPAN class="ft27">Finansinspektionen ska i sin till- synsverksamhet</SPAN><SPAN class="ft26">, i den utsträckning som följer av direktivet om mark- nader för finansiella instrument, förordningen om marknader för finansiella instrument och öppen- hetsdirektivet, </SPAN><SPAN class="ft27">samarbeta och utbyta information med</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft3">1. </SPAN><SPAN class="ft2">behöriga myndigheter,</SPAN></DIV>
<DIV id="tx3"><SPAN class="ft51">2. </SPAN><SPAN class="ft42">Europeiska värdepappers- och marknadsmyndigheten</SPAN><SPAN class="ft51">,</SPAN></DIV>
<DIV id="tx4"><SPAN class="ft51">3. </SPAN><SPAN class="ft42">Europeiska systemrisknämn- den</SPAN><SPAN class="ft51">,</SPAN></DIV>
<DIV id="tx5"><SPAN class="ft51">4. byrån för samarbete mellan energitillsynsmyndigheter (Acer),</SPAN></DIV>
<DIV id="tx6"><SPAN class="ft3">5. offentliga organ som har</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t88">
<TR>
<TD class="tr24 td265"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td185"><P class="p20 ft3">Bestämmelser om Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td185"><P class="p20 ft26">tionens rätt att förbjuda marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td185"><P class="p20 ft26">föring eller försäljning av finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td185"><P class="p20 ft26">instrument eller strukturerade insätt-</P></TD>
</TR>
<TR>
<TD class="tr25 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td185"><P class="p20 ft26">ningar i andra fall finns i artikel 42 i</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td185"><P class="p20 ft3">förordningen om marknader för</P></TD>
</TR>
<TR>
<TD class="tr31 td265"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td185"><P class="p589 ft26">finansiella instrument.</P></TD>
</TR>
</TABLE>
<P class="p590 ft2">4 §</P>
<P class="p591 ft4">Finansinspektionen får när det är nödvändigt genomföra en under- sökning hos</P>
<P class="p537 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">ett värdepappersinstitut,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">en börs,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t89">
<TR>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td218"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td185"><P class="p20 ft3">3. en svensk leverantör av data-</P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td218"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td141"><P class="p59 ft3">rapporteringstjänster,</P></TD>
<TD class="tr26 td75"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p125 ft2"><SPAN class="ft3">3</SPAN>. en clearingorganisation,</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p523 ft2"><SPAN class="ft3">4</SPAN>. en clearingorganisation,</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p125 ft2"><SPAN class="ft3">4</SPAN>. ett sådant utländskt företag</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2"><SPAN class="ft3">5</SPAN>. ett sådant utländskt företag</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">som har tillstånd att driva en regle-</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">som har tillstånd att driva en regle-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">rad marknad från filial i Sverige,</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p30 ft2">rad marknad från filial i Sverige,</P></TD>
</TR>
<TR>
<TD class="tr25 td170"><P class="p23 ft3">samt</P></TD>
<TD class="tr25 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p59 ft3">och</P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td75"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p125 ft2"><SPAN class="ft3">5</SPAN>. en emittent som enligt 16 kap.</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2"><SPAN class="ft3">6</SPAN>. en emittent som enligt 16 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2"><NOBR>1–3</NOBR> §§</P></TD>
<TD class="tr26 td142"><P class="p44 ft2">omfattas av</P></TD>
<TD class="tr26 td218"><P class="p53 ft27">skyldigheten</P></TD>
<TD class="tr26 td170"><P class="p23 ft2"><NOBR>1–3</NOBR> §§</P></TD>
<TD class="tr26 td30"><P class="p44 ft2">omfattas av</P></TD>
<TD class="tr26 td75"><P class="p20 ft27">skyldigheten</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p23 ft2">enligt samma kapitel att upprätta</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2">enligt samma kapitel att upprätta</P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td142"><P class="p23 ft2">offentliggöra</P></TD>
<TD class="tr26 td218"><P class="p53 ft2">regelbunden</P></TD>
<TD class="tr26 td170"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td30"><P class="p23 ft2">offentliggöra</P></TD>
<TD class="tr26 td75"><P class="p20 ft2">regelbunden</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td178"><P class="p23 ft14">finansiell information<SPAN class="ft35">.</SPAN></P></TD>
<TD class="tr30 td218"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td141"><P class="p23 ft14">finansiell information.</P></TD>
<TD class="tr30 td75"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p575 ft4">Finansinspektionen får även genomföra en undersökning hos ett an- knutet ombud eller hos ett företag som har fått i uppdrag av ett värde- pappersinstitut att utföra visst arbete eller vissa funktioner, om det be- hövs för tillsynen av institutet.</P>
<P class="p592 ft100">5 §<SPAN class="ft99">11 </SPAN><SPAN class="ft42">Finansinspektionen ska i sin till-</SPAN></P>
<P class="p578 ft2">synsverksamhet samarbeta och utbyta information med behöriga myndigheter, Europeiska värde- pappers- och marknadsmyndig- heten <SPAN class="ft3">och </SPAN>Europeiska systemrisk- nämnden <SPAN class="ft3">i den utsträckning som följer av direktivet om marknader för finansiella instrument och öppenhetsdirektivet.</SPAN></P>
<P class="p593 ft37"><SPAN class="ft43">11 </SPAN>Senaste lydelse 2012:197.</P>
<P class="p19 ft2">128</P>
</DIV>
<DIV id="page_129">
<P class="p494 ft45">behörighet för tillsyn över spot- <SPAN class="ft4">Prop. 2016/17:162 </SPAN>marknader och auktionsmark-</P>
<P class="p455 ft3">nader,</P>
<P class="p497 ft3"><SPAN class="ft3">6.</SPAN><SPAN class="ft50">behöriga myndigheter, regi- sterförvaltare och andra offentliga organ som har uppdrag att utöva tillsyn enligt Europaparlamentets och rådets direktiv 2003/87/EG, i lydelsen enligt Europaparla- mentets och rådets förordning (EU) nr 421/2014, och</SPAN></P>
<P class="p499 ft3"><SPAN class="ft3">7.</SPAN><SPAN class="ft50">offentliga organ som är ansvariga för tillsyn, förvaltning och reglering av fysiska jordbruks- marknader enligt Europaparla- mentets och rådets förordning</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD class="tr24 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td117"><P class="p23 ft3">(EU) nr</P></TD>
<TD class="tr24 td118"><P class="p154 ft3">1308/2013</P></TD>
<TD class="tr24 td88"><P class="p99 ft3">av</P></TD>
<TD class="tr24 td113"><P class="p20 ft3">den</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">17 december 2013 om upprättande</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">av en samlad marknadsordning för</P></TD>
</TR>
<TR>
<TD class="tr25 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">jordbruksprodukter och om upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td117"><P class="p23 ft3">hävande</P></TD>
<TD colspan=3 class="tr26 td53"><P class="p20 ft3">av rådets förordningar</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">(EEG) nr 922/72, (EEG) nr</P></TD>
</TR>
<TR>
<TD class="tr25 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">234/79, (EG) nr 1037/2001 och</P></TD>
</TR>
<TR>
<TD class="tr27 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td109"><P class="p23 ft3">(EG) nr 1234/2007.</P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td195"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td110"><P class="p594 ft2">5 a §<SPAN class="ft24">12</SPAN></P></TD>
<TD class="tr46 td118"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p39 ft2">Finansinspektionen får</P></TD>
<TD class="tr26 td78"><P class="p53 ft2">hänskjuta</P></TD>
<TD colspan=2 class="tr26 td109"><P class="p39 ft27">Finansinspektionen får</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p20 ft2">hänskjuta</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">frågor som rör ett förfarande av en</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">frågor som rör ett förfarande av en</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p23 ft2">annan behörig myndighet inom EES</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft27">annan behörig myndighet inom EES</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">till Europeiska värdepappers- och</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">till Europeiska värdepappers- och</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft2">marknadsmyndigheten</P></TD>
<TD class="tr26 td78"><P class="p53 ft2">för tvist-</P></TD>
<TD colspan=2 class="tr26 td109"><P class="p23 ft2">marknadsmyndigheten</P></TD>
<TD class="tr26 td88"><P class="p106 ft2">för</P></TD>
<TD class="tr26 td113"><P class="p20 ft27">tvist-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p23 ft2">lösning i de fall som framgår av</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft2">lösning i de fall som framgår av</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">artiklarna <SPAN class="ft3">58a</SPAN>, <SPAN class="ft3">62.1</SPAN>, <SPAN class="ft3">62.2 </SPAN>och <SPAN class="ft3">62.3</SPAN></P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">artiklarna <SPAN class="ft3">57.6, 82</SPAN>, <SPAN class="ft3">86.1</SPAN>, <SPAN class="ft3">86.2 </SPAN>och</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">i direktivet om marknader för finan-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">86.3 </SPAN>i direktivet om marknader för</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p23 ft2">siella instrument och artikel 25.2a i</P></TD>
<TD class="tr25 td117"><P class="p23 ft2">finansiella</P></TD>
<TD class="tr25 td118"><P class="p76 ft2">instrument</P></TD>
<TD class="tr25 td88"><P class="p99 ft2">och</P></TD>
<TD class="tr25 td113"><P class="p20 ft2">arti-</P></TD>
</TR>
<TR>
<TD class="tr30 td195"><P class="p23 ft14">öppenhetsdirektivet.</P></TD>
<TD class="tr30 td78"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td268"><P class="p23 ft73">kel 25.2a i öppenhetsdirektivet.</P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2">Finansinspektionen får hänskjuta frågor som rör ett förfarande av en annan behörig myndighet inom EES till Europeiska bankmyndigheten för tvistlösning i de fall som framgår av artiklarna 8.3 andra stycket, 8.4 andra stycket, 20.7 och <NOBR>30.5–30.7</NOBR> i krishanteringsdirektivet.</P>
<P class="p264 ft4">Finansinspektionen får även begära att Europeiska bankmyndigheten bistår de behöriga myndigheterna med att nå en överenskommelse i de fall som framgår av artiklarna 8.2 tredje stycket, 20.5 andra stycket, 25.4 och 30.4 andra stycket i krishanteringsdirektivet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t90">
<TR>
<TD class="tr24 td282"><P class="p80 ft2">6 §</P></TD>
<TD class="tr24 td229"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td282"><P class="p61 ft2">Finansinspektionen <SPAN class="ft3">skall </SPAN>inom</P></TD>
<TD class="tr31 td229"><P class="p23 ft2">Finansinspektionen <SPAN class="ft3">ska </SPAN>inom</P></TD>
</TR>
<TR>
<TD class="tr51 td282"><P class="p595 ft30"><SPAN class="ft101">12 </SPAN>Senaste lydelse 2015:1032.</P></TD>
<TD class="tr51 td229"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p596 ft2">129</P>
</DIV>
<DIV id="page_130">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD colspan=3 class="tr24 td229"><P class="p23 ft2">Prop. 2016/17:162 ramen för</P></TD>
<TD class="tr24 td113"><P class="p1 ft2">sin</P></TD>
<TD colspan=4 class="tr24 td111"><P class="p53 ft2">befogenhet, efter</P></TD>
<TD colspan=8 class="tr24 td185"><P class="p23 ft2">ramen för sin befogenhet, efter</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p41 ft2">begäran från en behörig myndighet</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2">begäran från en behörig myndighet</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">i ett annat land inom EES, lämna</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">i ett annat land inom EES, lämna</P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p41 ft2">eller</P></TD>
<TD colspan=3 class="tr26 td174"><P class="p70 ft2">kontrollera</P></TD>
<TD colspan=3 class="tr26 td190"><P class="p71 ft2">information</P></TD>
<TD class="tr26 td25"><P class="p53 ft2">som</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">eller</P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft2">kontrollera</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p82 ft2">information</P></TD>
<TD class="tr26 td95"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p41 ft2">behövs för att den utländska myn-</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2">behövs för att den utländska myn-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">digheten <SPAN class="ft3">skall </SPAN>kunna utöva sin till-</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft27">digheten <SPAN class="ft26">ska </SPAN>kunna utöva sin tillsyn</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">syn enligt direktivet om marknader</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">enligt direktivet om marknader för</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p41 ft2">för finansiella instrument. Den ut-</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2">finansiella instrument. Den ut-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td217"><P class="p41 ft2">ländska</P></TD>
<TD colspan=4 class="tr26 td177"><P class="p23 ft2">myndigheten får</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p53 ft2">närvara</P></TD>
<TD colspan=5 class="tr26 td110"><P class="p23 ft2">ländska myndigheten</P></TD>
<TD class="tr26 td62"><P class="p20 ft2">får</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft2">närvara</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">vid en kontroll som utförs av</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">vid en kontroll som utförs av</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td250"><P class="p41 ft2">Finansinspektionen.</P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td110"><P class="p23 ft2">Finansinspektionen.</P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td185"><P class="p39 ft3">Om en utländsk myndighet när-</P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft26">varar vid en kontroll, får även Euro-</P></TD>
</TR>
<TR>
<TD class="tr25 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft26">peiska värdepappers- och marknads-</P></TD>
</TR>
<TR>
<TD class="tr27 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td110"><P class="p23 ft3">myndigheten närvara.</P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td75"><P class="p597 ft2">7 §</P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td250"><P class="p81 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td95"><P class="p216 ft27">har</P></TD>
<TD class="tr26 td95"><P class="p50 ft2">rätt</P></TD>
<TD class="tr26 td25"><P class="p53 ft2">att</P></TD>
<TD colspan=5 class="tr26 td110"><P class="p39 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td62"><P class="p30 ft2">har</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft2">rätt att</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">förordna en eller flera revisorer att</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">förordna en eller flera revisorer att</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td229"><P class="p41 ft2">tillsammans</P></TD>
<TD colspan=3 class="tr25 td118"><P class="p57 ft2">med övriga</P></TD>
<TD colspan=2 class="tr25 td87"><P class="p53 ft2">revisorer</P></TD>
<TD colspan=4 class="tr25 td204"><P class="p23 ft2">tillsammans med</P></TD>
<TD colspan=2 class="tr25 td98"><P class="p154 ft2">övriga</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p20 ft2">revisorer</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">delta i revisionen av ett svenskt</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">delta i revisionen av ett svenskt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td250"><P class="p41 ft2">värdepappersinstitut,</P></TD>
<TD colspan=3 class="tr26 td121"><P class="p53 ft2">en börs eller</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">värdepappersinstitut, en börs<SPAN class="ft3">, en</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td1"><P class="p41 ft2">en</P></TD>
<TD colspan=2 class="tr25 td170"><P class="p23 ft2">svensk</P></TD>
<TD colspan=5 class="tr25 td164"><P class="p53 ft2">clearingorganisation.</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft26">svensk leverantör av datarapporte-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">Inspektionen får när som helst åter-</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2"><SPAN class="ft3">ringstjänster </SPAN>eller en svensk clear-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">kalla ett sådant förordnande och</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft27">ingorganisation. Inspektionen får när</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td250"><P class="p41 ft2">utse en ny revisor.</P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2">som helst återkalla ett sådant</P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft27">förordnande och utse en ny revisor.</P></TD>
</TR>
<TR>
<TD colspan=16 class="tr26 td99"><P class="p81 ft2">Revisorn har rätt till skäligt arvode av företaget för sitt arbete. Stor-</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr31 td314"><P class="p41 ft27">leken på arvodet beslutas av Finansinspektionen.</P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td113"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr56 td127"><P class="p23 ft3">skall</P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td75"><P class="p597 ft2">8 §</P></TD>
<TD class="tr47 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td214"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr56 td92"><P class="p23 ft3">ska</P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td1"><P class="p81 ft2">En</P></TD>
<TD colspan=3 class="tr25 td174"><P class="p40 ft2">revisor</P></TD>
<TD colspan=3 class="tr25 td121"><P class="p53 ft2">omedelbart</P></TD>
<TD class="tr25 td88"><P class="p39 ft2">En</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p39 ft2">revisor</P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td147"><P class="p20 ft2">omedelbart</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td229"><P class="p41 ft2">rapportera</P></TD>
<TD class="tr26 td113"><P class="p23 ft2">till</P></TD>
<TD colspan=4 class="tr26 td111"><P class="p53 ft27">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p23 ft2">rapportera</P></TD>
<TD class="tr26 td92"><P class="p109 ft2">till</P></TD>
<TD colspan=5 class="tr26 td173"><P class="p20 ft27">Finansinspektionen</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">om han eller hon vid fullgörandet</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft2">om han eller hon vid fullgörandet</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p41 ft2">av sitt uppdrag i ett värdepappers-</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2">av sitt uppdrag i ett värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p41 ft2">bolag får kännedom om förhållan-</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p23 ft3"><SPAN class="ft2">bolag</SPAN>, en börs eller en svensk</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td217"><P class="p41 ft2">den som</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td132"><P class="p23 ft3">leverantör</P></TD>
<TD class="tr26 td92"><P class="p67 ft3">av</P></TD>
<TD colspan=5 class="tr26 td173"><P class="p20 ft26">datarapporterings-</P></TD>
</TR>
<TR>
<TD class="tr25 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td185"><P class="p23 ft2"><SPAN class="ft3">tjänster </SPAN>får kännedom om förhållan-</P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td132"><P class="p23 ft2">den som</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p516 ft2">1. kan utgöra en väsentlig över-</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p40 ft2">1. kan utgöra en väsentlig över-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p598 ft2">trädelse av någon författning som</P></TD>
<TD colspan=8 class="tr25 td185"><P class="p59 ft2">trädelse av någon författning som</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td241"><P class="p598 ft2">reglerar <SPAN class="ft3">bolagets </SPAN>verksamhet,</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td185"><P class="p59 ft2">reglerar <SPAN class="ft3">företagets </SPAN>verksamhet,</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p516 ft2">2. kan påverka <SPAN class="ft3">bolagets </SPAN>fortsatta</P></TD>
<TD colspan=4 class="tr26 td204"><P class="p40 ft2">2. kan påverka</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p216 ft3">företagets</P></TD>
<TD class="tr26 td95"><P class="p22 ft2">fort-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td250"><P class="p598 ft2">drift negativt, eller</P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td263"><P class="p59 ft2">satta drift negativt, eller</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td217"><P class="p516 ft2">3. kan</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p74 ft2">leda</P></TD>
<TD class="tr26 td127"><P class="p59 ft2">till</P></TD>
<TD class="tr26 td95"><P class="p59 ft2">att</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p96 ft3">revisorn</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p40 ft2">3. kan leda till att <SPAN class="ft3">han eller hon</SPAN></P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p598 ft2">avstyrker att balansräkningen eller</P></TD>
<TD colspan=8 class="tr26 td185"><P class="p59 ft2">avstyrker att balansräkningen eller</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td265"><P class="p598 ft2">resultaträkningen fastställs eller till</P></TD>
<TD colspan=4 class="tr25 td204"><P class="p59 ft2">resultaträkningen</P></TD>
<TD colspan=3 class="tr25 td80"><P class="p71 ft27">fastställs</P></TD>
<TD class="tr25 td95"><P class="p22 ft2">eller</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p598 ft2">anmärkning enligt 9 kap. 33 eller</P></TD>
<TD class="tr26 td88"><P class="p59 ft2">till</P></TD>
<TD colspan=3 class="tr26 td149"><P class="p23 ft2">anmärkning</P></TD>
<TD colspan=2 class="tr26 td98"><P class="p30 ft2">enligt</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p22 ft2">9 kap.</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td265"><P class="p598 ft2">34 § aktiebolagslagen (2005:551).</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p59 ft2">33 eller</P></TD>
<TD class="tr26 td92"><P class="p203 ft2">34 §</P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td177"><P class="p22 ft2">aktiebolagslagen</P></TD>
</TR>
<TR>
<TD class="tr26 td1"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td185"><P class="p59 ft3"><SPAN class="ft2">(2005:551) </SPAN>eller 8 kap. 13 § lagen</P></TD>
</TR>
</TABLE>
<P class="p19 ft2">130</P>
</DIV>
<DIV id="page_131">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t69">
<TR>
<TD class="tr24 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td122"><P class="p44 ft3">(1987:667)</P></TD>
<TD class="tr24 td35"><P class="p23 ft3">om</P></TD>
<TD colspan=2 class="tr24 td78"><P class="p23 ft3">ekonomiska</P></TD>
<TD class="tr24 td164"><P class="p20 ft2"><SPAN class="ft3">före- </SPAN>Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td122"><P class="p44 ft3">ningar.</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2">Revisorn har en motsvarande</P></TD>
<TD class="tr26 td122"><P class="p175 ft2">Revisorn</P></TD>
<TD class="tr26 td35"><P class="p73 ft2">har</P></TD>
<TD class="tr26 td92"><P class="p50 ft2">en</P></TD>
<TD colspan=2 class="tr26 td315"><P class="p142 ft2">motsvarande</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2">rapporteringsskyldighet om han</P></TD>
<TD colspan=4 class="tr26 td49"><P class="p57 ft2">rapporteringsskyldighet om</P></TD>
<TD class="tr26 td164"><P class="p142 ft2">han</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p184 ft2">eller hon får kännedom om för-</P></TD>
<TD colspan=5 class="tr25 td293"><P class="p57 ft2">eller hon får kännedom om för-</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2">hållanden som avses i första</P></TD>
<TD colspan=5 class="tr26 td293"><P class="p57 ft2">hållanden som avses i första</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2">stycket vid fullgörande av uppdrag</P></TD>
<TD colspan=5 class="tr26 td293"><P class="p57 ft2">stycket vid fullgörande av uppdrag</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p56 ft3"><SPAN class="ft2">som </SPAN>revisorn <SPAN class="ft2">har i </SPAN>värdepappers-</P></TD>
<TD colspan=5 class="tr25 td293"><P class="p57 ft3"><SPAN class="ft2">som </SPAN>han eller hon <SPAN class="ft2">har i </SPAN>företagets</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2"><SPAN class="ft3">bolagets </SPAN>moderföretag eller dotter-</P></TD>
<TD colspan=3 class="tr26 td42"><P class="p57 ft2">moderföretag eller</P></TD>
<TD colspan=2 class="tr26 td315"><P class="p142 ft27">dotterföretag</P></TD>
</TR>
<TR>
<TD class="tr26 td242"><P class="p184 ft2">företag eller ett företag som har en</P></TD>
<TD colspan=5 class="tr26 td293"><P class="p57 ft2">eller ett företag som har en likartad</P></TD>
</TR>
<TR>
<TD class="tr25 td242"><P class="p184 ft2">likartad förbindelse med <SPAN class="ft3">värde-</SPAN></P></TD>
<TD colspan=4 class="tr25 td49"><P class="p57 ft2">förbindelse med <SPAN class="ft3">företaget</SPAN>.</P></TD>
<TD class="tr25 td164"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td242"><P class="p89 ft26">pappersbolaget<SPAN class="ft27">.</SPAN></P></TD>
<TD class="tr27 td122"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td164"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p599 ft2">9 §</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft4">Skyldigheten enligt 8 § att rapportera till Finansinspektionen gäller också för särskilda granska- re som avses i 10 kap. 21 § aktie- bolagslagen (2005:551) i värde- pappersbolag.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft2">Skyldigheten enligt 8 § att rapportera till Finansinspektionen gäller också för särskilda granska- re <SPAN class="ft3">i värdepappersbolag, börser och svenska leverantörer av data- rapporteringstjänster </SPAN>som avses i 10 kap. 21 § aktiebolagslagen (2005:551) <SPAN class="ft3">eller i 8 kap. 17 § lagen (1987:667) om ekonomiska föreningar</SPAN>.</P>
</DIV>
</DIV>
<DIV id="id_3">
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr42 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td42"><P class="p600 ft2">12 §<SPAN class="ft24">13</SPAN></P></TD>
<TD class="tr42 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td39"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td195"><P class="p39 ft2">Värdepappersinstitut,</P></TD>
<TD class="tr26 td78"><P class="p96 ft2">börser,</P></TD>
<TD colspan=3 class="tr26 td164"><P class="p39 ft2">Värdepappersinstitut,</P></TD>
<TD class="tr26 td39"><P class="p20 ft2">börser,</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">clearingorganisationer samt sådana</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">svenska leverantörer av data-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p23 ft2">utländska företag som har tillstånd</P></TD>
<TD colspan=3 class="tr25 td164"><P class="p23 ft3">rapporteringstjänster,</P></TD>
<TD class="tr25 td39"><P class="p20 ft2">clearing-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">att driva en reglerad marknad från</P></TD>
<TD colspan=2 class="tr26 td120"><P class="p23 ft2">organisationer</P></TD>
<TD class="tr26 td52"><P class="p23 ft2">samt</P></TD>
<TD class="tr26 td39"><P class="p20 ft2">sådana</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">filial i Sverige ska med årliga av-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">utländska företag som har tillstånd</P></TD>
</TR>
<TR>
<TD class="tr25 td218"><P class="p23 ft2">gifter bekosta</P></TD>
<TD colspan=2 class="tr25 td178"><P class="p53 ft27">Finansinspektionens</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft2">att driva en reglerad marknad från</P></TD>
</TR>
<TR>
<TD class="tr26 td218"><P class="p23 ft2">verksamhet</P></TD>
<TD class="tr26 td72"><P class="p1 ft2">samt</P></TD>
<TD class="tr26 td78"><P class="p96 ft2">Statistiska</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">filial i Sverige ska med årliga</P></TD>
</TR>
<TR>
<TD class="tr26 td218"><P class="p23 ft2">centralbyråns</P></TD>
<TD colspan=2 class="tr26 td178"><P class="p53 ft2">verksamhet enligt</P></TD>
<TD class="tr26 td189"><P class="p23 ft2">avgifter</P></TD>
<TD class="tr26 td55"><P class="p23 ft2">bekosta</P></TD>
<TD colspan=2 class="tr26 td153"><P class="p20 ft2">Finansinspek-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p23 ft2">lagen (2014:484) om en databas</P></TD>
<TD class="tr25 td189"><P class="p23 ft2">tionens</P></TD>
<TD colspan=2 class="tr25 td218"><P class="p40 ft2">verksamhet</P></TD>
<TD class="tr25 td39"><P class="p20 ft2">samt</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p23 ft2">för övervakning av och tillsyn över</P></TD>
<TD class="tr26 td189"><P class="p23 ft2">Statistiska</P></TD>
<TD colspan=2 class="tr26 td218"><P class="p70 ft2">centralbyråns</P></TD>
<TD class="tr26 td39"><P class="p20 ft2">verksam-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td195"><P class="p23 ft2">finansmarknaderna.</P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">het enligt lagen (2014:484) om en</P></TD>
</TR>
<TR>
<TD class="tr25 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft2">databas för övervakning av och</P></TD>
</TR>
<TR>
<TD class="tr26 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">tillsyn över finansmarknaderna.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p96 ft2">Finansinspektionen får ta ut av-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">Finansinspektionen får ta ut av-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p23 ft2">gifter för prövning av ansökningar,</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft2">gifter för prövning av ansökningar,</P></TD>
</TR>
<TR>
<TD class="tr26 td218"><P class="p23 ft2">anmälningar</P></TD>
<TD colspan=2 class="tr26 td178"><P class="p96 ft2">och underrättelser</P></TD>
<TD colspan=2 class="tr26 td120"><P class="p23 ft2">anmälningar och</P></TD>
<TD colspan=2 class="tr26 td153"><P class="p20 ft2">underrättelser</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td195"><P class="p23 ft2">enligt denna lag.</P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft2">enligt denna lag <SPAN class="ft3">och förordningen</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td120"><P class="p23 ft3">om marknader</P></TD>
<TD colspan=2 class="tr25 td153"><P class="p20 ft3">för finansiella</P></TD>
</TR>
<TR>
<TD class="tr27 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td120"><P class="p23 ft3">instrument<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p601 ft37"><SPAN class="ft43">13 </SPAN>Senaste lydelse 2015:1032.</P>
<P class="p13 ft2">131</P>
</DIV>
</DIV>
<DIV id="page_132">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr2 td194"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr2 td304"><P class="p602 ft2">15 §<SPAN class="ft24">14</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td194"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td304"><P class="p20 ft2">Regeringen eller den myndighet som regeringen bestämmer får med-</P></TD>
</TR>
</TABLE>
<P class="p535 ft2">dela föreskrifter om</P>
<P class="p591 ft2">1. vilka upplysningar ett företag ska lämna till Finansinspektionen enligt 2 § första och andra styckena och när upplysningarna ska lämnas,</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=6 class="tr27 td36"><P class="p125 ft2">2. hur uppgiftsskyldigheten enligt 3 § ska fullgöras,</P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">3. vilka värdepappersbolag som</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">3. vilka värdepappersbolag som</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p106 ft2">ska upprätta register som avses i</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">ska upprätta register som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft2">3 <SPAN class="ft3">b </SPAN>§,</P></TD>
<TD colspan=3 class="tr26 td313"><P class="p106 ft2">vad registren ska innehålla</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">3 <SPAN class="ft3">d </SPAN>§,</P></TD>
<TD class="tr26 td142"><P class="p50 ft2">vad registren</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p20 ft2">ska innehålla</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">och inom vilken tid värdepappers-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">och inom vilken tid värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p106 ft2">bolaget ska ge in registren för</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">bolaget ska ge in registren för</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td178"><P class="p23 ft2">olika typer av avtal,</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td91"><P class="p23 ft2">olika typer av avtal,</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">4. löpande bokföring, årsbokslut</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">4. löpande bokföring, årsbokslut</P></TD>
</TR>
<TR>
<TD class="tr25 td129"><P class="p23 ft2">och</P></TD>
<TD class="tr25 td233"><P class="p23 ft2">årsredovisning</P></TD>
<TD class="tr25 td74"><P class="p23 ft2">hos</P></TD>
<TD class="tr25 td85"><P class="p106 ft2">börser,</P></TD>
<TD class="tr25 td88"><P class="p23 ft2">och</P></TD>
<TD class="tr25 td142"><P class="p23 ft2">årsredovisning</P></TD>
<TD class="tr25 td52"><P class="p57 ft2">hos</P></TD>
<TD class="tr25 td52"><P class="p20 ft2">börser,</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">clearingorganisationer samt sådana</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">clearingorganisationer samt sådana</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">utländska företag som har tillstånd</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">utländska företag som har tillstånd</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p106 ft2">att driva en reglerad marknad från</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">att driva en reglerad marknad från</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td178"><P class="p23 ft2">filial i Sverige, <SPAN class="ft3">samt</SPAN></P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td91"><P class="p23 ft2">filial i Sverige,</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">5. sådana avgifter för tillsyn, an-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">5. sådana avgifter för tillsyn, an-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p106 ft2">sökningar, anmälningar och under-</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">sökningar, anmälningar och under-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">rättelser som avses i 12 och 13 §§<SPAN class="ft3">.</SPAN></P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">rättelser som avses i 12 och 13 §§<SPAN class="ft3">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft3">och</P></TD>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft3">6. att information och referens-</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft26">uppgifter för finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">som ska lämnas till Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft3">tionen enligt artiklarna 22.1 och</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">27.1 i förordningen om marknader</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p30 ft3">för finansiella instrument i stället</P></TD>
</TR>
<TR>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft3">ska lämnas till Europeiska värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">pappers- och marknadsmyndig-</P></TD>
</TR>
<TR>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td91"><P class="p23 ft3">heten.</P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td142"><P class="p603 ft25">24 kap.</P></TD>
<TD class="tr47 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td142"><P class="p603 ft27">8 a §<SPAN class="ft102">15</SPAN></P></TD>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td178"><P class="p125 ft2">Finansinspektionen</P></TD>
<TD class="tr25 td74"><P class="p50 ft2">får</P></TD>
<TD class="tr25 td85"><P class="p106 ft2">utöver</P></TD>
<TD colspan=2 class="tr25 td91"><P class="p125 ft27">Finansinspektionen</P></TD>
<TD class="tr25 td52"><P class="p40 ft2">får</P></TD>
<TD class="tr25 td52"><P class="p20 ft2">utöver</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">det som anges i 7 och 8 §§ besluta</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p30 ft2">det som anges i 7 och 8 §§ besluta</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">att en ägare i ett värdepappers-</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">att en ägare i ett värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p106 ft2">bolag som inte följer bestäm-</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft3"><SPAN class="ft2">bolag</SPAN>, en börs eller en svensk</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p106 ft2">melserna i 1 eller 4 § ska betala en</P></TD>
<TD colspan=2 class="tr26 td91"><P class="p23 ft26">clearingorganisation</P></TD>
<TD class="tr26 td52"><P class="p32 ft2">som</P></TD>
<TD class="tr26 td52"><P class="p20 ft2">inte</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td178"><P class="p23 ft2">sanktionsavgift som</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p106 ft2">bestäms i</P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft2">följer bestämmelserna i 1 eller 4 §</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">enlighet med 25 kap. <NOBR>9–10</NOBR> §§.</P></TD>
<TD colspan=4 class="tr25 td130"><P class="p20 ft2">ska betala en sanktionsavgift som</P></TD>
</TR>
<TR>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td91"><P class="p23 ft2">bestäms i enlighet</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p20 ft2">med 25 kap.</P></TD>
</TR>
<TR>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td233"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td85"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td91"><P class="p23 ft2"><NOBR>9–10</NOBR> §§.</P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t91">
<TR>
<TD class="tr25 td195"><P class="p30 ft33">14</P></TD>
<TD class="tr25 td205"><P class="p73 ft30">Senaste lydelse 2016:1313.</P></TD>
</TR>
<TR>
<TD class="tr48 td195"><P class="p30 ft33">15</P></TD>
<TD class="tr48 td205"><P class="p73 ft30">Senaste lydelse 2015:186.</P></TD>
</TR>
<TR>
<TD class="tr27 td195"><P class="p604 ft2">132</P></TD>
<TD class="tr27 td205"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_133">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t92">
<TR>
<TD class="tr31 td227"><P class="p23 ft25">25 kap.</P></TD>
<TD class="tr31 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p19 ft103">Ingripanden mot svenska värdepappersinstitut, börser och svenska clearingorganisationer samt vissa fysiska personer</P>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft25">Ingripanden mot svenska värdepappersinstitut, börser<SPAN class="ft54">, svenska leverantörer av data- rapporteringstjänster </SPAN>och svenska clearingorganisationer samt vissa fysiska personer<SPAN class="ft24">16</SPAN></P>
</DIV>
</DIV>
<DIV id="id_3">
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD colspan=2 class="tr2 td50"><P class="p256 ft104">1 §<SPAN class="ft82">17</SPAN></P></TD>
<TD class="tr2 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td72"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2">Om ett svenskt värdepappers-</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft2">Om ett svenskt värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">institut, en börs eller en svensk</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft26"><SPAN class="ft27">institut, en börs</SPAN>, en svensk leveran-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">clearingorganisation har åsidosatt</P></TD>
<TD class="tr26 td73"><P class="p23 ft3">tör av</P></TD>
<TD colspan=3 class="tr26 td81"><P class="p20 ft26">datarapporteringstjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2">sina skyldigheter enligt denna lag,</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft2">eller en svensk clearingorganisa-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">andra författningar som reglerar</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">tion har åsidosatt sina skyldigheter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">företagets verksamhet, företagets</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">enligt denna lag, andra författ-</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2">bolagsordning, stadgar eller regle-</P></TD>
<TD class="tr25 td73"><P class="p23 ft2">ningar</P></TD>
<TD class="tr25 td163"><P class="p23 ft2">som</P></TD>
<TD class="tr25 td211"><P class="p23 ft2">reglerar</P></TD>
<TD class="tr25 td72"><P class="p20 ft27">företagets</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">mente eller interna instruktioner</P></TD>
<TD colspan=2 class="tr26 td156"><P class="p23 ft2">verksamhet,</P></TD>
<TD class="tr26 td211"><P class="p23 ft2">företagets</P></TD>
<TD class="tr26 td72"><P class="p20 ft2">bolags-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">som har sin grund i en författning</P></TD>
<TD class="tr26 td73"><P class="p23 ft2">ordning,</P></TD>
<TD colspan=3 class="tr26 td81"><P class="p20 ft2">stadgar eller reglemente</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2">som reglerar företagets verksam-</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft2">eller interna instruktioner som har</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">het, ska Finansinspektionen in-</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">sin grund i en författning som</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p605 ft2">gripa.</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">reglerar företagets verksamhet, ska</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p23 ft2">Finansinspektionen ingripa.</P></TD>
</TR>
</TABLE>
<P class="p11 ft2">Finansinspektionen ska då utfärda ett föreläggande att inom viss tid begränsa eller minska riskerna i rörelsen i något avseende, begränsa eller helt underlåta utdelning eller räntebetalningar eller vidta någon annan åtgärd för att komma till rätta med situationen, meddela ett förbud att verkställa beslut eller genom att göra en anmärkning. Om överträdelsen är allvarlig, ska företagets tillstånd återkallas eller, om det är tillräckligt, varning meddelas.</P>
<P class="p103 ft4">Finansinspektionen ska även ingripa genom att utfärda ett föreläggande i enlighet med andra stycket om det är sannolikt att ett värdepappers- bolag inom tolv månader inte längre kommer att uppfylla sina skyldig- heter enligt denna lag eller andra författningar som reglerar bolagets verksamhet.</P>
<P class="p583 ft3">1 a §</P>
<P class="p606 ft3">Finansinspektionen ska ingripa mot någon som ingår i ett svenskt värdepappersinstituts styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, om värdepappersinstitutet har åsidosatt sina skyldigheter enligt</P>
<P class="p607 ft3"><SPAN class="ft3">1.</SPAN><SPAN class="ft47">5 kap. 1, 3, 6 eller 7 §,</SPAN></P>
<P class="p608 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">6 kap. 1, 4 eller 6 §,</SPAN></P>
<P class="p609 ft37"><SPAN class="ft28">16</SPAN><SPAN class="ft105">Senaste lydelse 2015:186.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">17</SPAN><SPAN class="ft106">Senaste lydelse 2014:985.</SPAN></P>
<P class="p13 ft2">133</P>
</DIV>
</DIV>
<DIV id="page_134">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td228"><P class="p402 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td79"><P class="p361 ft26">3. någon</P></TD>
<TD colspan=2 class="tr24 td95"><P class="p125 ft3">av</P></TD>
<TD colspan=3 class="tr24 td55"><P class="p22 ft3">8 kap.</P></TD>
<TD colspan=2 class="tr24 td129"><P class="p154 ft3">8 e</P></TD>
<TD colspan=2 class="tr24 td74"><P class="p20 ft3">eller</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td79"><P class="p345 ft3"><NOBR>9–34</NOBR> §§</P></TD>
<TD colspan=2 class="tr25 td95"><P class="p23 ft3">eller</P></TD>
<TD colspan=5 class="tr25 td190"><P class="p154 ft3">föreskrifter</P></TD>
<TD colspan=2 class="tr25 td74"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">meddelats med stöd av någon av</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">bestämmelserna i 8 kap. 35 § <NOBR>3–12,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft26">4. någon av 9 kap. 1 §, 8 § tredje</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">stycket, <NOBR>9–12,</NOBR> <NOBR>14–17,</NOBR> <NOBR>20–41</NOBR> eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td1"><P class="p345 ft3">43 §§</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p175 ft3">eller</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td190"><P class="p71 ft26">föreskrifter</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">meddelats med stöd av någon av</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">bestämmelserna i 9 kap. 50 § 1, <NOBR>3–9</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p345 ft3">eller 11,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft26">5. någon av 10 kap. <NOBR>4–14</NOBR> §§ eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td1"><P class="p345 ft3">har</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p23 ft3">tillåtit</P></TD>
<TD colspan=2 class="tr26 td113"><P class="p23 ft3">en</P></TD>
<TD colspan=6 class="tr26 td153"><P class="p20 ft26">styrelseledamot,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p345 ft3">verkställande</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td147"><P class="p44 ft3">direktören</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td74"><P class="p20 ft3">eller</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">ersättare för någon av dem att åta</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">sig ett sådant uppdrag i bolaget</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">eller kvarstå i bolaget trots att</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft26">kraven i 10 kap. 2 § 3 eller 4 inte är</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p345 ft3">uppfyllda,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p361 ft26">6. någon</P></TD>
<TD colspan=2 class="tr26 td95"><P class="p203 ft3">av</P></TD>
<TD colspan=3 class="tr26 td55"><P class="p22 ft3">11 kap.</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p192 ft3">1 §,</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p20 ft3">1 a §</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td1"><P class="p345 ft26">andra</P></TD>
<TD colspan=3 class="tr25 td119"><P class="p154 ft3">stycket,</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p59 ft26">1 <NOBR>b–4</NOBR> a</P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td129"><P class="p154 ft3">eller</P></TD>
<TD colspan=2 class="tr25 td74"><P class="p20 ft26">12 §§</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">eller driver en tillväxtmarknad för</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">små och medelstora företag trots att</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td296"><P class="p345 ft26">kraven i 13 § inte är uppfyllda,</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p361 ft26">7. någon</P></TD>
<TD class="tr26 td71"><P class="p50 ft3">av</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td70"><P class="p59 ft26">13 kap.</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td98"><P class="p23 ft3">1 <NOBR>a–1</NOBR> j,</P></TD>
<TD class="tr26 td193"><P class="p20 ft26">6 a</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p345 ft3">eller 9 §§,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft3">8. någon av 15 a kap. 7, 8 eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p345 ft3"><NOBR>10–14</NOBR> §§,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p361 ft3">9. 22 kap.</P></TD>
<TD colspan=2 class="tr26 td113"><P class="p23 ft3">2 §</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p86 ft26">andra</P></TD>
<TD colspan=3 class="tr26 td139"><P class="p20 ft3">stycket,</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td79"><P class="p345 ft3">5 eller 6 §</P></TD>
<TD colspan=4 class="tr25 td149"><P class="p44 ft3">eller inte</P></TD>
<TD colspan=2 class="tr25 td113"><P class="p184 ft26">har</P></TD>
<TD colspan=2 class="tr25 td95"><P class="p23 ft3">följt</P></TD>
<TD class="tr25 td193"><P class="p20 ft3">ett</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">beslut som meddelats av Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">inspektionen enligt 22 kap. 1 §, 2 §</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td316"><P class="p345 ft26">första stycket eller 3 §, eller</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p361 ft3">10. 23 kap.</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft3">2 §</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p56 ft3">första</P></TD>
<TD colspan=3 class="tr26 td139"><P class="p20 ft3">stycket</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td1"><P class="p345 ft3">eller</P></TD>
<TD colspan=4 class="tr26 td37"><P class="p1 ft3">föreskrifter</P></TD>
<TD colspan=2 class="tr26 td95"><P class="p22 ft3">som</P></TD>
<TD colspan=4 class="tr26 td126"><P class="p30 ft3">meddelats</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">med stöd av 23 kap. 15 § 1, eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">inte har följt en begäran, ett</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">föreläggande eller ett beslut som</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td79"><P class="p345 ft3">meddelats</P></TD>
<TD class="tr25 td71"><P class="p50 ft3">av</P></TD>
<TD class="tr25 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td106"><P class="p73 ft26">Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td1"><P class="p345 ft26">enligt</P></TD>
<TD colspan=3 class="tr26 td119"><P class="p203 ft3">23 kap.</P></TD>
<TD colspan=4 class="tr26 td147"><P class="p56 ft3">2 § tredje</P></TD>
<TD colspan=3 class="tr26 td139"><P class="p20 ft3">stycket,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td79"><P class="p345 ft3">3 § första</P></TD>
<TD colspan=3 class="tr26 td55"><P class="p70 ft3">stycket,</P></TD>
<TD colspan=2 class="tr26 td95"><P class="p94 ft3">3 a</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p203 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p20 ft3">3 b §</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">eller har motsatt sig en under-</P></TD>
</TR>
<TR>
<TD class="tr27 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr27 td316"><P class="p345 ft3">sökning enligt 23 kap. 4 §.</P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td1"><P class="p345 ft3">1 b §</P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td250"><P class="p361 ft3">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td113"><P class="p184 ft26">ska</P></TD>
<TD colspan=3 class="tr26 td139"><P class="p20 ft3">ingripa</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">mot en sådan person som avses i</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft26">1 a § om värdepappersinstitutet har</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td89"><P class="p345 ft3">åsidosatt sina</P></TD>
<TD colspan=5 class="tr26 td190"><P class="p109 ft26">skyldigheter</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p20 ft26">enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p345 ft3">förordningen</P></TD>
<TD colspan=2 class="tr26 td113"><P class="p1 ft3">om</P></TD>
<TD colspan=5 class="tr26 td37"><P class="p70 ft3">marknader</P></TD>
<TD class="tr26 td193"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td294"><P class="p345 ft26">finansiella instrument genom att</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td228"><P class="p404 ft2">134</P></TD>
<TD colspan=6 class="tr27 td250"><P class="p361 ft26">1. inte offentliggöra,</P></TD>
<TD class="tr27 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td126"><P class="p20 ft26">tillgänglig-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_135">
<P class="p186 ft45">göra eller tillhandahålla uppgifter <SPAN class="ft4">Prop. 2016/17:162 </SPAN>eller uppfylla kraven enligt</P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 3.1 eller 3.3,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 4.3 första stycket,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 6,</SPAN></P>
<P class="p144 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">artikel 7.1 tredje stycket första meningen,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 8.1, 8.3 eller 8.4,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 10,</SPAN></P>
<P class="p610 ft80"><SPAN class="ft26">–</SPAN><SPAN class="ft79">artikel 11.1 tredje stycket första meningen eller 11.3 tredje stycket,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 12.1,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 13.1,</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 14.1, 14.2 första meningen eller 14.3 andra, tredje eller fjärde meningen,</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 15.1 första eller tredje stycket, 15.2 eller 15.4 andra meningen,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 17.1 andra meningen,</SPAN></P>
<P class="p264 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">artikel 18.1, 18.2, 18.5 första meningen, 18.6 första stycket, 18.8 eller 18.9,</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 20.1 eller 20.2 första meningen, eller</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 21.1, 21.2 eller 21.3,</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">inte tillhandahålla uppgifter till Finansinspektionen eller lagra uppgifter enligt artikel 22.2,</SPAN></P>
<P class="p610 ft26"><SPAN class="ft26">3.</SPAN><SPAN class="ft107">inte genomföra transaktioner på en reglerad marknad, en MTF- plattform, en marknad utanför EES som enligt beslut av Europeiska kommissionen bedömts vara likvärdig med en reglerad marknad eller via en systematisk internhand- lare enligt artikel 23.1 eller genom att driva ett internt matchnings- system på multilateral basis utan auktorisation enligt artikel 23.2,</SPAN></P>
<P class="p357 ft45"><SPAN class="ft3">4.</SPAN><SPAN class="ft46">inte föra register eller hålla uppgifter tillgängliga enligt artikel 25.1 eller 25.2,</SPAN></P>
<P class="p144 ft3"><SPAN class="ft3">5.</SPAN><SPAN class="ft47">inte rapportera uppgifter om utförda transaktioner till Finans- inspektionen enligt artikel 26.1 första stycket, 26.2, 26.3, 26.4, 26.5, 26.6 första stycket eller 26.7 första, andra, tredje, fjärde eller åttonde stycket,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t93">
<TR>
<TD class="tr33 td230"><P class="p23 ft3">6. inte tillhandahålla eller upp-</P></TD>
<TD class="tr33 td147"><P class="p20 ft2">135</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_136">
<DIV>
<DIV id="id_1">
<P class="p611 ft2">Prop. 2016/17:162</P>
<P class="p612 ft3">1 a §</P>
<P class="p613 ft4">Finansinspektionen ska ingripa mot någon som ingår i ett värde- pappersbolags styrelse eller är dess</P>
<P class="p614 ft37"><SPAN class="ft43">18 </SPAN>Senaste lydelse av tidigare 1 a § 2015:1032.</P>
<P class="p615 ft2">136</P>
</DIV>
<DIV id="id_2">
<P class="p616 ft80">datera referensuppgifter för finan- siella instrument enligt artikel 27.1,</P>
<P class="p237 ft26"><SPAN class="ft26">7.</SPAN><SPAN class="ft78">inte genomföra transaktioner på en handelsplats eller på en mark- nadsplats utanför EES som enligt beslut av Europeiska kommissionen bedömts vara likvärdig med en handelsplats enligt artikel 28.1 eller 28.2 första stycket,</SPAN></P>
<P class="p617 ft45"><SPAN class="ft26">8.</SPAN><SPAN class="ft46">inte uppfylla kraven avseende system, förfaranden och arrange- mang enligt artikel 29.2 eller 30.1,</SPAN></P>
<P class="p618 ft3"><SPAN class="ft26">9.</SPAN><SPAN class="ft47">inte föra register och offentlig- göra uppgifter avseende portfölj- kompressioner enligt artikel 31.2 eller 31.3,</SPAN></P>
<P class="p237 ft3"><SPAN class="ft26">10.</SPAN><SPAN class="ft93">inte lämna transaktionsupp- gifter eller tillträde till en handels- plats enligt artikel 36.1 eller 36.3,</SPAN></P>
<P class="p618 ft45"><SPAN class="ft26">11.</SPAN><SPAN class="ft108">inte tillgängliggöra ett referensvärde eller en licens enligt artikel 37.1 eller 37.3, eller</SPAN></P>
<P class="p618 ft51"><SPAN class="ft26">12.</SPAN><SPAN class="ft109">inte följa ett beslut som avses i artiklarna </SPAN><NOBR>40–42.</NOBR></P>
<P class="p330 ft3">1 c §</P>
<P class="p332 ft3">Ett ingripande enligt 1 a eller 1 b § får göras endast om institut- ets överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat över- trädelsen.</P>
<P class="p619 ft3">Ingripande görs genom</P>
<P class="p332 ft3">1. beslut att personen i fråga under en viss tid, lägst tre och högst tio år, eller, för upprepade allvarliga överträdelser, perma- nent inte får vara styrelseledamot eller verkställande direktör i ett svenskt värdepappersinstitut, eller ersättare för någon av dem, eller</P>
<P class="p620 ft3">2. beslut om sanktionsavgift.</P>
<P class="p354 ft3">1 d §<SPAN class="ft24">18</SPAN></P>
<P class="p385 ft42">Finansinspektionen ska<SPAN class="ft51">, utöver i de fall som anges i 1 a och 1 b §§, </SPAN>ingripa mot någon som ingår i ett</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_137">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr24 td77"><P class="p23 ft2">verkställande direktör, eller ersätt-</P></TD>
<TD class="tr24 td76"><P class="p23 ft2">värdepappersbolags styrelse eller</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft2">are för någon av dem, om värde-</P></TD>
<TD class="tr25 td76"><P class="p23 ft2">är dess verkställande direktör, eller</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">pappersbolaget</P></TD>
<TD class="tr26 td76"><P class="p23 ft2">ersättare för någon av dem, om</P></TD>
</TR>
<TR>
<TD class="tr30 td77"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td76"><P class="p23 ft14">värdepappersbolaget</P></TD>
</TR>
</TABLE>
<P class="p147 ft2">1. har fått tillstånd att driva värdepappersrörelse genom att lämna</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=2 class="tr27 td302"><P class="p23 ft2">falska uppgifter eller på annat otillbörligt sätt,</P></TD>
<TD class="tr27 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft3"><SPAN class="ft2">2. </SPAN>i strid med 24 kap. 5 § första</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3"><SPAN class="ft2">2. </SPAN>inte uppfyller kraven i 3 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft3">stycket låter bli att till Finans-</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">5 § första stycket eller har tillåtit</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">inspektionen anmäla sådana för-</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p23 ft3">en styrelseledamot,</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p20 ft3">verkställande</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">värv och avyttringar som avses</P></TD>
<TD class="tr26 td132"><P class="p23 ft3">direktören</P></TD>
<TD class="tr26 td72"><P class="p109 ft3">eller</P></TD>
<TD class="tr26 td211"><P class="p23 ft3">ersättare</P></TD>
<TD class="tr26 td13"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft3">där<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft26">någon av dem att åta sig ett sådant</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">uppdrag i bolaget eller kvarstå i</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft26">bolaget trots att kraven i 3 kap. 1 §</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">första stycket 5 eller 6 eller någon</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft3">av 8 kap.</P></TD>
<TD colspan=3 class="tr26 td232"><P class="p20 ft3">8 <NOBR>b–8</NOBR> d §§ eller i före-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">skrifter som meddelats med stöd av</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td203"><P class="p23 ft26">3 kap. 12 § 2 inte är uppfyllda<SPAN class="ft27">,</SPAN></P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft3"><SPAN class="ft2">3. </SPAN>i strid med 24 kap. 5 § tredje</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p39 ft3"><SPAN class="ft2">3. </SPAN>åsidosatt sina</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p20 ft3">skyldigheter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">stycket låter bli att till Finans-</P></TD>
<TD colspan=2 class="tr26 td176"><P class="p23 ft3">enligt 5 kap. 4 §<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft3">inspektionen anmäla namnen på</P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">de ägare som har ett kvalificerat</P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">innehav av aktier eller andelar i</P></TD>
<TD class="tr26 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft3">företaget samt storleken på inne-</P></TD>
<TD class="tr25 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">haven<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=4 rowspan=2 class="tr44 td76"><P class="p20 ft2">4. inte uppfyller kraven i <SPAN class="ft3">någon</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft2">4. inte uppfyller kraven i 8 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft2"><NOBR>3–6,</NOBR> 8<SPAN class="ft3">, 8 e, 9 </SPAN>eller <SPAN class="ft3">11 </SPAN>§ eller i före-</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft2"><SPAN class="ft3">av </SPAN>8 kap. <NOBR>3–6,</NOBR> 8 eller <SPAN class="ft3">8 f §</SPAN>§ eller i</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">skrifter som <SPAN class="ft3">har </SPAN>meddelats med</P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft2">föreskrifter som meddelats</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">med</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">stöd av 8 kap. <SPAN class="ft3">42 § 2, 4 och 6</SPAN>,</P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft2">stöd av 8 kap. <SPAN class="ft3">35 § 1</SPAN>,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">5. i strid med 8 a kap. 3 § låter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">bli att upprätta eller lämna in en</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft3">koncernåterhämtningsplan,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">6. i strid med 8 b kap. 11 § låter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">bli att anmäla att koncerninternt</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft3">finansiellt stöd ska lämnas,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">7. i strid med 23 kap. 3 c § låter</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">bli att underrätta Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft26">tionen om att värdepappersbolaget</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">fallerar eller sannolikt kommer att</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft3">fallera,</P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">8. i strid med 24 kap. 5 § första</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">stycket låter bli att till Finansin-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft26">spektionen anmäla sådana förvärv</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft26">och avyttringar som avses där,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">9. i strid med 24 kap. 5 § tredje</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">stycket låter bli att till Finansin-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">spektionen anmäla namnen på de</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft3">ägare som har ett kvalificerat</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft3">innehav av aktier i bolaget samt</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td203"><P class="p23 ft3">storleken på innehaven,</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td132"><P class="p39 ft3">10. har</P></TD>
<TD class="tr25 td72"><P class="p82 ft26">befunnits</P></TD>
<TD class="tr25 td211"><P class="p70 ft26">ansvarigt</P></TD>
<TD class="tr25 td13"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr27 td77"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td76"><P class="p20 ft3">en allvarlig överträdelse av lagen</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">137</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_138">
<DIV>
<DIV id="id_1">
<P class="p621 ft2">Prop. 2016/17:162</P>
<TABLE cellpadding=0 cellspacing=0 class="t94">
<TR height=0>
<TD width=73px></TD>
<TD width=91px></TD>
<TD width=33px></TD>
<TD width=42px></TD>
<TD width=17px></TD>
<TD width=18px></TD>
<TD width=15px></TD>
<TD width=26px></TD>
</TR>
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr24 td58"><P class="p20 ft2"><SPAN class="ft3">5</SPAN>. låter bli att lämna information</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td159"><P class="p139 ft2">till</P></TD>
<TD colspan=4 class="tr26 td176"><P class="p174 ft27">Finansinspektionen</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p20 ft2">eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p139 ft2">lämnar</P></TD>
<TD colspan=2 class="tr25 td122"><P class="p185 ft2">ofullständig</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p70 ft2">eller</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p20 ft2">felaktig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td110"><P class="p139 ft2">information</P></TD>
<TD colspan=5 class="tr26 td205"><P class="p20 ft2">om efterlevnaden av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2">skyldigheten att uppfylla kapital-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2">baskraven enligt artikel 92 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td79"><P class="p139 ft2">tillsynsförordningen,</P></TD>
<TD class="tr26 td21"><P class="p44 ft2">i</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p109 ft2">strid</P></TD>
<TD class="tr26 td113"><P class="p30 ft2">med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p139 ft2">artikel 99.1 i den förordningen,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2"><SPAN class="ft3">6</SPAN>. låter bli att rapportera eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td159"><P class="p139 ft2">lämnar</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p185 ft2">ofullständig</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p20 ft2">felaktig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2">information till Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2">när det gäller data som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p139 ft2">artikel 101 i tillsynsförordningen,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2"><SPAN class="ft3">7</SPAN>. låter bli att lämna information</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p139 ft2">till</P></TD>
<TD colspan=4 class="tr25 td176"><P class="p174 ft27">Finansinspektionen</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p20 ft2">eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td159"><P class="p139 ft2">lämnar</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p185 ft2">ofullständig</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p20 ft2">felaktig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2">information om en stor exponering</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2">i strid med artikel 394.1 i tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td79"><P class="p139 ft2">förordningen,</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2"><SPAN class="ft3">8</SPAN>. låter bli att lämna information</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p139 ft2">till</P></TD>
<TD colspan=4 class="tr25 td176"><P class="p174 ft27">Finansinspektionen</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p20 ft2">eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td159"><P class="p139 ft2">lämnar</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p185 ft2">ofullständig</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p20 ft2">felaktig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2">information om likviditet i strid</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2">med artikel 415.1 och 415.2 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td79"><P class="p139 ft2">tillsynsförordningen,</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2"><SPAN class="ft3">9</SPAN>. låter bli att lämna uppgifter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p139 ft2">till</P></TD>
<TD colspan=4 class="tr25 td176"><P class="p174 ft27">Finansinspektionen</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p20 ft2">eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td159"><P class="p139 ft2">lämnar</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p185 ft2">ofullständig</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft2">eller</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p20 ft2">felaktig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2">information om sin bruttosoliditet i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td58"><P class="p20 ft2">strid med artikel 430.1 i tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td79"><P class="p139 ft2">förordningen,</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td58"><P class="p20 ft2"><SPAN class="ft3">10</SPAN>. vid upprepade tillfällen eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td110"><P class="p139 ft2">systematiskt</P></TD>
<TD class="tr25 td196"><P class="p87 ft2">låter</P></TD>
<TD class="tr25 td21"><P class="p23 ft2">bli</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p82 ft27">att</P></TD>
<TD class="tr25 td113"><P class="p20 ft2">hålla</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">138</P></TD>
<TD class="tr27 td159"><P class="p139 ft2">likvida</P></TD>
<TD colspan=2 class="tr27 td122"><P class="p75 ft2">tillgångar</P></TD>
<TD class="tr27 td21"><P class="p59 ft2">i</P></TD>
<TD colspan=2 class="tr27 td124"><P class="p23 ft2">strid</P></TD>
<TD class="tr27 td113"><P class="p20 ft2">med</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p116 ft45">(2009:62) om åtgärder mot penningtvätt och finansiering av terrorism,</P>
<P class="p150 ft3">11. gör betalningar till innehav- are av instrument som ingår i bolagets kapitalbas i strid med 8 kap. 3 och 4 §§ lagen (2014:966) om kapitalbuffertar eller artikel 28, 51 eller 63 i tillsynsförord- ningen, när dessa artiklar för- bjuder sådana betalningar till innehavare av instrument som ingår i kapitalbasen,</P>
<P class="p622 ft45">12. i strid med 28 kap. 1 § lagen (2015:1016) om resolution låter bli att lämna begärda upplysning- ar till Riksgäldskontoret,</P>
<P class="p150 ft2"><SPAN class="ft3">13</SPAN>. låter bli att lämna informa- tion till Finansinspektionen eller lämnar ofullständig eller felaktig information om efterlevnaden av skyldigheten att uppfylla kapital- baskraven enligt artikel 92 i tillsynsförordningen, i strid med artikel 99.1 i den förordningen,</P>
<P class="p150 ft2"><SPAN class="ft3">14</SPAN>. låter bli att rapportera eller lämnar ofullständig eller felaktig information till Finansinspektionen när det gäller data som avses i artikel 101 i tillsynsförordningen,</P>
<P class="p623 ft2"><SPAN class="ft3">15</SPAN>. låter bli att lämna informa- tion till Finansinspektionen eller lämnar ofullständig eller felaktig information om en stor exponering i strid med artikel 394.1 i tillsyns- förordningen,</P>
<P class="p623 ft2"><SPAN class="ft3">16</SPAN>. låter bli att lämna informa- tion till Finansinspektionen eller lämnar ofullständig eller felaktig information om likviditet i strid med artikel 415.1 och 415.2 i tillsynsförordningen,</P>
<P class="p623 ft2"><SPAN class="ft3">17</SPAN>. låter bli att lämna uppgifter till Finansinspektionen eller lämnar ofullständig eller felaktig information om sin bruttosoliditet i strid med artikel 430.1 i tillsyns- förordningen,</P>
<P class="p624 ft4"><SPAN class="ft45">18</SPAN>. vid upprepade tillfällen eller systematiskt låter bli att hålla likvida tillgångar i strid med</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_139">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR height=0>
<TD width=38px></TD>
<TD width=24px></TD>
<TD width=35px></TD>
<TD width=23px></TD>
<TD width=46px></TD>
<TD width=39px></TD>
<TD width=38px></TD>
<TD width=163px></TD>
<TD width=99px></TD>
</TR>
<TR>
<TD colspan=6 class="tr24 td77"><P class="p23 ft2">artikel 412 i tillsynsförordningen,</P></TD>
<TD colspan=2 class="tr24 td192"><P class="p23 ft2">artikel 412 i tillsynsförordningen,</P></TD>
<TD class="tr24 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft2"><SPAN class="ft3">11</SPAN>. utsätter sig för en exponering</P></TD>
<TD colspan=2 class="tr25 td192"><P class="p97 ft2"><SPAN class="ft3">19</SPAN>. utsätter sig för en exponering</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td237"><P class="p23 ft2">som överskrider</P></TD>
<TD colspan=3 class="tr26 td200"><P class="p95 ft2">gränserna enligt</P></TD>
<TD colspan=2 class="tr26 td192"><P class="p23 ft2">som överskrider gränserna enligt</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">artikel 395 i tillsynsförordningen,</P></TD>
<TD colspan=2 class="tr26 td192"><P class="p23 ft2">artikel 395 i tillsynsförordningen,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft2"><SPAN class="ft3">12</SPAN>. är exponerat för kreditrisken</P></TD>
<TD colspan=2 class="tr25 td192"><P class="p97 ft2"><SPAN class="ft3">20</SPAN>. är exponerat för kreditrisken</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2">i en</P></TD>
<TD colspan=5 class="tr26 td213"><P class="p95 ft27">värdepapperiseringsposition</P></TD>
<TD class="tr26 td170"><P class="p23 ft2">i en</P></TD>
<TD class="tr26 td268"><P class="p97 ft27">värdepapperiseringsposition</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">utan att uppfylla villkoren i artikel</P></TD>
<TD colspan=2 class="tr26 td192"><P class="p23 ft2">utan att uppfylla villkoren i artikel</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td79"><P class="p23 ft2">405 i tillsynsförordningen,</P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td192"><P class="p23 ft2">405 i tillsynsförordningen, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2"><SPAN class="ft3">13</SPAN>. låter bli att lämna informa-</P></TD>
<TD colspan=2 class="tr26 td192"><P class="p97 ft2"><SPAN class="ft3">21</SPAN>. låter bli att lämna informa-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">tion eller lämnar ofullständig eller</P></TD>
<TD colspan=2 class="tr26 td192"><P class="p23 ft2">tion eller lämnar ofullständig eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft2">felaktig information i strid med</P></TD>
<TD colspan=2 class="tr25 td192"><P class="p23 ft2">felaktig information i strid med</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2">någon</P></TD>
<TD class="tr26 td35"><P class="p1 ft2">av</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p23 ft2">artiklarna</P></TD>
<TD colspan=2 class="tr26 td30"><P class="p95 ft2"><NOBR>431.1–431.3</NOBR></P></TD>
<TD class="tr26 td170"><P class="p23 ft2">någon</P></TD>
<TD class="tr26 td268"><P class="p97 ft2">av artiklarna <NOBR>431.1–431.3</NOBR></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft2">och 451.1 i tillsynsförordningen<SPAN class="ft3">,</SPAN></P></TD>
<TD colspan=2 class="tr26 td192"><P class="p23 ft2">och 451.1 i tillsynsförordningen<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft3">14. gör betalningar till innehav-</P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">are av instrument som ingår i</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td14"><P class="p23 ft3">institutets kapitalbas</P></TD>
<TD class="tr26 td98"><P class="p1 ft3">i strid</P></TD>
<TD class="tr26 td116"><P class="p95 ft3">med</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft3">8 kap. 3 och 4 §§ lagen (2014:966)</P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td14"><P class="p23 ft3">om kapitalbuffertar</P></TD>
<TD colspan=2 class="tr26 td30"><P class="p95 ft3">eller artikel</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p23 ft3">28, 51 eller 63 i tillsynsförord-</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p23 ft3">ningen, när dessa artiklar för-</P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft3">bjuder</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p74 ft3">sådana</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p73 ft3">betalningar</P></TD>
<TD class="tr26 td116"><P class="p95 ft3">till</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td126"><P class="p23 ft3">innehavare</P></TD>
<TD class="tr26 td65"><P class="p67 ft3">av</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p23 ft3">instrument</P></TD>
<TD class="tr26 td116"><P class="p95 ft3">som</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td14"><P class="p23 ft3">ingår i kapitalbasen,</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td268"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p130 ft3"><SPAN class="ft3">15.</SPAN><SPAN class="ft47">har befunnits ansvarigt för en allvarlig överträdelse av lagen (2009:62) om åtgärder mot penningtvätt och finansiering av terrorism,</SPAN></P>
<P class="p129 ft3"><SPAN class="ft3">16.</SPAN><SPAN class="ft47">har tillåtit en styrelseleda- mot, verkställande direktören eller ersättare för någon av dem att åta sig ett sådant uppdrag i bolaget eller kvarstå i bolaget trots att kraven i 3 kap. 1 § första stycket 5 eller 6 eller 8 kap. 8 </SPAN><NOBR>b–8</NOBR> d §§ eller</P>
<P class="p625 ft45"><SPAN class="ft3">i</SPAN><SPAN class="ft110">föreskrifter som har meddelats med stöd av 3 kap. 12 § 2 inte är uppfyllda,</SPAN></P>
<P class="p130 ft3"><SPAN class="ft3">17.</SPAN><SPAN class="ft47">i strid med 8 a kap. 3 § låter bli att upprätta eller lämna in en koncernåterhämtningsplan,</SPAN></P>
<P class="p130 ft45"><SPAN class="ft3">18.</SPAN><SPAN class="ft46">i strid med 8 b kap. 11 § låter bli att anmäla att koncern- internt finansiellt stöd ska lämnas,</SPAN></P>
<P class="p129 ft3"><SPAN class="ft3">19.</SPAN><SPAN class="ft47">i strid med 23 kap. 3 a § låter bli att underrätta Finans- inspektionen om att värdepappers- bolaget fallerar eller sannolikt kommer att fallera, eller</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">20.</SPAN><SPAN class="ft50">i strid med 28 kap. 1 § lagen</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t95">
<TR>
<TD class="tr33 td317"><P class="p23 ft3">(2015:1016) om resolution låter</P></TD>
<TD class="tr33 td49"><P class="p20 ft2">139</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_140">
<DIV>
<DIV id="id_1">
<P class="p626 ft45"><SPAN class="ft4">Prop. 2016/17:162 </SPAN>bli att lämna begärda upplys- ningar till Riksgäldskontoret.</P>
<P class="p627 ft2">Om en sådan person som anges i första stycket omfattas av till- stånds- eller underrättelseskyldig- het enligt 24 kap. 1 eller 4 § för förvärv eller avyttring av aktier eller andelar i bolaget, ska första stycket <SPAN class="ft3">2 </SPAN>och <SPAN class="ft3">3 </SPAN>inte gälla för den personen i fråga om dessa aktier eller andelar.</P>
<P class="p628 ft2">Ett ingripande enligt första stycket får <SPAN class="ft3">ske </SPAN>endast om bolagets överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat över- trädelsen.</P>
<P class="p629 ft2">Ingripande <SPAN class="ft3">sker </SPAN>genom</P>
<P class="p630 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">beslut att personen i fråga under en viss tid, lägst tre och högst tio år, inte får vara styrelseledamot eller verkställande direktör i ett värdepappersbolag, eller ersättare för någon av dem, eller</SPAN></P>
<P class="p631 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">beslut om sanktionsavgift.</SPAN></P>
<P class="p632 ft2">140</P>
</DIV>
<DIV id="id_2">
<P class="p487 ft2">Om en sådan person som avses i första stycket omfattas av till- stånds- eller underrättelseskyldig- het enligt 24 kap. 1 eller 4 § för förvärv eller avyttring av aktier eller andelar i bolaget, ska första stycket <SPAN class="ft3">8 </SPAN>och <SPAN class="ft3">9 </SPAN>inte gälla för den personen i fråga om dessa aktier eller andelar.</P>
<P class="p633 ft2">Ett ingripande enligt första stycket får <SPAN class="ft3">göras </SPAN>endast om bolag- ets överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat över- trädelsen.</P>
<P class="p634 ft2">Ingripande <SPAN class="ft3">görs </SPAN>genom</P>
<P class="p506 ft2">1. beslut att personen i fråga under en viss tid, lägst tre och högst tio år, <SPAN class="ft3">eller, för upprepade allvarliga överträdelser enligt första stycket 1, 2, 3, 8 eller 9, permanent </SPAN>inte får vara styrelse- ledamot eller verkställande direk- tör i ett värdepappersbolag, eller ersättare för någon av dem, eller</P>
<P class="p635 ft3">1 e §</P>
<P class="p487 ft3">Finansinspektionen ska ingripa mot någon som ingår i en börs styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, om börsen</P>
<P class="p636 ft45"><SPAN class="ft3">1.</SPAN><SPAN class="ft46">har fått sitt tillstånd genom att lämna falska uppgifter eller på annat otillbörligt sätt,</SPAN></P>
<P class="p618 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft47">har tillåtit en styrelseledamot, verkställande direktören eller er- sättare för någon av dem att åta sig ett sådant uppdrag i bolaget eller kvarstå i bolaget trots att kraven i 12 kap. 2 § 4 eller 5 eller någon av 6 </SPAN><NOBR>b–6</NOBR> d §§ inte är upp- fyllda,</P>
<P class="p636 ft45"><SPAN class="ft3">3.</SPAN><SPAN class="ft46">har åsidosatt sina skyldig- heter enligt</SPAN></P>
<P class="p332 ft45">a) 8 kap. 21 § eller föreskrifter som meddelats med stöd av 8 kap. 35 § 12,</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_141">
<DIV>
<DIV id="id_1">
<P class="p181 ft3"><SPAN class="ft26">b)</SPAN><SPAN class="ft50">någon av 10 kap. </SPAN><NOBR>4–14</NOBR> §§ eller har tillåtit en styrelseleda- mot, verkställande direktören eller ersättare för någon av dem att åta sig ett sådant uppdrag i bolaget eller kvarstå i bolaget trots att kraven i 10 kap. 2 § 3 eller 4 inte är uppfyllda,</P>
<P class="p336 ft3"><SPAN class="ft3">c)</SPAN><SPAN class="ft47">någon av 11 kap. 1 §, 1 a § andra stycket, 1 </SPAN><NOBR>b–4</NOBR> a eller 12 §§ eller driver en tillväxtmarknad för små och medelstora företag trots att kraven i 13 § inte är uppfyllda,</P>
<P class="p277 ft45"><SPAN class="ft26">d)</SPAN><SPAN class="ft56">12 kap. 6 e, 7 eller 10 § eller föreskrifter som meddelats med stöd av någon av bestämmelserna i 12 kap. 11 § </SPAN><NOBR>2–4,</NOBR></P>
<P class="p181 ft3"><SPAN class="ft3">e)</SPAN><SPAN class="ft47">någon av 13 kap. </SPAN><NOBR>1–2,</NOBR> <NOBR>6–7</NOBR> a eller 9 §§ eller 12 § femte stycket eller föreskrifter som meddelats med stöd av 13 kap. 17 § 1,</P>
<P class="p143 ft3"><SPAN class="ft3">f)</SPAN><SPAN class="ft50">14 kap. 1, 2 eller 3 §,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft26">g)</SPAN><SPAN class="ft50">15 kap. 1, 2, 5, 9 eller 10 §,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft26">h)</SPAN><SPAN class="ft56">någon av 15 a kap. 7, 8 eller </SPAN><NOBR>10–12</NOBR> §§,</P>
<P class="p181 ft3">i) 22 kap. 2 § andra stycket, 5 eller 6 § eller inte har följt ett beslut som meddelats av Finans- inspektionen enligt 22 kap. 1 eller 3 §, eller</P>
<P class="p637 ft26">j) 23 kap. 2 § första stycket eller föreskrifter som meddelats med stöd av 23 kap. 15 § 1, eller inte har följt en begäran, ett föreläggande eller ett beslut som meddelats av Finansinspektionen enligt 23 kap. 2 § andra stycket, 3 § första stycket eller 3 b § eller har motsatt sig en undersökning enligt 23 kap. 4 §,</P>
<P class="p336 ft3"><SPAN class="ft3">4.</SPAN><SPAN class="ft50">i strid med 24 kap. 5 § första stycket låter bli att till Finans- inspektionen anmäla sådana för- värv och avyttringar som avses där, eller</SPAN></P>
<P class="p336 ft45"><SPAN class="ft3">5.</SPAN><SPAN class="ft56">i strid med 24 kap. 5 § tredje stycket låter bli att till Finans- inspektionen anmäla namnen på de ägare som har ett kvalificerat innehav av aktier eller andelar i företaget samt storleken på inne- haven.</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">141</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_142">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td228"><P class="p402 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=8 class="tr24 td276"><P class="p361 ft3">Om en sådan person som avses i</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p345 ft3">första stycket omfattas av till-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">stånds- eller underrättelseskyldig-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">het enligt 24 kap. 1 eller 4 § för</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p345 ft3">förvärv eller avyttring av aktier</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">eller andelar i företaget, ska första</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">stycket 4 och 5 inte gälla för den</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p345 ft3">personen i fråga om dessa aktier</P></TD>
</TR>
<TR>
<TD class="tr27 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td318"><P class="p345 ft3">eller andelar.</P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td166"><P class="p345 ft3">1 f §</P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td135"><P class="p361 ft26">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p57 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p20 ft26">ingripa</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">mot en sådan person som avses i</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p345 ft3">1 e § om börsen har åsidosatt sina</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p345 ft3">skyldigheter</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p109 ft26">enligt</P></TD>
<TD colspan=4 class="tr26 td168"><P class="p30 ft26">förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td318"><P class="p345 ft3">om marknader</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p23 ft3">för</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p30 ft26">finansiella</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td135"><P class="p345 ft3">instrument genom att</P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p361 ft3">1. inte offentliggöra, tillgänglig-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft26">göra eller tillhandahålla uppgifter</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td215"><P class="p345 ft3">eller uppfylla kraven enligt</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td243"><P class="p361 ft3">– artikel 3.1 eller 3.3,</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td319"><P class="p361 ft3"><SPAN class="ft2">– </SPAN>artikel 4.3 första stycket,</P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td246"><P class="p361 ft26">– artikel 6,</P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p361 ft3">– artikel 7.1 tredje stycket första</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p345 ft3">meningen,</P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td319"><P class="p361 ft3">– artikel 8.1, 8.3 eller 8.4,</P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td318"><P class="p361 ft3">– artikel 10,</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td246"><P class="p361 ft3">– artikel</P></TD>
<TD class="tr26 td124"><P class="p99 ft3">11.1</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p70 ft3">tredje</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p20 ft3">stycket</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p345 ft3">första meningen eller 11.3 tredje</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p345 ft3">stycket,</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td135"><P class="p361 ft3">– artikel 12.1, eller</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td318"><P class="p361 ft3">– artikel 13.1,</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td166"><P class="p361 ft3">2. inte</P></TD>
<TD colspan=4 class="tr26 td208"><P class="p178 ft26">tillhandahålla</P></TD>
<TD colspan=3 class="tr26 td189"><P class="p20 ft3">uppgifter</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">till Finansinspektionen eller lagra</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td319"><P class="p345 ft3">uppgifter enligt artikel 22.2,</P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p361 ft3">3. inte föra register eller hålla</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft26">uppgifter tillgängliga enligt artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p345 ft3">25.2,</P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p361 ft3">4. inte rapportera uppgifter om</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">utförda transaktioner till Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td246"><P class="p345 ft26">inspektionen</P></TD>
<TD colspan=2 class="tr25 td73"><P class="p71 ft26">enligt</P></TD>
<TD colspan=3 class="tr25 td15"><P class="p23 ft3">artikel</P></TD>
<TD class="tr25 td97"><P class="p20 ft3">26.5,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">26.6 första stycket eller 26.7</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">första, tredje eller åttonde stycket,</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td166"><P class="p361 ft3">5. inte</P></TD>
<TD colspan=4 class="tr25 td208"><P class="p23 ft3">tillhandahålla</P></TD>
<TD colspan=2 class="tr25 td92"><P class="p1 ft3">eller</P></TD>
<TD class="tr25 td97"><P class="p20 ft3">upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">datera referensuppgifter för finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft26">siella instrument enligt artikel 27.1,</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td276"><P class="p361 ft26">6. transaktioner med derivat som</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">genomförs på den reglerade mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td276"><P class="p345 ft3">naden inte avvecklas av en central</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td215"><P class="p345 ft3">motpart enligt artikel 29.1,</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td228"><P class="p404 ft2">142</P></TD>
<TD colspan=8 class="tr27 td276"><P class="p361 ft3">7. inte uppfylla kraven avseende</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_143">
<P class="p127 ft45">system, förfaranden och arrange- <SPAN class="ft4">Prop. 2016/17:162 </SPAN>mang enligt artikel 29.2 eller 30.1,</P>
<P class="p263 ft3"><SPAN class="ft3">8.</SPAN><SPAN class="ft50">inte föra register och offent- liggöra uppgifter avseende port- följkompressioner enligt artikel 31.2 eller 31.3,</SPAN></P>
<P class="p321 ft45"><SPAN class="ft3">9.</SPAN><SPAN class="ft56">inte lämna transaktionsupp- gifter eller tillträde till en handels- plats enligt artikel 36.1 eller 36.3,</SPAN></P>
<P class="p263 ft3"><SPAN class="ft3">10.</SPAN><SPAN class="ft47">inte tillgängliggöra ett referensvärde eller en licens enligt artikel 37.1 eller 37.3, eller</SPAN></P>
<P class="p638 ft3"><SPAN class="ft3">11.</SPAN><SPAN class="ft47">inte följa ett beslut som avses</SPAN></P>
<P class="p639 ft3"><SPAN class="ft3">i</SPAN><SPAN class="ft47">artiklarna </SPAN><NOBR>40–42.</NOBR></P>
<P class="p640 ft3">1 g §</P>
<P class="p263 ft3">Ett ingripande enligt 1 e eller 1 f § får göras endast om börsens överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat över- trädelsen.</P>
<P class="p641 ft51">Ingripande görs genom beslut om sanktionsavgift.</P>
<TABLE cellpadding=0 cellspacing=0 class="t96">
<TR>
<TD class="tr2 td210"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td239"><P class="p642 ft3">1 h §</P></TD>
<TD class="tr2 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p20 ft3">I lagen (2014:968) om särskild</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td239"><P class="p642 ft3">tillsyn</P></TD>
<TD class="tr26 td116"><P class="p23 ft3">över</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p23 ft3">kreditinstitut</P></TD>
<TD class="tr26 td71"><P class="p20 ft26">och</P></TD>
</TR>
<TR>
<TD class="tr25 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td183"><P class="p642 ft3">värdepappersbolag finns</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p20 ft3">bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p642 ft3">melser om möjlighet att ingripa</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p642 ft3">genom ett beslut om ett särskilt</P></TD>
</TR>
<TR>
<TD class="tr25 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td244"><P class="p642 ft3">kapitalbaskrav</P></TD>
<TD class="tr25 td85"><P class="p85 ft3">och</P></TD>
<TD colspan=2 class="tr25 td191"><P class="p20 ft26">särskilda</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td244"><P class="p642 ft3">likviditetskrav.</P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p20 ft3">I lagen (2014:966) om kapital-</P></TD>
</TR>
<TR>
<TD class="tr25 td210"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td239"><P class="p642 ft3">buffertar</P></TD>
<TD class="tr25 td116"><P class="p74 ft3">finns</P></TD>
<TD colspan=2 class="tr25 td43"><P class="p70 ft3">bestämmelser</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p642 ft3">ingripande mot ett värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td309"><P class="p642 ft3">bolag som inte uppfyller kapital-</P></TD>
</TR>
<TR>
<TD class="tr31 td210"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td215"><P class="p642 ft3">baskraven enligt den lagen.</P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr50 td210"><P class="p23 ft3">1 b §</P></TD>
<TD class="tr50 td239"><P class="p642 ft3">2 §<SPAN class="ft24">19</SPAN></P></TD>
<TD class="tr50 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td71"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2">Vid valet av sanktion ska Finansinspektionen ta hänsyn till hur allvarlig överträdelsen är och hur länge den pågått. Särskild hänsyn ska tas till överträdelsens art, överträdelsens konkreta och potentiella effekter på det finansiella systemet, skador som uppstått och graden av ansvar.</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr31 td166"><P class="p87 ft2">Finansinspektionen får</P></TD>
<TD class="tr31 td29"><P class="p95 ft27">avstå</P></TD>
<TD class="tr31 td166"><P class="p87 ft2">Finansinspektionen får</P></TD>
<TD class="tr31 td127"><P class="p20 ft27">avstå</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2">från ingripande om en överträdelse</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">från ingripande om en överträdelse</P></TD>
</TR>
<TR>
<TD class="tr31 td166"><P class="p87 ft2">är ringa eller ursäktlig, om</P></TD>
<TD class="tr31 td29"><P class="p95 ft2">före-</P></TD>
<TD class="tr31 td166"><P class="p87 ft2">är ringa eller ursäktlig, om</P></TD>
<TD class="tr31 td127"><P class="p20 ft2">före-</P></TD>
</TR>
</TABLE>
<P class="p448 ft37"><SPAN class="ft43">19 </SPAN>Senaste lydelse av tidigare 1 b § 2015:186.</P>
<P class="p596 ft2">143</P>
</DIV>
<DIV id="page_144">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD colspan=3 class="tr24 td56"><P class="p23 ft2">Prop. 2016/17:162 taget gör</P></TD>
<TD colspan=2 class="tr24 td98"><P class="p83 ft27">rättelse</P></TD>
<TD class="tr24 td129"><P class="p59 ft2">eller</P></TD>
<TD colspan=2 class="tr24 td93"><P class="p20 ft2">om den</P></TD>
<TD colspan=5 class="tr24 td77"><P class="p84 ft2">taget gör rättelse eller om den</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">fysiska personen verkat för att</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">fysiska personen verkat för att</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">företaget gör rättelse eller om</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">företaget gör rättelse eller om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td166"><P class="p41 ft2">någon</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p73 ft2">annan</P></TD>
<TD colspan=3 class="tr26 td22"><P class="p32 ft2">myndighet</P></TD>
<TD class="tr26 td129"><P class="p20 ft2">har</P></TD>
<TD class="tr26 td255"><P class="p84 ft2">någon</P></TD>
<TD class="tr26 td116"><P class="p1 ft2">annan</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p184 ft2">myndighet</P></TD>
<TD class="tr26 td88"><P class="p20 ft3">eller</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td166"><P class="p41 ft2">vidtagit</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p88 ft2">åtgärder</P></TD>
<TD class="tr25 td129"><P class="p23 ft2">mot</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p20 ft2">företaget</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft3">något annat organ <SPAN class="ft2">har vidtagit</SPAN></P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">eller den fysiska personen och</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">åtgärder mot företaget eller den</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">dessa åtgärder bedöms tillräckliga.</P></TD>
<TD class="tr26 td255"><P class="p84 ft2">fysiska</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p125 ft2">personen</P></TD>
<TD class="tr26 td25"><P class="p106 ft2">och</P></TD>
<TD class="tr26 td88"><P class="p20 ft2">dessa</P></TD>
</TR>
<TR>
<TD class="tr31 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr31 td231"><P class="p84 ft2">åtgärder bedöms tillräckliga.</P></TD>
<TD class="tr31 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td255"><P class="p59 ft2">4 §<SPAN class="ft24">20</SPAN></P></TD>
<TD class="tr47 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p20 ft2">Om någon som ingår i ett</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p30 ft2">Om någon som ingår i <SPAN class="ft3">styrelsen</SPAN></P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft3">värdepappersbolags<SPAN class="ft2">, en börs eller</SPAN></P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft26">för <SPAN class="ft27">ett </SPAN>värdepappersbolag<SPAN class="ft27">, en börs</SPAN>,</P></TD>
</TR>
<TR>
<TD class="tr26 td278"><P class="p41 ft2">en</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p23 ft2">svensk</P></TD>
<TD colspan=5 class="tr26 td152"><P class="p20 ft3">clearingorganisations</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft3">en svensk leverantör av data-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td166"><P class="p41 ft3">styrelse</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p57 ft2">eller</P></TD>
<TD class="tr25 td113"><P class="p67 ft2">är</P></TD>
<TD colspan=3 class="tr25 td208"><P class="p20 ft2">verkställande</P></TD>
<TD colspan=3 class="tr25 td125"><P class="p84 ft3">rapporteringstjänster</P></TD>
<TD class="tr25 td25"><P class="p30 ft2">eller</P></TD>
<TD class="tr25 td88"><P class="p30 ft2">en</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">direktör inte uppfyller de krav som</P></TD>
<TD class="tr26 td255"><P class="p84 ft2">svensk</P></TD>
<TD colspan=3 class="tr26 td105"><P class="p30 ft26">clearingorganisation</P></TD>
<TD class="tr26 td88"><P class="p30 ft2">eller</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">anges i 3 kap. 1 § första stycket 5,</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">är verkställande direktör inte upp-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td166"><P class="p41 ft2">12 kap.</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p23 ft2">2 § 4</P></TD>
<TD class="tr25 td113"><P class="p23 ft2">och</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p73 ft2">19 kap.</P></TD>
<TD class="tr25 td129"><P class="p20 ft2">3 § 4,</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">fyller de krav som anges i 3 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td278"><P class="p41 ft2">ska</P></TD>
<TD colspan=5 class="tr26 td179"><P class="p82 ft27">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p20 ft2">återkalla</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">1 § första stycket 5, <SPAN class="ft3">10 kap. 2 § 3,</SPAN></P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">företagets tillstånd. Detta får dock</P></TD>
<TD class="tr26 td255"><P class="p84 ft2">12 kap.</P></TD>
<TD class="tr26 td116"><P class="p70 ft2">2 § 4</P></TD>
<TD colspan=2 class="tr26 td122"><P class="p184 ft2">och 19 kap.</P></TD>
<TD class="tr26 td88"><P class="p20 ft2">3 § 4,</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2"><SPAN class="ft3">ske </SPAN>bara om inspektionen först har</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">ska Finansinspektionen återkalla</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">beslutat att påtala för företaget att</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">företagets tillstånd. Detta får dock</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">personen eller personerna inte upp-</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2"><SPAN class="ft3">göras </SPAN>bara om inspektionen först</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">fyller kraven och om denne eller</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">har beslutat att påtala för företaget</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">dessa, sedan en av inspektionen</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">att personen eller personerna inte</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">bestämd tid om högst tre månader</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">uppfyller kraven och om denne</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">har gått, fortfarande finns kvar i</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">eller dessa, sedan en av inspek-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td166"><P class="p41 ft27">styrelsen</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p44 ft2">eller</P></TD>
<TD colspan=4 class="tr26 td138"><P class="p20 ft2">som verkställande</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">tionen bestämd tid om högst tre</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td166"><P class="p41 ft2">direktör.</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">månader har gått, fortfarande finns</P></TD>
</TR>
<TR>
<TD class="tr25 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">kvar i styrelsen eller som verk-</P></TD>
</TR>
<TR>
<TD class="tr26 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td125"><P class="p84 ft2">ställande direktör.</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p20 ft2">Första stycket gäller också om</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p20 ft2">Första stycket gäller också om</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td223"><P class="p41 ft2">styrelsen i sin helhet inte uppfyller</P></TD>
<TD colspan=5 class="tr25 td77"><P class="p84 ft2">styrelsen i sin helhet inte uppfyller</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td223"><P class="p41 ft2">de krav som anges i 3 kap. 1 § 6.</P></TD>
<TD colspan=5 class="tr26 td77"><P class="p84 ft2">de krav som anges i 3 kap. 1 § 6<SPAN class="ft3">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td35"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td6"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td148"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td193"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
<TD colspan=5 class="tr30 td77"><P class="p84 ft35">10 kap. 2 § 4 och 12 kap. 2 § 5<SPAN class="ft14">.</SPAN></P></TD>
</TR>
</TABLE>
<P class="p547 ft2">I stället för att återkalla tillståndet, får Finansinspektionen besluta att en styrelseledamot eller verkställande direktör inte längre får vara det. Inspektionen får då förordna en ersättare. Ersättarens uppdrag gäller till dess företaget har utsett en ny styrelseledamot eller verkställande</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr31 td59"><P class="p516 ft2">direktör.</P></TD>
<TD class="tr31 td77"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td59"><P class="p643 ft2">Det som sägs i första och tredje</P></TD>
<TD class="tr26 td77"><P class="p30 ft2">Det som sägs i första och tredje</P></TD>
</TR>
<TR>
<TD class="tr25 td59"><P class="p516 ft2">styckena om verkställande direktör</P></TD>
<TD class="tr25 td77"><P class="p20 ft2">styckena om verkställande direktör</P></TD>
</TR>
<TR>
<TD class="tr26 td59"><P class="p516 ft2">ska <SPAN class="ft3">tilllämpas </SPAN>även på en ställföre-</P></TD>
<TD class="tr26 td77"><P class="p20 ft2">ska <SPAN class="ft3">tillämpas </SPAN>även på en ställföre-</P></TD>
</TR>
<TR>
<TD class="tr27 td59"><P class="p516 ft2">trädare för verkställande direktör.</P></TD>
<TD class="tr27 td77"><P class="p80 ft2">trädare för verkställande direktör.</P></TD>
</TR>
<TR>
<TD class="tr46 td59"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td77"><P class="p644 ft2">5 §<SPAN class="ft24">21</SPAN></P></TD>
</TR>
<TR>
<TD class="tr27 td59"><P class="p643 ft2">Finansinspektionen ska återkalla</P></TD>
<TD class="tr27 td77"><P class="p20 ft2">Finansinspektionen ska återkalla</P></TD>
</TR>
<TR>
<TD class="tr59 td59"><P class="p516 ft37"><SPAN class="ft43">20 </SPAN>Senaste lydelse 2014:985.</P></TD>
<TD class="tr59 td77"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr48 td59"><P class="p516 ft44"><SPAN class="ft43">21 </SPAN>Senaste lydelse 2012:197.</P></TD>
<TD class="tr48 td77"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr27 td59"><P class="p23 ft2">144</P></TD>
<TD class="tr27 td77"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_145">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td77"><P class="p23 ft3"><SPAN class="ft2">ett svenskt </SPAN>värdepappersinstituts<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr24 td162"><P class="p23 ft2"><SPAN class="ft3">tillståndet för </SPAN>ett svenskt <SPAN class="ft3">värde- </SPAN>Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p23 ft2">en börs eller en svensk <SPAN class="ft3">clearing-</SPAN></P></TD>
<TD class="tr25 td162"><P class="p23 ft3">pappersinstitut<SPAN class="ft2">, en börs</SPAN>, en svensk</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft3">organisations tillstånd <SPAN class="ft2">om</SPAN></P></TD>
<TD class="tr26 td162"><P class="p23 ft3">leverantör av datarapporterings-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td162"><P class="p23 ft3">tjänster <SPAN class="ft2">eller en svensk </SPAN>clearing-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td162"><P class="p23 ft3">organisation <SPAN class="ft2">om</SPAN></P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">företaget har fått tillståndet genom att lämna falska uppgifter eller på något annat otillbörligt sätt,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">företaget inte inom ett år från det att tillstånd beviljades har börjat driva sådan rörelse som tillståndet avser,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">företaget har förklarat sig avstå från tillståndet,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft71">företaget under en sammanhängande tid av sex månader inte har drivit sådan rörelse som tillståndet avser, eller</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft72">när det är fråga om svenska aktiebolag som har beviljats tillstånd att driva en reglerad marknad eller clearingverksamhet, bolagets egna kapi- tal understiger två tredjedelar av det registrerade aktiekapitalet och brist- en inte har täckts inom tre månader från det att den blev känd för bolaget.</SPAN></P>
<P class="p321 ft26">Om ett företags tillstånd ska återkallas på grund av sådana omständigheter som avses i första stycket <NOBR>3–5,</NOBR> får Finansinspek- tionen, innan tillståndet återkallas, först pröva om det finns skäl att ingripa mot företaget enligt detta kapitel och, om det finns sådana skäl, besluta om ett ingripande.</P>
<P class="p429 ft4">I de fall som avses i första stycket 1, 2, 4 och 5 får i stället varning meddelas om det är tillräckligt.</P>
<P class="p144 ft4">Vid tillämpningen av första stycket 5 ska det egna kapitalet beräknas enligt 25 kap. 14 § aktiebolagslagen (2005:551).</P>
<P class="p144 ft4">Om ett värdepappersinstituts eller en börs tillstånd återkallas, ska Finansinspektionen underrätta Europeiska värdepappers- och marknads- myndigheten.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft2">Om ett svenskt värdepappers- institut, en börs eller en svensk clearingorganisation <SPAN class="ft3">har </SPAN>meddelats beslut om anmärkning eller var- ning enligt 1 § <SPAN class="ft3">eller varning enligt 5 § första stycket 1 och 5 jämfört med andra stycket, </SPAN>får Finans- inspektionen besluta att företaget ska betala en sanktionsavgift.</P>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft104">8 §<SPAN class="ft82">22</SPAN></P>
<P class="p645 ft2">Om ett svenskt värdepappers- institut, en börs<SPAN class="ft3">, en svensk leveran- tör av datarapporteringstjänster </SPAN>eller en svensk clearingorganisa- tion meddelats beslut om anmärkning eller varning enligt 1 § får Finansinspektionen besluta att företaget ska betala en sank- tionsavgift. <SPAN class="ft3">Detsamma gäller om företaget meddelats beslut om återkallelse enligt 5 § första stycket 1 eller varning enligt 5 §</SPAN></P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p12 ft37"><SPAN class="ft43">22 </SPAN>Senaste lydelse 2014:985. Ändringen innebär bl.a. att andra stycket tas bort.</P>
<P class="p13 ft2">145</P>
</DIV>
</DIV>
<DIV id="page_146">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td320"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr24 td180"><P class="p40 ft3">första stycket 1 och 5 jämfört med</P></TD>
</TR>
<TR>
<TD colspan=2 rowspan=2 class="tr43 td321"><P class="p81 ft3">Avgiften tillfaller staten.</P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td164"><P class="p40 ft3">tredje stycket.</P></TD>
<TD class="tr31 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td193"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td29"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td25"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td83"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td39"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td51"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td321"><P class="p41 ft3">Lydelse enligt förslaget i avsnitt</P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr44 td164"><P class="p40 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td320"><P class="p41 ft3">2.1</P></TD>
<TD class="tr27 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td29"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td29"><P class="p73 ft2">9 §</P></TD>
<TD class="tr46 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p81 ft2">Sanktionsavgiften för ett svenskt</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p20 ft2">Sanktionsavgiften för ett svenskt</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p41 ft2">värdepappersinstitut, en börs eller</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft2">värdepappersinstitut, en börs<SPAN class="ft3">, en</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td322"><P class="p41 ft2">en svensk clearingorganisation ska</P></TD>
<TD colspan=5 class="tr25 td180"><P class="p40 ft3">svensk leverantör av datarap-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p41 ft2">fastställas till högst det högsta av</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft3">porteringstjänster <SPAN class="ft2">eller en svensk</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft2">clearingorganisation ska fastställas</P></TD>
</TR>
<TR>
<TD class="tr25 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td164"><P class="p40 ft2">till högst det högsta av</P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td180"><P class="p20 ft3">1. ett belopp som per den 2 juli</P></TD>
</TR>
<TR>
<TD class="tr26 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td29"><P class="p40 ft3">2014</P></TD>
<TD class="tr26 td25"><P class="p216 ft26">i</P></TD>
<TD class="tr26 td83"><P class="p1 ft3">kronor</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p20 ft3">motsvarade</P></TD>
</TR>
<TR>
<TD class="tr25 td320"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td164"><P class="p40 ft3">fem miljoner euro,</P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p81 ft2"><SPAN class="ft3">1</SPAN>. tio procent av företagets</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p20 ft2"><SPAN class="ft3">2</SPAN>. tio procent av företagets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p41 ft2">omsättning eller, i förekommande</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft2">omsättning eller, i förekommande</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td321"><P class="p41 ft2">fall, motsvarande omsättning</P></TD>
<TD class="tr25 td193"><P class="p94 ft2">på</P></TD>
<TD class="tr25 td29"><P class="p40 ft2">fall,</P></TD>
<TD colspan=3 class="tr25 td224"><P class="p267 ft2">motsvarande omsättning</P></TD>
<TD class="tr25 td51"><P class="p20 ft2">på</P></TD>
</TR>
<TR>
<TD class="tr26 td320"><P class="p41 ft2">koncernnivå närmast</P></TD>
<TD colspan=2 class="tr26 td57"><P class="p94 ft2">föregående</P></TD>
<TD colspan=2 class="tr26 td208"><P class="p40 ft2">koncernnivå</P></TD>
<TD class="tr26 td83"><P class="p185 ft2">närmast</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p20 ft2">föregående</P></TD>
</TR>
<TR>
<TD class="tr26 td320"><P class="p41 ft2">räkenskapsår, eller</P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td164"><P class="p40 ft2">räkenskapsår, eller</P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td322"><P class="p81 ft2"><SPAN class="ft3">2</SPAN>. två gånger den vinst som</P></TD>
<TD colspan=5 class="tr25 td180"><P class="p20 ft2"><SPAN class="ft3">3</SPAN>. två gånger den vinst som</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p41 ft2">företaget gjort till följd av regel-</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft2">företaget gjort till följd av regel-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td322"><P class="p41 ft2">överträdelsen, om beloppet går att</P></TD>
<TD colspan=5 class="tr26 td180"><P class="p40 ft2">överträdelsen, om beloppet går att</P></TD>
</TR>
<TR>
<TD class="tr25 td320"><P class="p41 ft2">fastställa.</P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td208"><P class="p40 ft2">fastställa.</P></TD>
<TD class="tr25 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td320"><P class="p81 ft14">Sanktionsavgiften</P></TD>
<TD class="tr30 td189"><P class="p23 ft14">får inte</P></TD>
<TD colspan=2 class="tr30 td255"><P class="p23 ft14">bestämmas</P></TD>
<TD class="tr30 td25"><P class="p216 ft14">till</P></TD>
<TD class="tr30 td83"><P class="p23 ft14">ett lägre</P></TD>
<TD class="tr30 td39"><P class="p1 ft14">belopp</P></TD>
<TD class="tr30 td51"><P class="p20 ft14">än</P></TD>
</TR>
</TABLE>
<P class="p646 ft2">5 000 kronor. Om överträdelsen har skett under företagets första verk- samhetsår eller om uppgifter om omsättningen annars saknas eller är bristfälliga, får den uppskattas.</P>
<P class="p536 ft2">För värdepappersinstitut får avgiften inte vara så stor att institutet</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=4 class="tr31 td77"><P class="p23 ft2">därefter inte uppfyller kraven i 8 kap.</P></TD>
<TD colspan=5 class="tr31 td130"><P class="p23 ft2">3 § denna lag eller 6 kap. 1 § lagen</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td300"><P class="p23 ft2">(2004:297) om bank- och finansieringsrörelse.</P></TD>
<TD class="tr26 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td117"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td107"><P class="p125 ft3">Avgiften tillfaller staten.</P></TD>
<TD class="tr31 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td84"><P class="p597 ft2">10 §</P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td107"><P class="p125 ft2">När sanktionsavgiftens</P></TD>
<TD class="tr26 td117"><P class="p106 ft2">storlek</P></TD>
<TD class="tr26 td116"><P class="p125 ft2">När</P></TD>
<TD colspan=2 class="tr26 td61"><P class="p1 ft2">sanktionsavgiftens</P></TD>
<TD colspan=2 class="tr26 td170"><P class="p20 ft2">storlek</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">fastställs, ska särskild hänsyn tas</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">fastställs, ska särskild hänsyn tas</P></TD>
</TR>
<TR>
<TD class="tr26 td37"><P class="p23 ft2">till sådana</P></TD>
<TD colspan=3 class="tr26 td195"><P class="p106 ft2">omständigheter som</P></TD>
<TD colspan=2 class="tr26 td75"><P class="p23 ft2">till sådana</P></TD>
<TD colspan=2 class="tr26 td67"><P class="p50 ft2">omständigheter</P></TD>
<TD class="tr26 td13"><P class="p30 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td67"><P class="p23 ft2">anges i <SPAN class="ft3">1 b </SPAN>och</P></TD>
<TD colspan=2 class="tr26 td138"><P class="p106 ft2"><SPAN class="ft3">1 c </SPAN>§§, samt till</P></TD>
<TD class="tr26 td116"><P class="p23 ft2">anges</P></TD>
<TD class="tr26 td92"><P class="p23 ft2">i <SPAN class="ft3">2</SPAN></P></TD>
<TD colspan=2 class="tr26 td67"><P class="p23 ft2">och <SPAN class="ft3">2 a </SPAN>§§, samt</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">till</P></TD>
</TR>
<TR>
<TD class="tr25 td37"><P class="p23 ft2">företagets</P></TD>
<TD class="tr25 td92"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td72"><P class="p85 ft2">den</P></TD>
<TD class="tr25 td117"><P class="p106 ft2">fysiska</P></TD>
<TD colspan=2 class="tr25 td75"><P class="p23 ft2">företagets</P></TD>
<TD class="tr25 td142"><P class="p70 ft2">eller den</P></TD>
<TD colspan=2 class="tr25 td170"><P class="p20 ft2">fysiska</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">personens finansiella ställning och,</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">personens finansiella ställning och,</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">om det går att fastställa, den vinst</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">om det går att fastställa, den vinst</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">som företaget eller den fysiska</P></TD>
<TD colspan=5 class="tr25 td130"><P class="p23 ft2">som företaget eller den fysiska</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">personen gjort till följd av</P></TD>
<TD colspan=5 class="tr26 td130"><P class="p23 ft2">personen gjort till följd av</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td107"><P class="p23 ft2">regelöverträdelsen.</P></TD>
<TD class="tr27 td117"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td107"><P class="p23 ft2">regelöverträdelsen.</P></TD>
<TD class="tr27 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p647 ft2">146</P>
</DIV>
<DIV id="page_147">
<DIV id="tx1"><SPAN class="ft2">En sanktion för en överträdelse enligt </SPAN><SPAN class="ft3">någon av </SPAN><SPAN class="ft2">1 a</SPAN><SPAN class="ft3">, 1 b, 1 </SPAN><NOBR><SPAN class="ft3">d–1</SPAN></NOBR><SPAN class="ft3"> f, 15 a eller 15 b §</SPAN><SPAN class="ft2">§ får beslutas bara om sanktionsföreläggande har delgetts den som sanktionen riktas mot inom två år från den tidpunkt då överträdelsen ägde rum.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t69">
<TR>
<TD colspan=5 class="tr42 td178"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr42 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr42 td46"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr42 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td171"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td43"><P class="p29 ft2">10 a §<SPAN class="ft24">23</SPAN></P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td171"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td43"><P class="p39 ft2">Frågor om</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td147"><P class="p22 ft2">ingripanden</P></TD>
<TD class="tr26 td191"><P class="p95 ft2">mot</P></TD>
<TD colspan=2 class="tr26 td255"><P class="p39 ft2">Frågor</P></TD>
<TD class="tr26 td62"><P class="p23 ft2">om</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td190"><P class="p23 ft2">ingripanden</P></TD>
<TD class="tr26 td171"><P class="p142 ft2">mot</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td233"><P class="p23 ft2">fysiska personer</P></TD>
<TD colspan=3 class="tr25 td91"><P class="p95 ft2">för överträdelser</P></TD>
<TD colspan=4 class="tr25 td233"><P class="p23 ft2">fysiska personer</P></TD>
<TD class="tr25 td97"><P class="p57 ft2">för</P></TD>
<TD colspan=3 class="tr25 td315"><P class="p142 ft27">överträdelser</P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td163"><P class="p88 ft2">1 a §</P></TD>
<TD colspan=2 class="tr26 td11"><P class="p50 ft2">tas</P></TD>
<TD class="tr26 td129"><P class="p44 ft2">upp</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p95 ft2">av Finans-</P></TD>
<TD class="tr26 td163"><P class="p23 ft2">enligt</P></TD>
<TD colspan=3 class="tr26 td197"><P class="p1 ft3">någon av</P></TD>
<TD colspan=4 class="tr26 td288"><P class="p142 ft3"><SPAN class="ft2">1 a</SPAN>, 1 b, 1 <NOBR>d–1</NOBR> f,</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td238"><P class="p23 ft27">inspektionen</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td116"><P class="p109 ft2">genom</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p95 ft2">sanktions-</P></TD>
<TD class="tr26 td163"><P class="p23 ft3">15 a</P></TD>
<TD class="tr26 td113"><P class="p23 ft3">eller</P></TD>
<TD colspan=3 class="tr26 td83"><P class="p74 ft3">15 b §<SPAN class="ft2">§</SPAN></P></TD>
<TD colspan=2 class="tr26 td93"><P class="p59 ft2">tas upp</P></TD>
<TD class="tr26 td171"><P class="p142 ft2">av</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td43"><P class="p23 ft2">föreläggande.</P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td46"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td102"><P class="p142 ft2">genom</P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td154"><P class="p23 ft2">sanktionsföreläggande.</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td171"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p39 ft2">Ett</P></TD>
<TD colspan=5 class="tr26 td178"><P class="p22 ft27">sanktionsföreläggande</P></TD>
<TD class="tr26 td191"><P class="p95 ft2">inne-</P></TD>
<TD class="tr26 td163"><P class="p39 ft2">Ett</P></TD>
<TD colspan=7 class="tr26 td323"><P class="p142 ft2">sanktionsföreläggande inne-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">bär att den fysiska personen före-</P></TD>
<TD colspan=8 class="tr25 td162"><P class="p23 ft2">bär att den fysiska personen före-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">läggs att inom en viss tid godkänna</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">läggs att inom en viss tid godkänna</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td43"><P class="p23 ft2">ett ingripande</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p87 ft2">enligt</P></TD>
<TD class="tr26 td163"><P class="p56 ft3">1 a §</P></TD>
<TD class="tr26 td191"><P class="p95 ft3">fjärde</P></TD>
<TD colspan=3 class="tr26 td118"><P class="p23 ft2">ett ingripande</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p57 ft2">enligt</P></TD>
<TD class="tr26 td124"><P class="p70 ft3">1 c §</P></TD>
<TD colspan=2 class="tr26 td102"><P class="p142 ft3">andra</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">stycket som är bestämt till tid eller</P></TD>
<TD colspan=3 class="tr25 td118"><P class="p23 ft2">stycket <SPAN class="ft3">eller</SPAN></P></TD>
<TD colspan=3 class="tr25 td22"><P class="p23 ft3">1 d § fjärde</P></TD>
<TD colspan=2 class="tr25 td102"><P class="p142 ft26">stycket</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td238"><P class="p23 ft2">belopp.</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">som är bestämt till tid eller belopp</P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft3">eller</P></TD>
<TD colspan=5 class="tr26 td205"><P class="p23 ft3">enligt 1 g § andra</P></TD>
<TD colspan=2 class="tr26 td102"><P class="p142 ft26">stycket</P></TD>
</TR>
<TR>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td162"><P class="p23 ft3">eller 15 c § andra stycket som är</P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td46"><P class="p23 ft3">bestämt till belopp<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td171"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr26 td186"><P class="p39 ft2">När föreläggandet har godkänts, gäller det som ett domstolsavgörande</P></TD>
</TR>
<TR>
<TD colspan=15 class="tr25 td186"><P class="p23 ft2">som fått laga kraft. Ett godkännande som görs efter den tid som angetts i</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td182"><P class="p23 ft2">föreläggandet är utan verkan.</P></TD>
<TD class="tr27 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td171"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td43"><P class="p29 ft2">10 c §<SPAN class="ft24">24</SPAN></P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td171"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td163"><P class="p39 ft2">Om</P></TD>
<TD class="tr26 td163"><P class="p74 ft2">ett</P></TD>
<TD colspan=5 class="tr26 td278"><P class="p95 ft27">sanktionsföreläggande</P></TD>
<TD class="tr26 td163"><P class="p39 ft2">Om</P></TD>
<TD class="tr26 td113"><P class="p74 ft2">ett</P></TD>
<TD colspan=6 class="tr26 td324"><P class="p142 ft2">sanktionsföreläggande</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">inte har godkänts inom angiven</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">inte har godkänts inom angiven</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">tid, får Finansinspektionen ansöka</P></TD>
<TD colspan=8 class="tr25 td162"><P class="p23 ft2">tid, får Finansinspektionen ansöka</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">hos domstol om att sanktion ska</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">hos domstol om att sanktion ska</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">beslutas. En sådan ansökan ska</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">beslutas. En sådan ansökan ska</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">göras hos den förvaltningsrätt som</P></TD>
<TD colspan=8 class="tr25 td162"><P class="p23 ft2">göras hos den förvaltningsrätt som</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">är behörig att pröva ett överklag-</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">är behörig att pröva ett överklag-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">ande av Finansinspektionens be-</P></TD>
<TD colspan=8 class="tr26 td162"><P class="p23 ft2">ande av Finansinspektionens be-</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">slut om ingripande mot <SPAN class="ft3">värdepap-</SPAN></P></TD>
<TD colspan=8 class="tr25 td162"><P class="p23 ft2">slut om ingripande mot <SPAN class="ft3">värdepap-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2"><SPAN class="ft3">persbolaget </SPAN>för samma över-</P></TD>
<TD colspan=3 class="tr26 td118"><P class="p23 ft3">persinstitutet</P></TD>
<TD colspan=2 class="tr26 td139"><P class="p50 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p1 ft3">börsen</P></TD>
<TD class="tr26 td171"><P class="p142 ft2">för</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td238"><P class="p23 ft14">trädelse.</P></TD>
<TD class="tr30 td6"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td4"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td163"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td191"><P class="p23 ft34"> </P></TD>
<TD colspan=5 class="tr30 td46"><P class="p23 ft14">samma överträdelse.</P></TD>
<TD class="tr30 td124"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td6"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td171"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p147 ft2">Prövningstillstånd krävs vid överklagande till kammarrätten.</P>
<P class="p648 ft2">10 d §<SPAN class="ft24">25 </SPAN>En sanktion för en överträdelse</P>
<P class="p625 ft2">enligt 1 a § får beslutas bara om sanktionsföreläggande har delgetts den som sanktionen riktas mot inom två år från den tidpunkt då överträdelsen ägde rum.</P>
<P class="p649 ft37"><SPAN class="ft28">23</SPAN><SPAN class="ft105">Senaste lydelse 2015:186.</SPAN></P>
<P class="p116 ft32"><SPAN class="ft28">24</SPAN><SPAN class="ft111">Senaste lydelse 2015:186.</SPAN></P>
<P class="p116 ft39"><SPAN class="ft28">25</SPAN><SPAN class="ft106">Senaste lydelse 2015:186.</SPAN></P>
<P class="p596 ft2">147</P>
</DIV>
<DIV id="page_148">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD colspan=4 class="tr24 td325"><P class="p23 ft25"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Ingripande mot utländska</P></TD>
<TD class="tr24 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr24 td130"><P class="p23 ft25">Ingripande mot utländska</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td326"><P class="p41 ft25">värdepappersföretag</P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td130"><P class="p23 ft25">värdepappersföretag <SPAN class="ft54">och vissa</SPAN></P></TD>
</TR>
<TR>
<TD class="tr31 td192"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td179"><P class="p23 ft54">fysiska personer</P></TD>
<TD class="tr31 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td192"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td295"><P class="p650 ft2">12 §<SPAN class="ft24">26</SPAN></P></TD>
<TD class="tr47 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p81 ft2">Finansinspektionen får förelägga</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">Finansinspektionen får förelägga</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft2">ett utländskt värdepappersföretag</P></TD>
<TD class="tr26 td208"><P class="p23 ft2">ett utländskt</P></TD>
<TD colspan=2 class="tr26 td209"><P class="p20 ft27">värdepappersföretag</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td155"><P class="p41 ft2">som hör hemma inom EES och</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p23 ft2">som hör hemma inom EES och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft2">som driver verksamhet från filial i</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">som driver verksamhet från filial i</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft2">Sverige, att göra rättelse om det</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">Sverige, att göra rättelse om det</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td297"><P class="p41 ft2">överträder någon</P></TD>
<TD class="tr25 td71"><P class="p73 ft2">av</P></TD>
<TD colspan=2 class="tr25 td78"><P class="p106 ft2">följande</P></TD>
<TD colspan=2 class="tr25 td179"><P class="p23 ft2">överträder någon</P></TD>
<TD class="tr25 td168"><P class="p20 ft2">av följande</P></TD>
</TR>
<TR>
<TD class="tr26 td192"><P class="p41 ft2">bestämmelser</P></TD>
<TD class="tr26 td92"><P class="p59 ft2">eller</P></TD>
<TD colspan=3 class="tr26 td27"><P class="p106 ft2">föreskrifter</P></TD>
<TD class="tr26 td208"><P class="p23 ft2">bestämmelser</P></TD>
<TD class="tr26 td52"><P class="p74 ft2">eller</P></TD>
<TD class="tr26 td168"><P class="p20 ft2">föreskrifter</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft3">som meddelats med stöd av dem</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">som hänför sig till någon av <SPAN class="ft3">dem</SPAN>:</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td325"><P class="p41 ft3">eller överträder bestämmelser</P></TD>
<TD class="tr25 td13"><P class="p106 ft3">i</P></TD>
<TD class="tr25 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft3">genomförandeförordningen <SPAN class="ft2">som</SPAN></P></TD>
<TD class="tr26 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p41 ft2">hänför sig till någon av <SPAN class="ft3">följande</SPAN></P></TD>
<TD class="tr26 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td192"><P class="p41 ft3">bestämmelser<SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=3 rowspan=2 class="tr0 td130"><P class="p125 ft3"><SPAN class="ft2">– </SPAN>8 kap. <NOBR>15–20,</NOBR> 32 och 33 §§<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td155"><P class="p81 ft3"><SPAN class="ft2">– </SPAN>uppföranderegler m.m. i <SPAN class="ft2">8 kap.</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td297"><P class="p41 ft2">1, 12 och <NOBR><SPAN class="ft3">22–33</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§,</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3"><SPAN class="ft2">– </SPAN>9 kap. 1, <NOBR>10–12</NOBR> och <NOBR>14–39</NOBR> §§<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td192"><P class="p81 ft3"><SPAN class="ft2">– </SPAN>hantering</P></TD>
<TD class="tr25 td92"><P class="p23 ft3">av</P></TD>
<TD colspan=2 class="tr25 td147"><P class="p23 ft3">limitorder</P></TD>
<TD class="tr25 td13"><P class="p106 ft3">i</P></TD>
<TD class="tr25 td208"><P class="p23 ft3">och</P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td192"><P class="p41 ft2">9 kap. <SPAN class="ft3">1 §</SPAN>,</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td179"><P class="p125 ft3"><SPAN class="ft2">– </SPAN>13 kap. 9 §<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td325"><P class="p81 ft3"><SPAN class="ft2">– </SPAN>systematiska internhandlare</P></TD>
<TD class="tr26 td13"><P class="p106 ft3">i</P></TD>
<TD class="tr26 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td192"><P class="p41 ft3">9 kap. <NOBR>2–8</NOBR> §§,</P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td192"><P class="p81 ft3">– information</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p67 ft3">efter</P></TD>
<TD class="tr26 td73"><P class="p23 ft3">handel</P></TD>
<TD class="tr26 td13"><P class="p106 ft3">i</P></TD>
<TD class="tr26 td208"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td168"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td192"><P class="p41 ft35">9 kap. 9 §,</P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td71"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td73"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td13"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td208"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td52"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td168"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p651 ft3"><SPAN class="ft26">–</SPAN><SPAN class="ft47">dokumentation i 10 kap. 2 §, eller</SPAN></P>
<P class="p537 ft3"><SPAN class="ft26">–</SPAN><SPAN class="ft50">rapportering av transaktioner</SPAN></P>
<P class="p652 ft3"><SPAN class="ft3">i</SPAN><SPAN class="ft47">10 kap. 3 och 4 §§</SPAN><SPAN class="ft2">.</SPAN></P>
<P class="p653 ft3">Ett föreläggande ska också utfärdas om företaget åsidosätter sina skyldigheter enligt någon av artiklarna <NOBR>14–26</NOBR> i förordningen om marknader för finansiella instrument.</P>
<P class="p654 ft4">Om företaget inte följer föreläggandet, ska Finansinspektionen under- rätta den behöriga myndigheten i företagets hemland.</P>
<P class="p575 ft4">Om rättelse inte sker, får Finansinspektionen förbjuda värdepappers- företaget att påbörja nya transaktioner i Sverige. Innan förbud meddelas ska inspektionen underrätta den behöriga myndigheten i företagets hem- land. Europeiska kommissionen och Europeiska värdepappers- och marknadsmyndigheten ska omedelbart informeras när ett förbud med- delas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t97">
<TR>
<TD class="tr24 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td161"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td234"><P class="p655 ft2">15 §</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td161"><P class="p70 ft2">Om ett utländskt företag som hör</P></TD>
<TD class="tr26 td234"><P class="p20 ft2">Om ett utländskt företag som hör</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td96"><P class="p516 ft2">hemma utanför EES och som</P></TD>
<TD class="tr31 td234"><P class="p20 ft2">hemma utanför EES och som</P></TD>
</TR>
<TR>
<TD class="tr58 td195"><P class="p516 ft33">26</P></TD>
<TD class="tr58 td161"><P class="p73 ft37">Senaste lydelse 2012:197.</P></TD>
<TD class="tr58 td234"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td195"><P class="p604 ft2">148</P></TD>
<TD class="tr27 td161"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td234"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_149">
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr24 td65"><P class="p23 ft2">driver</P></TD>
<TD class="tr24 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr24 td42"><P class="p53 ft2">värdepappersrörelse</P></TD>
<TD class="tr24 td74"><P class="p99 ft2">från</P></TD>
<TD class="tr24 td196"><P class="p44 ft2">driver</P></TD>
<TD class="tr24 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr24 td42"><P class="p50 ft2">värdepappersrörelse</P></TD>
<TD class="tr24 td17"><P class="p20 ft2">från</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr25 td242"><P class="p23 ft2">filial i Sverige åsidosätter sina</P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft2">filial i Sverige åsidosätter sina</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">skyldigheter enligt denna lag eller</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">skyldigheter enligt denna lag eller</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft2">andra</P></TD>
<TD colspan=5 class="tr26 td122"><P class="p70 ft2">författningar</P></TD>
<TD class="tr26 td163"><P class="p154 ft2">som</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p99 ft2">reglerar</P></TD>
<TD class="tr26 td196"><P class="p44 ft2">andra</P></TD>
<TD colspan=6 class="tr26 td176"><P class="p154 ft2">författningar som</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p20 ft2">reglerar</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td117"><P class="p23 ft2">företagets</P></TD>
<TD colspan=4 class="tr25 td233"><P class="p99 ft2">verksamhet i</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p99 ft2">Sverige,</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p44 ft27">företagets</P></TD>
<TD colspan=4 class="tr25 td159"><P class="p99 ft2">verksamhet i</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p20 ft2">Sverige,</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td295"><P class="p23 ft2">gäller 1 <SPAN class="ft3">och </SPAN>2 §§.</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3"><SPAN class="ft2">gäller 1</SPAN>, <SPAN class="ft2">2</SPAN>, 2 a, 8, 9 och 10 <SPAN class="ft2">§§.</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3">Bestämmelserna i 5 § tillämpas på</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft3">motsvarande sätt för filialtill-</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td87"><P class="p44 ft3">ståndet.</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p39 ft2">Om</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td78"><P class="p70 ft2">insättningar</P></TD>
<TD class="tr26 td163"><P class="p154 ft2">hos</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p99 ft2">filialen</P></TD>
<TD class="tr26 td196"><P class="p21 ft2">Om</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p70 ft2">insättningar</P></TD>
<TD class="tr26 td95"><P class="p154 ft27">hos</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p20 ft2">filialen</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr25 td242"><P class="p23 ft2">omfattas av garanti till följd av ett</P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft2">omfattas av garanti till följd av ett</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft2">beslut</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td124"><P class="p73 ft2">enligt</P></TD>
<TD class="tr26 td74"><P class="p94 ft2">3 §</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p203 ft2">andra</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p99 ft2">stycket</P></TD>
<TD class="tr26 td196"><P class="p44 ft2">beslut</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td124"><P class="p73 ft2">enligt</P></TD>
<TD class="tr26 td97"><P class="p22 ft2">3 §</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p203 ft2">andra</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p20 ft2">stycket</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">lagen (1995:1571) om insättnings-</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">lagen (1995:1571) om insättnings-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td70"><P class="p23 ft2">garanti</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p50 ft2">eller</P></TD>
<TD colspan=4 class="tr25 td177"><P class="p94 ft2">investerarskydd</P></TD>
<TD class="tr25 td74"><P class="p99 ft2">till</P></TD>
<TD colspan=2 class="tr25 td93"><P class="p44 ft2">garanti</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p50 ft2">eller</P></TD>
<TD colspan=4 class="tr25 td177"><P class="p50 ft2">investerarskydd</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">till</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">följd av ett beslut enligt 5 § lagen</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">följd av ett beslut enligt 5 § lagen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td57"><P class="p23 ft2">(1999:158)</P></TD>
<TD class="tr26 td74"><P class="p97 ft2">om</P></TD>
<TD colspan=4 class="tr26 td177"><P class="p99 ft27">investerarskydd</P></TD>
<TD colspan=4 class="tr26 td156"><P class="p44 ft2">(1999:158)</P></TD>
<TD class="tr26 td97"><P class="p23 ft2">om</P></TD>
<TD colspan=4 class="tr26 td121"><P class="p20 ft2">investerarskydd</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft2">och</P></TD>
<TD colspan=7 class="tr25 td109"><P class="p53 ft27">värdepappersföretaget</P></TD>
<TD class="tr25 td74"><P class="p99 ft2">inte</P></TD>
<TD class="tr25 td196"><P class="p44 ft2">och</P></TD>
<TD colspan=7 class="tr25 td171"><P class="p23 ft2">värdepappersföretaget</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">inte</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">fullgör sina skyldigheter enligt de</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">fullgör sina skyldigheter enligt de</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td70"><P class="p23 ft2">lagarna</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft2">får</P></TD>
<TD colspan=5 class="tr26 td110"><P class="p99 ft2">Finansinspektionen</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p44 ft2">lagarna</P></TD>
<TD class="tr26 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p59 ft2">får</P></TD>
<TD colspan=5 class="tr26 td91"><P class="p20 ft2">Finansinspektionen</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td117"><P class="p23 ft2">förelägga</P></TD>
<TD colspan=6 class="tr25 td104"><P class="p99 ft2">värdepappersföretaget</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p44 ft2">förelägga</P></TD>
<TD colspan=6 class="tr25 td53"><P class="p20 ft2">värdepappersföretaget</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">att vidta rättelse. Ett sådant före-</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">att vidta rättelse. Ett sådant före-</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">läggande får bara meddelas om</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">läggande får bara meddelas om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td117"><P class="p23 ft2">tillstånd</P></TD>
<TD class="tr25 td71"><P class="p23 ft2">till</P></TD>
<TD colspan=4 class="tr25 td177"><P class="p99 ft2">filialetablering</P></TD>
<TD class="tr25 td74"><P class="p99 ft2">inte</P></TD>
<TD colspan=3 class="tr25 td87"><P class="p44 ft2">tillstånd</P></TD>
<TD class="tr25 td148"><P class="p23 ft2">till</P></TD>
<TD colspan=4 class="tr25 td177"><P class="p50 ft2">filialetablering</P></TD>
<TD class="tr25 td17"><P class="p20 ft2">inte</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">skulle ha meddelats utan ett beslut</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">skulle ha meddelats utan ett beslut</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td78"><P class="p23 ft2">lagarna. Ett</P></TD>
<TD colspan=3 class="tr26 td153"><P class="p99 ft2">föreläggande</P></TD>
<TD class="tr26 td196"><P class="p44 ft2">enligt</P></TD>
<TD class="tr26 td114"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td175"><P class="p23 ft2">lagarna. Ett</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p20 ft27">föreläggande</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr25 td242"><P class="p23 ft2"><SPAN class="ft3">skall </SPAN>innehålla upplysning om att</P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft2"><SPAN class="ft3">ska </SPAN>innehålla upplysning om att</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">filialtillståndet återkallas om före-</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">filialtillståndet återkallas om före-</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">läggandet inte följs. Har värdepap-</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">läggandet inte följs. Har värdepap-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td57"><P class="p23 ft2">persföretaget</P></TD>
<TD class="tr25 td74"><P class="p56 ft2">inte</P></TD>
<TD colspan=2 class="tr25 td139"><P class="p30 ft27">vidtagit</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p99 ft2">rättelse</P></TD>
<TD colspan=4 class="tr25 td156"><P class="p44 ft2">persföretaget</P></TD>
<TD class="tr25 td97"><P class="p1 ft2">inte</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p30 ft2">vidtagit</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p20 ft2">rättelse</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">inom ett år från föreläggandet, får</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">inom ett år från föreläggandet, får</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">inspektionen återkalla tillståndet.</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">inspektionen återkalla tillståndet.</P></TD>
</TR>
<TR>
<TD colspan=11 class="tr25 td269"><P class="p39 ft2">Om filialtillståndet återkallas tillämpas 6 §.</P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p99 ft2">Finansinspektionen <SPAN class="ft3">skall </SPAN>under-</P></TD>
<TD colspan=6 class="tr26 td42"><P class="p21 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td95"><P class="p30 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p20 ft2">under-</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">rätta den behöriga myndigheten i</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">rätta den behöriga myndigheten i</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr25 td242"><P class="p23 ft2">företagets hemland om de åtgärder</P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft2">företagets hemland om de åtgärder</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td242"><P class="p23 ft2">som har vidtagits med stöd av</P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft2">som har vidtagits med stöd av</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr27 td295"><P class="p23 ft2">denna paragraf.</P></TD>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr27 td176"><P class="p44 ft2">denna paragraf.</P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td196"><P class="p44 ft3">15 a §</P></TD>
<TD class="tr46 td114"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td42"><P class="p21 ft26">Finansinspektionen</P></TD>
<TD class="tr26 td95"><P class="p94 ft3">ska</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p20 ft3">ingripa</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft3">mot den eller de personer som har</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3">ansvaret för ledningen av en filial</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3">till ett sådant företag som anges i</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td176"><P class="p44 ft3">15 §, om företaget</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p21 ft26">1. har fått sitt tillstånd genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3">lämna falska uppgifter eller på</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td42"><P class="p44 ft26">annat otillbörligt sätt,</P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p21 ft3">2. har tillåtit en person som har</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td281"><P class="p44 ft3">ansvaret för ledningen av filialen</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr25 td281"><P class="p44 ft3">att åta sig ett sådant uppdrag i</P></TD>
</TR>
<TR>
<TD class="tr27 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td74"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td93"><P class="p44 ft3">filialen</P></TD>
<TD colspan=2 class="tr27 td124"><P class="p50 ft3">eller</P></TD>
<TD class="tr27 td97"><P class="p50 ft3">att</P></TD>
<TD colspan=2 class="tr27 td196"><P class="p94 ft26">kvarstå</P></TD>
<TD colspan=2 class="tr27 td29"><P class="p20 ft3">i detta</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">149</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_150">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td228"><P class="p402 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=11 class="tr24 td276"><P class="p345 ft3">trots att kraven i 4 kap. 4 § 5 eller</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">i föreskrifter som meddelats med</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td104"><P class="p345 ft3">stöd</P></TD>
<TD class="tr26 td157"><P class="p23 ft3">av</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p276 ft26">3 kap.</P></TD>
<TD colspan=3 class="tr26 td72"><P class="p98 ft3">12 § 2</P></TD>
<TD colspan=2 class="tr26 td11"><P class="p23 ft3">inte</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">är</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td327"><P class="p345 ft3">uppfyllda, eller</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td256"><P class="p361 ft3">3. har</P></TD>
<TD colspan=4 class="tr25 td132"><P class="p50 ft3">åsidosatt</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p109 ft3">sina</P></TD>
<TD colspan=3 class="tr25 td15"><P class="p20 ft26">skyldig-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td231"><P class="p345 ft3">heter enligt</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p361 ft26">a) någon av 8 kap. <NOBR>9–34</NOBR> §§ eller</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td231"><P class="p345 ft3">föreskrifter</P></TD>
<TD colspan=2 class="tr25 td97"><P class="p22 ft3">som</P></TD>
<TD colspan=4 class="tr25 td150"><P class="p656 ft26">meddelats</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p20 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">stöd av någon av bestämmelserna i</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td305"><P class="p345 ft26">8 kap. 35 § <NOBR>3–12,</NOBR></P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft26">b) någon av 9 kap. 1 §, 8 § tredje</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">stycket, <NOBR>9–12,</NOBR> <NOBR>14–17,</NOBR> <NOBR>20–41</NOBR> eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td104"><P class="p345 ft3">43 §§</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td65"><P class="p59 ft3">eller</P></TD>
<TD colspan=5 class="tr26 td22"><P class="p44 ft3">föreskrifter</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p20 ft3">som</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">meddelats med stöd av någon av</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">bestämmelserna i 9 kap. 50 § 1, <NOBR>3–9</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td256"><P class="p345 ft3">eller 11,</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td231"><P class="p361 ft3">c) någon</P></TD>
<TD class="tr25 td62"><P class="p109 ft3">av</P></TD>
<TD colspan=5 class="tr25 td22"><P class="p70 ft3">11 kap. 1 §,</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p20 ft3">1 a §</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td104"><P class="p345 ft3">andra</P></TD>
<TD colspan=3 class="tr26 td191"><P class="p50 ft3">stycket,</P></TD>
<TD colspan=3 class="tr26 td116"><P class="p88 ft3">1 <NOBR>b–4</NOBR></P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p20 ft3">12 §§</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">eller driver en tillväxtmarknad för</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">små och medelstora företag trots</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">att kraven i 13 § inte är uppfyllda,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p361 ft3">d) någon av 13 kap. 1 <NOBR>a–1</NOBR> j, 6 a</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td231"><P class="p345 ft3">eller 9 §§,</P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td231"><P class="p361 ft26">e) 22 kap.</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p22 ft3">2 §</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td70"><P class="p23 ft3">andra</P></TD>
<TD colspan=3 class="tr26 td15"><P class="p20 ft3">stycket,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td104"><P class="p345 ft26">5 eller</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p57 ft3">6 §</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p154 ft26">eller</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p73 ft3">inte</P></TD>
<TD class="tr26 td35"><P class="p154 ft26">har</P></TD>
<TD colspan=2 class="tr26 td11"><P class="p73 ft26">följt</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">ett</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">beslut som meddelats av Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">inspektionen enligt 22 kap. 1 §, 2 §</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td94"><P class="p345 ft3">fösta stycket eller 3 §, eller</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft3">f) 23 kap. 2 § första stycket eller</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td231"><P class="p345 ft3">föreskrifter</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p22 ft3">som</P></TD>
<TD colspan=4 class="tr26 td150"><P class="p656 ft26">meddelats</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p20 ft3">med</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td256"><P class="p345 ft3">stöd av</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p154 ft26">23 kap.</P></TD>
<TD colspan=5 class="tr26 td22"><P class="p174 ft3">15 § 1, eller</P></TD>
<TD class="tr26 td17"><P class="p20 ft3">inte</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">har följt en begäran, ett före-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">läggande eller ett beslut som med-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td104"><P class="p345 ft3">delats</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p185 ft26">av</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td138"><P class="p20 ft26">Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td104"><P class="p345 ft3">enligt</P></TD>
<TD colspan=3 class="tr25 td191"><P class="p71 ft26">23 kap.</P></TD>
<TD colspan=2 class="tr25 td13"><P class="p73 ft3">2 §</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p216 ft3">tredje</P></TD>
<TD colspan=3 class="tr25 td15"><P class="p20 ft3">stycket,</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td282"><P class="p345 ft3">3 § första stycket,</P></TD>
<TD colspan=3 class="tr26 td119"><P class="p73 ft3">3 a eller</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p20 ft3">3 b §</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">eller har motsatt sig en</P></TD>
</TR>
<TR>
<TD class="tr31 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr31 td276"><P class="p345 ft3">undersökning enligt 23 kap. 4 §.</P></TD>
</TR>
<TR>
<TD class="tr47 td228"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td104"><P class="p345 ft3">15 b §</P></TD>
<TD class="tr47 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td250"><P class="p361 ft3">Finansinspektionen</P></TD>
<TD class="tr25 td35"><P class="p86 ft26">ska</P></TD>
<TD colspan=3 class="tr25 td15"><P class="p20 ft3">ingripa</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">mot en sådan person som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">15 a §, om företaget har åsidosatt</P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p345 ft3">sina skyldigheter enligt förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft3">ningen om marknader för finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td323"><P class="p345 ft3">siella instrument genom att</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td276"><P class="p361 ft3">1. inte offentliggöra, tillgänglig-</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td276"><P class="p345 ft26">göra eller tillhandahålla uppgifter</P></TD>
</TR>
<TR>
<TD class="tr26 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td94"><P class="p345 ft26">eller uppfylla kraven enligt</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td228"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td94"><P class="p361 ft3">– artikel 3.1 eller 3.3,</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td228"><P class="p404 ft2">150</P></TD>
<TD colspan=9 class="tr27 td323"><P class="p361 ft3">– artikel 4.3 första stycket,</P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td17"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_151">
<DIV>
<DIV id="id_1">
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 6,</SPAN></P>
<P class="p277 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">artikel 7.1 tredje stycket första meningen,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 8.1, 8.3 eller 8.4,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 10,</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">artikel 11.1 tredje stycket första meningen eller 11.3 tredje stycket,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 12.1,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 13.1,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 14.1, 14.2 första meningen eller 14.3 andra, tredje eller fjärde meningen,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 15.1 första eller tredje stycket, 15.2 eller 15.4 andra meningen,</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 17.1 andra meningen,</SPAN></P>
<P class="p277 ft45"><SPAN class="ft3">–</SPAN><SPAN class="ft46">artikel 18.1, 18.2, 18.5 första meningen, 18.6 första stycket, 18.8 eller 18.9,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 20.1 eller 20.2 första meningen, eller</SPAN></P>
<P class="p143 ft3"><SPAN class="ft3">–</SPAN><SPAN class="ft47">artikel 21.1, 21.2 eller 21.3,</SPAN></P>
<P class="p181 ft3"><SPAN class="ft3">2.</SPAN><SPAN class="ft50">inte tillhandahålla uppgifter till Finansinspektionen eller lagra uppgifter enligt artikel 22.2,</SPAN></P>
<P class="p169 ft26"><SPAN class="ft26">3.</SPAN><SPAN class="ft85">inte genomföra transaktioner på en reglerad marknad, en MTF- plattform, en marknad utanför EES som enligt beslut av Europeiska kommissionen bedömts vara likvärdig med en reglerad marknad eller via en systematisk intern- handlare enligt artikel 23.1 eller genom att driva ett internt match- ningssystem på multilateral basis utan auktorisation enligt artikel 23.2,</SPAN></P>
<P class="p657 ft45"><SPAN class="ft3">4.</SPAN><SPAN class="ft56">inte föra register eller hålla uppgifter tillgängliga enligt artikel 25.1 eller 25.2, eller</SPAN></P>
<P class="p181 ft45"><SPAN class="ft3">5.</SPAN><SPAN class="ft56">inte rapportera uppgifter om utförda transaktioner till Finans- inspektionen enligt artikel 26.1 första stycket, 26.2, 26.3, 26.4, 26.5, 26.6 första stycket eller 26.7 första, andra, tredje, fjärde eller åttonde stycket.</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">151</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_152">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p658 ft2">Om ett utländskt företag som har tillstånd att driva en reglerad marknad eller clearingverksamhet från filial i Sverige har överträtt en bestämmelse i denna lag eller andra författningar som reglerar företagets verksamhet i Sverige, gäller 1 <SPAN class="ft3">och </SPAN>2 §§.</P>
<P class="p659 ft2">Om ett utländskt företag som driver en reglerad marknad i ett annat land inom EES när det vidtar åtgärder i Sverige för att underlätta för deltagare på distans att få tillträde till den reglerade mark- naden, överträder denna lag eller en föreskrift som meddelats med stöd av lagen, <SPAN class="ft3">skall </SPAN>det som <SPAN class="ft3">sägs </SPAN>i 13 § om utländska värdepappers- företag gälla även för företaget.</P>
</DIV>
<DIV id="id_1_2">
<P class="p660 ft3">15 c §</P>
<P class="p661 ft3">Ett ingripande enligt 15 a eller 15 b § får göras endast om före- tagets överträdelse är allvarlig och personen i fråga uppsåtligen eller av grov oaktsamhet orsakat överträdelsen.</P>
<P class="p662 ft51">Ingripande görs genom beslut om sanktionsavgift.</P>
<P class="p330 ft2">16 §</P>
<P class="p663 ft2">Om ett utländskt företag som har tillstånd att driva en reglerad marknad eller clearingverksamhet från filial i Sverige har överträtt en bestämmelse i denna lag eller andra författningar som reglerar företagets verksamhet i Sverige, gäller 1<SPAN class="ft3">, </SPAN>2<SPAN class="ft3">, 2 a, 8, 9 och 10 </SPAN>§§.</P>
<P class="p664 ft2">Om ett utländskt företag som driver en reglerad marknad i ett annat land inom EES när det vidtar åtgärder i Sverige för att underlätta för deltagare på distans att få tillträde till den reglerade mark- naden, överträder denna lag eller en föreskrift som meddelats med stöd av lagen, <SPAN class="ft3">ska </SPAN>det som <SPAN class="ft3">anges </SPAN>i 13 § om utländska värdepappers- företag gälla även för företaget.</P>
</DIV>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr42 td53"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td173"><P class="p37 ft2">17 §<SPAN class="ft24">27</SPAN></P></TD>
<TD class="tr42 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">Om någon driver sådan verk-</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">Om någon driver sådan verk-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">samhet som omfattas av denna lag</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">samhet som omfattas av denna lag</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p106 ft2">utan att vara berättigad till det, ska</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p30 ft2">utan att vara berättigad till det, ska</P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td78"><P class="p106 ft2">förelägga</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2">Finansinspektionen <SPAN class="ft3">ingripa genom</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">denne att upphöra med verksam-</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft2"><SPAN class="ft3">att </SPAN>förelägga denne att upphöra</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p106 ft2">heten. Detsamma gäller om någon</P></TD>
<TD class="tr25 td163"><P class="p23 ft2">med</P></TD>
<TD class="tr25 td46"><P class="p23 ft2">verksamheten <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td25"><P class="p20 ft3">genom</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">i handel med finansiella instrument</P></TD>
<TD class="tr26 td163"><P class="p23 ft3">beslut</P></TD>
<TD class="tr26 td46"><P class="p44 ft3">om sanktionsavgift</P></TD>
<TD class="tr26 td25"><P class="p20 ft3">enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p23 ft2">använder beteckningen</P></TD>
<TD class="tr26 td78"><P class="p106 ft2">börs utan</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p20 ft3">bestämmelserna i detta kapitel<SPAN class="ft2">.</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p106 ft2">att ha tillstånd att driva en reglerad</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">Detsamma gäller om någon i</P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p23 ft2">marknad.</P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td130"><P class="p30 ft2">handel med finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr30 td53"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td78"><P class="p23 ft34"> </P></TD>
<TD colspan=3 class="tr30 td130"><P class="p20 ft14">använder beteckningen börs utan</P></TD>
</TR>
</TABLE>
<P class="p665 ft2">att ha tillstånd att driva en reglerad marknad.</P>
<P class="p666 ft42">Om det är osäkert om lagen är tillämplig på en viss verksamhet, får inspektionen förelägga den som driver verksamheten att lämna de upp-</P>
<P class="p667 ft37"><SPAN class="ft43">27 </SPAN>Senaste lydelse 2015:186. Ändringen innebär bl.a. att fjärde stycket tas bort.</P>
<P class="p19 ft2">152</P>
</DIV>
</DIV>
<DIV id="page_153">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">lysningar om verksamheten som inspektionen behöver för att bedöma om så är fallet.</P>
<P class="p181 ft2">Ett föreläggande enligt denna paragraf som avser ett utländskt företag får riktas mot såväl företaget som den som i Sverige är verksam för före- tagets räkning.</P>
<P class="p668 ft45">Finansinspektionen får även in- gripa mot någon som driver värde- pappersrörelse utan att vara be- rättigad till det, genom beslut om sanktionsavgift enligt bestäm- melserna i detta kapitel.</P>
<P class="p669 ft88">Ingripande mot den som överträder en positionslimit</P>
<P class="p670 ft3">17 a §</P>
<P class="p671 ft26">Om någon överträder en posi- tionslimit som har fastställts av Finansinspektionen, eller av en behörig myndighet i ett annat land inom EES med stöd av nationella bestämmelser som i det landet genomför artikel 57 i direktivet om marknader för finansiella instru- ment, ska Finansinspektionen in- gripa genom att förelägga denne att inom viss tid vidta en viss åt- gärd för att komma till rätta med situationen eller genom beslut om sanktionsavgift enligt bestämmel- serna i detta kapitel.</P>
<P class="p672 ft54">Betalningssäkring</P>
<P class="p673 ft3">28 a §</P>
<P class="p674 ft3">För att säkerställa betalning av en sanktionsavgift på grund av en överträdelse enligt denna lag får egendom som tillhör den som är betalningsskyldig tas i anspråk (betalningssäkring).</P>
<P class="p675 ft45">Betalningssäkring får beslutas bara om</P>
<P class="p674 ft3">1. det finns en påtaglig risk för att den fysiska eller juridiska personen genom att avvika, skaffa undan egendom eller förfara på annat sätt undandrar sig att betala avgiften, och</P>
<P class="p480 ft51">2. betalningsskyldigheten avser ett betydande belopp.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">153</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_154">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td155"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=4 class="tr24 td130"><P class="p20 ft3">Om sanktionsavgift inte har be-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">slutats, får betalningssäkring be-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">slutas bara om det är sannolikt att</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">så kommer att ske. En betalnings-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">säkring får inte avse ett högre</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">belopp än det belopp sanktions-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">avgiften sannolikt kommer att fast-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td175"><P class="p23 ft3">ställas till.</P></TD>
<TD class="tr25 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td75"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">Ett beslut om betalningssäkring</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">får fattas bara om skälen för be-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">slutet uppväger det intrång eller</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">men i övrigt som beslutet innebär</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">för den som beslutet gäller eller</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft3">för</P></TD>
<TD class="tr25 td117"><P class="p44 ft3">något</P></TD>
<TD class="tr25 td15"><P class="p59 ft3">annat</P></TD>
<TD class="tr25 td75"><P class="p20 ft3">motstående</P></TD>
</TR>
<TR>
<TD class="tr27 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td175"><P class="p23 ft3">intresse.</P></TD>
<TD class="tr27 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td75"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td175"><P class="p23 ft3">28 b §</P></TD>
<TD class="tr46 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td75"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">Beslut om betalningssäkring en-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft3">ligt</P></TD>
<TD colspan=2 class="tr26 td237"><P class="p23 ft3">28 a § fattas av</P></TD>
<TD class="tr26 td75"><P class="p20 ft3">den förvalt-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">ningsrätt som är behörig att pröva</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">ett överklagande av Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">tionens beslut om sanktionsavgift.</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td130"><P class="p23 ft3">En ansökan om betalningssäkring</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">ska göras av Finansinspektionen.</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p20 ft3">I fråga om en sådan ansökan ska</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td178"><P class="p23 ft3">46 kap. <NOBR>9–13</NOBR> §§ och</P></TD>
<TD class="tr25 td75"><P class="p20 ft3">14 § första</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">stycket 1 och andra stycket första</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">meningen samt <NOBR>20–22</NOBR> §§ skatteför-</P></TD>
</TR>
<TR>
<TD class="tr25 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td175"><P class="p23 ft3">farandelagen</P></TD>
<TD colspan=2 class="tr25 td176"><P class="p20 ft3">(2011:1244) tilläm-</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft26">pas. Vid tillämpningen ska det som</P></TD>
</TR>
<TR>
<TD class="tr26 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td130"><P class="p23 ft3">anges där om Skatteverket gälla</P></TD>
</TR>
<TR>
<TD class="tr31 td155"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr31 td178"><P class="p23 ft3">Finansinspektionen.</P></TD>
<TD class="tr31 td75"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p676 ft3">28 c §</P>
<P class="p677 ft3">Vid prövning av verkställighet av ett beslut om betalningssäkring ska 69 kap. <NOBR>13–18</NOBR> §§ och 71 kap. 1 § första stycket skatteförfarande- lagen (2011:1244) tillämpas. Vid tillämpningen ska det som anges där om Skatteverket gälla Finans- inspektionen.</P>
<P class="p678 ft2">154</P>
</DIV>
<DIV id="page_155">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td197"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td167"><P class="p83 ft25">26 kap.</P></TD>
<TD class="tr24 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td53"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td167"><P class="p83 ft27">1 §<SPAN class="ft102">28</SPAN></P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=11 class="tr26 td186"><P class="p39 ft2">Finansinspektionens beslut enligt 23 kap. 11 § och 25 kap. 10 a §, 17 §</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td326"><P class="p23 ft2">andra stycket och 19 e § får inte överklagas.</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p39 ft2">Andra beslut som Finansinspek-</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p142 ft2">Andra beslut som Finansinspek-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">tionen meddelar enligt denna lag</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">tionen meddelar enligt denna lag</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">får överklagas till allmän förvalt-</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft26">eller enligt förordningen om mark-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p23 ft2">ningsdomstol. Detta gäller dock</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p142 ft26">nader för finansiella instrument <SPAN class="ft27">får</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">inte beslut i ärenden som avses i</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">överklagas till allmän förvalt-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">20 § första stycket 5 förvaltnings-</P></TD>
<TD colspan=3 class="tr26 td205"><P class="p23 ft2">ningsdomstol. Detta</P></TD>
<TD class="tr26 td52"><P class="p88 ft2">gäller</P></TD>
<TD colspan=2 class="tr26 td224"><P class="p142 ft2">dock</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td237"><P class="p23 ft2">lagen (1986:223).</P></TD>
<TD class="tr25 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td162"><P class="p142 ft2">inte beslut i ärenden som avses i</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">20 § första stycket 5 förvaltnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td205"><P class="p23 ft2">lagen (1986:223).</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=9 class="tr25 td328"><P class="p39 ft2">Prövningstillstånd krävs vid överklagande till kammarrätten.</P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=11 class="tr26 td186"><P class="p39 ft2">Finansinspektionen får bestämma att ett beslut om förbud, förelägg-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td326"><P class="p23 ft2">ande eller återkallelse ska gälla omedelbart.</P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td197"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td167"><P class="p83 ft27">2 §<SPAN class="ft102">29</SPAN></P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td53"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p39 ft2">Om</P></TD>
<TD colspan=3 class="tr26 td111"><P class="p1 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td72"><P class="p95 ft2">i ett</P></TD>
<TD class="tr26 td15"><P class="p39 ft2">Om</P></TD>
<TD colspan=3 class="tr26 td61"><P class="p23 ft2">Finansinspektionen</P></TD>
<TD class="tr26 td214"><P class="p70 ft2">i</P></TD>
<TD class="tr26 td53"><P class="p142 ft2">ett</P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft2">ärende</P></TD>
<TD class="tr25 td127"><P class="p1 ft2">om</P></TD>
<TD colspan=2 class="tr25 td121"><P class="p23 ft2">tillstånd enligt</P></TD>
<TD class="tr25 td72"><P class="p95 ft2">3 kap.</P></TD>
<TD class="tr25 td15"><P class="p23 ft2">ärende</P></TD>
<TD class="tr25 td35"><P class="p23 ft2">om</P></TD>
<TD class="tr25 td119"><P class="p23 ft2">tillstånd</P></TD>
<TD class="tr25 td52"><P class="p23 ft2">enligt</P></TD>
<TD colspan=2 class="tr25 td224"><P class="p142 ft2">3 kap.</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">1 § första stycket eller 12 kap. 2 §</P></TD>
<TD colspan=2 class="tr26 td75"><P class="p23 ft2">1 § första</P></TD>
<TD class="tr26 td119"><P class="p70 ft2">stycket<SPAN class="ft3">,</SPAN></P></TD>
<TD colspan=2 class="tr26 td73"><P class="p50 ft3">4 kap.</P></TD>
<TD class="tr26 td53"><P class="p142 ft3">4 §,</P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft2">inte</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p23 ft2">meddelar</P></TD>
<TD class="tr26 td197"><P class="p125 ft2">beslut</P></TD>
<TD class="tr26 td72"><P class="p95 ft2">inom</P></TD>
<TD colspan=5 class="tr26 td203"><P class="p23 ft2"><SPAN class="ft3">10 kap. 2 § </SPAN>eller 12 kap. 2 §</P></TD>
<TD class="tr26 td53"><P class="p142 ft2">inte</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p23 ft2">sex månader från det att ansökan</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p142 ft2">meddelar beslut inom sex månader</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">gavs in, ska inspektionen under-</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">från det att ansökan gavs in, ska</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">rätta sökanden om skälen för detta.</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">inspektionen underrätta sökanden</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td75"><P class="p23 ft2">Sökanden</P></TD>
<TD class="tr25 td74"><P class="p23 ft2">får</P></TD>
<TD class="tr25 td197"><P class="p23 ft2">därefter</P></TD>
<TD class="tr25 td72"><P class="p95 ft27">begära</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p142 ft2">om skälen för detta. Sökanden får</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft2">förklaring av domstol att ärendet</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">därefter begära förklaring av dom-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr30 td257"><P class="p23 ft14">onödigt uppehålls.</P></TD>
<TD class="tr30 td72"><P class="p23 ft34"> </P></TD>
<TD colspan=6 class="tr30 td162"><P class="p23 ft14">stol att ärendet onödigt uppehålls.</P></TD>
</TR>
</TABLE>
<P class="p144 ft2">Om Finansinspektionen inte lämnar över en underrättelse som avses i 5 kap. 2 § första stycket till behörig myndighet inom tre månader från det att underrättelsen togs emot och inte heller inom samma tid meddelar beslut enligt tredje stycket samma paragraf, ska inspektionen underrätta sökanden om skälen för detta. Sökanden får därefter begära förklaring av domstol att ärendet onödigt uppehålls.</P>
<P class="p144 ft4">En begäran om en förklaring som avses i första eller andra stycket ska göras hos allmän förvaltningsdomstol. Prövningstillstånd krävs vid överklagande till kammarrätten.</P>
<P class="p144 ft4">Om Finansinspektionen inte har meddelat ett beslut som avses i första stycket inom sex månader från det att en förklaring har lämnats, ska ansökan anses ha avslagits. Om en underrättelse som avses i andra stycket inte har lämnats över inom tre månader från det att en förklaring har lämnats, ska beslut enligt 5 kap. 2 § tredje stycket anses ha med- delats.</P>
<P class="p599 ft2">4 §</P>
<P class="p369 ft2">Den som är missnöjd med ett Den som är missnöjd med ett</P>
<P class="p679 ft37"><SPAN class="ft28">28</SPAN><SPAN class="ft105">Senaste lydelse 2015:960.</SPAN></P>
<P class="p116 ft39"><SPAN class="ft28">29</SPAN><SPAN class="ft106">Senaste lydelse 2013:109.</SPAN></P>
<P class="p596 ft2">155</P>
</DIV>
<DIV id="page_156">
<DIV id="dimg1">
<INGENBILD zsrc="H403162156x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p680 ft4">Prop. 2016/17:162 beslut av en börs att avslå en ansökan om inregistrering av ett överlåtbart värdepapper <SPAN class="ft45">enligt</SPAN></P>
<P class="p681 ft3"><SPAN class="ft2">1 kap. 4 § </SPAN>första stycket 2 a <SPAN class="ft2">eller </SPAN>b <SPAN class="ft2">får väcka talan mot börsen vid allmän domstol inom tre månader från dagen för beslutet. Detsamma gäller beslut av en börs att av- notera eller avregistrera ett finan- siellt instrument. Om talan inte väcks inom denna tid, är rätten till talan förlorad.</SPAN></P>
</DIV>
<DIV id="id_1_2">
<P class="p116 ft4">beslut av en börs att avslå en ansökan om inregistrering av ett överlåtbart värdepapper <SPAN class="ft45">som avses i punkt 1 </SPAN>eller <SPAN class="ft45">2 i definitionen i</SPAN></P>
<P class="p116 ft2">1 kap. 4 § får väcka talan mot börsen vid allmän domstol inom tre månader från dagen för be- slutet. Detsamma gäller beslut av en börs att avnotera eller av- registrera ett finansiellt instrument. Om talan inte väcks inom denna tid, är rätten till talan förlorad.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p537 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">Denna lag träder i kraft den 3 januari 2018.</SPAN></P>
<P class="p682 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">Äldre bestämmelser gäller för överträdelser som ägt rum före ikraft- trädandet.</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">Finansinspektionen får ta ut avgifter även före lagens ikraftträdande för ansökningar, anmälningar och underrättelser enligt denna lag och förordningen om marknader för finansiella instrument, när sådana ansök- ningar, anmälningar eller underrättelser har kommit in till inspektionen före lagens ikraftträdande.</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">En </SPAN><NOBR>CTP-leverantör</NOBR> behöver före den 3 september 2019 inte uppfylla kraven i 10 kap. 8 § när det gäller information som offentliggjorts i enlig- het med artiklarna 10 och 21 i förordningen om marknader för finansiella instrument.</P>
<P class="p682 ft4"><SPAN class="ft2">5.</SPAN><SPAN class="ft48">Finansinspektionen får bevilja undantag från Europaparlamentets och rådets förordning (EU) nr 648/2012 till och med den 3 juli 2021 i fråga om</SPAN></P>
<P class="p575 ft2">a) tillämpningen av clearingkrav enligt artikel 4 och riskhanterings- förfaranden enligt artikel 11.3 på <NOBR>C6-energiderivatkontrakt</NOBR> som har ingåtts av en <NOBR>icke-finansiell</NOBR> motpart som uppfyller villkoren i artikel 10.1 eller en <NOBR>icke-finansiell</NOBR> motpart som är ett svenskt aktiebolag och som för första gången får tillstånd att driva värdepappersrörelse enligt 2 kap. 1 § efter den 2 januari 2018, och</P>
<P class="p654 ft42">b) att sådana <NOBR>C6-energiderivatkontrakt</NOBR> betraktas som <NOBR>OTC-derivat-</NOBR> kontrakt när det gäller tröskelvärde för clearing enligt artikel 10.</P>
<P class="p683 ft2">156</P>
</DIV>
</DIV>
<DIV id="page_157">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR height=0>
<TD width=41px></TD>
<TD width=163px></TD>
<TD width=202px></TD>
<TD width=99px></TD>
</TR>
<TR>
<TD class="tr45 td139"><P class="p23 ft21">2.3</P></TD>
<TD colspan=2 class="tr45 td20"><P class="p21 ft21">Förslag till lag om ändring i lagen (1991:980)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td20"><P class="p21 ft21">om handel med finansiella instrument</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr42 td134"><P class="p39 ft2">Härigenom föreskrivs<SPAN class="ft24">1 </SPAN>att 1 kap. 1 §, 4 kap. 17 § och 6 kap. 1 e, 3 b och</P></TD>
<TD class="tr42 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td134"><P class="p23 ft2">3 f §§ lagen (1991:980) om handel med finansiella instrument<SPAN class="ft24">2 </SPAN>ska ha</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td234"><P class="p23 ft2">följande lydelse.</P></TD>
<TD class="tr31 td180"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td234"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr46 td180"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p684 ft25">1 kap.</P>
<P class="p685 ft2">1 §<SPAN class="ft24">3</SPAN></P>
<P class="p492 ft2">I denna lag betyder</P>
<P class="p93 ft3">aktierelaterat överlåtbart värdepapper<SPAN class="ft2">:</SPAN></P>
<P class="p102 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">aktie och överlåtbart värdepapper som kan jämställas med aktie, såsom interimsbevis, fondaktierätt och teckningsrätt, samt</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">överlåtbart värdepapper, såsom konvertibel där emittenten har rätt att begära konvertering och teckningsoption, som ger rätt att förvärva sådant värdepapper som avses i 1 genom konvertering eller utövande av annan rättighet som värdepapperet är bärare av, om värdepapperet ut- färdats av emittenten av den aktie som rättigheten hänför sig till eller av ett bolag som ingår i samma koncern som den emittenten,</SPAN></P>
<P class="p11 ft4"><SPAN class="ft45">anmält avvecklingssystem</SPAN>: det som anges i 2 § lagen (1999:1309) om system för avveckling av förpliktelser på finansmarknaden,</P>
<P class="p241 ft2"><SPAN class="ft3">budgivare</SPAN>: den som lämnar ett offentligt uppköpserbjudande,</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr31 td77"><P class="p95 ft2"><SPAN class="ft53">börs</SPAN>: det som anges i 1 kap.</P></TD>
<TD class="tr31 td76"><P class="p20 ft2"><SPAN class="ft53">börs</SPAN>: det som anges i 1 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2"><SPAN class="ft3">5 § 3 </SPAN>lagen (2007:528) om värde-</P></TD>
<TD class="tr26 td76"><P class="p20 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">pappersmarknaden och sådant ut-</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">pappersmarknaden och sådant ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p95 ft2">ländskt företag som har tillstånd</P></TD>
<TD class="tr25 td76"><P class="p20 ft2">ländskt företag som har tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">att driva en reglerad marknad från</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">att driva en reglerad marknad från</P></TD>
</TR>
<TR>
<TD class="tr30 td77"><P class="p686 ft14">filial i Sverige,</P></TD>
<TD class="tr30 td76"><P class="p342 ft14">filial i Sverige,</P></TD>
</TR>
</TABLE>
<P class="p93 ft2"><SPAN class="ft3">EES</SPAN>: Europeiska ekonomiska samarbetsområdet,</P>
<P class="p11 ft2"><SPAN class="ft3">emissionsprogram</SPAN>: ett program för utgivning av icke aktierelaterade överlåtbara värdepapper av likartad sort eller kategori, fortlöpande eller vid upprepade tillfällen under en särskilt angiven emissionsperiod,</P>
<P class="p11 ft4"><SPAN class="ft45">emittent</SPAN>: i fråga om aktier aktiebolaget och i fråga om annat finansiellt instrument utgivaren eller utfärdaren av instrumentet,</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr27 td77"><P class="p95 ft3"><SPAN class="ft53">finansiellt instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
<TD class="tr27 td76"><P class="p39 ft3"><SPAN class="ft53">finansiella instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p95 ft2">anges i 1 kap. 4 § <SPAN class="ft3">första stycket 1</SPAN></P></TD>
<TD class="tr26 td76"><P class="p23 ft2">anges i 1 kap. 4 § lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr30 td77"><P class="p687 ft14">lagen om värdepappersmarknaden,</P></TD>
<TD class="tr30 td76"><P class="p23 ft14">pappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p11 ft4"><SPAN class="ft45">företag med begränsat börsvärde</SPAN>: ett företag vars överlåtbara värde- papper är upptagna till handel på en reglerad marknad och som har ett genomsnittligt börsvärde på mindre än 100 miljoner euro beräknat på slutkursen för de tre föregående kalenderåren,</P>
<P class="p688 ft44"><SPAN class="ft28">1</SPAN><SPAN class="ft112">Jfr Europaparlamentets och rådets direktiv 2004/109/EG om harmonisering av insyns- kraven angående upplysningar om emittenter vars värdepapper är upptagna till handel på en reglerad marknad och om ändring av direktiv 2001/34/EG, i lydelsen enligt Europaparla- mentets och rådets direktiv 2013/50/EU.</SPAN></P>
<P class="p689 ft37"><SPAN class="ft28">2</SPAN><SPAN class="ft36">Lagen omtryckt 1992:558.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">3</SPAN><SPAN class="ft38">Senaste lydelse 2016:714.</SPAN></P>
<P class="p13 ft2">157</P>
</DIV>
<DIV id="page_158">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td77"><P class="p125 ft3"><SPAN class="ft53">kvalificerade investerare</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr24 td130"><P class="p294 ft3"><SPAN class="ft53">kvalificerade investerare</SPAN><SPAN class="ft2">:</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p125 ft2">1. kund som avses i <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">16 </SPAN>§</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">1. kund som avses i <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">4 </SPAN>§</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">lagen om värdepappersmarknaden,</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">lagen om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">om inte denna kund har begärt att</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">om inte denna kund har begärt att</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">bli behandlad som en <NOBR>icke-pro-</NOBR></P></TD>
<TD class="tr25 td130"><P class="p20 ft2">bli behandlad som en <NOBR>icke-pro-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft2">fessionell kund,</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft2">fessionell kund,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p125 ft2">2. kund som avses i <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">17 </SPAN>§</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">2. kund som avses i <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">5 </SPAN>§</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">lagen om värdepappersmarknaden,</P></TD>
<TD class="tr25 td130"><P class="p23 ft2">lagen om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p125 ft2">3. enhet som avses i <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">19 </SPAN>§</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">3. enhet som avses i <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">7 </SPAN>§</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">lagen om värdepappersmarknaden,</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">lagen om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">om inte denna enhet har begärt att</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">om inte denna enhet har begärt att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">bli behandlad som en <NOBR>icke-pro-</NOBR></P></TD>
<TD class="tr26 td130"><P class="p20 ft2">bli behandlad som en <NOBR>icke-pro-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft2">fessionell kund, samt</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft2">fessionell kund, samt</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p125 ft2">4. kund som avses i punkten 13 i ikraftträdande- och övergångs-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">bestämmelserna till lagen om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2"><SPAN class="ft3">marknadsmissbruksförordningen</SPAN>: Europaparlamentets och rådets för-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">ordning (EU) nr 596/2014 av den 16 april 2014 om marknadsmissbruk</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">(marknadsmissbruksförordning) och om upphävande av Europaparla-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">mentets och rådets direktiv 2003/6/EG och kommissionens direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">2003/124/EG, 2003/125/EG och 2004/72/EG,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2"><SPAN class="ft3">målbolag</SPAN>: bolag till vars aktieägare ett offentligt uppköpserbjudande</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft2">lämnas,</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p125 ft2"><SPAN class="ft3">nyckelinformation</SPAN>: väsentlig och väl strukturerad information som ska</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">lämnas till investerare med följande innehåll:</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2">1. en kortfattad redogörelse för väsentliga uppgifter om och risker för-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">enade med emittenten och eventuell garant, innefattande tillgångar,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">skulder och finansiell ställning,</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2">2. en kortfattad redogörelse för väsentliga uppgifter om och risker för-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">enade med investeringen i värdepapperet, innefattande eventuella rättig-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">heter förenade med värdepapperet,</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2">3. erbjudandets allmänna villkor, inklusive en uppskattning av de kost-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">nader som emittenten eller erbjudaren tar ut av investeraren,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2">4. närmare upplysningar om upptagandet till handel, och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2">5. motiven för erbjudandet och användningen av de medel som</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td188"><P class="p23 ft2">emissionen tillför,</P></TD>
<TD class="tr25 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2"><SPAN class="ft3">offentligt uppköpserbjudande</SPAN>: ett offentligt erbjudande till innehavare</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">av aktier som har getts ut av ett svenskt eller utländskt bolag att överlåta</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">samtliga eller en del av dessa aktier till budgivaren,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td77"><P class="p125 ft3"><SPAN class="ft53">penningmarknadsinstrument</SPAN><SPAN class="ft2">: det</SPAN></P></TD>
<TD class="tr26 td130"><P class="p20 ft3"><SPAN class="ft53">penningmarknadsinstrument</SPAN><SPAN class="ft2">: det</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft2">som anges i 1 kap.</P></TD>
<TD class="tr26 td22"><P class="p23 ft3"><SPAN class="ft2">4 § </SPAN>första</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">som anges i 1 kap. 4 § lagen om</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2"><SPAN class="ft3">stycket 3 </SPAN>lagen om värdepappers-</P></TD>
<TD class="tr25 td130"><P class="p23 ft2">värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft2">marknaden,</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2"><SPAN class="ft3">prospektdirektivet</SPAN>: Europaparlamentets och rådets direktiv 2003/71/EG</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">av den 4 november 2003 om de prospekt som skall offentliggöras när</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">värdepapper erbjuds till allmänheten eller tas upp till handel och om</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">ändring av direktiv 2001/34/EG, i lydelsen enligt Europaparlamentets</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">och rådets direktiv 2013/50/EU,</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p125 ft2"><SPAN class="ft3">prospektförordningen</SPAN>: kommissionens förordning (EG) nr 809/2004 av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">den 29 april 2004 om genomförande av Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td235"><P class="p23 ft2">direktiv 2003/71/EG i fråga om informationen i prospekt, utformningen</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">158</P></TD>
<TD class="tr27 td188"><P class="p23 ft2">av dessa, införlivande</P></TD>
<TD colspan=2 class="tr27 td302"><P class="p20 ft2">genom hänvisning samt offentliggörande av</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_159">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD colspan=2 class="tr2 td186"><P class="p23 ft2">prospekt och spridning av annonser, i lydelsen enligt kommissionens Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">delegerade förordning (EU) 2015/1604,</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p39 ft3"><SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: det som an-</SPAN></P></TD>
<TD class="tr26 td162"><P class="p142 ft3"><SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: det som an-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">ges i 1 kap. <SPAN class="ft3">5 § 20 </SPAN>lagen om värde-</P></TD>
<TD class="tr26 td162"><P class="p142 ft2">ges i 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD class="tr26 td162"><P class="p690 ft2">pappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft3">samverkande system</SPAN>: det som anges i 2 § lagen om system för avveck- ling av förpliktelser på finansmarknaden,</P>
<P class="p11 ft2"><SPAN class="ft3">öppenhetsdirektivet</SPAN>: Europaparlamentets och rådets direktiv 2004/109/EG av den 15 december 2004 om harmonisering av insyns- kraven angående upplysningar om emittenter vars värdepapper är upp- tagna till handel på en reglerad marknad och om ändring av direktiv 2001/34/EG, i lydelsen enligt Europaparlamentets och rådets direktiv 2013/50/EU, och</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr33 td121"><P class="p39 ft53">överlåtbart</P></TD>
<TD class="tr33 td46"><P class="p95 ft3"><SPAN class="ft53">värdepapper</SPAN><SPAN class="ft2">: det</SPAN></P></TD>
<TD class="tr33 td76"><P class="p20 ft3"><SPAN class="ft53">överlåtbara värdepapper</SPAN><SPAN class="ft2">: det</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td121"><P class="p23 ft2">som anges i</P></TD>
<TD class="tr26 td46"><P class="p95 ft2">1 kap. 4 § <SPAN class="ft3">första</SPAN></P></TD>
<TD class="tr26 td76"><P class="p20 ft2">som anges i 1 kap. 4 § lagen om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p95 ft2"><SPAN class="ft3">stycket 2 </SPAN>lagen om värdepappers-</P></TD>
<TD class="tr26 td76"><P class="p691 ft2">värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr31 td121"><P class="p23 ft2">marknaden.</P></TD>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td76"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p684 ft25">4 kap.</P>
<P class="p692 ft2">17 §<SPAN class="ft24">4</SPAN></P>
<P class="p102 ft4">Ett moderföretag till ett värdepappersinstitut som har tillstånd enligt 2 kap. 1 § 4 lagen (2007:528) om värdepappersmarknaden behöver inte lägga samman sitt innehav av aktier med innehav av aktier som värde- pappersinstitutet förvaltar för enskilda kunder, om värdepappersinstitutet</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR height=0>
<TD width=62px></TD>
<TD width=15px></TD>
<TD width=63px></TD>
<TD width=30px></TD>
<TD width=27px></TD>
<TD width=37px></TD>
<TD width=15px></TD>
<TD width=25px></TD>
<TD width=36px></TD>
<TD width=26px></TD>
<TD width=38px></TD>
<TD width=19px></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td242"><P class="p184 ft2">1. bara får utnyttja rösträtten för</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">1. bara får utnyttja rösträtten för</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">aktierna enligt skriftliga instruk-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">aktierna enligt skriftliga instruk-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td242"><P class="p184 ft2">tioner eller ser till att individuella</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">tioner eller ser till att individuella</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">portföljförvaltningstjänster utförs</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">portföljförvaltningstjänster utförs</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">oberoende av alla andra tjänster</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">oberoende av alla andra tjänster och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td242"><P class="p184 ft2">och i enlighet med 8 kap. <SPAN class="ft3">1, </SPAN>10 och</P></TD>
<TD colspan=5 class="tr25 td164"><P class="p57 ft2">i enlighet med 8 kap.</P></TD>
<TD class="tr25 td170"><P class="p80 ft2">10 <SPAN class="ft3">§</SPAN></P></TD>
<TD class="tr25 td71"><P class="p20 ft27">och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2"><NOBR><SPAN class="ft3">21–23</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§ lagen om värdepappers-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft3">9 kap. 1, 9, 10, <NOBR>13–16,</NOBR> 18, 19 och</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td1"><P class="p23 ft2">marknaden, och</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2"><NOBR><SPAN class="ft3">21–23</SPAN></NOBR><SPAN class="ft3"> </SPAN>§§ lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td126"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td111"><P class="p57 ft2">marknaden, och</P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=11 class="tr26 td329"><P class="p39 ft2">2. utnyttjar rösträtten för aktierna oberoende av moderföretaget.</P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">Första stycket ska också tilläm-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">Första stycket ska också tilläm-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td242"><P class="p184 ft2">pas på ett moderföretag till ett</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">pas på ett moderföretag till ett</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">utländskt värdepappersföretag som</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">utländskt värdepappersföretag som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">avses i 4 kap. 1 § lagen om värde-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">avses i 4 kap. 1 § lagen om värde-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td242"><P class="p184 ft2">pappersmarknaden som har till-</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">pappersmarknaden som har till-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">stånd att tillhandahålla sådan port-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">stånd att tillhandahålla sådan port-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft2">följförvaltning som avses i artikel</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">följförvaltning som avses i artikel</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td258"><P class="p23 ft2"><SPAN class="ft3">4.1.9 </SPAN>i Europaparlamentets</P></TD>
<TD class="tr25 td127"><P class="p184 ft27">och</P></TD>
<TD class="tr25 td52"><P class="p57 ft3">4.1.8</P></TD>
<TD class="tr25 td6"><P class="p57 ft2">i</P></TD>
<TD colspan=4 class="tr25 td194"><P class="p57 ft2">Europaparlamentets</P></TD>
<TD class="tr25 td71"><P class="p20 ft27">och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft3"><SPAN class="ft2">rådets direktiv </SPAN>2004/39/EG av den</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft3"><SPAN class="ft2">rådets direktiv </SPAN>2014/65/EU av den</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td242"><P class="p184 ft3">21 april 2004 om marknader för</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p57 ft3">15 maj</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p23 ft3">2014 om</P></TD>
<TD colspan=2 class="tr26 td174"><P class="p23 ft3">marknader</P></TD>
<TD class="tr26 td71"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr25 td126"><P class="p23 ft3">finansiella</P></TD>
<TD colspan=2 class="tr25 td118"><P class="p44 ft3">instrument</P></TD>
<TD class="tr25 td74"><P class="p80 ft3">och</P></TD>
<TD class="tr25 td127"><P class="p184 ft3">om</P></TD>
<TD colspan=3 class="tr25 td190"><P class="p57 ft3">finansiella</P></TD>
<TD colspan=2 class="tr25 td126"><P class="p23 ft3">instrument</P></TD>
<TD class="tr25 td170"><P class="p109 ft26">och</P></TD>
<TD class="tr25 td71"><P class="p20 ft3">om</P></TD>
</TR>
<TR>
<TD class="tr26 td126"><P class="p23 ft3">ändring</P></TD>
<TD class="tr26 td6"><P class="p23 ft3">av</P></TD>
<TD class="tr26 td150"><P class="p175 ft3">rådets</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p184 ft3">direktiv</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p57 ft3">ändring</P></TD>
<TD class="tr26 td95"><P class="p50 ft3">av</P></TD>
<TD colspan=4 class="tr26 td46"><P class="p20 ft3">direktiv 2002/92/EG</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td190"><P class="p23 ft3">85/611/EEG</P></TD>
<TD colspan=2 class="tr31 td84"><P class="p80 ft3">och 93/6/EEG</P></TD>
<TD class="tr31 td127"><P class="p184 ft26">och</P></TD>
<TD class="tr31 td52"><P class="p57 ft3">och</P></TD>
<TD class="tr31 td6"><P class="p23 ft3">av</P></TD>
<TD colspan=2 class="tr31 td87"><P class="p74 ft3">direktiv</P></TD>
<TD colspan=3 class="tr31 td43"><P class="p20 ft3">2011/61/EU<SPAN class="ft2">, </SPAN>i</P></TD>
</TR>
</TABLE>
<P class="p693 ft37"><SPAN class="ft43">4 </SPAN>Senaste lydelse 2009:352.</P>
<P class="p13 ft2">159</P>
</DIV>
<DIV id="page_160">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p680 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Europaparlamentets och rådets direktiv 2000/12/EG samt upp- hävande av rådets direktiv 93/22/EEG<SPAN class="ft2">, </SPAN>senast ändrat genom Europaparlamentets och rådets direktiv 2008/10/EG<SPAN class="ft2">, i fråga om aktier som värdepappersföretaget förvaltar för enskilda kunder. Det- samma gäller aktier som förvaltas av ett motsvarande utländskt värde- pappersföretag som inte har säte i en stat inom EES.</SPAN></P>
</DIV>
<DIV id="id_1_2">
<P class="p116 ft3">lydelsen enligt Europaparla- mentets och rådets direktiv (EU) 2016/1034<SPAN class="ft2">, i fråga om aktier som värdepappersföretaget förvaltar för enskilda kunder. Detsamma gäller aktier som förvaltas av ett mot- svarande utländskt värdepappers- företag som inte har säte i en stat inom EES.</SPAN></P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p694 ft25">6 kap.</P>
<P class="p695 ft2">1 e §<SPAN class="ft24">5</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=3 class="tr24 td234"><P class="p53 ft2">När ett prospekt är giltigt i</P></TD>
<TD colspan=3 class="tr24 td185"><P class="p20 ft2">När ett prospekt är giltigt i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td145"><P class="p23 ft2">Sverige enligt 2 kap. 36 §,</P></TD>
<TD class="tr26 td129"><P class="p53 ft2">ska</P></TD>
<TD class="tr26 td142"><P class="p23 ft2">Sverige enligt</P></TD>
<TD class="tr26 td202"><P class="p44 ft2">2 kap. 36 §,</P></TD>
<TD class="tr26 td62"><P class="p20 ft2">ska</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p53 ft2">Finansinspektionen underrätta den</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2">Finansinspektionen underrätta den</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p53 ft2">myndighet som har godkänt pro-</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">myndighet som har godkänt pro-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p53 ft2">spektet och Europeiska värde-</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">spektet och Europeiska värde-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p53 ft2">pappers- och marknadsmyndig-</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2">pappers- och marknadsmyndig-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p53 ft2">heten om emittenten eller ett</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">heten om emittenten eller ett</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p53 ft2">utländskt värdepappersföretag som</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">utländskt värdepappersföretag som</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p53 ft2">medverkar vid ett erbjudande av</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2">medverkar vid ett erbjudande av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft2">överlåtbara</P></TD>
<TD class="tr26 td67"><P class="p125 ft2">värdepapper</P></TD>
<TD class="tr26 td129"><P class="p53 ft2">till</P></TD>
<TD class="tr26 td142"><P class="p23 ft2">överlåtbara</P></TD>
<TD class="tr26 td202"><P class="p23 ft2">värdepapper</P></TD>
<TD class="tr26 td62"><P class="p20 ft2">till</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td234"><P class="p53 ft2">allmänheten har gjort sig skyldig</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">allmänheten har gjort sig skyldig</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td234"><P class="p53 ft2">till ekonomisk brottslighet eller har</P></TD>
<TD colspan=3 class="tr25 td185"><P class="p20 ft2">till ekonomisk brottslighet eller har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft2">överträtt</P></TD>
<TD class="tr26 td67"><P class="p23 ft2">bestämmelserna</P></TD>
<TD class="tr26 td129"><P class="p53 ft2">i</P></TD>
<TD colspan=3 class="tr26 td185"><P class="p20 ft2">överträtt bestämmelserna i 15 <SPAN class="ft3">och</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td145"><P class="p23 ft2"><NOBR>15<SPAN class="ft3">–</SPAN>18</NOBR> kap. lagen (2007:528)</P></TD>
<TD class="tr26 td129"><P class="p53 ft2">om</P></TD>
<TD colspan=2 class="tr26 td145"><P class="p23 ft2"><NOBR><SPAN class="ft3">16–</SPAN>18</NOBR> kap. lagen (2007:528)</P></TD>
<TD class="tr26 td62"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td145"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td145"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p575 ft2">Om emittenten eller det utländska värdepappersföretaget, trots de åt- gärder som vidtagits av den myndighet som godkänt prospektet, fort- sätter brottsligheten eller överträdelsen, får Finansinspektionen vidta åtgärd enligt 1 c och 1 d §§. Innan åtgärd vidtas ska inspektionen under- rätta den myndighet som har godkänt prospektet och Europeiska värde- pappers- och marknadsmyndigheten. Finansinspektionen ska också underrätta Europeiska kommissionen och Europeiska värdepappers- och marknadsmyndigheten så snart som möjligt om vidtagna åtgärder.</P>
<P class="p696 ft2">3 b §<SPAN class="ft24">6</SPAN></P>
<P class="p654 ft4">För en överträdelse som anges i 3 a § första stycket <NOBR>1–5</NOBR> ska sanktions- avgiften fastställas till lägst 50 000 kronor och högst 10 miljoner kronor.</P>
<P class="p575 ft2">För en överträdelse som anges i 3 a § första stycket 6 ska sanktionsav- giften fastställas till lägst 15 000 kronor och högst det högsta av</P>
<P class="p697 ft2">1. för en juridisk person:</P>
<TABLE cellpadding=0 cellspacing=0 class="t98">
<TR>
<TD class="tr25 td188"><P class="p30 ft33">5</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2012:378.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">6</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2015:958.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">160</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="page_161">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=2 class="tr24 td72"><P class="p39 ft2">a) ett</P></TD>
<TD colspan=2 class="tr24 td39"><P class="p23 ft2">belopp</P></TD>
<TD class="tr24 td95"><P class="p94 ft2">som</P></TD>
<TD class="tr24 td196"><P class="p39 ft2">per</P></TD>
<TD class="tr24 td25"><P class="p95 ft27">den</P></TD>
<TD class="tr24 td119"><P class="p39 ft2">a) ett</P></TD>
<TD colspan=2 class="tr24 td119"><P class="p59 ft2">belopp</P></TD>
<TD class="tr24 td25"><P class="p23 ft2">som</P></TD>
<TD class="tr24 td88"><P class="p23 ft2">per</P></TD>
<TD class="tr24 td188"><P class="p20 ft2">den Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td78"><P class="p23 ft2">26 november</P></TD>
<TD colspan=2 class="tr25 td189"><P class="p96 ft2">2013</P></TD>
<TD colspan=2 class="tr25 td118"><P class="p95 ft27">motsvarade</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p23 ft2">26 november 2013 <SPAN class="ft3">i kronor </SPAN>mot-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td120"><P class="p23 ft2">tio miljoner euro,</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td125"><P class="p23 ft2">svarade tio miljoner euro,</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p39 ft2">b) fem procent av den juridiska</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">b) fem procent av den juridiska</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td78"><P class="p23 ft2">personens</P></TD>
<TD colspan=4 class="tr25 td53"><P class="p95 ft2">omsättning närmast</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p23 ft2">personens omsättning <SPAN class="ft3">eller, i före-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td49"><P class="p23 ft2">föregående räkenskapsår,</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td162"><P class="p23 ft3">kommande fall, motsvarande om-</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td119"><P class="p23 ft3">sättning</P></TD>
<TD class="tr26 td17"><P class="p23 ft3">på</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p23 ft26">koncernnivå</P></TD>
<TD colspan=2 class="tr26 td217"><P class="p142 ft2">närmast</P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td49"><P class="p23 ft2">föregående räkenskapsår, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p39 ft2">c) två gånger den vinst som den</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">c) två gånger den vinst som den</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">juridiska personen <SPAN class="ft3">erhållit </SPAN>till följd</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p23 ft2">juridiska personen <SPAN class="ft3">gjort </SPAN>till följd</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">av regelöverträdelsen, om beloppet</P></TD>
<TD colspan=6 class="tr25 td162"><P class="p23 ft2">av regelöverträdelsen, om beloppet</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td42"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td120"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p39 ft3">d) två gånger de kostnader som</P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">den juridiska personen undvikit till</P></TD>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft3">följd</P></TD>
<TD class="tr26 td21"><P class="p23 ft3">av</P></TD>
<TD colspan=4 class="tr26 td179"><P class="p50 ft3">regelöverträdelsen,</P></TD>
<TD class="tr26 td25"><P class="p95 ft3">om</P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td49"><P class="p23 ft3">beloppet går att fastställa,</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td49"><P class="p39 ft2">2. för en fysisk person:</P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td72"><P class="p39 ft2">a) ett</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p23 ft2">belopp</P></TD>
<TD class="tr26 td95"><P class="p94 ft2">som</P></TD>
<TD class="tr26 td196"><P class="p39 ft2">per</P></TD>
<TD class="tr26 td25"><P class="p95 ft27">den</P></TD>
<TD class="tr26 td119"><P class="p39 ft2">a) ett</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p59 ft2">belopp</P></TD>
<TD class="tr26 td25"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">per</P></TD>
<TD class="tr26 td188"><P class="p142 ft27">den</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td78"><P class="p23 ft2">26 november</P></TD>
<TD colspan=2 class="tr26 td189"><P class="p96 ft2">2013</P></TD>
<TD colspan=2 class="tr26 td118"><P class="p95 ft27">motsvarade</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p23 ft2">26 november</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p32 ft2">2013 <SPAN class="ft3">i</SPAN></P></TD>
<TD colspan=2 class="tr26 td217"><P class="p142 ft3">kronor</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td120"><P class="p23 ft2">två miljoner euro,</P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td162"><P class="p23 ft2">motsvarade två miljoner euro, <SPAN class="ft3">eller</SPAN></P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p39 ft2">b) två gånger den vinst som den</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p142 ft2">b) två gånger den vinst som den</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p23 ft2">fysiska personen <SPAN class="ft3">erhållit </SPAN>till följd</P></TD>
<TD colspan=6 class="tr26 td162"><P class="p23 ft2">fysiska personen <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft2">av regelöverträdelsen, om beloppet</P></TD>
<TD colspan=3 class="tr25 td120"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD class="tr25 td25"><P class="p39 ft2">om</P></TD>
<TD colspan=2 class="tr25 td217"><P class="p142 ft2">beloppet</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td42"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td120"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td77"><P class="p39 ft3">c) två gånger de kostnader som</P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td77"><P class="p23 ft3">den fysiska personen undvikit till</P></TD>
<TD class="tr25 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft3">följd</P></TD>
<TD class="tr26 td21"><P class="p23 ft3">av</P></TD>
<TD colspan=4 class="tr26 td179"><P class="p50 ft3">regelöverträdelsen,</P></TD>
<TD class="tr26 td25"><P class="p95 ft3">om</P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td49"><P class="p23 ft3">beloppet går att fastställa.</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td188"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=13 class="tr26 td186"><P class="p39 ft2">För en överträdelse som anges i 3 a § första stycket 7 ska sanktions-</P></TD>
</TR>
</TABLE>
<P class="p19 ft2">avgiften fastställas enligt andra stycket 1.</P>
<P class="p144 ft4">Om överträdelsen som anges i 3 a § första stycket 6 eller 7 har skett under den juridiska personens första verksamhetsår eller om uppgifter om omsättningen annars saknas eller är bristfälliga, får omsättningen uppskattas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t99">
<TR>
<TD class="tr42 td154"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td77"><P class="p698 ft2">3 f §<SPAN class="ft24">7</SPAN></P></TD>
<TD class="tr42 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td154"><P class="p39 ft2">När sanktionsavgiftens</P></TD>
<TD class="tr26 td85"><P class="p95 ft2">storlek</P></TD>
<TD class="tr26 td154"><P class="p39 ft2">När sanktionsavgiftens</P></TD>
<TD class="tr26 td25"><P class="p20 ft2">storlek</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">fastställs, ska hänsyn tas till sådana</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p23 ft27">fastställs, ska hänsyn tas till sådana</P></TD>
</TR>
<TR>
<TD class="tr26 td154"><P class="p23 ft2">omständigheter som anges</P></TD>
<TD class="tr26 td85"><P class="p95 ft2">i 3 d</P></TD>
<TD class="tr26 td154"><P class="p23 ft2">omständigheter som anges</P></TD>
<TD class="tr26 td25"><P class="p20 ft2">i 3 d</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">och 3 e §§ samt till den juridiska</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p23 ft2">och 3 e §§ samt till den juridiska</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">eller fysiska personens finansiella</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p23 ft2">eller fysiska personens finansiella</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">ställning och, om det går att fast-</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p23 ft2">ställning och, om det går att fast-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">ställa, den vinst som den juridiska</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p23 ft2">ställa, den vinst som den juridiska</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">eller fysiska personen <SPAN class="ft3">erhållit </SPAN>till</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p23 ft2">eller fysiska personen <SPAN class="ft3">gjort </SPAN>till</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">följd av regelöverträdelsen <SPAN class="ft3">eller de</SPAN></P></TD>
<TD class="tr26 td154"><P class="p23 ft2">följd av regelöverträdelsen.</P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td154"><P class="p23 ft3">kostnader som undvikits<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr31 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td154"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td25"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p699 ft37"><SPAN class="ft43">7 </SPAN>Senaste lydelse 2015:958.</P>
<P class="p596 ft2">161</P>
</DIV>
<DIV id="page_162">
<DIV id="dimg1">
<INGENBILD zsrc="H403162162x1.jpg/" id="img1">
</DIV>
<P class="p621 ft2">Prop. 2016/17:162</P>
<P class="p700 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft48">Denna lag träder i kraft den 1 augusti 2017 i fråga om 6 kap. 3 b och 3 f §§ och i övrigt den 3 januari 2018.</SPAN></P>
<P class="p682 ft42"><SPAN class="ft2">2.</SPAN><SPAN class="ft41">Äldre bestämmelser gäller för överträdelser som ägt rum före ikraft- trädandet.</SPAN></P>
<P class="p327 ft2">162</P>
</DIV>
<DIV id="page_163">
<DIV id="dimg1">
<INGENBILD zsrc="H403162163x1.jpg/" id="img1">
</DIV>
<DIV id="tx1"><SPAN class="ft2">Bestämmelserna i 23 kap. 15 § 1, 25 kap. 1 §, 2 § </SPAN><SPAN class="ft3">andra stycket</SPAN><SPAN class="ft2">, </SPAN><NOBR><SPAN class="ft2">4–6,</SPAN></NOBR><SPAN class="ft2"> 17 och 29 §§ samt 26 kap. 1 § lagen (2007:528) om värdepappers- marknaden </SPAN><SPAN class="ft3">ska </SPAN><SPAN class="ft2">tillämpas även i fråga om pensionssparrörelse. Hänvis- ningarna till lagen om värdepappers- marknaden </SPAN><SPAN class="ft3">ska </SPAN><SPAN class="ft2">därvid i stället gälla denna lag.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR height=0>
<TD width=41px></TD>
<TD width=163px></TD>
<TD width=202px></TD>
<TD width=99px></TD>
</TR>
<TR>
<TD class="tr45 td139"><P class="p23 ft21">2.4</P></TD>
<TD colspan=2 class="tr45 td20"><P class="p21 ft21">Förslag till lag om ändring i lagen (1993:931)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td20"><P class="p21 ft21">om individuellt pensionssparande</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr36 td134"><P class="p39 ft2">Härigenom föreskrivs att 1 kap. 2 § och 7 kap. 2 § lagen (1993:931)</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td134"><P class="p23 ft2">om individuellt pensionssparande ska ha följande lydelse.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td234"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td180"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p684 ft25">1 kap.</P>
<P class="p685 ft2">2 §<SPAN class="ft24">1</SPAN></P>
<P class="p492 ft2">I denna lag betyder</P>
<P class="p241 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft50">pensionssparavtal</SPAN>: sådant avtal som anges i 1 §,</P>
<P class="p11 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft56">pensionssparrörelse</SPAN>: verksamhet som består i att erbjuda allmän- heten pensionssparavtal,</P>
<P class="p11 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft46">pensionssparinstitut</SPAN>: företag som har fått tillstånd att driva pensions- sparrörelse,</P>
<P class="p241 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft50">pensionssparare</SPAN>: en person som ingått pensionssparavtal,</P>
<P class="p241 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft50">pensionssparkonto</SPAN>: sådant konto som avses i 3 kap. 4 §,</P>
<P class="p701 ft27"><SPAN class="ft2">6.</SPAN><SPAN class="ft85">kontoinnehavare</SPAN>: pensionssparare och person som genom förmåns- tagarförordnande eller bodelning förvärvat rätt enligt ett pensionssparavtal,</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD colspan=2 class="tr27 td217"><P class="p39 ft3"><SPAN class="ft2">7. </SPAN><SPAN class="ft53">värdepappersinstitut</SPAN><SPAN class="ft2">: det</SPAN></P></TD>
<TD class="tr27 td196"><P class="p53 ft2">som</P></TD>
<TD class="tr27 td130"><P class="p20 ft3"><SPAN class="ft2">7. </SPAN><SPAN class="ft53">värdepappersinstitut</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td149"><P class="p23 ft2">anges i</P></TD>
<TD class="tr25 td237"><P class="p59 ft2">1 kap. <SPAN class="ft3">5 § 27</SPAN></P></TD>
<TD class="tr25 td196"><P class="p53 ft27">lagen</P></TD>
<TD class="tr25 td130"><P class="p20 ft27">anges i 1 kap. <SPAN class="ft26">4 b </SPAN>§ lagen (2007:528)</P></TD>
</TR>
<TR>
<TD class="tr30 td149"><P class="p23 ft14">(2007:528)</P></TD>
<TD colspan=2 class="tr30 td164"><P class="p53 ft14">om värdepappersmark-</P></TD>
<TD class="tr30 td130"><P class="p37 ft73">om värdepappersmarknaden, och</P></TD>
</TR>
</TABLE>
<P class="p12 ft2">naden, och</P>
<P class="p11 ft4">8. <SPAN class="ft45">fondpapper</SPAN>: aktie och obligation samt sådana andra delägarrätter eller fordringsrätter som är utgivna för allmän omsättning, fondandel och aktieägares rätt gentemot den som för hans räkning förvarar aktiebrev i ett utländskt bolag (depåbevis).</P>
<P class="p702 ft25">7 kap.</P>
<P class="p566 ft2">2 §<SPAN class="ft24">2 </SPAN>Bestämmelserna i 23 kap. 15 § 1,</P>
<P class="p703 ft2">25 kap. 1, 2, <NOBR>4–6,</NOBR> 17 och 29 §§ samt 26 kap. 1 § lagen (2007:528) om värdepappersmarknaden <SPAN class="ft3">skall </SPAN>tillämpas även i fråga om pensions- sparrörelse. Hänvisningarna till lagen om värdepappersmarknaden <SPAN class="ft3">skall </SPAN>därvid i stället gälla denna lag.</P>
<P class="p704 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p705 ft37"><SPAN class="ft28">1</SPAN><SPAN class="ft36">Senaste lydelse 2007:539.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">2</SPAN><SPAN class="ft38">Senaste lydelse 2007:539.</SPAN></P>
<P class="p13 ft2">163</P>
</DIV>
<DIV id="page_164">
<DIV id="dimg1">
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<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr45 td203"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.5</SPAN></P></TD>
<TD colspan=3 class="tr45 td330"><P class="p74 ft21">Förslag till lag om ändring i</P></TD>
</TR>
<TR>
<TD class="tr36 td203"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr36 td330"><P class="p74 ft21">årsredovisningslagen (1995:1554)</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr36 td99"><P class="p20 ft2">Härigenom föreskrivs att 6 kap. 7 § årsredovisningslagen (1995:1554)</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td155"><P class="p41 ft2">ska ha följande lydelse.</P></TD>
<TD class="tr27 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td282"><P class="p41 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td295"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td130"><P class="p23 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr46 td203"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td331"><P class="p655 ft25">6 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td203"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td331"><P class="p260 ft2">7 §<SPAN class="ft24">1</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td155"><P class="p106 ft2">Ett aktiebolag som endast har</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">Ett aktiebolag som endast har</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td282"><P class="p41 ft2">andra överlåtbara</P></TD>
<TD class="tr25 td295"><P class="p106 ft2">värdepapper än</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">andra överlåtbara värdepapper än</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td155"><P class="p41 ft2">aktier upptagna till handel på en</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">aktier upptagna till handel på en</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td155"><P class="p41 ft2">reglerad marknad behöver inte i</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">reglerad marknad behöver inte i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td155"><P class="p41 ft2">bolagsstyrningsrapporten lämna de</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">bolagsstyrningsrapporten lämna de</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td155"><P class="p41 ft2">upplysningar som anges i 6 § andra</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">upplysningar som anges i 6 § andra</P></TD>
</TR>
<TR>
<TD class="tr26 td203"><P class="p41 ft2">stycket 1</P></TD>
<TD colspan=2 class="tr26 td257"><P class="p106 ft2">och <NOBR>7–9</NOBR> samt i tredje</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">stycket 1 och <NOBR>7–9</NOBR> samt i tredje</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td155"><P class="p41 ft2">stycket i samma paragraf. Detta</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">stycket i samma paragraf. Detta</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td155"><P class="p41 ft2">gäller dock inte om bolagets aktier</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">gäller dock inte om bolagets aktier</P></TD>
</TR>
<TR>
<TD class="tr26 td203"><P class="p41 ft2">handlas</P></TD>
<TD class="tr26 td39"><P class="p23 ft2">på en</P></TD>
<TD class="tr26 td295"><P class="p106 ft26">handelsplattform</P></TD>
<TD class="tr26 td130"><P class="p20 ft27">handlas på en <NOBR><SPAN class="ft26">MTF-plattform</SPAN></NOBR><SPAN class="ft26"> </SPAN>enligt</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td155"><P class="p41 ft2">enligt 1 kap. <SPAN class="ft3">5 § 12 </SPAN>lagen (2007:528)</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">1 kap. <SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td155"><P class="p41 ft2">om värdepappersmarknaden.</P></TD>
<TD class="tr27 td130"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
</TR>
</TABLE>
<P class="p706 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p707 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2016:947.</P>
<P class="p19 ft2">164</P>
</DIV>
<DIV id="page_165">
<DIV id="dimg1">
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<TABLE cellpadding=0 cellspacing=0 class="t100">
<TR>
<TD class="tr45 td139"><P class="p687 ft21">2.6</P></TD>
<TD class="tr45 td332"><P class="p21 ft21">Förslag till lag om ändring i lagen (1995:1559) <SPAN class="ft114">Prop. 2016/17:162</SPAN></P></TD>
</TR>
<TR>
<TD class="tr24 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td332"><P class="p21 ft21">om årsredovisning i kreditinstitut och</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td332"><P class="p21 ft21">värdepappersbolag</P></TD>
</TR>
</TABLE>
<P class="p708 ft4">Härigenom föreskrivs att 1 kap. 1 § lagen (1995:1559) om årsredovis- ning i kreditinstitut och värdepappersbolag ska ha följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t101">
<TR>
<TD colspan=2 class="tr42 td172"><P class="p23 ft26">Nuvarande lydelse</P></TD>
<TD class="tr42 td173"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td130"><P class="p23 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr46 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td77"><P class="p265 ft25">1 kap.</P></TD>
<TD class="tr46 td202"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td77"><P class="p60 ft2">1 §<SPAN class="ft24">1</SPAN></P></TD>
<TD class="tr25 td202"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p95 ft2">Denna lag är tillämplig på kredit-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p30 ft2">Denna lag är tillämplig på kredit-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft2">institut och värdepappersbolag. Med</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p23 ft27">institut och värdepappersbolag. Med</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td172"><P class="p23 ft27">kreditinstitut avses</P></TD>
<TD class="tr26 td173"><P class="p95 ft2">bankaktiebolag,</P></TD>
<TD class="tr26 td172"><P class="p23 ft27">kreditinstitut avses</P></TD>
<TD class="tr26 td202"><P class="p30 ft2">bankaktiebolag,</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft2">sparbanker, medlemsbanker, kredit-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">sparbanker, medlemsbanker, kredit-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td172"><P class="p23 ft2">marknadsföretag</P></TD>
<TD class="tr25 td173"><P class="p95 ft27">(kreditmarknads-</P></TD>
<TD class="tr25 td172"><P class="p23 ft2">marknadsföretag</P></TD>
<TD class="tr25 td202"><P class="p30 ft27">(kreditmarknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft2">bolag</P></TD>
<TD class="tr26 td147"><P class="p88 ft2">respektive</P></TD>
<TD class="tr26 td173"><P class="p95 ft2">kreditmarknads-</P></TD>
<TD class="tr26 td172"><P class="p23 ft2">bolag respektive</P></TD>
<TD class="tr26 td202"><P class="p30 ft2">kreditmarknads-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft2">föreningar) och Svenska skepps-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">föreningar) och Svenska skepps-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft2">hypotekskassan. Med värdepappers-</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p23 ft27">hypotekskassan. Med värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td65"><P class="p23 ft2">bolag</P></TD>
<TD colspan=2 class="tr26 td258"><P class="p95 ft2">avses det som sägs i 1 kap.</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2">bolag avses det som sägs i 1 kap.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft2"><SPAN class="ft3">5 § 26 </SPAN>lagen (2007:528) om värde-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p23 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td172"><P class="p23 ft27">pappersmarknaden.</P></TD>
<TD class="tr26 td173"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td172"><P class="p23 ft27">pappersmarknaden.</P></TD>
<TD class="tr26 td202"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2">Bestämmelserna om koncernredovisning i 7 kap. ska tillämpas på finansiella holdingföretag som uteslutande eller huvudsakligen förvaltar andelar i dotterföretag som är kreditinstitut eller värdepappersbolag eller utländska företag av motsvarande slag. Med finansiellt holdingföretag avses ett aktiebolag, ett handelsbolag eller en ekonomisk förening vars verksamhet uteslutande eller så gott som uteslutande består i att i vinst- syfte förvärva och förvalta andelar i dotterföretag.</P>
<P class="p709 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p710 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2011:1067.</P>
<P class="p13 ft2">165</P>
</DIV>
<DIV id="page_166">
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.7</SPAN></P></TD>
<TD class="tr45 td333"><P class="p23 ft21">Förslag till lag om ändring i lagen (1998:1479)</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td333"><P class="p23 ft21">om värdepapperscentraler och kontoföring av</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td333"><P class="p23 ft21">finansiella instrument</P></TD>
</TR>
</TABLE>
<P class="p711 ft4">Härigenom föreskrivs att 1 kap. 3 § om lagen (1998:1479) om värde- papperscentraler och kontoföring av finansiella instrument<SPAN class="ft115">1 </SPAN>ska ha</P>
<TABLE cellpadding=0 cellspacing=0 class="t103">
<TR>
<TD class="tr31 td77"><P class="p23 ft2">följande lydelse.</P></TD>
<TD class="tr31 td172"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p712 ft25">1 kap.</P>
<P class="p713 ft2">3 §<SPAN class="ft24">2</SPAN></P>
<P class="p697 ft2">I denna lag betyder:</P>
<P class="p575 ft4"><SPAN class="ft45">avstämningsbolag</SPAN>: sådant avstämningsbolag som avses i aktiebolags- lagen (2005:551),</P>
<P class="p714 ft4"><SPAN class="ft45">avstämningsregister</SPAN>: sådant register som avses i 4 kap. 1 §, <SPAN class="ft45">EES</SPAN>: Europeiska ekonomiska samarbetsområdet,</P>
<P class="p575 ft2"><SPAN class="ft3">emittent</SPAN>: i fråga om aktier aktiebolaget och i fråga om annat finansiellt instrument utgivaren eller utfärdaren av instrumentet,</P>
<P class="p575 ft2"><SPAN class="ft3">finansiellt instrument</SPAN>: detsamma som i artikel 2.1.8 i förordningen om värdepapperscentraler, i den ursprungliga lydelsen, varvid aktier och sådana rättigheter som avses i 4 kap. 2 § andra stycket denna lag i fråga om avstämningsbolag som är privata aktiebolag vid tillämpningen av denna lag ska jämställas med finansiella instrument,</P>
<P class="p575 ft3">förordningen om värdepapperscentraler<SPAN class="ft2">: Europaparlamentets och rådets förordning (EU) nr 909/2014 av den 23 juli 2014 om förbättrad värdepappersavveckling i Europeiska unionen och om värdepappers- centraler samt ändring av direktiv 98/26/EG och 2014/65/EU och förord- ning (EU) nr 236/2012,</SPAN></P>
<P class="p654 ft4"><SPAN class="ft45">kontoförande institut</SPAN>: den som av en värdepapperscentral medgetts rätt att vidta registreringsåtgärder i avstämningsregister,</P>
<P class="p575 ft3">kontoföring av finansiella instrument<SPAN class="ft2">: registrering i avstämnings- register av äganderätt och särskild rätt till sådana aktier och andra finan- siella instrument för vilka aktiebrev, skuldebrev eller annan motsvarande skriftlig handling inte har utfärdats eller, där sådan handling har ut- färdats, det genom förvaring eller på annat likvärdigt sätt har säkerställts</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr31 td77"><P class="p23 ft2">att handlingen inte kommer i omlopp,</P></TD>
<TD class="tr31 td122"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td105"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p125 ft3"><SPAN class="ft53">kvalificerat innehav</SPAN><SPAN class="ft2">: detsamma</SPAN></P></TD>
<TD class="tr25 td122"><P class="p154 ft53">kvalificerat</P></TD>
<TD class="tr25 td105"><P class="p20 ft2"><SPAN class="ft53">innehav</SPAN>: detsamma</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">som i 1 kap. 5 § <SPAN class="ft3">18 </SPAN>lagen (2007:528)</P></TD>
<TD class="tr26 td122"><P class="p154 ft2">som i 1 kap.</P></TD>
<TD class="tr26 td105"><P class="p20 ft2">5 § lagen (2007:528)</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">om värdepappersmarknaden,</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p294 ft27">om värdepappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p715 ft2"><SPAN class="ft3">skuldförbindelse</SPAN>: ensidig skuldförbindelse avsedd för allmän omsättning, <SPAN class="ft3">utsett kreditinstitut</SPAN>: sådant kreditinstitut som har utsetts enligt artikel 54.2 b i förordningen om värdepapperscentraler, i den ursprungliga</P>
<P class="p535 ft2">lydelsen,</P>
<P class="p666 ft42"><SPAN class="ft51">värdepapperscentral</SPAN>: detsamma som i artikel 2.1.1 i förordningen om värdepapperscentraler, i den ursprungliga lydelsen,</P>
<P class="p716 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse av lagens rubrik 2016:51.</P>
<P class="p535 ft116"><SPAN class="ft43">2 </SPAN>Senaste lydelse 2016:51.</P>
<P class="p19 ft2">166</P>
</DIV>
<DIV id="page_167">
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<DIV id="tx1"><SPAN class="ft52">värdepappersinstitut</SPAN><SPAN class="ft4">: detsamma som i 1 kap. </SPAN><SPAN class="ft45">4 b § </SPAN><SPAN class="ft4">lagen om värde- pappersmarknaden.</SPAN></DIV>
<DIV>
<DIV id="id_1">
<P class="p181 ft45">värdepapperscentral från tredjeland<SPAN class="ft4">: en sådan värdepapperscentral som avses i artikel 2.1.2 i förordningen om värdepapperscentraler, i den ursprungliga lydelsen, samt</SPAN></P>
<P class="p717 ft45"><SPAN class="ft52">värdepappersinstitut</SPAN><SPAN class="ft4">: detsamma som i 1 kap. </SPAN>5 § 27 <SPAN class="ft4">lagen om värde- pappersmarknaden.</SPAN></P>
<P class="p718 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">167</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_168">
<DIV id="dimg1">
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<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.8</SPAN></P></TD>
<TD colspan=2 class="tr45 td334"><P class="p23 ft21">Förslag till lag om ändring i lagen (1999:158)</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td334"><P class="p23 ft21">om investerarskydd</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr36 td99"><P class="p81 ft27">Härigenom föreskrivs att 2 § lagen (1999:158) om investerarskydd ska ha</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td335"><P class="p41 ft2">följande lydelse.</P></TD>
<TD class="tr27 td336"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td335"><P class="p41 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td336"><P class="p546 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr46 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td218"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td336"><P class="p260 ft2">2 §<SPAN class="ft24">1</SPAN></P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p236 ft2">I denna lag betyder</P>
<P class="p719 ft2">1. värdepappersinstitut: detsamma som anges i 1 kap. <SPAN class="ft3">5 § 27 </SPAN>lagen (2007:528) om värdepappersmark- naden,</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft2">1. värdepappersinstitut: detsamma som anges i 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värdepappersmark- naden,</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p538 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft77">fondbolag: ett sådant bolag som anges i 1 kap. 1 § första stycket 8 lagen (2004:46) om värdepappersfonder,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft76">förvaltningsbolag: ett sådant utländskt företag som anges i 1 kap. 1 § första stycket 13 lagen om värdepappersfonder, som driver verksamhet från filial i Sverige med stöd av 1 kap. 6 § samma lag,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">investerare: den som anlitat ett värdepappersinstitut, ett fondbolag, ett förvaltningsbolag eller en </SPAN><NOBR>AIF-förvaltare</NOBR> för utförande av en investe- ringstjänst eller den för vars räkning tjänsten utförs,</P>
<P class="p537 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">investeringstjänst: en sådan tjänst som avses i</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">2 kap. 1 § och 2 § första stycket 1 lagen om värdepappersmark- naden,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft77">7 kap. 1 § andra stycket 9 lagen (2004:297) om bank- och finansierings- rörelse,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">c)</SPAN><SPAN class="ft40">1 kap. 4 § såvitt avser diskretionär portföljförvaltning, 3 kap. 1 § och 7 kap. 1 § första stycket 1 och 2 lagen om värdepappersfonder samt</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">d)</SPAN><SPAN class="ft76">3 kap. 2 § första stycket och andra stycket </SPAN><NOBR>1–3</NOBR> och 9 kap. 10 § första stycket 1 lagen (2013:561) om förvaltare av alternativa investeringsfonder,</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=2 class="tr27 td137"><P class="p125 ft2">6. finansiella instrument:</P></TD>
<TD class="tr27 td52"><P class="p106 ft2">det-</P></TD>
<TD colspan=2 class="tr27 td213"><P class="p125 ft2">6. finansiella instrument:</P></TD>
<TD class="tr27 td11"><P class="p20 ft2">det-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td137"><P class="p23 ft2">samma som anges i 1 kap.</P></TD>
<TD class="tr25 td52"><P class="p106 ft2">4 §</P></TD>
<TD colspan=2 class="tr25 td213"><P class="p23 ft2">samma som anges i 1 kap.</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">4 §</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft3">första stycket 1 <SPAN class="ft2">lagen om värde-</SPAN></P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">lagen om värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td173"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td195"><P class="p125 ft2">7. garantimyndigheten:</P></TD>
<TD class="tr25 td163"><P class="p44 ft2">den</P></TD>
<TD colspan=2 class="tr25 td131"><P class="p1 ft2">myndighet som</P></TD>
<TD class="tr25 td173"><P class="p23 ft2">handlägger frågor</P></TD>
<TD class="tr25 td11"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p23 ft2">investerarskyddet, och</P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td173"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td195"><P class="p125 ft14">8. <NOBR>AIF-förvaltare:</NOBR> ett</P></TD>
<TD colspan=3 class="tr30 td195"><P class="p23 ft14">sådant företag som har</P></TD>
<TD colspan=2 class="tr30 td152"><P class="p30 ft14">tillstånd som avses i</P></TD>
</TR>
</TABLE>
<P class="p646 ft4">3 kap. 2 § första stycket lagen om förvaltare av alternativa investerings- fonder eller som driver verksamhet från filial i Sverige med stöd av 5 kap. 1 § första stycket 2 samma lag.</P>
<P class="p720 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p721 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2015:396.</P>
<P class="p19 ft2">168</P>
</DIV>
</DIV>
<DIV id="page_169">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t104">
<TR>
<TD class="tr45 td139"><P class="p687 ft21">2.9</P></TD>
<TD class="tr45 td332"><P class="p21 ft21">Förslag till lag om ändring i lagen (1999:1309) <SPAN class="ft114">Prop. 2016/17:162</SPAN></P></TD>
</TR>
<TR>
<TD class="tr24 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td332"><P class="p21 ft21">om system för avveckling av förpliktelser på</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td332"><P class="p21 ft21">finansmarknaden</P></TD>
</TR>
</TABLE>
<P class="p722 ft4">Härigenom föreskrivs att 4, 7 och 16 §§ lagen (1999:1309) om system för avveckling av förpliktelser på finansmarknaden ska ha följande</P>
<TABLE cellpadding=0 cellspacing=0 class="t105">
<TR>
<TD class="tr31 td77"><P class="p23 ft2">lydelse.</P></TD>
<TD class="tr31 td172"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p723 ft2">4 §<SPAN class="ft24">1</SPAN></P>
<P class="p724 ft4">Ett avvecklingssystem ska ha en administratör. Administratör i ett avvecklingssystem får vara:</P>
<P class="p143 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">clearingorganisation,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">svensk värdepapperscentral,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">företag med tillstånd att driva bank- eller finansieringsrörelse enligt lagen (2004:297) om bank- och finansieringsrörelse, samt</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr25 td168"><P class="p39 ft2">4. företag</P></TD>
<TD class="tr25 td92"><P class="p192 ft2">med</P></TD>
<TD class="tr25 td132"><P class="p87 ft2">tillstånd</P></TD>
<TD class="tr25 td73"><P class="p95 ft2">enligt</P></TD>
<TD class="tr25 td76"><P class="p20 ft2">4. företag med tillstånd enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td168"><P class="p23 ft2">2 kap. 1 § 1,</P></TD>
<TD class="tr25 td92"><P class="p99 ft2">2,</P></TD>
<TD class="tr25 td132"><P class="p83 ft3"><SPAN class="ft2">4 </SPAN>eller <SPAN class="ft2">8</SPAN></P></TD>
<TD class="tr25 td73"><P class="p95 ft2">lagen</P></TD>
<TD class="tr25 td76"><P class="p20 ft2">2 kap. 1 § 1, 2, 4<SPAN class="ft3">, </SPAN>8 <SPAN class="ft3">eller 9 </SPAN>lagen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">(2007:528) om värdepappersmark-</P></TD>
<TD class="tr26 td76"><P class="p20 ft2">(2007:528) om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr30 td168"><P class="p23 ft14">naden.</P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td132"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td73"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td76"><P class="p725 ft73">naden.</P></TD>
</TR>
</TABLE>
<P class="p144 ft42">Särskilda regler om driften av avvecklingssystem för värdepapper finns i artikel 18.2 i förordning (EU) nr 909/2014.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft27">Ett avvecklingssystem som upp- fyller kraven i 5 och 8 §§ samt administreras av ett företag med tillstånd att driva bank- eller finansieringsrörelse enligt lagen (2004:297) om bank- och finansie- ringsrörelse eller tillstånd enligt 2 kap. 1 § 1, 2, 4 <SPAN class="ft26">eller </SPAN>8 lagen (2007:528) om värdepappersmark- naden ska endast godkännas om det finns särskilda skäl och systemet tillgodoser de säkerhets- krav som är förenade med verk- samheten samt är organiserat på ett sådant sätt att deltagarnas ekonom- iska ställning i systemet kan över- blickas. Vid bedömningen av om det finns särskilda skäl ska system- ets betydelse för den finansiella stabiliteten beaktas.</P>
</DIV>
<DIV id="id_2_2">
<P class="p19 ft2">7 §<SPAN class="ft24">2</SPAN></P>
<P class="p726 ft2">Ett avvecklingssystem som upp- fyller kraven i 5 och 8 §§ samt administreras av ett företag med tillstånd att driva bank- eller finansieringsrörelse enligt lagen (2004:297) om bank- och finansie- ringsrörelse eller tillstånd enligt 2 kap. 1 § 1, 2, 4<SPAN class="ft3">, </SPAN>8 <SPAN class="ft3">eller 9 </SPAN>lagen (2007:528) om värdepappersmark- naden ska endast godkännas om det finns särskilda skäl och systemet tillgodoser de säkerhets- krav som är förenade med verk- samheten samt är organiserat på ett sådant sätt att deltagarnas ekonom- iska ställning i systemet kan över- blickas. Vid bedömningen av om det finns särskilda skäl ska system- ets betydelse för den finansiella stabiliteten beaktas.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p105 ft37"><SPAN class="ft28">1</SPAN><SPAN class="ft36">Senaste lydelse 2016:54.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">2</SPAN><SPAN class="ft38">Senaste lydelse 2011:733.</SPAN></P>
<P class="p13 ft2">169</P>
</DIV>
</DIV>
<DIV id="page_170">
<DIV id="dimg1">
<INGENBILD zsrc="H403162170x1.jpg/" id="img1">
</DIV>
<P class="p727 ft4">Prop. 2016/17:162 För godkännande enligt första stycket krävs vidare att administratören redovisar en plan för verksamheten. I planen ska de huvudsakliga risker som är förenade med verksamheten beskrivas liksom hur dessa risker ska hanteras (riskhanteringsplan).</P>
<P class="p590 ft2">16 §<SPAN class="ft24">3</SPAN></P>
<P class="p576 ft4">Godkännande av ett avvecklingssystem ska återkallas av Finansinspek- tionen om</P>
<P class="p575 ft2">1. administratörens tillstånd för clearingverksamhet enligt lagen (2007:528) om värdepappersmarknaden eller auktorisation som värde- papperscentral enligt förordning (EU) nr 909/2014 har återkallats,</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr31 td77"><P class="p106 ft2">2. administratörens tillstånd att</P></TD>
<TD colspan=2 class="tr31 td141"><P class="p125 ft2">2. administratörens</P></TD>
<TD class="tr31 td147"><P class="p30 ft2">tillstånd att</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft2">driva bank- eller finansierings-</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">driva bank- eller finansierings-</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p106 ft2">rörelse enligt lagen (2004:297) om</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p23 ft2">rörelse enligt lagen (2004:297) om</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft2">bank- och finansieringsrörelse</P></TD>
<TD class="tr26 td43"><P class="p23 ft2">bank- och</P></TD>
<TD colspan=2 class="tr26 td138"><P class="p20 ft2">finansieringsrörelse</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft2">eller tillstånd enligt 2 kap. 1 § 1, 2,</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">eller tillstånd enligt 2 kap. 1 § 1, 2,</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p106 ft2">4 <SPAN class="ft3">eller </SPAN>8 lagen om värdepappers-</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p23 ft2">4<SPAN class="ft3">, </SPAN>8 <SPAN class="ft3">eller 9 </SPAN>lagen om värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p523 ft2">marknaden har återkallats, eller</P></TD>
<TD class="tr26 td43"><P class="p23 ft2">persmarknaden</P></TD>
<TD class="tr26 td70"><P class="p32 ft2">har</P></TD>
<TD class="tr26 td147"><P class="p30 ft2">återkallats,</P></TD>
</TR>
<TR>
<TD class="tr30 td77"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td43"><P class="p23 ft14">eller</P></TD>
<TD class="tr30 td70"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td147"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p728 ft2">3. avvecklingssystemet inte längre uppfyller kraven i denna lag. Finansinspektionen ska omedelbart underrätta Europeiska värde-</P>
<P class="p729 ft4">pappers- och marknadsmyndigheten samt Eftas övervakningsmyndighet om återkallelsen.</P>
<P class="p591 ft4">Om det är tillräckligt får inspektionen i de fall som anges i första stycket 3 meddela varning i stället för att återkalla godkännandet.</P>
<P class="p720 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p730 ft37"><SPAN class="ft43">3 </SPAN>Senaste lydelse 2016:54.</P>
<P class="p19 ft2">170</P>
</DIV>
<DIV id="page_171">
<DIV id="dimg1">
<INGENBILD zsrc="H403162171x1.jpg/" id="img1">
</DIV>
<P class="p731 ft118">2.10 Förslag till lag om ändring i lagen (2000:35) <SPAN class="ft117">Prop. 2016/17:162 </SPAN>om byte av redovisningsvaluta i finansiella</P>
<P class="p732 ft21">företag</P>
<P class="p733 ft4">Härigenom föreskrivs att 2 § lagen (2000:35) om byte av redovisnings- valuta i finansiella företag ska ha följande lydelse.</P>
<P class="p354 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p734 ft2">2 §<SPAN class="ft24">1</SPAN></P>
<P class="p369 ft2">I denna lag avses med</P>
<P class="p144 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft56">försäkringsföretag</SPAN>: försäkringsaktiebolag, ömsesidigt försäkringsbolag och försäkringsförening som omfattas av försäkringsrörelselagen (2010:2043),</P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft47">kreditinstitut</SPAN>: bankaktiebolag, sparbank och medlemsbank samt kredit- marknadsföretag enligt 1 kap. 5 § 14 lagen (2004:297) om bank- och finan- sieringsrörelse,</P>
<P class="p143 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft47">finansiellt företag</SPAN>: de företag som anges i 1 och 2 samt</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr27 td234"><P class="p53 ft2">a) värdepappersbolag enligt 1 kap.</P></TD>
<TD class="tr27 td130"><P class="p39 ft27">a) värdepappersbolag enligt 1 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft2"><SPAN class="ft3">5 § 26 </SPAN>lagen (2007:528) om värde-</P></TD>
<TD class="tr25 td130"><P class="p23 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p735 ft73">pappersmarknaden,</P></TD>
<TD class="tr30 td130"><P class="p23 ft14">pappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p147 ft2">b) fondbolag enligt 1 kap. 1 § första stycket 8 lagen (2004:46) om</P>
<TABLE cellpadding=0 cellspacing=0 class="t106">
<TR>
<TD class="tr27 td234"><P class="p23 ft2">värdepappersfonder,</P></TD>
<TD class="tr27 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p39 ft2">c) börs enligt 1 kap. <SPAN class="ft3">5 § 3 </SPAN>lagen om</P></TD>
<TD class="tr26 td185"><P class="p20 ft2">c) börs enligt 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">värdepappersmarknaden,</P></TD>
<TD class="tr25 td185"><P class="p23 ft2">värdepappersmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p39 ft2">d) svensk clearingorganisation en-</P></TD>
<TD class="tr26 td185"><P class="p30 ft2">d) svensk clearingorganisation en-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">ligt 1 kap. <SPAN class="ft3">5 § 5 </SPAN>lagen om värde-</P></TD>
<TD class="tr26 td185"><P class="p30 ft2">ligt 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD class="tr26 td185"><P class="p23 ft2">pappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">e)</SPAN><SPAN class="ft40">värdepapperscentral enligt 1 kap. 3 § lagen (1998:1479) om värde- papperscentraler och kontoföring av finansiella instrument, och</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">f)</SPAN><NOBR><SPAN class="ft72">AIF-förvaltare</SPAN></NOBR> som har tillstånd enligt 3 kap. 1 § lagen (2013:561) om förvaltare av alternativa investeringsfonder,</P>
<P class="p264 ft4">4. <SPAN class="ft45">koncern</SPAN>: detsamma som i 1 kap. 11 och 12 §§ aktiebolagslagen (2005:551), varvid vad som sägs om moderbolag tillämpas även på andra juridiska personer än aktiebolag.</P>
<P class="p718 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p736 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2016:55.</P>
<P class="p596 ft2">171</P>
</DIV>
<DIV id="page_172">
<DIV id="dimg1">
<INGENBILD zsrc="H403162172x1.jpg/" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.11</SPAN></P></TD>
<TD class="tr45 td333"><P class="p23 ft21">Förslag till lag om ändring i lagen (2000:1087)</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td333"><P class="p23 ft21">om anmälningsskyldighet för vissa innehav av</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td333"><P class="p23 ft21">finansiella instrument</P></TD>
</TR>
</TABLE>
<P class="p711 ft4">Härigenom föreskrivs att 1 § lagen (2000:1087) om anmälnings- skyldighet för vissa innehav av finansiella instrument ska ha följande</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr31 td234"><P class="p23 ft2">lydelse.</P></TD>
<TD class="tr31 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td234"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td185"><P class="p23 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td235"><P class="p737 ft2">1 §<SPAN class="ft24">1</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p125 ft2">I denna lag förstås med</P></TD>
<TD class="tr26 td185"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p125 ft2"><SPAN class="ft53">börs</SPAN>: det som anges i 1 kap.</P></TD>
<TD class="tr26 td185"><P class="p40 ft2"><SPAN class="ft53">börs</SPAN>: det som anges i 1 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2"><SPAN class="ft3">5 § 3 </SPAN>lagen (2007:528) om värde-</P></TD>
<TD class="tr25 td185"><P class="p59 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">pappersmarknaden och sådant ut-</P></TD>
<TD class="tr26 td185"><P class="p59 ft2">pappersmarknaden och sådant ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">ländskt företag som har tillstånd</P></TD>
<TD class="tr25 td185"><P class="p59 ft2">ländskt företag som har tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">att driva en reglerad marknad från</P></TD>
<TD class="tr26 td185"><P class="p59 ft2">att driva en reglerad marknad från</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p23 ft2">filial i Sverige,</P></TD>
<TD class="tr26 td185"><P class="p59 ft2">filial i Sverige,</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p125 ft3"><SPAN class="ft53">finansiellt instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
<TD class="tr26 td185"><P class="p40 ft3"><SPAN class="ft53">finansiella instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">anges i 1 kap. 4 § <SPAN class="ft3">första stycket 1</SPAN></P></TD>
<TD class="tr25 td185"><P class="p59 ft2">anges i 1 kap. 4 § lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p23 ft14">lagen om värdepappersmarknaden,</P></TD>
<TD class="tr30 td185"><P class="p59 ft14">pappersmarknaden,</P></TD>
</TR>
</TABLE>
<P class="p575 ft2"><SPAN class="ft3">marknadsmissbruksförordningen</SPAN>: Europaparlamentets och rådets för- ordning (EU) nr 596/2014 av den 16 april 2014 om marknadsmissbruk (marknadsmissbruksförordning) och om upphävande av Europaparla- mentets och rådets direktiv 2003/6/EG och kommissionens direktiv</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=4 class="tr31 td337"><P class="p23 ft2">2003/124/EG, 2003/125/EG och 2004/72/EG, och</P></TD>
<TD class="tr31 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td195"><P class="p125 ft3"><SPAN class="ft53">värdepappersinstitut</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td129"><P class="p70 ft2">det</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">som</P></TD>
<TD class="tr26 td171"><P class="p125 ft3"><SPAN class="ft53">värdepappersinstitut</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td124"><P class="p86 ft27">det</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr25 td195"><P class="p23 ft2">anges i 1 kap. <SPAN class="ft3">5 § 27</SPAN></P></TD>
<TD class="tr25 td129"><P class="p23 ft2">lagen</P></TD>
<TD class="tr25 td116"><P class="p106 ft2">om</P></TD>
<TD class="tr25 td171"><P class="p23 ft2">anges i 1 kap. <SPAN class="ft3">4 b §</SPAN></P></TD>
<TD class="tr25 td124"><P class="p82 ft2">lagen</P></TD>
<TD class="tr25 td13"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr27 td195"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td79"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p706 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p738 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2016:717.</P>
<P class="p19 ft2">172</P>
</DIV>
<DIV id="page_173">
<DIV id="dimg1">
<INGENBILD zsrc="H403162173x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr45 td139"><P class="p23 ft21">2.12</P></TD>
<TD colspan=4 class="tr45 td20"><P class="p21 ft21">Förslag till lag om ändring i lagen (2003:862)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr36 td20"><P class="p21 ft21">om finansiell rådgivning till konsumenter</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr36 td134"><P class="p39 ft2">Härigenom föreskrivs att 2 och 3 a §§ lagen (2003:862) om finansiell</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr27 td134"><P class="p23 ft2">rådgivning till konsumenter ska ha följande lydelse.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr44 td68"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td338"><P class="p32 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 rowspan=2 class="tr56 td68"><P class="p39 ft2">I denna lag avses med</P></TD>
<TD class="tr57 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr57 td338"><P class="p73 ft2">2 §<SPAN class="ft24">1</SPAN></P></TD>
<TD class="tr57 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr53 td87"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td338"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td67"><P class="p23 ft57"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td134"><P class="p39 ft2"><SPAN class="ft3">konsument</SPAN>: en fysisk person som handlar huvudsakligen för ändamål</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td134"><P class="p23 ft2">som faller utanför näringsverksamhet,</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td134"><P class="p39 ft2"><SPAN class="ft3">näringsidkare</SPAN>: en fysisk eller juridisk person som handlar för ändamål</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td134"><P class="p23 ft2">som har samband med den egna näringsverksamheten,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td185"><P class="p39 ft3"><SPAN class="ft53">finansiellt instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
<TD class="tr25 td338"><P class="p29 ft3"><SPAN class="ft53">finansiella instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td185"><P class="p23 ft2">anges i 1 kap. 4 § <SPAN class="ft3">första stycket 1</SPAN></P></TD>
<TD class="tr26 td338"><P class="p32 ft2">anges i 1 kap. 4 § lagen (2007:528)</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td185"><P class="p23 ft2">lagen (2007:528) om värdepap-</P></TD>
<TD class="tr26 td338"><P class="p32 ft2">om värdepappersmarknaden.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td27"><P class="p23 ft2">persmarknaden.</P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td87"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td338"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td70"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td309"><P class="p739 ft2">3 a §<SPAN class="ft24">2</SPAN></P></TD>
<TD class="tr47 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td134"><P class="p39 ft2">Bestämmelserna i 4 och 5 §§ gäller inte finansiell rådgivning som till-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td27"><P class="p23 ft2">handahålls av</P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr44 td87"><P class="p22 ft3">7 kap. 1 §</P></TD>
<TD rowspan=2 class="tr44 td338"><P class="p29 ft3"><SPAN class="ft2">1. fondbolag </SPAN>och förvaltnings-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td27"><P class="p39 ft2">1. fondbolag</P></TD>
<TD class="tr26 td70"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td139"><P class="p23 ft3">första</P></TD>
<TD class="tr25 td93"><P class="p23 ft3">stycket 3</P></TD>
<TD class="tr25 td70"><P class="p44 ft2">lagen</P></TD>
<TD class="tr25 td87"><P class="p22 ft2">(2004:46)</P></TD>
<TD class="tr25 td338"><P class="p32 ft2"><SPAN class="ft3">bolag </SPAN>enligt lagen (2004:46) om</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr30 td185"><P class="p23 ft14">om värdepappersfonder,</P></TD>
<TD class="tr30 td338"><P class="p32 ft14">värdepappersfonder,</P></TD>
<TD class="tr30 td67"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p197 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">försäkringsförmedlare enligt 5 kap. 1 § första stycket lagen (2005:405) om försäkringsförmedling,</SPAN></P>
<P class="p197 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">värdepappersinstitut och utländska värdepappersföretag enligt lagen (2007:528) om värdepappersmarknaden, eller</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<TABLE cellpadding=0 cellspacing=0 class="t107">
<TR>
<TD colspan=3 class="tr31 td182"><P class="p39 ft2">4. <NOBR>AIF-förvaltare</NOBR> enligt</P></TD>
<TD class="tr31 td129"><P class="p20 ft26">3 kap.</P></TD>
</TR>
<TR>
<TD class="tr30 td127"><P class="p80 ft35">2 §</P></TD>
<TD class="tr30 td174"><P class="p39 ft35">andra</P></TD>
<TD class="tr30 td149"><P class="p23 ft35">stycket 4</P></TD>
<TD class="tr30 td129"><P class="p20 ft14">lagen</P></TD>
</TR>
</TABLE>
<P class="p116 ft42">(2013:561) om förvaltare av alter- nativa investeringsfonder.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">4. <NOBR>AIF-förvaltare</NOBR> enligt lagen (2013:561) om förvaltare av alter- nativa investeringsfonder.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p93 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p740 ft37"><SPAN class="ft28">1</SPAN><SPAN class="ft36">Senaste lydelse 2007:560.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">2</SPAN><SPAN class="ft38">Senaste lydelse 2013:573.</SPAN></P>
<P class="p13 ft2">173</P>
</DIV>
</DIV>
<DIV id="page_174">
<TABLE cellpadding=0 cellspacing=0 class="t108">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.13</SPAN></P></TD>
<TD class="tr45 td289"><P class="p23 ft21">Förslag till lag om ändring i lagen (2004:46)</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td289"><P class="p23 ft21">om värdepappersfonder</P></TD>
</TR>
</TABLE>
<P class="p741 ft2">Härigenom föreskrivs i fråga om lagen (2004:46) om värdepappersfonder<SPAN class="ft24">1 </SPAN><SPAN class="ft3">dels </SPAN>att 1 kap. 1, 1 a och 10 §§, 4 kap. 20 § och 7 kap. 3 § ska ha</P>
<P class="p535 ft2">följande lydelse,</P>
<P class="p742 ft2"><SPAN class="ft3">dels </SPAN>att det ska införas en ny paragraf, 2 kap. 17 <SPAN class="ft119">g </SPAN>§, av följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t109">
<TR>
<TD class="tr31 td234"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr31 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p743 ft25">1 kap.</P>
<P class="p744 ft2">1 §<SPAN class="ft24">2</SPAN></P>
<P class="p697 ft2">I denna lag betyder</P>
<P class="p682 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft77">alternativ investeringsfond: detsamma som i 1 kap. 2 § lagen (2013:561) om förvaltare av alternativa investeringsfonder,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft76">behörig myndighet: utländsk myndighet som har behörighet att utöva tillsyn över fondföretag eller förvaltningsbolag,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft48">derivatinstrument: optioner, terminer och swappar samt andra likartade finansiella instrument,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">EES: Europeiska ekonomiska samarbetsområdet,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=3 class="tr25 td77"><P class="p106 ft2">5. egna medel: detsamma som i</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p20 ft2">5. egna medel: detsamma som i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p106 ft2">artikel 2.1 l i Europaparlamentets</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p20 ft2">artikel 2.1 l i Europaparlamentets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p106 ft2">och rådets direktiv 2009/65/EG av</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">och rådets direktiv 2009/65/EG av</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p106 ft2">den 13 juli 2009 om samordning</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">den 13 juli 2009 om samordning</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p106 ft2">av lagar och andra författningar</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p20 ft2">av lagar och andra författningar</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p106 ft2">som avser företag för kollektiva</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p30 ft2">som avser företag för kollektiva</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p106 ft2">investeringar i överlåtbara värde-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">investeringar i överlåtbara värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td191"><P class="p23 ft2">papper</P></TD>
<TD class="tr26 td173"><P class="p74 ft2">(fondföretag),</P></TD>
<TD class="tr26 td72"><P class="p106 ft26">ändrat</P></TD>
<TD class="tr26 td73"><P class="p23 ft2">papper</P></TD>
<TD class="tr26 td263"><P class="p20 ft2">(fondföretag), <SPAN class="ft3">i lydelsen</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td191"><P class="p23 ft3">genom</P></TD>
<TD colspan=2 class="tr25 td182"><P class="p106 ft2">Europaparlamentets och</P></TD>
<TD class="tr25 td73"><P class="p23 ft3">enligt</P></TD>
<TD class="tr25 td263"><P class="p20 ft2">Europaparlamentets och</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td257"><P class="p23 ft14">rådets direktiv <SPAN class="ft35">2010/78/EU</SPAN>,</P></TD>
<TD class="tr30 td72"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr30 td130"><P class="p23 ft14">rådets direktiv <SPAN class="ft35">2014/91/EU</SPAN>,</P></TD>
</TR>
</TABLE>
<P class="p538 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft76">filial: ett avdelningskontor med självständig förvaltning, varvid även ett fondbolags, ett förvaltningsbolags eller ett fondföretags etablering av flera driftställen ska anses som en enda filial,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">7.</SPAN><SPAN class="ft76">finansiellt instrument: överlåtbara värdepapper, fondandelar, penning- marknadsinstrument, derivatinstrument samt annan rättighet eller förplikt- else avsedd för handel på värdepappersmarknaden,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">8.</SPAN><SPAN class="ft48">fondbolag: ett svenskt aktiebolag som har fått tillstånd enligt 4 § att driva fondverksamhet,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft40">fondföretag: ett utländskt företag</SPAN></P>
<P class="p575 ft2">a) som i sitt hemland har tillstånd för verksamhet där det enda syftet är att göra kollektiva investeringar i sådana tillgångar som anges i 5 kap. 1 § andra stycket, med kapital från allmänheten,</P>
<P class="p537 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">som tillämpar principen om riskspridning, och</SPAN></P>
<P class="p745 ft42"><SPAN class="ft2">c)</SPAN><SPAN class="ft41">vars andelar på begäran av innehavarna återköps eller inlöses med medel ur företagets tillgångar,</SPAN></P>
<P class="p746 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse av lagens rubrik 2013:563.</P>
<P class="p535 ft116"><SPAN class="ft43">2 </SPAN>Senaste lydelse 2013:563.</P>
<P class="p19 ft2">174</P>
</DIV>
<DIV id="page_175">
<P class="p747 ft4">10. fondföretags hemland: det land där fondföretaget har fått sådant Prop. 2016/17:162 tillstånd som avses i 9 a,</P>
<P class="p748 ft2">11. fondverksamhet: förvaltning av en värdepappersfond, försäljning och inlösen av andelar i fonden samt därmed sammanhängande admini-</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=2 class="tr31 td226"><P class="p23 ft2">strativa åtgärder,</P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td127"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr55 td15"><P class="p20 ft26">koncern</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td226"><P class="p30 ft2">12. företagsgrupp: <SPAN class="ft3">grupp</SPAN></P></TD>
<TD class="tr26 td73"><P class="p95 ft3">för</P></TD>
<TD colspan=3 class="tr26 td205"><P class="p291 ft2">12. företagsgrupp:</P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td156"><P class="p23 ft3">sammanställd</P></TD>
<TD class="tr26 td190"><P class="p76 ft3">redovisning</P></TD>
<TD class="tr26 td73"><P class="p95 ft2">enligt</P></TD>
<TD class="tr26 td55"><P class="p23 ft2">enligt</P></TD>
<TD colspan=4 class="tr26 td104"><P class="p20 ft3">Europaparlamentets och</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft3">rådets sjunde direktiv 83/349/EEG</P></TD>
<TD colspan=5 class="tr25 td76"><P class="p23 ft26">rådets direktiv 2013/34/EU av den</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft3">av den 13 juni 1983 grundat på</P></TD>
<TD colspan=5 class="tr26 td76"><P class="p23 ft3">26 juni 2013 om årsbokslut,</P></TD>
</TR>
<TR>
<TD class="tr26 td156"><P class="p23 ft3">artikel 54.3 g</P></TD>
<TD class="tr26 td190"><P class="p22 ft3">i fördraget</P></TD>
<TD class="tr26 td73"><P class="p95 ft3">om</P></TD>
<TD colspan=5 class="tr26 td76"><P class="p23 ft26">koncernredovisning och rapporter</P></TD>
</TR>
<TR>
<TD class="tr25 td156"><P class="p23 ft3">sammanställd</P></TD>
<TD colspan=2 class="tr25 td110"><P class="p95 ft3">redovisning, senast</P></TD>
<TD colspan=5 class="tr25 td76"><P class="p23 ft3">i vissa typer av företag, om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft3">ändrat genom Europaparlamentets</P></TD>
<TD class="tr26 td55"><P class="p23 ft3">ändring</P></TD>
<TD class="tr26 td113"><P class="p276 ft3">av</P></TD>
<TD colspan=3 class="tr26 td179"><P class="p20 ft3">Europaparlamentets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft3">och rådets direktiv 2009/49/EG<SPAN class="ft2">,</SPAN></P></TD>
<TD colspan=2 class="tr26 td37"><P class="p23 ft3">och rådets</P></TD>
<TD class="tr26 td73"><P class="p59 ft3">direktiv</P></TD>
<TD colspan=2 class="tr26 td78"><P class="p20 ft3">2006/43/EG</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p23 ft2">eller grupp som enligt erkända</P></TD>
<TD colspan=5 class="tr25 td76"><P class="p23 ft3">och om upphävande av rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td156"><P class="p23 ft2">internationella</P></TD>
<TD colspan=2 class="tr26 td110"><P class="p95 ft2">redovisningsregler</P></TD>
<TD class="tr26 td55"><P class="p23 ft3">direktiv</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td22"><P class="p23 ft3">78/660/EEG</P></TD>
<TD class="tr26 td15"><P class="p20 ft3">och</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p23 ft2">ska lämna motsvarande redo-</P></TD>
<TD colspan=2 class="tr26 td37"><P class="p23 ft3">83/349/EEG,</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p125 ft3">i lydelsen</P></TD>
<TD class="tr26 td15"><P class="p20 ft3">enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td156"><P class="p23 ft2">visning,</P></TD>
<TD class="tr25 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td205"><P class="p23 ft3">Europaparlamentets</P></TD>
<TD class="tr25 td127"><P class="p88 ft3">och</P></TD>
<TD class="tr25 td15"><P class="p20 ft3">rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td76"><P class="p23 ft3">direktiv 2014/95/EU<SPAN class="ft2">, eller grupp</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td76"><P class="p23 ft2">som enligt erkända internationella</P></TD>
</TR>
<TR>
<TD class="tr25 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td190"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td205"><P class="p23 ft2">redovisningsregler</P></TD>
<TD class="tr25 td127"><P class="p23 ft2">ska</P></TD>
<TD class="tr25 td15"><P class="p20 ft2">lämna</P></TD>
</TR>
<TR>
<TD class="tr30 td156"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td190"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td73"><P class="p23 ft34"> </P></TD>
<TD colspan=4 class="tr30 td224"><P class="p23 ft14">motsvarande redovisning,</P></TD>
<TD class="tr30 td15"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">13.</SPAN><SPAN class="ft40">förvaltningsbolag: ett utländskt företag som i sitt hemland har tillstånd att förvalta fondföretag,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">14.</SPAN><SPAN class="ft40">förvaltningsbolags hemland: det land där bolaget har sitt säte,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">15.</SPAN><SPAN class="ft40">förvaringsinstitut: en bank eller ett annat kreditinstitut som förvarar tillgångarna i en värdepappersfond och som sköter in- och utbetalningar avseende fonden,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">16.</SPAN><SPAN class="ft40">kvalificerat innehav: ett direkt eller indirekt ägande i ett företag,</SPAN></P>
<P class="p749 ft4">om innehavet beräknat på det sätt som anges i 1 a § representerar 10 procent eller mer av kapitalet eller av samtliga röster eller annars möjliggör ett väsentligt inflytande över ledningen av företaget,</P>
<P class="p144 ft2"><SPAN class="ft2">17.</SPAN><SPAN class="ft40">matarfond: en värdepappersfond vars medel placeras i enlighet med tillstånd enligt 5 a kap. 6 §,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">18.</SPAN><SPAN class="ft40">matarfondföretag: ett fondföretag som i sitt hemland har sådant tillstånd som avses i artikel 58 i Europaparlamentets och rådets direktiv 2009/65/EG,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">19.</SPAN><SPAN class="ft40">mottagarfond: en värdepappersfond som</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">har minst en matarfond eller ett matarfondföretag bland sina andels- ägare,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">inte är en matarfond, och</SPAN></P>
<P class="p750 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">vars medel inte placeras i en matarfond eller ett matarfondföretag, 20. mottagarfondföretag: ett fondföretag som</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">i sitt hemland har sådant tillstånd som avses i artikel 5 i Europaparla-</SPAN></P>
<P class="p19 ft2">mentets och rådets direktiv 2009/65/EG,</P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">har minst en matarfond eller ett matarfondföretag bland sina andels- ägare,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">c)</SPAN><SPAN class="ft40">inte är ett matarfondföretag, och</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">d)</SPAN><SPAN class="ft72">inte placerar medel i en matarfond eller ett matarfondföretag,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr31 td234"><P class="p39 ft2">21. reglerad marknad: detsamma</P></TD>
<TD class="tr31 td339"><P class="p39 ft2">21. reglerad marknad: detsamma</P></TD>
<TD class="tr31 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p23 ft2">som i 1 kap. <SPAN class="ft3">5 § 20 </SPAN>lagen (2007:528)</P></TD>
<TD class="tr25 td339"><P class="p23 ft2">som i 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen (2007:528)</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td234"><P class="p23 ft2">om värdepappersmarknaden,</P></TD>
<TD class="tr27 td339"><P class="p23 ft2">om värdepappersmarknaden,</P></TD>
<TD class="tr27 td147"><P class="p20 ft2">175</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_176">
<P class="p727 ft4">Prop. 2016/17:162 22. penningmarknadsinstrument: statsskuldväxlar, bankcertifikat samt sådana andra finansiella instrument som normalt omsätts på penning- marknaden, är likvida och har ett värde som vid varje tidpunkt exakt kan fastställas,</P>
<P class="p700 ft4"><SPAN class="ft2">23.</SPAN><SPAN class="ft77">specialfond: detsamma som i 1 kap. 11 § 23 lagen om förvaltare av alternativa investeringsfonder,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">24.</SPAN><SPAN class="ft77">startkapital: detsamma som i artikel 2.1 k i Europaparlamentets och rådets direktiv 2009/65/EG,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">25.</SPAN><SPAN class="ft40">värdepappersfond: en fond vars andelar kan lösas in på begäran av andelsägare och som består av finansiella tillgångar, om den bildats genom kapitaltillskott från allmänheten och ägs av dem som skjutit till kapital samt förvaltas enligt bestämmelserna i 5 kap. eller 5 a kap., och</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">26.</SPAN><SPAN class="ft72">överlåtbart värdepapper:</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">aktier och andra värdepapper som motsvarar aktier samt depåbevis för aktier,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft76">obligationer och andra skuldförbindelser, med undantag av penning- marknadsinstrument, samt depåbevis för skuldförbindelser, och</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">c)</SPAN><SPAN class="ft76">värdepapper av annat slag som ger rätt att förvärva sådana överlåtbara värdepapper som anges i a och b genom teckning eller utbyte.</SPAN></P>
<P class="p575 ft4">Överlåtbart värdepapper omfattar inte tekniker och instrument som av- ses i 5 kap. 1 § tredje stycket.</P>
<P class="p575 ft4">Med återköp eller inlösen av andelar enligt första stycket 9 och 25 jäm- ställs att andelarna är upptagna till handel på en reglerad marknad, om det är säkerställt att andelarnas noterade värde inte i väsentlig mån avviker från det värde som avses i 4 kap. 10 § tredje stycket.</P>
<P class="p751 ft2">1 a §<SPAN class="ft24">3</SPAN></P>
<P class="p576 ft4">Vid bedömningen av om ett innehav utgör ett kvalificerat innehav enligt 1 § första stycket 16 ska följande bestämmelser i 4 kap. lagen (1991:980) om handel med finansiella instrument tillämpas:</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">2 § första stycket 1 om depåbevis,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft40">4 § första stycket, andra stycket </SPAN><NOBR>1–8</NOBR> samt tredje och femte styckena om beräkning av innehavet,</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">5 § andra stycket om beräkning av antalet aktier eller röstetal,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">12 § 1 och 2 om undantag för aktier som innehas för clearing och avveckling eller förvaltas för någon annans räkning,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">13 § om aktier som ingår i handelslager,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">14 § om aktier som innehas av marknadsgaranter, samt</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">16 och 17 §§ om undantag för vissa moderföretag.</SPAN></P>
<P class="p536 ft2">Vid bedömningen ska också tillämpas föreskrifter</P>
<P class="p538 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft40">om aktier som innehas av marknadsgaranter, som har meddelats med stöd av 7 kap. 1 § 3 lagen om handel med finansiella instrument eller 23 kap. 15 § 1 lagen (2007:528) om värdepappersmarknaden, och</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">om undantag för vissa moderföretag, som har meddelats med stöd av 7 kap. 1 § 4 lagen om handel med finansiella instrument.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td188"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td240"><P class="p57 ft2">Aktier som ett värdepappers-</P></TD>
<TD class="tr27 td130"><P class="p20 ft2">Aktier som ett värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td306"><P class="p516 ft2">institut som avses i 1 kap. <SPAN class="ft3">5 § 27</SPAN></P></TD>
<TD class="tr31 td130"><P class="p20 ft2">institut som avses i 1 kap. <SPAN class="ft3">4 b </SPAN>§</P></TD>
</TR>
<TR>
<TD class="tr58 td188"><P class="p516 ft33">3</P></TD>
<TD class="tr58 td240"><P class="p59 ft37">Senaste lydelse 2011:882.</P></TD>
<TD class="tr58 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">176</P></TD>
<TD class="tr27 td240"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td130"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_177">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD colspan=2 class="tr2 td77"><P class="p23 ft2">lagen om värdepappersmarknaden</P></TD>
<TD colspan=2 class="tr2 td162"><P class="p23 ft2">lagen om värdepappersmarknaden Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">eller ett kreditinstitut som avses i</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p23 ft2">eller ett kreditinstitut som avses i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">1 kap. <SPAN class="ft3">5 § 17 </SPAN>samma lag och som</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p23 ft2">1 kap. <SPAN class="ft3">4 b </SPAN>§ samma lag och som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">driver finansieringsrörelse<SPAN class="ft3">, </SPAN>innehar</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p23 ft2">driver finansieringsrörelse innehar</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">till följd av verksamhet enligt 2 kap.</P></TD>
<TD colspan=2 class="tr25 td162"><P class="p23 ft2">till följd av verksamhet enligt 2 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td22"><P class="p23 ft2">1 § 6 samma</P></TD>
<TD class="tr26 td188"><P class="p95 ft2">lag ska dock inte</P></TD>
<TD class="tr26 td22"><P class="p23 ft2">1 § 6 samma</P></TD>
<TD class="tr26 td135"><P class="p142 ft2">lag ska dock inte</P></TD>
</TR>
<TR>
<TD class="tr26 td22"><P class="p23 ft2">beaktas vid</P></TD>
<TD class="tr26 td188"><P class="p95 ft2">bedömningen, under</P></TD>
<TD class="tr26 td22"><P class="p23 ft2">beaktas vid</P></TD>
<TD class="tr26 td135"><P class="p142 ft2">bedömningen, under</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">förutsättning att</P></TD>
<TD colspan=2 class="tr26 td162"><P class="p23 ft2">förutsättning att</P></TD>
</TR>
</TABLE>
<P class="p752 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">rösträtten inte utnyttjas eller används på annat sätt för att ingripa i emittentens förvaltning, samt</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">aktierna avyttras inom ett år från förvärvet.</SPAN></P>
<P class="p102 ft4">Tredje stycket ska tillämpas även på aktier som innehas under mot- svarande förutsättningar av ett utländskt värdepappersföretag eller av ett utländskt kreditinstitut som driver finansieringsrörelse.</P>
<P class="p753 ft2">10 §<SPAN class="ft24">4</SPAN></P>
<P class="p100 ft2">För förvaltningsbolags och fondföretags verksamhet i Sverige tilläm-</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD colspan=2 class="tr33 td340"><P class="p23 ft2">pas 2 kap. 19 § första stycket och <NOBR>20–21</NOBR> §§ på motsvarande sätt.</P></TD>
<TD class="tr33 td6"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td340"><P class="p39 ft2">Utöver det som anges i första stycket tillämpas på motsvarande sätt</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p39 ft2">– 2 kap. 17 f § för förvaltnings-</P></TD>
<TD class="tr25 td313"><P class="p39 ft2">– 2 kap. 17 f <SPAN class="ft3">och 17 g §</SPAN>§</P></TD>
<TD class="tr25 td6"><P class="p20 ft2">för</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">bolags verksamhet i Sverige enligt</P></TD>
<TD class="tr26 td313"><P class="p23 ft2">förvaltningsbolags verksamhet</P></TD>
<TD class="tr26 td6"><P class="p20 ft2">i</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">6 § första stycket 1, och</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">Sverige enligt 6 § första stycket 1,</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td313"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td6"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p93 ft2">– 4 kap. 20 § för fondföretags verksamhet i Sverige enligt 7 §.</P>
<P class="p11 ft42">För filialer till förvaltningsbolag och fondföretag gäller i övrigt lagen (1992:160) om utländska filialer m.m.</P>
<P class="p702 ft25">2 kap.</P>
<P class="p754 ft3">17 g §</P>
<P class="p587 ft26">Ett fondbolag som i sin verksam- het lämnar råd till <NOBR>icke-profession-</NOBR> ella kunder om fondandelar i andra fall än det som avses i 7 kap. 1 § första stycket 3 ska när det utför sådana tjänster tillämpa 8 kap. 12 och 15 §§ och 9 kap. <NOBR>3–6,</NOBR> 10, 17, 21, 23 och <NOBR>27–29</NOBR> §§ lagen (2007:528) om värdepappersmarknaden.</P>
<TABLE cellpadding=0 cellspacing=0 class="t110">
<TR>
<TD class="tr42 td199"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td234"><P class="p755 ft25">4 kap.</P></TD>
<TD class="tr42 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td199"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td234"><P class="p756 ft2">20 §<SPAN class="ft24">5</SPAN></P></TD>
<TD class="tr33 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td199"><P class="p39 ft2">Informationsbroschyren,</P></TD>
<TD class="tr25 td29"><P class="p96 ft27">fakta-</P></TD>
<TD class="tr25 td199"><P class="p39 ft2">Informationsbroschyren,</P></TD>
<TD class="tr25 td97"><P class="p20 ft27">fakta-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p53 ft2">bladet, den senaste årsberättelsen</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">bladet, den senaste årsberättelsen</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p53 ft2">och, i förekommande fall, den halv-</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">och, i förekommande fall, den halv-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p53 ft2">årsredogörelse som publicerats där-</P></TD>
<TD colspan=2 class="tr25 td130"><P class="p20 ft27">årsredogörelse som publicerats där-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td234"><P class="p53 ft27">efter ska på begäran kostnadsfritt till-</P></TD>
<TD colspan=2 class="tr27 td130"><P class="p20 ft27">efter ska på begäran kostnadsfritt till-</P></TD>
</TR>
</TABLE>
<P class="p757 ft37"><SPAN class="ft28">4</SPAN><SPAN class="ft36">Senaste lydelse 2016:892.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">5</SPAN><SPAN class="ft38">Senaste lydelse 2013:563.</SPAN></P>
<P class="p13 ft2">177</P>
</DIV>
<DIV id="page_178">
<DIV id="dimg1">
<INGENBILD zsrc="H403162178x1.jpg/" id="img1">
</DIV>
<DIV id="tx1"><SPAN class="ft2">Ett fondbolag som utför diskre- tionär portföljförvaltning avseende finansiella instrument </SPAN><SPAN class="ft3">ska </SPAN><SPAN class="ft2">i denna förvaltning och när det utför tjänster enligt 1 § första stycket tillämpa 8 kap. </SPAN><NOBR><SPAN class="ft2">9–12,</SPAN></NOBR><SPAN class="ft2"> </SPAN><NOBR><SPAN class="ft2">14</SPAN><SPAN class="ft3">–16</SPAN></NOBR><SPAN class="ft3"> och 22 </SPAN><SPAN class="ft2">§§ </SPAN><SPAN class="ft3">och 9 kap. 1, </SPAN><NOBR><SPAN class="ft3">3–6,</SPAN></NOBR><SPAN class="ft3"> 9, 10, </SPAN><NOBR><SPAN class="ft3">12–23,</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">26–29</SPAN></NOBR><SPAN class="ft3"> och 40 §§, 41 § första stycket och 43 § </SPAN><SPAN class="ft2">lagen (2007:528) om värdepap- persmarknaden.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD colspan=3 class="tr24 td341"><P class="p56 ft2">Prop. 2016/17:162 handahållas den som avser att köpa</P></TD>
<TD colspan=3 class="tr24 td242"><P class="p57 ft2">handahållas den som avser att köpa</P></TD>
</TR>
<TR>
<TD class="tr25 td246"><P class="p41 ft2">andelar i</P></TD>
<TD class="tr25 td95"><P class="p174 ft2">en</P></TD>
<TD class="tr25 td138"><P class="p56 ft27">värdepappersfond.</P></TD>
<TD class="tr25 td57"><P class="p57 ft2">andelar i</P></TD>
<TD class="tr25 td148"><P class="p71 ft27">en</P></TD>
<TD class="tr25 td173"><P class="p20 ft2">värdepappersfond.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td341"><P class="p56 ft2">Denne ska, med undantag för de fall</P></TD>
<TD colspan=3 class="tr26 td242"><P class="p57 ft27">Denne ska, med undantag för de fall</P></TD>
</TR>
<TR>
<TD class="tr26 td246"><P class="p41 ft2">som avses</P></TD>
<TD colspan=2 class="tr26 td188"><P class="p56 ft2">i <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">22 a </SPAN>§ lagen</P></TD>
<TD class="tr26 td57"><P class="p57 ft2">som avses</P></TD>
<TD class="tr26 td148"><P class="p50 ft2">i</P></TD>
<TD class="tr26 td173"><P class="p20 ft2"><SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">18 </SPAN>§ lagen</P></TD>
</TR>
<TR>
<TD class="tr25 td246"><P class="p41 ft2">(2007:528)</P></TD>
<TD class="tr25 td95"><P class="p83 ft2">om</P></TD>
<TD class="tr25 td138"><P class="p56 ft27">värdepappersmark-</P></TD>
<TD class="tr25 td57"><P class="p57 ft2">(2007:528)</P></TD>
<TD class="tr25 td148"><P class="p82 ft2">om</P></TD>
<TD class="tr25 td173"><P class="p20 ft2">värdepappersmark-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td341"><P class="p56 ft2">naden, även utan begäran tillhanda-</P></TD>
<TD colspan=3 class="tr26 td242"><P class="p57 ft27">naden, även utan begäran tillhanda-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td341"><P class="p56 ft2">hållas faktabladet i god tid innan av-</P></TD>
<TD colspan=3 class="tr26 td242"><P class="p57 ft27">hållas faktabladet i god tid innan av-</P></TD>
</TR>
<TR>
<TD class="tr26 td246"><P class="p41 ft2">tal ingås.</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td138"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td57"><P class="p57 ft2">tal ingås.</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td173"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p758 ft2">Om fondbolaget genom marknadsföring erbjuder allmänheten att köpa andelar i en värdepappersfond, ska det av erbjudandet framgå att det finns ett faktablad och en informationsbroschyr och var dessa finns att tillgå.</P>
<P class="p576 ft2">Om information som anges i 16 och 16 a §§, 5 a kap. 24 § samt andra stycket denna paragraf inte lämnas, ska även marknadsföringslagen (2008:486) tillämpas, med undantag av bestämmelserna i <NOBR>29–36</NOBR> §§ om marknadsstörningsavgift. Sådan information ska anses vara väsentlig en- ligt 10 § tredje stycket den lagen.</P>
<P class="p759 ft25">7 kap.</P>
<P class="p760 ft2">3 §<SPAN class="ft24">6 </SPAN>Ett fondbolag som utför diskre-</P>
<P class="p761 ft2">tionär portföljförvaltning avseende finansiella instrument <SPAN class="ft3">skall </SPAN>i denna förvaltning och när det utför tjänster enligt 1 § första stycket tillämpa <SPAN class="ft3">bestämmelserna i </SPAN>8 kap. <SPAN class="ft3">1, </SPAN><NOBR>9–12<SPAN class="ft3">,</SPAN></NOBR><SPAN class="ft3"> </SPAN>14, <NOBR><SPAN class="ft3">21–23,</SPAN></NOBR><SPAN class="ft3"> 26, 27 och 34 </SPAN>§§ <SPAN class="ft3">samt 35 § första stycket </SPAN>lagen (2007:528) om värdepappersmarknaden.</P>
<P class="p762 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p763 ft37"><SPAN class="ft43">6 </SPAN>Senaste lydelse 2007:562.</P>
<P class="p19 ft2">178</P>
</DIV>
<DIV id="page_179">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR height=0>
<TD width=45px></TD>
<TD width=90px></TD>
<TD width=271px></TD>
<TD width=99px></TD>
</TR>
<TR>
<TD class="tr45 td55"><P class="p23 ft21">2.14</P></TD>
<TD colspan=2 class="tr45 td342"><P class="p32 ft21">Förslag till lag om ändring i lagen (2004:297)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td342"><P class="p32 ft21">om bank- och finansieringsrörelse</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr36 td53"><P class="p39 ft2">Härigenom föreskrivs<SPAN class="ft24">1</SPAN></P></TD>
<TD class="tr36 td343"><P class="p23 ft2">att 2 kap. 3 §, 6 kap. 7 §, 7 kap. 1 och 3 §§ och</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td134"><P class="p23 ft2">15 kap. <NOBR>8–9</NOBR> §§ lagen (2004:297) om bank- och finansieringsrörelse ska ha</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td53"><P class="p23 ft2">följande lydelse.</P></TD>
<TD class="tr31 td343"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td53"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr46 td343"><P class="p764 ft3">Föreslagen lydelse</P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p765 ft25"><SPAN class="ft25">2</SPAN><SPAN class="ft81">kap.</SPAN></P>
<P class="p766 ft2">3 §<SPAN class="ft24">2</SPAN></P>
<P class="p767 ft4">Tillstånd enligt denna lag behövs inte för finansieringsrörelse som drivs av</P>
<P class="p143 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">en bank,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">ett utländskt bankföretag som har tillstånd att driva bankrörelse i Sverige enligt 4 kap. 4 §,</SPAN></P>
<P class="p610 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">ett försäkringsföretag, ett värdepappersföretag, Svenska skeppshypo- tekskassan eller en pantbank enligt pantbankslagen (1995:1000), i den utsträckning det är tillåtet enligt den för dem tillämpliga lagstiftningen,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft72">ett företag som tillhandahåller finansiering i samband med avsätt- ning av tjänster som erbjuds eller varor som framställs eller säljs av</SPAN></P>
<P class="p143 ft2">a) företaget, eller</P>
<P class="p144 ft4">b) ett annat företag i samma koncern eller motsvarande utländska före- tagsgrupp, förutsatt att</P>
<P class="p144 ft2">– koncernen eller företagsgruppen inte har som huvudsakligt ändamål att driva finansiell verksamhet, och</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr27 td175"><P class="p39 ft2">– företaget</P></TD>
<TD class="tr27 td13"><P class="p23 ft2">som</P></TD>
<TD colspan=2 class="tr27 td295"><P class="p95 ft2">tillhandahåller</P></TD>
<TD class="tr27 td57"><P class="p39 ft2">– företaget</P></TD>
<TD colspan=3 class="tr27 td91"><P class="p20 ft2">som tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr25 td175"><P class="p23 ft2">finansieringen</P></TD>
<TD colspan=3 class="tr25 td152"><P class="p95 ft2">lånar upp medel</P></TD>
<TD colspan=2 class="tr25 td46"><P class="p23 ft2">finansieringen lånar</P></TD>
<TD class="tr25 td52"><P class="p50 ft2">upp</P></TD>
<TD class="tr25 td129"><P class="p20 ft2">medel</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">från allmänheten bara genom att</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p23 ft2">från allmänheten bara genom att</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">ge ut sådana överlåtbara värdepap-</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p23 ft2">ge ut sådana överlåtbara värdepap-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">per som avses i 1 kap. 4 § <SPAN class="ft3">första</SPAN></P></TD>
<TD colspan=4 class="tr25 td76"><P class="p23 ft3"><SPAN class="ft2">per som avses i </SPAN>punkt 2 i defini-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td120"><P class="p23 ft3">stycket 2 b <SPAN class="ft2">lagen</SPAN></P></TD>
<TD class="tr26 td80"><P class="p99 ft2">(2007:528)</P></TD>
<TD class="tr26 td163"><P class="p95 ft2">om</P></TD>
<TD class="tr26 td57"><P class="p23 ft3">tionen i</P></TD>
<TD class="tr26 td98"><P class="p23 ft2">1 kap.</P></TD>
<TD class="tr26 td52"><P class="p88 ft2">4 §</P></TD>
<TD class="tr26 td129"><P class="p20 ft2">lagen</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td86"><P class="p23 ft2">värdepappersmarknaden med</P></TD>
<TD class="tr26 td163"><P class="p95 ft2">en</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p23 ft2">(2007:528) om värdepappersmark-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td86"><P class="p23 ft2">löptid på minst ett år,</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td76"><P class="p23 ft2">naden med en löptid på minst ett</P></TD>
</TR>
<TR>
<TD class="tr30 td175"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td13"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td80"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td163"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td57"><P class="p23 ft14">år,</P></TD>
<TD class="tr30 td98"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td52"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p147 ft2">5. ett aktiebolag eller en ekonomisk förening om</P>
<P class="p143 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">verksamheten består i att vid enstaka tillfällen förvärva fordringar,</SPAN></P>
<P class="p116 ft2">och</P>
<P class="p143 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">medel för verksamheten inte löpande anskaffas från allmänheten,</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft4">6. ett företag som bara finansierar andra företag i samma koncern eller motsvarande utländska företagsgrupp, förutsatt att koncernen eller</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">6. ett företag som bara finansierar andra företag i samma koncern eller motsvarande utländska företagsgrupp, förutsatt att koncernen eller företags-</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p768 ft44"><SPAN class="ft28">1</SPAN><SPAN class="ft112">Jfr Europaparlamentets och rådets direktiv 2013/36/EU av den 26 juni 2013 om behörig- het att utöva verksamhet i kreditinstitut och om tillsyn av kreditinstitut och värdepappers- företag, om ändring av direktiv 2002/87/EG och om upphävande av direktiv 2006/48/EG och 2006/49/EG, i den ursprungliga lydelsen.</SPAN></P>
<P class="p769 ft32"><SPAN class="ft28">2</SPAN><SPAN class="ft31">Senaste lydelse 2010:760.</SPAN></P>
<P class="p79 ft2">179</P>
</DIV>
</DIV>
<DIV id="page_180">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t66">
<TR>
<TD class="tr24 td111"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td278"><P class="p125 ft2">företagsgruppen inte</P></TD>
<TD class="tr24 td35"><P class="p73 ft2">har</P></TD>
<TD class="tr24 td29"><P class="p106 ft2">som</P></TD>
<TD class="tr24 td130"><P class="p23 ft2">gruppen inte har som huvudsakligt</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td278"><P class="p23 ft2">huvudsakligt ändamål</P></TD>
<TD class="tr25 td35"><P class="p23 ft2">att</P></TD>
<TD class="tr25 td29"><P class="p106 ft2">driva</P></TD>
<TD class="tr25 td130"><P class="p23 ft2">ändamål att driva finansiell</P></TD>
</TR>
<TR>
<TD class="tr30 td111"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td278"><P class="p23 ft14">finansiell verksamhet,</P></TD>
<TD class="tr30 td35"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td29"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td130"><P class="p23 ft14">verksamhet,</P></TD>
</TR>
</TABLE>
<P class="p770 ft2">7. en ekonomisk förening, vilken</P>
<P class="p389 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">som medlemmar vid varje tillfälle har högst 1 000 fysiska personer,</SPAN></P>
<P class="p388 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">som medlemmar antar bara personer som ingår i en i förväg identi- fierbar begränsad krets som också anges i föreningens stadgar,</SPAN></P>
<P class="p388 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">tar emot återbetalningspliktiga medel bara från medlemmarna eller från finansiella företag, och</SPAN></P>
<P class="p388 ft2"><SPAN class="ft2">d)</SPAN><SPAN class="ft40">har till ändamål bara att med sådana medel som avses i c tillgodose finansieringsbehov hos medlemmarna.</SPAN></P>
<P class="p16 ft2">Undantagen enligt första stycket 5 och 7 för rörelse som drivs av aktie- bolag eller ekonomisk förening gäller även för sådan rörelse som drivs av motsvarande utländska företag.</P>
<P class="p15 ft4">Tillstånd att driva finansieringsrörelse behövs inte heller för tillhanda- hållande av betaltjänster enligt lagen (2010:751) om betaltjänster.</P>
<P class="p771 ft25">6 kap.</P>
<P class="p772 ft2">7 §<SPAN class="ft24">3</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t111">
<TR>
<TD class="tr33 td234"><P class="p53 ft2">Om ett kreditinstitut vill uppdra åt</P></TD>
<TD class="tr33 td185"><P class="p20 ft2">Om ett kreditinstitut vill uppdra åt</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft27">någon annan att utföra någon av de</P></TD>
<TD class="tr25 td185"><P class="p20 ft27">någon annan att utföra någon av de</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft27">tjänster som avses i 7 kap. 1 §, <SPAN class="ft26">skall</SPAN></P></TD>
<TD class="tr26 td185"><P class="p20 ft2">tjänster som avses i 7 kap. 1 §, <SPAN class="ft3">ska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">institutet anmäla detta till Finans-</P></TD>
<TD class="tr26 td185"><P class="p20 ft2">institutet anmäla detta till Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft27">inspektionen och ge in uppdragsav-</P></TD>
<TD class="tr25 td185"><P class="p20 ft27">inspektionen och ge in uppdragsav-</P></TD>
</TR>
<TR>
<TD class="tr30 td234"><P class="p574 ft73">talet. Ett sådant uppdrag får ges om</P></TD>
<TD class="tr30 td185"><P class="p80 ft73">talet. Ett sådant uppdrag får ges om</P></TD>
</TR>
</TABLE>
<P class="p389 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft76">institutet svarar för den anförtrodda verksamheten mot kunden,</SPAN></P>
<P class="p388 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft76">verksamheten drivs av uppdragstagaren under kontrollerade och säker- hetsmässigt betryggande former, och</SPAN></P>
<P class="p388 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft76">uppdraget inte har sådan omfattning att institutet inte kan uppfylla de skyldigheter som följer av denna lag eller andra författningar som reglerar institutets verksamhet.</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft2">Första stycket gäller inte uppdrag åt någon annan att driva värdepap- persrörelse. I fråga om värdepap- persrörelse gäller i stället <SPAN class="ft3">bestäm- melserna i </SPAN>8 kap. <SPAN class="ft3">14 </SPAN>§ lagen (2007:528) om värdepappers- marknaden.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">Första stycket gäller inte uppdrag åt någon annan att driva värdepap- persrörelse. I fråga om värdepap- persrörelse gäller i stället 8 kap. <SPAN class="ft45">22 </SPAN>§ lagen (2007:528) om värdepappers- marknaden.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p694 ft25">7 kap.</P>
<P class="p744 ft2">1 §<SPAN class="ft24">4</SPAN></P>
<P class="p742 ft4">Ett kreditinstitut får driva bara finansiell verksamhet och verksamhet som har ett naturligt samband med den.</P>
<P class="p536 ft2">Ett kreditinstitut får i sin verksamhet, bland annat</P>
<P class="p666 ft42">1. låna upp medel, till exempel genom att ta emot inlåning från all- mänheten eller ge ut obligationer eller andra jämförbara fordringsrätter,</P>
<TABLE cellpadding=0 cellspacing=0 class="t112">
<TR>
<TD class="tr25 td188"><P class="p30 ft33">3</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2007:563.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">4</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2012:374.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">180</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="page_181">
<P class="p773 ft4">2. lämna och förmedla kredit, till exempel i form av konsumentkredit Prop. 2016/17:162 och kredit mot panträtt i fast egendom eller fordringar,</P>
<P class="p774 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">medverka vid finansiering, till exempel genom att förvärva fordringar och upplåta lös egendom till nyttjande (leasing),</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">tillhandahålla betaltjänster enligt lagen (2010:751) om betaltjänster,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft72">tillhandahålla betalningsmedel,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft72">ikläda sig garantiförbindelser och göra liknande åtaganden,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">7.</SPAN><SPAN class="ft72">medverka vid värdepappersemissioner,</SPAN></P>
<P class="p776 ft2"><SPAN class="ft2">8.</SPAN><SPAN class="ft72">lämna ekonomisk rådgivning,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft72">förvara värdepapper,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">10.</SPAN><SPAN class="ft40">driva rembursverksamhet,</SPAN></P>
<P class="p776 ft2"><SPAN class="ft2">11.</SPAN><SPAN class="ft40">tillhandahålla värdefackstjänster,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">12.</SPAN><SPAN class="ft40">driva valutahandel,</SPAN></P>
<P class="p775 ft2"><SPAN class="ft2">13.</SPAN><SPAN class="ft40">driva värdepappersrörelse under de förutsättningar som föreskrivs i</SPAN></P>
<P class="p777 ft2">lagen (2007:528) om värdepappersmarknaden,</P>
<TABLE cellpadding=0 cellspacing=0 class="t106">
<TR>
<TD colspan=4 class="tr31 td77"><P class="p125 ft2">14. lämna kreditupplysning under</P></TD>
<TD class="tr31 td130"><P class="p20 ft2">14. lämna kreditupplysning under</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p59 ft2">de förutsättningar som föreskrivs i</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">de förutsättningar som föreskrivs i</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2">kreditupplysningslagen</P></TD>
<TD class="tr26 td130"><P class="p59 ft2">kreditupplysningslagen</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td190"><P class="p59 ft2">(1973:1173),</P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p59 ft2">(1973:1173), <SPAN class="ft3">och</SPAN></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p125 ft2">15. ge ut elektroniska pengar en-</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">15. ge ut elektroniska pengar en-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2">ligt lagen (2011:755) om elektron-</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">ligt lagen (2011:755) om elektron-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td14"><P class="p59 ft2">iska pengar<SPAN class="ft3">, samt</SPAN></P></TD>
<TD class="tr26 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td130"><P class="p59 ft2">iska pengar<SPAN class="ft3">.</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td14"><P class="p39 ft3">16. tillhandahålla</P></TD>
<TD class="tr25 td30"><P class="p53 ft3">investerings-</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">tjänster och driva investeringsverk-</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">samhet som avser sådana utsläpps-</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft3">rätter som inte är finansiella instru-</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">ment och som auktioneras i enlighet</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">med kommissionens förordning (EU)</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td190"><P class="p23 ft3">nr 1031/2010</P></TD>
<TD class="tr25 td15"><P class="p23 ft3">av den</P></TD>
<TD class="tr25 td30"><P class="p53 ft3">12 november</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">2010 om tidsschema, administration</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">och andra aspekter av auktionering</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft3">av utsläppsrätter för växthusgaser i</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td93"><P class="p23 ft3">enlighet</P></TD>
<TD class="tr26 td97"><P class="p70 ft3">med</P></TD>
<TD colspan=2 class="tr26 td198"><P class="p53 ft3">Europaparlamentets</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">och rådets direktiv 2003/87/EG om</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft3">ett system för handel med</P></TD>
<TD class="tr25 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft3">utsläppsrätter för växthusgaser inom</P></TD>
<TD class="tr26 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td190"><P class="p23 ft3">gemenskapen.</P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td130"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr47 td93"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td15"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr47 td344"><P class="p778 ft2">3 §<SPAN class="ft24">5</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td235"><P class="p125 ft2">För att skydda en fordran får ett kreditinstitut</P></TD>
</TR>
<TR>
<TD class="tr25 td93"><P class="p125 ft2">1. på</P></TD>
<TD colspan=3 class="tr25 td256"><P class="p96 ft2">offentlig auktion, på en</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">1. på offentlig auktion, på en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2">reglerad marknad eller en mot-</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">reglerad marknad eller en mot-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2">svarande marknad utanför EES, på</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">svarande marknad utanför EES, på</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td14"><P class="p59 ft2">en handelsplattform</P></TD>
<TD class="tr25 td30"><P class="p96 ft2">enligt 1 kap.</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">en handelsplattform enligt 1 kap.</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2"><SPAN class="ft3">5 § 12 </SPAN>lagen (2007:528) om värde-</P></TD>
<TD class="tr26 td130"><P class="p20 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p59 ft2">pappersmarknaden eller vid exeku-</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">pappersmarknaden eller vid exeku-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr31 td77"><P class="p59 ft2">tiv försäljning köpa egendom som</P></TD>
<TD class="tr31 td130"><P class="p20 ft2">tiv försäljning köpa egendom som</P></TD>
</TR>
</TABLE>
<P class="p532 ft37"><SPAN class="ft43">5 </SPAN>Senaste lydelse 2007:563.</P>
<P class="p533 ft2">181</P>
</DIV>
<DIV id="page_182">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td265"><P class="p23 ft2">Prop. 2016/17:162 är utmätt eller utgör säkerhet för</P></TD>
<TD class="tr24 td185"><P class="p23 ft2">är utmätt eller utgör säkerhet för</P></TD>
</TR>
<TR>
<TD class="tr26 td265"><P class="p41 ft2">fordran, och</P></TD>
<TD class="tr26 td185"><P class="p23 ft2">fordran, och</P></TD>
</TR>
</TABLE>
<P class="p575 ft2">2. om det finns skäl att anta att institutet annars skulle lida avsevärd förlust, som betalning för en fordran överta egendom som utgör säkerhet</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=5 class="tr31 td77"><P class="p23 ft2">för fordran eller annan egendom.</P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td80"><P class="p67 ft25">15 kap.</P></TD>
<TD class="tr43 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td80"><P class="p68 ft2">8 §<SPAN class="ft24">6</SPAN></P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p106 ft2">Sanktionsavgiften för ett kredit-</P></TD>
<TD colspan=7 class="tr25 td130"><P class="p30 ft2">Sanktionsavgiften för ett kredit-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td79"><P class="p23 ft2">institut ska fastställas till högst</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p20 ft2">institut ska fastställas till högst <SPAN class="ft3">det</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td75"><P class="p23 ft3">högsta av</P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p106 ft2">1. tio procent av kreditinstitutets</P></TD>
<TD colspan=7 class="tr25 td130"><P class="p20 ft2">1. tio procent av kreditinstitutets</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td46"><P class="p23 ft2">omsättning närmast</P></TD>
<TD colspan=3 class="tr26 td121"><P class="p106 ft2">föregående</P></TD>
<TD colspan=7 class="tr26 td130"><P class="p20 ft3"><SPAN class="ft2">omsättning </SPAN>eller, i förekommande</P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft2">räkenskapsår,</P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft3">fall,</P></TD>
<TD colspan=3 class="tr26 td190"><P class="p23 ft3">motsvarande</P></TD>
<TD colspan=3 class="tr26 td218"><P class="p30 ft3">omsättning på</P></TD>
</TR>
<TR>
<TD class="tr25 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td75"><P class="p23 ft26">koncernnivå</P></TD>
<TD colspan=3 class="tr25 td126"><P class="p80 ft2">närmast</P></TD>
<TD colspan=2 class="tr25 td255"><P class="p20 ft2">föregående</P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td106"><P class="p23 ft2">räkenskapsår, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td46"><P class="p125 ft2">2. två gånger den</P></TD>
<TD colspan=2 class="tr26 td73"><P class="p39 ft2">vinst</P></TD>
<TD class="tr26 td116"><P class="p106 ft2">som</P></TD>
<TD colspan=3 class="tr26 td159"><P class="p125 ft2">2. två gånger</P></TD>
<TD colspan=2 class="tr26 td170"><P class="p80 ft2">den</P></TD>
<TD class="tr26 td52"><P class="p59 ft2">vinst</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p23 ft2">institutet <SPAN class="ft3">erhållit </SPAN>till följd av</P></TD>
<TD colspan=7 class="tr25 td130"><P class="p30 ft2">institutet <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td126"><P class="p106 ft27">beloppet</P></TD>
<TD colspan=4 class="tr26 td106"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD colspan=3 class="tr26 td218"><P class="p20 ft2">om beloppet</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td46"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td159"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td77"><P class="p106 ft3">3. två gånger de kostnader som</P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td77"><P class="p23 ft3">institutet undvikit till följd av</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td105"><P class="p23 ft3">regelöverträdelsen,</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p59 ft3">om</P></TD>
<TD colspan=2 class="tr26 td126"><P class="p106 ft26">beloppet</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td105"><P class="p23 ft3">går att fastställa.</P></TD>
<TD class="tr25 td273"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td105"><P class="p125 ft14">Sanktionsavgiften</P></TD>
<TD class="tr30 td273"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td35"><P class="p23 ft14">får</P></TD>
<TD class="tr30 td13"><P class="p73 ft14">inte</P></TD>
<TD colspan=2 class="tr30 td80"><P class="p67 ft14">bestämmas</P></TD>
<TD class="tr30 td52"><P class="p39 ft14">till</P></TD>
<TD class="tr30 td35"><P class="p23 ft14">ett</P></TD>
<TD colspan=2 class="tr30 td170"><P class="p76 ft14">lägre</P></TD>
<TD class="tr30 td52"><P class="p23 ft14">belopp</P></TD>
<TD class="tr30 td13"><P class="p20 ft14">än</P></TD>
</TR>
</TABLE>
<P class="p646 ft2">5 000 kronor. Om överträdelsen har skett under institutets första verk- samhetsår eller om uppgifter om omsättningen annars saknas eller är bristfälliga, får den uppskattas.</P>
<P class="p536 ft2">Avgiften får inte vara så stor att institutet därefter inte uppfyller kraven</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr33 td77"><P class="p23 ft2">enligt 6 kap. 1 §.</P></TD>
<TD class="tr33 td105"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td72"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td40"><P class="p521 ft2">8 a §<SPAN class="ft24">7</SPAN></P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td72"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p125 ft2">Sanktionsavgiften för en fysisk</P></TD>
<TD class="tr25 td105"><P class="p125 ft2">Sanktionsavgiften</P></TD>
<TD class="tr25 td13"><P class="p59 ft2">för</P></TD>
<TD class="tr25 td72"><P class="p20 ft2">en fysisk</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">person ska fastställas till högst</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">person ska fastställas till högst <SPAN class="ft3">det</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td105"><P class="p23 ft3">högsta av</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p125 ft2">1. ett belopp som per den 17 juli</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">1. ett belopp som per den 17 juli</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">2013 i svenska kronor motsvarade</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">2013 i svenska kronor motsvarade</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">fem miljoner euro,</P></TD>
<TD colspan=2 class="tr26 td278"><P class="p23 ft2">fem miljoner euro, <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p125 ft2">2. två gånger den vinst som den</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p20 ft2">2. två gånger den vinst som den</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">fysiska personen <SPAN class="ft3">erhållit </SPAN>till följd</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">fysiska personen <SPAN class="ft3">gjort </SPAN>till följd av</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p23 ft2">av regelöverträdelsen, om beloppet</P></TD>
<TD class="tr26 td105"><P class="p23 ft2">regelöverträdelsen,</P></TD>
<TD class="tr26 td13"><P class="p23 ft2">om</P></TD>
<TD class="tr26 td72"><P class="p20 ft2">beloppet</P></TD>
</TR>
<TR>
<TD class="tr31 td77"><P class="p23 ft2">går att fastställa<SPAN class="ft3">, eller</SPAN></P></TD>
<TD class="tr31 td105"><P class="p23 ft2">går att fastställa<SPAN class="ft3">.</SPAN></P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td72"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t113">
<TR>
<TD class="tr25 td188"><P class="p30 ft33">6</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2015:184.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">7</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2015:184.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">182</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_183">
<DIV id="dimg1">
<INGENBILD zsrc="H403162183x1.jpg/" id="img1">
</DIV>
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p779 ft45">3. två gånger de kostnader som den fysiska personen undvikit till följd av regelöverträdelsen, om beloppet går att fastställa.</P>
<P class="p147 ft2">Avgiften tillfaller staten.</P>
<P class="p780 ft2">När sanktionsavgiftens storlek fastställs, ska särskild hänsyn tas till sådana omständigheter som anges i 1 b och 1 c §§ samt till institutets eller den fysiska personens finansiella ställning och, om det går att fastställa, den vinst som institutet eller den fysiska personen <SPAN class="ft3">erhållit </SPAN>till följd av regelöverträdelsen <SPAN class="ft3">eller de kostnader som undvikits</SPAN>.</P>
</DIV>
<DIV id="id_1_2">
<P class="p13 ft2">Prop. 2016/17:162</P>
<P class="p368 ft2">9 §<SPAN class="ft24">8</SPAN></P>
<P class="p781 ft2">När sanktionsavgiftens storlek fastställs, ska särskild hänsyn tas till sådana omständigheter som anges i 1 b och 1 c §§ samt till institutets eller den fysiska personens finansiella ställning och, om det går att fastställa, den vinst som institutet eller den fysiska personen <SPAN class="ft3">gjort </SPAN>till följd av regelöverträdelsen.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p782 ft4">1. Denna lag träder i kraft den 1 augusti 2017 i fråga om 15 kap. <NOBR>8–9</NOBR> §§ och i övrigt den 3 januari 2018.</P>
<P class="p783 ft42">2. Äldre bestämmelser gäller för överträdelser som ägt rum före ikraft- trädandet.</P>
<P class="p784 ft37"><SPAN class="ft43">8 </SPAN>Senaste lydelse 2015:184.</P>
<P class="p13 ft2">183</P>
</DIV>
</DIV>
<DIV id="page_184">
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.15</SPAN></P></TD>
<TD class="tr45 td333"><P class="p23 ft21">Förslag till lag om ändring i lagen (2004:1199)</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td333"><P class="p23 ft21">om handel med utsläppsrätter</P></TD>
</TR>
</TABLE>
<P class="p785 ft2">Härigenom föreskrivs i fråga om lagen (2004:1199) om handel med utsläppsrätter<SPAN class="ft24">1</SPAN></P>
<P class="p591 ft4"><SPAN class="ft45">dels </SPAN>att 7 kap. 6, 10 och 11 §§, 8 kap. 1 <NOBR>a–1</NOBR> f §§ och 9 kap. 1 a § ska upphöra att gälla,</P>
<P class="p536 ft2"><SPAN class="ft3">dels </SPAN>att 7 kap. 8 § och 9 kap. 1 § ska ha följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t114">
<TR>
<TD colspan=2 class="tr42 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr42 td130"><P class="p23 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr46 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td322"><P class="p786 ft25">7 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td27"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td322"><P class="p260 ft2">8 §<SPAN class="ft24">2</SPAN></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">En tillsynsmyndighet ska anmäla</P></TD>
<TD class="tr26 td130"><P class="p125 ft2">En tillsynsmyndighet ska anmäla</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft2">en överträdelse av denna lag <SPAN class="ft3">eller</SPAN></P></TD>
<TD class="tr25 td130"><P class="p23 ft2">en överträdelse av denna lag till</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">en <NOBR>EU-förordning</NOBR> om handel med</P></TD>
<TD class="tr26 td130"><P class="p23 ft2">Polismyndigheten eller en åklagar-</P></TD>
</TR>
<TR>
<TD class="tr26 td27"><P class="p23 ft3">utsläppsrätter</P></TD>
<TD class="tr26 td210"><P class="p106 ft2">till Polismyndig-</P></TD>
<TD class="tr26 td130"><P class="p23 ft2">myndighet, om det finns misstanke</P></TD>
</TR>
<TR>
<TD class="tr25 td27"><P class="p23 ft2">heten eller en</P></TD>
<TD class="tr25 td210"><P class="p106 ft2">åklagarmyndighet,</P></TD>
<TD class="tr25 td130"><P class="p23 ft2">om brott.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td77"><P class="p23 ft2">om det finns misstanke om brott.</P></TD>
<TD class="tr27 td130"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p787 ft25">9 kap.</P>
<P class="p744 ft2">1 §<SPAN class="ft24">3</SPAN></P>
<P class="p629 ft2">Följande beslut får överklagas till mark- och miljödomstol:</P>
<P class="p537 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">beslut om tillstånd enligt 2 kap.,</SPAN></P>
<P class="p788 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">beslut om godkännande av en övervakningsplan enligt 2 kap. 14 §,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">beslut om tilldelning av utsläppsrätter enligt 3 kap.,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">beslut om avvisning enligt 4 kap. 7 eller 8 §,</SPAN></P>
<P class="p788 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">beslut om rättelse enligt 4 kap. 19 § första stycket,</SPAN></P>
<P class="p789 ft4"><SPAN class="ft2">6.</SPAN><SPAN class="ft48">beslut om att avslå ansökan om att öppna ett konto enligt artikel 22 i registerförordningen,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">7.</SPAN><SPAN class="ft40">beslut om att inte godkänna ett behörigt ombud eller extra behörigt ombud enligt artikel 24.5 i registerförordningen,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">8.</SPAN><SPAN class="ft48">beslut om att vägra att uppdatera kontouppgifter eller uppgifter om behörigt ombud enligt artikel 25.3 i registerförordningen,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft40">beslut enligt artikel 34.2 eller 34.4 i registerförordningen om att stänga av tillträdesrätten till ett konto eller kontoföringsmyndighetens beslut att avslå begäran om omprövning enligt artikel 34.6 i samma förordning,</SPAN></P>
<P class="p790 ft2"><SPAN class="ft2">10.</SPAN><SPAN class="ft72">beslut om avgift enligt 4 kap. 20 §,</SPAN></P>
<P class="p788 ft2"><SPAN class="ft2">11.</SPAN><SPAN class="ft72">beslut om uppskattning av utsläppens storlek enligt 5 kap. 2 §,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t115">
<TR>
<TD class="tr33 td188"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td166"><P class="p57 ft2">12. begäran som förenats</P></TD>
<TD class="tr33 td119"><P class="p23 ft2">med</P></TD>
<TD class="tr33 td291"><P class="p23 ft2">12. begäran som förenats med</P></TD>
</TR>
<TR>
<TD class="tr59 td188"><P class="p516 ft33">1</P></TD>
<TD class="tr59 td166"><P class="p59 ft37">Senaste lydelse av</P></TD>
<TD class="tr59 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr59 td291"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td331"><P class="p516 ft44">7 kap. 6 § 2012:344</P></TD>
<TD colspan=2 class="tr48 td183"><P class="p44 ft44">8 kap. 1 c § 2012:344</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td331"><P class="p516 ft44">7 kap. 10 § 2012:344</P></TD>
<TD colspan=2 class="tr48 td183"><P class="p44 ft44">8 kap. 1 d § 2012:344</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr49 td331"><P class="p516 ft32">7 kap. 11 § 2012:344</P></TD>
<TD colspan=2 class="tr49 td183"><P class="p44 ft32">8 kap. 1 e § 2012:344</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td331"><P class="p516 ft44">8 kap. 1 a § 2012:344</P></TD>
<TD colspan=2 class="tr48 td183"><P class="p44 ft44">8 kap. 1 f § 2012:344</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr48 td331"><P class="p516 ft44">8 kap. 1 b § 2012:344</P></TD>
<TD colspan=2 class="tr48 td183"><P class="p44 ft44">9 kap. 1 a § 2012:344.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p516 ft33">2</P></TD>
<TD class="tr48 td166"><P class="p59 ft44">Senaste lydelse 2015:441.</P></TD>
<TD class="tr48 td119"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td291"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p516 ft33">3</P></TD>
<TD class="tr48 td166"><P class="p59 ft44">Senaste lydelse 2015:367.</P></TD>
<TD class="tr48 td119"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td291"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p23 ft2">184</P></TD>
<TD class="tr27 td166"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td291"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_185">
<DIV id="dimg1">
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</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD colspan=2 class="tr24 td77"><P class="p23 ft2">vite enligt 7 kap. 2 §, <SPAN class="ft3">om beslutet</SPAN></P></TD>
<TD class="tr24 td224"><P class="p23 ft2">vite enligt 7 kap. 2 §,</P></TD>
<TD class="tr24 td260"><P class="p791 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft3">avser annat än tillsyn över att</P></TD>
<TD class="tr25 td224"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td61"><P class="p23 ft3">artiklarna <NOBR>37–42</NOBR></P></TD>
<TD class="tr26 td84"><P class="p95 ft3">i förordning</P></TD>
<TD class="tr26 td224"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">(EU) nr 1031/2010 följs,</P></TD>
<TD class="tr26 td224"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td61"><P class="p39 ft2">13. föreläggande</P></TD>
<TD class="tr25 td84"><P class="p95 ft2">som förenats</P></TD>
<TD class="tr25 td224"><P class="p39 ft2">13. föreläggande som</P></TD>
<TD class="tr25 td260"><P class="p23 ft2">förenats</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">med vite enligt 7 kap. 3 §, <SPAN class="ft3">om före-</SPAN></P></TD>
<TD class="tr26 td224"><P class="p23 ft2">med vite enligt 7 kap. 3 §,</P></TD>
<TD class="tr26 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft3">läggandet avser annat än tillsyn</P></TD>
<TD class="tr26 td224"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p23 ft3">över att artiklarna <NOBR>37–42</NOBR> i förord-</P></TD>
<TD class="tr25 td224"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td260"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr30 td77"><P class="p23 ft35">ning (EU) nr 1031/2010 följs,</P></TD>
<TD class="tr30 td224"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td260"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">14.</SPAN><SPAN class="ft40">beslut om offentliggörande av en verksamhetsutövares namn enligt 8 kap. 5 §,</SPAN></P>
<P class="p241 ft2"><SPAN class="ft2">15.</SPAN><SPAN class="ft40">beslut om förseningsavgift enligt 8 kap. 5 a eller 5 b §, och</SPAN></P>
<P class="p386 ft2"><SPAN class="ft2">16.</SPAN><SPAN class="ft40">beslut om avgift enligt 8 kap. 6 §.</SPAN></P>
<P class="p792 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p793 ft2">185</P>
</DIV>
<DIV id="page_186">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr45 td128"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.16</SPAN></P></TD>
<TD colspan=11 class="tr45 td328"><P class="p794 ft21">Förslag till lag om ändring i lagen (2005:405)</P></TD>
</TR>
<TR>
<TD class="tr36 td128"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr36 td345"><P class="p794 ft21">om försäkringsförmedling</P></TD>
<TD class="tr36 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=12 class="tr36 td99"><P class="p81 ft2">Härigenom föreskrivs att 1 kap. 5 §, 5 kap. 1, 4 och 5 §§ och 8 kap. 6 §</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr27 td346"><P class="p41 ft2">lagen (2005:405) om försäkringsförmedling ska ha följande lydelse.</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr44 td347"><P class="p41 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr44 td81"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td128"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td149"><P class="p795 ft25">1 kap.</P></TD>
<TD class="tr43 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td128"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td149"><P class="p795 ft27">5 §<SPAN class="ft102">1</SPAN></P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td128"><P class="p81 ft2">När</P></TD>
<TD class="tr26 td74"><P class="p39 ft2">en</P></TD>
<TD colspan=3 class="tr26 td1"><P class="p53 ft2">försäkringsförmedlare</P></TD>
<TD class="tr26 td163"><P class="p39 ft2">När</P></TD>
<TD class="tr26 td74"><P class="p39 ft2">en</P></TD>
<TD colspan=5 class="tr26 td152"><P class="p20 ft2">försäkringsförmedlare</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">utövar sådan sidoverksamhet som</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">utövar sådan sidoverksamhet som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">avses i 2 kap. 5 § första stycket <SPAN class="ft3">15</SPAN></P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">avses i 2 kap. 5 § första stycket <SPAN class="ft3">14</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">lagen (2007:528) om värdepappers-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">lagen (2007:528) om värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">marknaden, är lagen tillämplig även</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">marknaden, är lagen tillämplig även</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">på denna verksamhet, om inte något</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft27">på denna verksamhet, om inte något</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td291"><P class="p41 ft2">annat sägs.</P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td30"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td174"><P class="p23 ft2">annat sägs.</P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr0 td128"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr0 td149"><P class="p795 ft25">5 kap.</P></TD>
<TD class="tr0 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td128"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td149"><P class="p795 ft27">1 §<SPAN class="ft102">2</SPAN></P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td128"><P class="p81 ft2">En</P></TD>
<TD colspan=3 class="tr26 td164"><P class="p44 ft2">försäkringsförmedlare</P></TD>
<TD class="tr26 td88"><P class="p53 ft2">får</P></TD>
<TD class="tr26 td163"><P class="p39 ft2">En</P></TD>
<TD colspan=4 class="tr26 td42"><P class="p57 ft2">försäkringsförmedlare</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p20 ft2">får</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">efter tillstånd av Finansinspek-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">efter tillstånd av Finansinspek-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">tionen utöva sådan sidoverksamhet</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">tionen utöva sådan sidoverksamhet</P></TD>
</TR>
<TR>
<TD class="tr26 td128"><P class="p41 ft2">som</P></TD>
<TD class="tr26 td74"><P class="p23 ft27">avses</P></TD>
<TD class="tr26 td35"><P class="p67 ft2">i</P></TD>
<TD colspan=2 class="tr26 td210"><P class="p53 ft2">2 kap. 5 § första</P></TD>
<TD class="tr26 td163"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td74"><P class="p23 ft27">avses</P></TD>
<TD class="tr26 td13"><P class="p67 ft2">i</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p73 ft2">2 kap. 5 §</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p20 ft27">första</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td291"><P class="p41 ft2">stycket <SPAN class="ft3">15</SPAN></P></TD>
<TD colspan=2 class="tr26 td209"><P class="p23 ft2">lagen (2007:528)</P></TD>
<TD class="tr26 td88"><P class="p53 ft2">om</P></TD>
<TD colspan=2 class="tr26 td174"><P class="p23 ft2">stycket <SPAN class="ft3">14</SPAN></P></TD>
<TD colspan=3 class="tr26 td237"><P class="p23 ft2">lagen (2007:528)</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td347"><P class="p41 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td81"><P class="p23 ft2">värdepappersmarknaden.</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=12 class="tr26 td99"><P class="p81 ft2">Vid prövning av en ansökan om tillstånd enligt första stycket gäller</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr27 td348"><P class="p41 ft2">bestämmelserna i 2 kap. 5 eller 6 § i tillämpliga delar.</P></TD>
<TD class="tr27 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td128"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td30"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td149"><P class="p795 ft27">4 §<SPAN class="ft102">3</SPAN></P></TD>
<TD class="tr46 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p81 ft2">Försäkringsförmedlaren <SPAN class="ft3">skall </SPAN>i sin</P></TD>
<TD colspan=4 class="tr26 td81"><P class="p39 ft2">Försäkringsförmedlaren</P></TD>
<TD class="tr26 td148"><P class="p23 ft3">ska</P></TD>
<TD class="tr26 td169"><P class="p70 ft2">i</P></TD>
<TD class="tr26 td21"><P class="p20 ft2">sin</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">verksamhet iaktta god försäkrings-</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">verksamhet iaktta god försäkrings-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td192"><P class="p41 ft2">förmedlingssed</P></TD>
<TD colspan=2 class="tr26 td210"><P class="p53 ft2">och med tillbörlig</P></TD>
<TD colspan=3 class="tr26 td153"><P class="p23 ft2">förmedlingssed</P></TD>
<TD class="tr26 td117"><P class="p23 ft2">och med</P></TD>
<TD colspan=3 class="tr26 td191"><P class="p20 ft2">tillbörlig</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">omsorg ta till vara kundens intressen.</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft27">omsorg ta till vara kundens intressen.</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td347"><P class="p81 ft2">Försäkringsförmedlaren <SPAN class="ft3">skall</SPAN></P></TD>
<TD class="tr25 td88"><P class="p53 ft2">an-</P></TD>
<TD colspan=4 class="tr25 td81"><P class="p39 ft2">Försäkringsförmedlaren</P></TD>
<TD colspan=2 class="tr25 td129"><P class="p70 ft3">ska</P></TD>
<TD class="tr25 td21"><P class="p20 ft2">an-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">passa sin rådgivning efter kundens</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">passa sin rådgivning efter kundens</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">önskemål och behov samt rekom-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">önskemål och behov samt rekom-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">mendera lösningar som är lämpliga</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">mendera lösningar som är lämpliga</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">för kunden. Om försäkringsförmed-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">för kunden. Om försäkringsförmed-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">laren har informerat kunden enligt</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">laren har informerat kunden enligt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">6 kap. 2 § första stycket 1 om att han</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft27">6 kap. 2 § första stycket 1 om att han</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">eller hon lämnar rådgivning om för-</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">eller hon lämnar rådgivning om för-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td265"><P class="p41 ft2">säkring på grundval av en opartisk</P></TD>
<TD colspan=7 class="tr26 td185"><P class="p23 ft2">säkring på grundval av en opartisk</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td265"><P class="p41 ft2">analys, är förmedlaren skyldig att</P></TD>
<TD colspan=7 class="tr25 td185"><P class="p23 ft2">analys, är förmedlaren skyldig att</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr27 td265"><P class="p41 ft2">lämna rådgivningen efter en analys</P></TD>
<TD colspan=7 class="tr27 td185"><P class="p23 ft2">lämna rådgivningen efter en analys</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t116">
<TR>
<TD class="tr27 td188"><P class="p30 ft33">1</P></TD>
<TD class="tr27 td111"><P class="p59 ft30">Senaste lydelse 2007:565.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">2</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2007:565.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">3</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2007:565.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">186</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_187">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p796 ft4">av ett tillräckligt stort antal försäk- ringsavtal på marknaden.</P>
<P class="p150 ft27">Förmedlaren <SPAN class="ft26">skall </SPAN>avråda en kund som är en fysisk person som handlar huvudsakligen för ändamål som faller utanför näringsverksamhet från att vidta åtgärder som inte kan anses lämpliga med hänsyn till personens behov, ekonomiska förhållanden eller andra omständigheter.</P>
<P class="p797 ft4">Om försäkringsförmedlaren utövar sådan sidoverksamhet som avses i 1 § första stycket, gäller dessutom bestämmelserna i 8 kap. lagen (2007:528) om värdepappersmark- naden för den verksamheten i tillämpliga delar.</P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft4">av ett tillräckligt stort antal försäk- Prop. 2016/17:162 ringsavtal på marknaden.</P>
<P class="p798 ft27">Förmedlaren <SPAN class="ft26">ska </SPAN>avråda en kund som är en fysisk person som handlar huvudsakligen för ändamål som faller utanför näringsverksamhet från att vidta åtgärder som inte kan anses lämpliga med hänsyn till personens behov, ekonomiska förhållanden eller andra omständigheter.</P>
<P class="p565 ft4">Om försäkringsförmedlaren utövar sådan sidoverksamhet som avses i</P>
<TABLE cellpadding=0 cellspacing=0 class="t117">
<TR>
<TD class="tr27 td83"><P class="p23 ft2">1 § första</P></TD>
<TD colspan=2 class="tr27 td98"><P class="p23 ft2">stycket,</P></TD>
<TD class="tr27 td142"><P class="p20 ft2">gäller dessutom</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td233"><P class="p23 ft2">bestämmelserna</P></TD>
<TD class="tr25 td6"><P class="p57 ft2">i</P></TD>
<TD class="tr25 td142"><P class="p20 ft2">8 kap. lagen</P></TD>
</TR>
<TR>
<TD class="tr30 td83"><P class="p23 ft14">(2007:528)</P></TD>
<TD class="tr30 td88"><P class="p50 ft14">om</P></TD>
<TD colspan=2 class="tr30 td67"><P class="p20 ft73">värdepappersmark-</P></TD>
</TR>
</TABLE>
<P class="p272 ft45"><SPAN class="ft4">naden </SPAN>i lydelsen före den 3 januari 2018 <SPAN class="ft4">för den verksamheten i tillämpliga delar.</SPAN></P>
</DIV>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr42 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td168"><P class="p515 ft2">5 §<SPAN class="ft24">4</SPAN></P></TD>
<TD class="tr42 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p99 ft2">Pengar och andra tillgångar som</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">Pengar och andra tillgångar som</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td239"><P class="p23 ft2">försäkringsförmedlaren</P></TD>
<TD class="tr26 td71"><P class="p82 ft2">får</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p99 ft2">hand</P></TD>
<TD colspan=5 class="tr26 td165"><P class="p44 ft2">försäkringsförmedlaren</P></TD>
<TD class="tr26 td11"><P class="p23 ft2">får</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">hand</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td242"><P class="p23 ft2">om för kundens räkning <SPAN class="ft3">skall</SPAN></P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">om för kundens räkning <SPAN class="ft3">ska </SPAN>hållas</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p23 ft2">hållas avskilda från egna till-</P></TD>
<TD colspan=6 class="tr26 td79"><P class="p44 ft2">avskilda från egna tillgångar.</P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td29"><P class="p23 ft2">gångar.</P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td124"><P class="p39 ft2">Om</P></TD>
<TD colspan=6 class="tr25 td171"><P class="p57 ft2">försäkringsförmedlaren</P></TD>
<TD class="tr25 td88"><P class="p99 ft2">ut-</P></TD>
<TD class="tr25 td139"><P class="p21 ft2">Om</P></TD>
<TD colspan=6 class="tr25 td260"><P class="p20 ft2">försäkringsförmedlaren ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p23 ft2">övar</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p23 ft2">sådan</P></TD>
<TD colspan=4 class="tr26 td172"><P class="p44 ft2">sidoverksamhet</P></TD>
<TD class="tr26 td88"><P class="p99 ft2">som</P></TD>
<TD class="tr26 td139"><P class="p44 ft2">övar</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p23 ft27">sådan</P></TD>
<TD colspan=3 class="tr26 td167"><P class="p67 ft2">sidoverksamhet</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p23 ft2">avses</P></TD>
<TD class="tr26 td115"><P class="p1 ft2">i</P></TD>
<TD class="tr26 td17"><P class="p1 ft2">1 §</P></TD>
<TD class="tr26 td139"><P class="p57 ft2">första</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p1 ft2">stycket,</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p99 ft2">gäller</P></TD>
<TD class="tr26 td139"><P class="p44 ft2">avses</P></TD>
<TD class="tr26 td157"><P class="p1 ft2">i</P></TD>
<TD colspan=2 class="tr26 td132"><P class="p23 ft2">1 § första</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p70 ft2">stycket,</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">gäller</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td29"><P class="p23 ft2">i stället</P></TD>
<TD colspan=3 class="tr25 td216"><P class="p70 ft2">bestämmelserna</P></TD>
<TD class="tr25 td71"><P class="p71 ft2">i</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p99 ft2">2 kap.</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p44 ft2">i stället</P></TD>
<TD colspan=3 class="tr25 td27"><P class="p59 ft2">bestämmelserna</P></TD>
<TD colspan=2 class="tr25 td72"><P class="p20 ft2">i 2 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p23 ft2">5 §</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p23 ft2">första</P></TD>
<TD colspan=3 class="tr26 td233"><P class="p85 ft2">stycket <SPAN class="ft3">15 </SPAN>c</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p99 ft2">lagen</P></TD>
<TD class="tr26 td139"><P class="p44 ft2">5 §</P></TD>
<TD colspan=2 class="tr26 td74"><P class="p23 ft27">första</P></TD>
<TD colspan=3 class="tr26 td167"><P class="p84 ft2">stycket <SPAN class="ft3">14 </SPAN>c</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">lagen</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p23 ft2">(2007:528) om värdepappersmark-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">(2007:528) om värdepappersmark-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr31 td260"><P class="p23 ft2">naden för den verksamheten.</P></TD>
<TD class="tr31 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr31 td79"><P class="p44 ft2">naden för den verksamheten.</P></TD>
<TD class="tr31 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr0 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr0 td168"><P class="p515 ft25">8 kap.</P></TD>
<TD class="tr0 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td168"><P class="p515 ft2">6 §<SPAN class="ft24">5</SPAN></P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td242"><P class="p184 ft2">Om Finansinspektionen har åter-</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">Om Finansinspektionen har åter-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p23 ft2">kallat tillståndet för en försäkrings-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">kallat tillståndet för en försäkrings-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td149"><P class="p23 ft2">förmedlare,</P></TD>
<TD class="tr26 td139"><P class="p32 ft26">skall</P></TD>
<TD colspan=4 class="tr26 td159"><P class="p56 ft2">inspektionen</P></TD>
<TD colspan=3 class="tr26 td37"><P class="p57 ft2">förmedlare,</P></TD>
<TD class="tr26 td196"><P class="p175 ft3">ska</P></TD>
<TD colspan=3 class="tr26 td43"><P class="p20 ft2">inspektionen</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td242"><P class="p23 ft2">snarast underrätta Bolagsverket om</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">snarast underrätta Bolagsverket om</P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p23 ft2">detta.</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p57 ft2">detta.</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td124"><P class="p39 ft2">Om</P></TD>
<TD colspan=4 class="tr26 td295"><P class="p88 ft2">Bolagsverket har</P></TD>
<TD colspan=3 class="tr26 td87"><P class="p184 ft2">återkallat</P></TD>
<TD class="tr26 td139"><P class="p175 ft2">Om</P></TD>
<TD colspan=4 class="tr26 td295"><P class="p70 ft2">Bolagsverket har</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p20 ft2">återkallat</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td242"><P class="p23 ft2">registreringen avseende förmedling</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">registreringen avseende förmedling</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p23 ft2">av livförsäkring eller alla slag av</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">av livförsäkring eller alla slag av</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td242"><P class="p23 ft2">försäkring för en anknuten försäk-</P></TD>
<TD colspan=7 class="tr26 td281"><P class="p20 ft2">försäkring för en anknuten försäk-</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td242"><P class="p23 ft2">ringsförmedlare som har tillstånd</P></TD>
<TD colspan=7 class="tr25 td281"><P class="p20 ft2">ringsförmedlare som har tillstånd</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td149"><P class="p23 ft2">att utöva</P></TD>
<TD class="tr27 td139"><P class="p23 ft2">sådan</P></TD>
<TD colspan=4 class="tr27 td159"><P class="p184 ft27">sidoverksamhet</P></TD>
<TD colspan=3 class="tr27 td37"><P class="p57 ft2">att utöva</P></TD>
<TD class="tr27 td196"><P class="p23 ft2">sådan</P></TD>
<TD colspan=3 class="tr27 td43"><P class="p20 ft27">sidoverksamhet</P></TD>
</TR>
</TABLE>
<P class="p799 ft37"><SPAN class="ft28">4</SPAN><SPAN class="ft36">Senaste lydelse 2007:565.</SPAN></P>
<P class="p105 ft39"><SPAN class="ft28">5</SPAN><SPAN class="ft38">Senaste lydelse 2007:565.</SPAN></P>
<P class="p13 ft2">187</P>
</DIV>
</DIV>
<DIV id="page_188">
<DIV id="dimg1">
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</DIV>
<DIV id="id_1">
<DIV id="id_1_1">
<TABLE cellpadding=0 cellspacing=0 class="t118">
<TR>
<TD class="tr24 td206"><P class="p23 ft2">Prop. 2016/17:162 som avses</P></TD>
<TD class="tr24 td132"><P class="p76 ft2">i 2 kap.</P></TD>
<TD class="tr24 td132"><P class="p20 ft2">5 § första</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td245"><P class="p20 ft2">stycket <SPAN class="ft3">15 </SPAN>lagen (2007:528) om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td269"><P class="p41 ft27">värdepappersmarknaden,</P></TD>
<TD class="tr26 td132"><P class="p20 ft3">skall</P></TD>
</TR>
<TR>
<TD class="tr30 td206"><P class="p41 ft14">Bolagsverket</P></TD>
<TD class="tr30 td132"><P class="p76 ft14">snarast</P></TD>
<TD class="tr30 td132"><P class="p20 ft14">underrätta</P></TD>
</TR>
</TABLE>
<P class="p800 ft2">Finansinspektionen om detta.</P>
</DIV>
<DIV id="id_1_2">
<P class="p116 ft4">som avses i 2 kap. 5 § första stycket <SPAN class="ft45">14 </SPAN>lagen (2007:528) om värdepappersmarknaden, <SPAN class="ft45">ska </SPAN>Bolagsverket snarast underrätta Finansinspektionen om detta.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p801 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p802 ft2">188</P>
</DIV>
</DIV>
<DIV id="page_189">
<DIV id="dimg1">
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</DIV>
<DIV id="id_1">
<P class="p731 ft118">2.17 Förslag till lag om ändring i lagen (2006:451) <SPAN class="ft117">Prop. 2016/17:162 </SPAN>om offentliga uppköpserbjudanden på</P>
<P class="p732 ft21">aktiemarknaden</P>
<P class="p803 ft4">Härigenom föreskrivs att 1 kap. 2 § lagen (2006:451) om offentliga uppköpserbjudanden på aktiemarknaden ska ha följande lydelse.</P>
<P class="p354 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p804 ft25">1 kap.</P>
<P class="p501 ft2">2 §<SPAN class="ft24">1</SPAN></P>
<P class="p369 ft2">I denna lag förstås med</P>
<P class="p805 ft4">1. <SPAN class="ft45">offentligt uppköpserbjudande</SPAN>: ett offentligt erbjudande till innehavare av aktier som har getts ut av ett svenskt eller utländskt aktiebolag att överlåta samtliga eller en del av dessa aktier,</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr25 td260"><P class="p39 ft2">2. <SPAN class="ft53">börs</SPAN>: det som anges i</P></TD>
<TD class="tr25 td191"><P class="p96 ft2">1 kap.</P></TD>
<TD colspan=2 class="tr25 td256"><P class="p39 ft2">2. <SPAN class="ft53">börs</SPAN>: det som anges i</P></TD>
<TD class="tr25 td129"><P class="p23 ft2">1 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td260"><P class="p23 ft2"><SPAN class="ft3">5 § 3 </SPAN>lagen (2007:528) om</P></TD>
<TD class="tr25 td191"><P class="p53 ft2">värde-</P></TD>
<TD colspan=2 class="tr25 td256"><P class="p23 ft2"><SPAN class="ft3">4 b § </SPAN>lagen (2007:528) om</P></TD>
<TD class="tr25 td129"><P class="p23 ft27">värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td260"><P class="p23 ft2">pappersmarknaden och</P></TD>
<TD class="tr26 td191"><P class="p96 ft27">sådant</P></TD>
<TD class="tr26 td179"><P class="p23 ft2">pappersmarknaden</P></TD>
<TD class="tr26 td70"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td129"><P class="p23 ft27">sådant</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td234"><P class="p23 ft2">utländskt företag som har tillstånd</P></TD>
<TD colspan=3 class="tr26 td130"><P class="p23 ft2">utländskt företag som har tillstånd</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td234"><P class="p23 ft2">att driva en reglerad marknad från</P></TD>
<TD colspan=3 class="tr25 td130"><P class="p23 ft2">att driva en reglerad marknad från</P></TD>
</TR>
<TR>
<TD class="tr30 td260"><P class="p23 ft14">filial i Sverige,</P></TD>
<TD class="tr30 td191"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td179"><P class="p23 ft14">filial i Sverige,</P></TD>
<TD class="tr30 td70"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p143 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft50">budgivare</SPAN>: den som lämnar ett offentligt uppköpserbjudande,</P>
<P class="p144 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft47">koncern</SPAN>: sådana företagsgrupper som avses i 1 kap. 11 och 12 §§ aktiebolagslagen (2005:551), varvid det som sägs om moderbolag ska tillämpas även på andra svenska eller utländska rättssubjekt än aktiebolag, och</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft51"><SPAN class="ft42">5. </SPAN><SPAN class="ft88">reglerad marknad</SPAN><SPAN class="ft42">: det som anges i 1 kap. </SPAN>5 § 20 <SPAN class="ft42">lagen om värdepappersmarknaden.</SPAN></P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft51"><SPAN class="ft42">5. </SPAN><SPAN class="ft88">reglerad marknad</SPAN><SPAN class="ft42">: det som anges i 1 kap. </SPAN>4 b § <SPAN class="ft42">lagen om värdepappersmarknaden.</SPAN></P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p93 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p806 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2010:2072.</P>
<P class="p13 ft2">189</P>
</DIV>
</DIV>
<DIV id="page_190">
<TABLE cellpadding=0 cellspacing=0 class="t119">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.18</SPAN></P></TD>
<TD class="tr45 td254"><P class="p23 ft21">Förslag till lag om ändring i</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td254"><P class="p23 ft21">marknadsföringslagen (2008:486)</P></TD>
</TR>
</TABLE>
<P class="p807 ft4">Härigenom föreskrivs att 1 § marknadsföringslagen (2008:486) ska ha följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t120">
<TR>
<TD class="tr31 td77"><P class="p23 ft3">Lydelse enligt prop. 2016/17:129</P></TD>
<TD class="tr31 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p808 ft2">1 §</P>
<P class="p576 ft4">Denna lag har till syfte att främja konsumenternas och näringslivets intressen i samband med marknadsföring av produkter och att motverka marknadsföring som är otillbörlig mot konsumenter och näringsidkare.</P>
<P class="p536 ft2">Bestämmelser om marknadsföring finns bl.a. i</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (1992:1672) om paketresor,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">tobakslagen (1993:581),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lotterilagen (1994:1000),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">sjölagen (1994:1009),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (1995:1571) om insättningsgaranti,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">lagen (1996:1006) om anmälningsplikt avseende viss finansiell verk- samhet,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (1996:1118) om marknadsföring av kristallglas,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (1999:158) om investerarskydd,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">lagen (2002:562) om elektronisk handel och andra informations- samhällets tjänster,</SPAN></P>
<P class="p809 ft3"><SPAN class="ft26">–</SPAN><SPAN class="ft47">lagen (2004:46) om värde- pappersfonder,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2004:299) om inlåningsverksamhet,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">prisinformationslagen (2004:347),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2005:59) om distansavtal och avtal utanför affärslokaler,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">försäkringsavtalslagen (2005:104),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2005:405) om försäkringsförmedling,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2006:484) om franchisegivares informationsskyldighet,</SPAN></P>
<P class="p809 ft45"><SPAN class="ft26">–</SPAN><SPAN class="ft46">lagen (2007:528) om värde- pappersmarknaden,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2010:510) om lufttransporter,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">radio- och </SPAN><NOBR>tv-lagen</NOBR> (2010:696),</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">alkohollagen (2010:1622),</SPAN></P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">konsumentkreditlagen (2010:1846),</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">lagen (2011:914) om konsumentskydd vid avtal om tidsdelat boende eller långfristig semesterprodukt,</SPAN></P>
<P class="p809 ft3"><SPAN class="ft26">–</SPAN><SPAN class="ft47">lagen (2013:561) om för- valtare av alternativa investerings- fonder,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft27">–</SPAN><SPAN class="ft48">lagen (2013:1054) om marknadsföring av modersmjölksersättning och tillskottsnäring,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft40">lagen (2014:1344) med kompletterande bestämmelser till EU:s </SPAN><NOBR>tåg-,</NOBR> fartygs- och busspassagerarförordningar,</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2015:671) om alternativ tvistlösning i konsumentförhållanden,</SPAN></P>
<P class="p810 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">lagen (2015:953) om kollektivtrafikresenärers rättigheter, och</SPAN></P>
<P class="p511 ft2">190</P>
</DIV>
<DIV id="page_191">
<DIV id="dimg1">
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</DIV>
<P class="p747 ft42">– lagen (2016:415) om förmedlingsavgifter för kortbaserade betal- Prop. 2016/17:162 ningstransaktioner.</P>
<P class="p811 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p812 ft2">191</P>
</DIV>
<DIV id="page_192">
<DIV id="dimg1">
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</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr45 td226"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.19</SPAN></P></TD>
<TD colspan=6 class="tr45 td349"><P class="p84 ft21">Förslag till lag om ändring i konkurrenslagen</P></TD>
</TR>
<TR>
<TD class="tr36 td226"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td184"><P class="p84 ft21">(2008:579)</P></TD>
<TD class="tr36 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td149"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr36 td99"><P class="p20 ft2">Härigenom föreskrivs att 4 kap. 3 § konkurrenslagen (2008:579) ska ha</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td350"><P class="p41 ft2">följande lydelse.</P></TD>
<TD class="tr27 td142"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td149"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr44 td350"><P class="p41 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td142"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr44 td194"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td149"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td226"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td122"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td210"><P class="p813 ft25">4 kap.</P></TD>
<TD class="tr43 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td149"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td226"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td122"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td210"><P class="p201 ft2">3 §</P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td156"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td149"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p53 ft2">Ett förbud mot en företags-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">Ett förbud mot en företags-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">koncentration innebär att en rätts-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">koncentration innebär att en rätts-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td265"><P class="p41 ft2">handling som utgör en del i</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2">handling som utgör en del i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">företagskoncentrationen eller som</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">företagskoncentrationen eller som</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">har till syfte att genomföra koncen-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">har till syfte att genomföra koncen-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td265"><P class="p41 ft2">trationen därefter blir ogiltig. Detta</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2">trationen därefter blir ogiltig. Detta</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">gäller dock inte sådana rättshand-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">gäller dock inte sådana rättshand-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">lingar som utgörs av förvärv som</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">lingar som utgörs av förvärv som</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td265"><P class="p41 ft2">har skett på en reglerad marknad</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2">har skett på en reglerad marknad</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td350"><P class="p41 ft2">som avses i 1 kap.</P></TD>
<TD class="tr26 td142"><P class="p53 ft3">5 § 20 <SPAN class="ft2">lagen</SPAN></P></TD>
<TD class="tr26 td129"><P class="p23 ft2">som</P></TD>
<TD colspan=2 class="tr26 td84"><P class="p23 ft2">avses i 1 kap.</P></TD>
<TD class="tr26 td149"><P class="p20 ft3">4 b § <SPAN class="ft2">lagen</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">(2007:528) om värdepappersmark-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">(2007:528) om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr25 td226"><P class="p41 ft2">naden,</P></TD>
<TD colspan=2 class="tr25 td184"><P class="p53 ft2">en motsvarande marknad</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p23 ft2">naden,</P></TD>
<TD colspan=2 class="tr25 td69"><P class="p30 ft2">en motsvarande marknad</P></TD>
</TR>
<TR>
<TD class="tr26 td226"><P class="p41 ft2">utanför</P></TD>
<TD class="tr26 td122"><P class="p57 ft2">Europeiska</P></TD>
<TD class="tr26 td142"><P class="p53 ft2">ekonomiska</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p23 ft2">utanför</P></TD>
<TD class="tr26 td156"><P class="p44 ft2">Europeiska</P></TD>
<TD class="tr26 td149"><P class="p20 ft2">ekonomiska</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">samarbetsområdet eller en <SPAN class="ft3">handels-</SPAN></P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">samarbetsområdet eller en <SPAN class="ft3">MTF-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td265"><P class="p41 ft2"><SPAN class="ft3">plattform </SPAN>som avses i 1 kap. <SPAN class="ft3">5 § 12</SPAN></P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2"><SPAN class="ft3">plattform </SPAN>som avses i 1 kap. <SPAN class="ft3">4 b §</SPAN></P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">lagen om värdepappersmarknaden</P></TD>
<TD class="tr26 td129"><P class="p23 ft2">lagen</P></TD>
<TD colspan=3 class="tr26 td226"><P class="p20 ft2">om värdepappersmarknaden</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">eller genom inrop på exekutiv</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">eller genom inrop på exekutiv</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td265"><P class="p41 ft2">auktion. I sådana fall får förvärv-</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft27">auktion. I sådana fall får förvärvaren</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td265"><P class="p41 ft2">aren i stället åläggas att avyttra det</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">i stället åläggas att avyttra det som</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td350"><P class="p41 ft2">som har förvärvats.</P></TD>
<TD class="tr27 td142"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr27 td194"><P class="p23 ft2">har förvärvats.</P></TD>
<TD class="tr27 td149"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p814 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p815 ft2">192</P>
</DIV>
<DIV id="page_193">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr45 td70"><P class="p23 ft21">2.20</P></TD>
<TD class="tr45 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=14 class="tr45 td351"><P class="p23 ft21">Förslag till lag om ändring i offentlighets- och</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr36 td206"><P class="p23 ft21">sekretesslagen (2009:400)</P></TD>
<TD class="tr36 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr36 td192"><P class="p39 ft2">Härigenom föreskrivs att 30 kap.</P></TD>
<TD colspan=4 class="tr36 td105"><P class="p73 ft2">4 b § offentlighets-</P></TD>
<TD colspan=4 class="tr36 td159"><P class="p97 ft2">och sekretess-</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=9 class="tr27 td284"><P class="p23 ft2">lagen (2009:400) ska ha följande lydelse.</P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr44 td313"><P class="p23 ft26">Lydelse enligt prop. 2016/17:78</P></TD>
<TD class="tr44 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr44 td105"><P class="p1 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr43 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td22"><P class="p816 ft25">30 kap.</P></TD>
<TD class="tr43 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td22"><P class="p816 ft2">4 b §</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=16 class="tr26 td134"><P class="p97 ft2">Sekretess gäller i en statlig myndighets verksamhet som består i till-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=16 class="tr26 td134"><P class="p97 ft2">ståndsgivning eller tillsyn med avseende på bank- och kreditväsendet,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=16 class="tr25 td134"><P class="p97 ft2">värdepappersmarknaden eller försäkringsväsendet för uppgift i en</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=16 class="tr26 td134"><P class="p97 ft2">anmälan eller utsaga om överträdelse av bestämmelse som gäller för den</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=16 class="tr26 td134"><P class="p97 ft2">som myndighetens verksamhet avser, om uppgiften kan avslöja anmäla-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td118"><P class="p23 ft2">rens identitet.</P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=8 rowspan=2 class="tr0 td77"><P class="p97 ft2">Sekretess gäller i en statlig myn-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td192"><P class="p97 ft2">Sekretess gäller i en statlig myn-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft2">dighets</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p44 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p603 ft2">enligt</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p97 ft2">lagen</P></TD>
<TD class="tr26 td98"><P class="p70 ft2">dighets</P></TD>
<TD colspan=3 class="tr26 td238"><P class="p276 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td93"><P class="p74 ft2">enligt</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p97 ft2">lagen</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td118"><P class="p23 ft2">(1998:1479)</P></TD>
<TD class="tr25 td65"><P class="p1 ft2">om</P></TD>
<TD colspan=4 class="tr25 td202"><P class="p97 ft27">värdepappers-</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p70 ft2">(1998:1479)</P></TD>
<TD class="tr25 td124"><P class="p70 ft2">om</P></TD>
<TD colspan=4 class="tr25 td159"><P class="p97 ft2">värdepappers-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td255"><P class="p23 ft2">centraler</P></TD>
<TD colspan=5 class="tr26 td111"><P class="p73 ft2">och kontoföring</P></TD>
<TD class="tr26 td92"><P class="p97 ft2">av</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p70 ft2">centraler</P></TD>
<TD colspan=5 class="tr26 td176"><P class="p1 ft2">och kontoföring</P></TD>
<TD class="tr26 td129"><P class="p97 ft2">av</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td255"><P class="p23 ft2">finansiella</P></TD>
<TD colspan=3 class="tr26 td150"><P class="p1 ft2">instrument</P></TD>
<TD class="tr26 td127"><P class="p82 ft2">för</P></TD>
<TD colspan=2 class="tr26 td119"><P class="p97 ft27">uppgift</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p70 ft2">finansiella</P></TD>
<TD colspan=3 class="tr26 td238"><P class="p70 ft2">instrument</P></TD>
<TD class="tr26 td88"><P class="p23 ft3">eller</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p97 ft26">lagen</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td192"><P class="p23 ft2">om en enskilds personliga och</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p70 ft3">(2007:528)</P></TD>
<TD class="tr25 td124"><P class="p23 ft3">om</P></TD>
<TD colspan=4 class="tr25 td159"><P class="p97 ft26">värdepappers-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td118"><P class="p23 ft2">ekonomiska</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft2">förhållanden</P></TD>
<TD class="tr26 td13"><P class="p44 ft2">i</P></TD>
<TD class="tr26 td92"><P class="p97 ft2">en</P></TD>
<TD colspan=8 class="tr26 td77"><P class="p97 ft2"><SPAN class="ft3">marknaden </SPAN>för uppgift om en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td192"><P class="p23 ft2">anmälan eller utsaga om över-</P></TD>
<TD colspan=2 class="tr26 td150"><P class="p70 ft2">enskilds</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td156"><P class="p59 ft2">personliga</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p97 ft27">och</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td192"><P class="p23 ft2">trädelse av bestämmelse i lag eller</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p70 ft2">ekonomiska</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p59 ft2">förhållanden</P></TD>
<TD class="tr25 td115"><P class="p23 ft2">i</P></TD>
<TD class="tr25 td129"><P class="p97 ft2">en</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td192"><P class="p23 ft2">annan författning som gäller för</P></TD>
<TD colspan=8 class="tr26 td77"><P class="p97 ft2">anmälan eller utsaga om över-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td141"><P class="p23 ft27">värdepapperscentralers</P></TD>
<TD colspan=2 class="tr26 td39"><P class="p32 ft2">och</P></TD>
<TD class="tr26 td92"><P class="p97 ft2">ut-</P></TD>
<TD colspan=8 class="tr26 td77"><P class="p97 ft2">trädelse av bestämmelse i lag eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td70"><P class="p23 ft2">sedda</P></TD>
<TD colspan=4 class="tr25 td43"><P class="p23 ft2">kreditinstituts</P></TD>
<TD colspan=3 class="tr25 td118"><P class="p97 ft2">verksamhet,</P></TD>
<TD colspan=8 class="tr25 td77"><P class="p97 ft2">annan författning som gäller för</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td192"><P class="p23 ft2">om uppgiften kan avslöja den</P></TD>
<TD colspan=5 class="tr26 td188"><P class="p70 ft2">värdepapperscentralers</P></TD>
<TD class="tr26 td88"><P class="p39 ft2">och</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p97 ft2">ut-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td192"><P class="p23 ft2">anmäldes identitet och det inte står</P></TD>
<TD class="tr26 td98"><P class="p70 ft2">sedda</P></TD>
<TD colspan=4 class="tr26 td30"><P class="p817 ft27">kreditinstituts</P></TD>
<TD colspan=3 class="tr26 td22"><P class="p97 ft2">verksamhet</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td192"><P class="p23 ft2">klart att uppgiften kan röjas utan</P></TD>
<TD colspan=8 class="tr25 td77"><P class="p97 ft3">respektive för verksamhet i värde-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td313"><P class="p23 ft2">att denne lider skada eller men.</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p97 ft3">pappersinstitut, börser och leve-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td150"><P class="p70 ft3">rantörer</P></TD>
<TD class="tr26 td62"><P class="p23 ft3">av</P></TD>
<TD colspan=5 class="tr26 td110"><P class="p97 ft3">datarapporterings-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td214"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td77"><P class="p97 ft2"><SPAN class="ft3">tjänster, </SPAN>om uppgiften kan avslöja</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p818 ft2">den anmäldes identitet och det inte står klart att uppgiften kan röjas utan att denne lider skada eller men.</P>
<P class="p264 ft2">Sekretess gäller i en statlig myndighets verksamhet enligt lagen (2017:000) med kompletterande bestämmelser till EU:s förordning om faktablad för <NOBR>Priip-produkter</NOBR> för uppgift om en enskilds personliga och ekonomiska förhållanden i en anmälan eller utsaga om överträdelse av bestämmelse som gäller för den som myndigheten utövar tillsyn över enligt den lagen, om uppgiften kan avslöja den anmäldes identitet och det inte står klart att uppgiften kan röjas utan att denne lider skada eller men.</P>
<P class="p819 ft2">193</P>
</DIV>
<DIV id="page_194">
<DIV id="dimg1">
<INGENBILD zsrc="H403162194x1.jpg/" id="img1">
</DIV>
<P class="p820 ft4">Prop. 2016/17:162 Sekretessen enligt andra och tredje styckena gäller inte beslut om sanktioner eller sanktionsförelägganden.</P>
<P class="p697 ft2">För uppgift i en allmän handling gäller sekretessen i högst femtio år.</P>
<P class="p821 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p822 ft2">194</P>
</DIV>
<DIV id="page_195">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr45 td83"><P class="p23 ft21">2.21</P></TD>
<TD colspan=13 class="tr45 td306"><P class="p59 ft21">Förslag till lag om ändring i kommissionslagen</P></TD>
<TD class="tr45 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr45 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td83"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr36 td121"><P class="p59 ft21">(2009:865)</P></TD>
<TD class="tr36 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr36 td30"><P class="p39 ft2">Härigenom</P></TD>
<TD colspan=3 class="tr36 td255"><P class="p23 ft2">föreskrivs</P></TD>
<TD class="tr36 td17"><P class="p50 ft2">att</P></TD>
<TD class="tr36 td88"><P class="p98 ft2">2</P></TD>
<TD class="tr36 td124"><P class="p59 ft2">och</P></TD>
<TD colspan=2 class="tr36 td255"><P class="p59 ft2"><NOBR>19–22</NOBR> §§</P></TD>
<TD colspan=5 class="tr36 td210"><P class="p97 ft2">kommissionslagen</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr27 td242"><P class="p23 ft2">(2009:865) ska ha följande lydelse.</P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr44 td61"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr44 td46"><P class="p57 ft3">Föreslagen lydelse</P></TD>
<TD class="tr44 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td17"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td174"><P class="p61 ft2">2 §</P></TD>
<TD class="tr44 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p39 ft2">Om kommittenten är konsument</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">Om kommittenten är konsument</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">och kommissionären är handels-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">och kommissionären är handels-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">kommissionär, är avtalsvillkor som</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p97 ft2">kommissionär, är avtalsvillkor som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">i jämförelse med bestämmelserna i</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">i jämförelse med bestämmelserna i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">denna lag är till nackdel för</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">denna lag är till nackdel för</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td30"><P class="p23 ft2">kommittenten</P></TD>
<TD class="tr25 td127"><P class="p59 ft2">utan</P></TD>
<TD colspan=3 class="tr25 td117"><P class="p74 ft2">verkan</P></TD>
<TD class="tr25 td88"><P class="p184 ft2">mot</P></TD>
<TD colspan=3 class="tr25 td84"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr25 td113"><P class="p23 ft2">utan</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p44 ft2">verkan</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p97 ft2">mot</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">denne. Detta gäller dock inte upp-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">denne. Detta gäller dock inte upp-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">drag där kommittenten är en pro-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">drag där kommittenten är en pro-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td83"><P class="p23 ft2">fessionell</P></TD>
<TD class="tr25 td113"><P class="p23 ft27">kund</P></TD>
<TD colspan=2 class="tr25 td15"><P class="p75 ft27">enligt</P></TD>
<TD colspan=2 class="tr25 td170"><P class="p23 ft2"><SPAN class="ft3">8 </SPAN>kap.</P></TD>
<TD class="tr25 td88"><P class="p56 ft3">17 <SPAN class="ft2">§</SPAN></P></TD>
<TD colspan=2 class="tr25 td149"><P class="p57 ft2">fessionell</P></TD>
<TD class="tr25 td92"><P class="p59 ft2">kund</P></TD>
<TD colspan=2 class="tr25 td29"><P class="p178 ft2">enligt</P></TD>
<TD class="tr25 td52"><P class="p73 ft2"><SPAN class="ft3">9 </SPAN>kap.</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p97 ft3">5 <SPAN class="ft2">§</SPAN></P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">lagen (2007:528) om värdepap-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">lagen (2007:528) om värdepap-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td30"><P class="p23 ft2">persmarknaden.</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p185 ft27">Med</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p184 ft2">konsument</P></TD>
<TD colspan=3 class="tr26 td84"><P class="p57 ft2">persmarknaden.</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p216 ft2">Med</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p97 ft2">konsument</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">avses en fysisk person som handlar</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p97 ft2">avses en fysisk person som handlar</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td30"><P class="p23 ft2">huvudsakligen</P></TD>
<TD class="tr26 td127"><P class="p73 ft2">för</P></TD>
<TD colspan=3 class="tr26 td117"><P class="p23 ft2">ändamål</P></TD>
<TD class="tr26 td88"><P class="p184 ft2">som</P></TD>
<TD colspan=3 class="tr26 td84"><P class="p57 ft2">huvudsakligen</P></TD>
<TD class="tr26 td113"><P class="p59 ft2">för</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p23 ft2">ändamål</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p97 ft2">som</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">faller utanför näringsverksamhet.</P></TD>
<TD colspan=7 class="tr26 td303"><P class="p57 ft2">faller utanför näringsverksamhet.</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr25 td134"><P class="p39 ft2">I andra fall än de som omfattas av första stycket gäller avtalsvillkor fram-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=11 class="tr26 td96"><P class="p23 ft27">för bestämmelserna i denna lag, om inte annat anges i lagen.</P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr26 td134"><P class="p39 ft2">Med avtalsvillkor jämställs, vid tillämpningen av första och andra</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr25 td134"><P class="p23 ft2">styckena, praxis som har utbildats mellan parterna och handelsbruk eller</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr27 td352"><P class="p23 ft27">annan sedvänja som måste anses bindande för parterna.</P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td17"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td174"><P class="p823 ft2">19 §</P></TD>
<TD class="tr46 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p39 ft2">Utförs ett kommissionsuppdrag i</P></TD>
<TD colspan=7 class="tr26 td303"><P class="p175 ft2">Utförs ett kommissionsuppdrag</P></TD>
<TD class="tr26 td193"><P class="p97 ft2">i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">konkurrens med flera köpare eller</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">konkurrens med flera köpare eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">säljare, har kommissionären rätt att</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p98 ft2">säljare, har kommissionären rätt att</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">för egen räkning träda in som köpare</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">för egen räkning träda in som köpare</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">eller säljare av varan (självinträde)</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">eller säljare av varan (självinträde)</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">eller att utföra två eller flera kom-</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p97 ft2">eller att utföra två eller flera kom-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft2">mittenters</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p73 ft2">uppdrag</P></TD>
<TD colspan=2 class="tr26 td124"><P class="p73 ft2">mot</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p56 ft27">varandra</P></TD>
<TD colspan=2 class="tr26 td149"><P class="p57 ft2">mittenters</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p1 ft2">uppdrag</P></TD>
<TD colspan=4 class="tr26 td233"><P class="p97 ft2">mot varandra</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">(kombination). I annat fall får själv-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">(kombination). I annat fall får själv-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">inträde eller kombination ske endast</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p97 ft2">inträde eller kombination ske endast</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">om kommittenten uttryckligen god-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">om kommittenten uttryckligen god-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">känt detta. Ett sådant godkännande</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">känt detta. Ett sådant godkännande</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr25 td242"><P class="p23 ft2">behövs dock inte om kommittenten</P></TD>
<TD colspan=8 class="tr25 td275"><P class="p97 ft2">behövs dock inte om kommittenten</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p23 ft2">är en jämbördig motpart enligt <SPAN class="ft3">8 </SPAN>kap.</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">är en jämbördig motpart enligt <SPAN class="ft3">9 </SPAN>kap.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft2"><SPAN class="ft3">19 </SPAN>§ lagen</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p44 ft2">(2007:528)</P></TD>
<TD colspan=3 class="tr26 td80"><P class="p56 ft2">om värde-</P></TD>
<TD class="tr26 td124"><P class="p57 ft3">7 <SPAN class="ft2">§</SPAN></P></TD>
<TD class="tr26 td129"><P class="p23 ft2">lagen</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p80 ft2">(2007:528)</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p97 ft2">om värde-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td61"><P class="p23 ft2">pappersmarknaden.</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td17"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td46"><P class="p57 ft2">pappersmarknaden.</P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr26 td134"><P class="p39 ft2">Om självinträde eller kombination har skett enligt första stycket, ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr26 td134"><P class="p23 ft2">kommissionären informera kommittenten om detta i sitt meddelande</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td79"><P class="p23 ft2">enligt 4 § om ingångna avtal.</P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td242"><P class="p39 ft2">Om kommittenten är närings-</P></TD>
<TD colspan=8 class="tr26 td275"><P class="p97 ft2">Om kommittenten är närings-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr27 td242"><P class="p23 ft2">idkare och uppdraget inte faller inom</P></TD>
<TD colspan=8 class="tr27 td275"><P class="p97 ft2">idkare och uppdraget inte faller inom</P></TD>
<TD rowspan=2 class="tr47 td67"><P class="p20 ft2">195</P></TD>
</TR>
<TR>
<TD class="tr60 td83"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td113"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td127"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td193"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td21"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td17"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td88"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td124"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td129"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td92"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td113"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td62"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td52"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td71"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td193"><P class="p23 ft120"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_196">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p680 ft2">Prop. 2016/17:162 ett område som utgör en väsentlig del av näringsverksamheten, är avtalsvillkor som i jämförelse med denna paragraf är till nackdel för kommittenten utan verkan mot denne. Detta gäller dock inte om kommittenten är en professionell kund enligt <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">16 </SPAN>eller <SPAN class="ft3">17 </SPAN>§ lagen om värdepappersmarknaden.</P>
</DIV>
<DIV id="id_1_2">
<P class="p116 ft2">ett område som utgör en väsentlig del av näringsverksamheten, är avtalsvillkor som i jämförelse med denna paragraf är till nackdel för kommittenten utan verkan mot denne. Detta gäller dock inte om kommittenten är en professionell kund enligt <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">4 </SPAN>eller <SPAN class="ft3">5 </SPAN>§ lagen om värdepappersmarknaden.</P>
</DIV>
</DIV>
<DIV id="id_2">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr2 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td239"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td150"><P class="p574 ft2">20 §</P></TD>
<TD class="tr2 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">En kommissionär ska för kommittenten redovisa det pris som har</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">avtalats med tredje man eller, vid självinträde eller kombination, det pris</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr25 td20"><P class="p275 ft2">som kommissionären har godkänt eller bestämt.</P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">Har kommissionären efter det att kommissionsuppdraget togs emot</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">ingått ett avtal som skulle duga som utförande av uppdraget, får det</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr25 td247"><P class="p20 ft2">redovisade priset inte vara mindre förmånligt för kommittenten än priset i</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">detta avtal. Detta gäller dock inte om kommissionären visar att det avtalet</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td353"><P class="p275 ft2">inte har ingåtts med anledning av kommittentens uppdrag.</P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr25 td247"><P class="p20 ft2">Avser uppdraget finansiella instrument eller andra varor som växlar</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">hastigt i pris, får det redovisade priset inte vara mindre förmånligt för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">kommittenten än vad som var gängse pris när kommissionären lämnade</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr25 td247"><P class="p20 ft2">sitt meddelande enligt 4 § om ingångna avtal eller när det på ett</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">betryggande sätt dokumenterades att uppdraget utförts. Av meddelandet</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">eller dokumentationen ska det framgå på vilken dag och vid vilket</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr25 td247"><P class="p275 ft2">klockslag som meddelandet avlämnats eller dokumentationen upprättats.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p56 ft2">Om kommittenten är närings-</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">Om kommittenten är närings-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">idkare och uppdraget inte faller inom</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">idkare och uppdraget inte faller inom</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td245"><P class="p275 ft2">ett område som utgör en väsentlig</P></TD>
<TD colspan=6 class="tr25 td242"><P class="p20 ft2">ett område som utgör en väsentlig</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td239"><P class="p275 ft2">del</P></TD>
<TD class="tr26 td95"><P class="p23 ft2">av</P></TD>
<TD colspan=3 class="tr26 td91"><P class="p23 ft27">näringsverksamheten,</P></TD>
<TD class="tr26 td127"><P class="p56 ft2">är</P></TD>
<TD class="tr26 td25"><P class="p57 ft2">del</P></TD>
<TD class="tr26 td113"><P class="p23 ft2">av</P></TD>
<TD colspan=3 class="tr26 td91"><P class="p23 ft27">näringsverksamheten,</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">är</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">avtalsvillkor som i jämförelse med</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">avtalsvillkor som i jämförelse med</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td245"><P class="p275 ft2">denna paragraf är till nackdel för</P></TD>
<TD colspan=6 class="tr25 td242"><P class="p20 ft2">denna paragraf är till nackdel för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p275 ft2">kommittenten</P></TD>
<TD class="tr26 td116"><P class="p50 ft2">utan</P></TD>
<TD class="tr26 td72"><P class="p1 ft2">verkan</P></TD>
<TD class="tr26 td127"><P class="p56 ft2">mot</P></TD>
<TD colspan=3 class="tr26 td121"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr26 td170"><P class="p50 ft2">utan</P></TD>
<TD class="tr26 td85"><P class="p70 ft2">verkan</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">mot</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">denne. Detta gäller dock inte om</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">denne. Detta gäller dock inte om</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td262"><P class="p275 ft2">kommittenten</P></TD>
<TD class="tr25 td116"><P class="p1 ft2">är en</P></TD>
<TD colspan=2 class="tr25 td175"><P class="p56 ft2">professionell</P></TD>
<TD colspan=3 class="tr25 td121"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr25 td170"><P class="p73 ft2">är en</P></TD>
<TD colspan=2 class="tr25 td57"><P class="p20 ft2">professionell</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">kund enligt <SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">16 </SPAN>eller <SPAN class="ft3">17 </SPAN>§ lagen</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">kund enligt <SPAN class="ft3">9 </SPAN>kap<SPAN class="ft3">. 4 </SPAN>eller <SPAN class="ft3">5 </SPAN>§ lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td262"><P class="p275 ft2">(2007:528)</P></TD>
<TD class="tr26 td116"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p56 ft27">värdepappers-</P></TD>
<TD colspan=3 class="tr26 td121"><P class="p57 ft2">(2007:528)</P></TD>
<TD class="tr26 td170"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td57"><P class="p20 ft27">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td262"><P class="p275 ft2">marknaden.</P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td121"><P class="p57 ft2">marknaden.</P></TD>
<TD class="tr25 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">I 44 § finns bestämmelser om att en kommittent som vill kräva att ett annat</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr27 td354"><P class="p275 ft2">pris redovisas ska meddela kommissionären detta inom viss tid.</P></TD>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td239"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td72"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr46 td150"><P class="p574 ft2">21 §</P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td85"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=12 class="tr26 td247"><P class="p20 ft2">Kommittenten har rätt att av kommissionären få upplysningar om priser</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td354"><P class="p275 ft2">som kan ha betydelse vid en prövning enligt 20 § andra stycket.</P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p56 ft2">Om kommittenten är närings-</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">Om kommittenten är närings-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">idkare och uppdraget inte faller inom</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">idkare och uppdraget inte faller inom</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td245"><P class="p275 ft2">ett område som utgör en väsentlig</P></TD>
<TD colspan=6 class="tr25 td242"><P class="p20 ft2">ett område som utgör en väsentlig</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td239"><P class="p275 ft2">del</P></TD>
<TD class="tr26 td95"><P class="p23 ft2">av</P></TD>
<TD colspan=3 class="tr26 td91"><P class="p23 ft27">näringsverksamheten,</P></TD>
<TD class="tr26 td127"><P class="p56 ft2">är</P></TD>
<TD class="tr26 td25"><P class="p57 ft2">del</P></TD>
<TD class="tr26 td113"><P class="p23 ft2">av</P></TD>
<TD colspan=3 class="tr26 td91"><P class="p23 ft27">näringsverksamheten,</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">är</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr26 td245"><P class="p275 ft2">avtalsvillkor som i jämförelse med</P></TD>
<TD colspan=6 class="tr26 td242"><P class="p20 ft2">avtalsvillkor som i jämförelse med</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td245"><P class="p275 ft2">denna paragraf är till nackdel för</P></TD>
<TD colspan=6 class="tr25 td242"><P class="p20 ft2">denna paragraf är till nackdel för</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p20 ft2">196</P></TD>
<TD colspan=3 class="tr27 td262"><P class="p275 ft2">kommittenten</P></TD>
<TD class="tr27 td116"><P class="p50 ft2">utan</P></TD>
<TD class="tr27 td72"><P class="p1 ft2">verkan</P></TD>
<TD class="tr27 td127"><P class="p56 ft2">mot</P></TD>
<TD colspan=3 class="tr27 td121"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr27 td170"><P class="p50 ft2">utan</P></TD>
<TD class="tr27 td85"><P class="p70 ft2">verkan</P></TD>
<TD class="tr27 td148"><P class="p20 ft2">mot</P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="page_197">
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<DIV id="id_1">
<DIV id="id_1_1">
<P class="p116 ft4">denne. Detta gäller dock inte om kommittenten är en professionell kund enligt <SPAN class="ft45">8 </SPAN>kap. <SPAN class="ft45">16 </SPAN>eller <SPAN class="ft45">17 </SPAN>§ lagen (2007:528) om värdepappers- marknaden.</P>
</DIV>
<DIV id="id_1_2">
<TABLE cellpadding=0 cellspacing=0 class="t121">
<TR>
<TD class="tr2 td103"><P class="p23 ft2">denne. Detta</P></TD>
<TD colspan=2 class="tr2 td286"><P class="p20 ft2">gäller dock inte om Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td103"><P class="p23 ft2">kommittenten</P></TD>
<TD class="tr26 td95"><P class="p87 ft2">är</P></TD>
<TD class="tr26 td240"><P class="p142 ft2">en professionell</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td9"><P class="p23 ft2">kund enligt <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">4 </SPAN>eller <SPAN class="ft3">5 </SPAN>§ lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td103"><P class="p23 ft2">(2007:528)</P></TD>
<TD class="tr26 td95"><P class="p82 ft2">om</P></TD>
<TD class="tr26 td240"><P class="p142 ft2">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr31 td103"><P class="p23 ft2">marknaden.</P></TD>
<TD class="tr31 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td240"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p824 ft2">22 §</P>
<P class="p100 ft2">En kommittent får avvisa ett avtal som kommissionären har ingått, om</P>
<P class="p386 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">kommissionären har handlat oredligt mot kommittenten,</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">kommissionären har varit vårdslös vid avtalets ingående eller därefter och kommittentens intresse till följd av detta har eftersatts väsentligt, eller</SPAN></P>
<P class="p242 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft48">kommissionären har självinträtt enligt 19 § utan att kommittenten lämnat nödvändigt godkännande.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD colspan=4 class="tr27 td242"><P class="p56 ft2">Om kommittenten är närings-</P></TD>
<TD colspan=4 class="tr27 td281"><P class="p20 ft2">Om kommittenten är närings-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td242"><P class="p56 ft27">idkare och uppdraget inte faller inom</P></TD>
<TD colspan=4 class="tr26 td281"><P class="p20 ft2">idkare och uppdraget inte faller inom</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td242"><P class="p56 ft2">ett område som utgör en väsentlig</P></TD>
<TD colspan=4 class="tr25 td281"><P class="p20 ft2">ett område som utgör en väsentlig</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td49"><P class="p23 ft2">del av näringsverksamheten,</P></TD>
<TD class="tr26 td92"><P class="p56 ft2">är</P></TD>
<TD colspan=3 class="tr26 td56"><P class="p57 ft2">del av näringsverksamheten,</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">är</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td242"><P class="p56 ft2">avtalsvillkor som i jämförelse med</P></TD>
<TD colspan=4 class="tr26 td281"><P class="p20 ft2">avtalsvillkor som i jämförelse med</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td242"><P class="p56 ft2">första stycket är till nackdel för</P></TD>
<TD colspan=4 class="tr25 td281"><P class="p20 ft2">första stycket är till nackdel för</P></TD>
</TR>
<TR>
<TD class="tr26 td175"><P class="p23 ft2">kommittenten</P></TD>
<TD class="tr26 td170"><P class="p50 ft2">utan</P></TD>
<TD class="tr26 td72"><P class="p70 ft2">verkan</P></TD>
<TD class="tr26 td92"><P class="p56 ft2">mot</P></TD>
<TD class="tr26 td30"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr26 td116"><P class="p50 ft2">utan</P></TD>
<TD class="tr26 td72"><P class="p1 ft2">verkan</P></TD>
<TD class="tr26 td148"><P class="p20 ft2">mot</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td242"><P class="p56 ft2">denne. Detta gäller dock inte om</P></TD>
<TD colspan=4 class="tr26 td281"><P class="p20 ft2">denne. Detta gäller dock inte om</P></TD>
</TR>
<TR>
<TD class="tr25 td175"><P class="p23 ft2">kommittenten</P></TD>
<TD class="tr25 td170"><P class="p73 ft2">är en</P></TD>
<TD colspan=2 class="tr25 td208"><P class="p56 ft2">professionell</P></TD>
<TD class="tr25 td30"><P class="p57 ft2">kommittenten</P></TD>
<TD class="tr25 td116"><P class="p1 ft2">är en</P></TD>
<TD colspan=2 class="tr25 td168"><P class="p20 ft2">professionell</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td242"><P class="p56 ft27">kund enligt <SPAN class="ft26">8 </SPAN>kap. <SPAN class="ft26">16 </SPAN>eller <SPAN class="ft26">17 </SPAN>§ lagen</P></TD>
<TD colspan=4 class="tr26 td281"><P class="p20 ft2">kund enligt <SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">4 </SPAN>eller <SPAN class="ft3">5 </SPAN>§ lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td175"><P class="p23 ft2">(2007:528)</P></TD>
<TD class="tr26 td170"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td208"><P class="p56 ft27">värdepappers-</P></TD>
<TD class="tr26 td30"><P class="p57 ft2">(2007:528)</P></TD>
<TD class="tr26 td116"><P class="p23 ft2">om</P></TD>
<TD colspan=2 class="tr26 td168"><P class="p20 ft27">värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td175"><P class="p23 ft2">marknaden.</P></TD>
<TD class="tr26 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td30"><P class="p57 ft2">marknaden.</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td72"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft4">I 44 § finns bestämmelser om att avvisning av avtal ska meddelas kommissionären inom viss tid.</P>
<P class="p825 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p826 ft2">197</P>
</DIV>
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<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr45 td86"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.22</SPAN></P></TD>
<TD colspan=4 class="tr45 td355"><P class="p1 ft21">Förslag till lag om ändring i</P></TD>
<TD class="tr45 td210"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr36 td86"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr36 td317"><P class="p1 ft21">skatteförfarandelagen (2011:1244)</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr36 td192"><P class="p81 ft2">Härigenom</P></TD>
<TD class="tr36 td37"><P class="p23 ft2">föreskrivs</P></TD>
<TD colspan=2 class="tr36 td46"><P class="p23 ft2">att 21 kap. 7 §</P></TD>
<TD class="tr36 td210"><P class="p20 ft2">skatteförfarandelagen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr27 td265"><P class="p41 ft2">(2011:1244) ska ha följande lydelse.</P></TD>
<TD class="tr27 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td210"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr44 td300"><P class="p41 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td185"><P class="p23 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr43 td86"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td37"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr43 td46"><P class="p827 ft25">21 kap.</P></TD>
<TD class="tr43 td210"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td86"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td37"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td46"><P class="p828 ft2">7 §</P></TD>
<TD class="tr25 td210"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td265"><P class="p53 ft2">Om delägarrätter eller fordrings-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft2">Om delägarrätter eller fordrings-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td265"><P class="p41 ft2">rätter ägs gemensamt av flera per-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft2">rätter ägs gemensamt av flera per-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td265"><P class="p41 ft2">soner och det vid avyttringen har</P></TD>
<TD colspan=2 class="tr25 td185"><P class="p20 ft2">soner och det vid avyttringen har</P></TD>
</TR>
<TR>
<TD class="tr26 td86"><P class="p41 ft2">upprättats</P></TD>
<TD colspan=2 class="tr26 td172"><P class="p23 ft2">en rapport enligt</P></TD>
<TD class="tr26 td55"><P class="p53 ft27"><SPAN class="ft26">8 </SPAN>kap.</P></TD>
<TD class="tr26 td22"><P class="p23 ft2">upprättats en</P></TD>
<TD class="tr26 td210"><P class="p20 ft2">rapport enligt <SPAN class="ft3">9 </SPAN>kap.</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td265"><P class="p41 ft2">27 § lagen (2007:528) om värdepap-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft2">27 § lagen (2007:528) om värdepap-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td192"><P class="p41 ft2">persmarknaden,</P></TD>
<TD colspan=2 class="tr25 td210"><P class="p53 ft2">behöver kontroll-</P></TD>
<TD colspan=2 class="tr25 td185"><P class="p20 ft2">persmarknaden, behöver kontroll-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td265"><P class="p41 ft2">uppgift bara lämnas för den person</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft2">uppgift bara lämnas för den person</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td300"><P class="p41 ft2">som anges i rapporten.</P></TD>
<TD class="tr27 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td185"><P class="p23 ft2">som anges i rapporten.</P></TD>
</TR>
</TABLE>
<P class="p814 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p829 ft2">198</P>
</DIV>
<DIV id="page_199">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t104">
<TR>
<TD class="tr45 td55"><P class="p96 ft121">2.23</P></TD>
<TD class="tr45 td356"><P class="p32 ft21">Förslag till lag om ändring i lagen (2011:1268) <SPAN class="ft114">Prop. 2016/17:162</SPAN></P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td356"><P class="p32 ft21">om investeringssparkonto</P></TD>
</TR>
</TABLE>
<P class="p430 ft4">Härigenom föreskrivs att 2, 5, 6, 13, 14 och 22 §§ lagen (2011:1268) om investeringssparkonto ska ha följande lydelse.</P>
<P class="p354 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p830 ft2">2 §</P>
<P class="p264 ft4">Termer och uttryck som används i denna lag har samma betydelse och tillämpningsområde som i inkomstskattelagen (1999:1229), om inte något annat anges eller framgår av sammanhanget.</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=3 class="tr25 td77"><P class="p95 ft2">De termer och uttryck som an-</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p20 ft2">De termer och uttryck som an-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p95 ft2">vänds omfattar också motsvarande</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">vänds omfattar också motsvarande</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p95 ft2">utländska företeelser om det inte</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p20 ft2">utländska företeelser om det inte</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p95 ft2">anges eller framgår av samman-</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">anges eller framgår av samman-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td77"><P class="p95 ft2">hanget att bara svenska företeelser</P></TD>
<TD colspan=3 class="tr26 td76"><P class="p20 ft2">hanget att bara svenska företeelser</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td77"><P class="p95 ft3"><SPAN class="ft2">avses. Termen </SPAN>handelsplattform</P></TD>
<TD colspan=3 class="tr25 td76"><P class="p20 ft2">avses. Termen <NOBR><SPAN class="ft3">MTF-plattform</SPAN></NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td175"><P class="p23 ft2">omfattar inte</P></TD>
<TD class="tr26 td37"><P class="p87 ft2">företeelser</P></TD>
<TD class="tr26 td211"><P class="p95 ft27">utanför</P></TD>
<TD class="tr26 td175"><P class="p23 ft2">omfattar inte</P></TD>
<TD class="tr26 td37"><P class="p87 ft2">företeelser</P></TD>
<TD class="tr26 td170"><P class="p20 ft27">utanför</P></TD>
</TR>
<TR>
<TD class="tr26 td175"><P class="p23 ft2">Europeiska</P></TD>
<TD class="tr26 td37"><P class="p86 ft2">ekonomiska</P></TD>
<TD class="tr26 td211"><P class="p95 ft2">sam-</P></TD>
<TD class="tr26 td175"><P class="p23 ft2">Europeiska</P></TD>
<TD class="tr26 td37"><P class="p86 ft2">ekonomiska</P></TD>
<TD class="tr26 td170"><P class="p20 ft2">sam-</P></TD>
</TR>
<TR>
<TD class="tr31 td175"><P class="p23 ft2">arbetsområdet.</P></TD>
<TD class="tr31 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td175"><P class="p23 ft2">arbetsområdet.</P></TD>
<TD class="tr31 td37"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td170"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p831 ft2">5 §<SPAN class="ft24">1</SPAN></P>
<P class="p168 ft2">Med investeringsföretag avses</P>
<P class="p264 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">ett svenskt värdepappersbolag som har tillstånd enligt 2 kap. 2 § första stycket 1 lagen (2007:528) om värdepappersmarknaden,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">ett svenskt kreditinstitut som har tillstånd att bedriva bank- eller finan- sieringsrörelse enligt lagen (2004:297) om bank- och finansierings- rörelse,</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p181 ft27"><SPAN class="ft27">3.</SPAN><SPAN class="ft122">ett utländskt värdepappersföre- tag som hör hemma i en stat inom Europeiska ekonomiska samarbets- området (EES) och som där har tillstånd att tillhandahålla sidotjänst- er som avses i bilaga I</SPAN><SPAN class="ft26">, </SPAN>avsnitt B punkt 1 till Europaparlamentets och rådets direktiv <SPAN class="ft26">2004/39/EG av den 21 april 2004 om marknader för finansiella instrument och om änd- ring av rådets direktiv 85/611/EEG och 93/6/EEG och Europaparla- mentets och rådets direktiv 2000/12/EG samt upphävande av rådets direktiv 93/22/EEG</SPAN>, <SPAN class="ft26">senast ändrat genom </SPAN>Europaparlamentets och rådets direktiv <SPAN class="ft26">2010/78/EU</SPAN>, eller</P>
<P class="p832 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">ett utländskt kreditinstitut som</SPAN></P>
</DIV>
<DIV id="id_2_2">
<P class="p610 ft27">3. ett utländskt värdepappersföre- tag som hör hemma i en stat inom Europeiska ekonomiska samarbets- området (EES) och som där har tillstånd att tillhandahålla sidotjänster som avses i bilaga I avsnitt B punkt 1 till Europaparlamentets och rådets direktiv <SPAN class="ft26">2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om änd- ring av direktiv 2002/92/EG och av direktiv 2011/61/EU</SPAN>, <SPAN class="ft26">i lydelsen enligt </SPAN>Europaparlamentets och rådets direktiv <SPAN class="ft26">(EU) 2016/1034</SPAN>, eller</P>
<P class="p833 ft2">4. ett utländskt kreditinstitut som</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p12 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2014:990.</P>
<P class="p13 ft2">199</P>
</DIV>
</DIV>
<DIV id="page_200">
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD colspan=4 class="tr24 td357"><P class="p30 ft2">Prop. 2016/17:162 hör hemma i en stat inom EES och</P></TD>
<TD colspan=4 class="tr24 td305"><P class="p40 ft2">hör hemma i en stat inom EES och</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td357"><P class="p30 ft2">som där fått auktorisation att starta</P></TD>
<TD colspan=4 class="tr25 td305"><P class="p40 ft2">som där fått auktorisation att starta</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td357"><P class="p30 ft2">och driva verksamhet i kreditinstitut</P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft27">och driva verksamhet i kreditinstitut</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td357"><P class="p30 ft2">som avses i artikel 8 i Europa-</P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft2">som avses i artikel 8 i Europa-</P></TD>
</TR>
<TR>
<TD class="tr25 td206"><P class="p41 ft2">parlamentets</P></TD>
<TD class="tr25 td163"><P class="p70 ft2">och</P></TD>
<TD class="tr25 td15"><P class="p23 ft2">rådets</P></TD>
<TD class="tr25 td70"><P class="p30 ft27">direktiv</P></TD>
<TD class="tr25 td153"><P class="p40 ft2">parlamentets</P></TD>
<TD class="tr25 td163"><P class="p1 ft2">och</P></TD>
<TD class="tr25 td196"><P class="p23 ft2">rådets</P></TD>
<TD class="tr25 td70"><P class="p20 ft2">direktiv</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td357"><P class="p30 ft2">2013/36/EU av den 26 juni 2013 om</P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft2">2013/36/EU av den 26 juni 2013 om</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td357"><P class="p30 ft2">behörighet att utöva verksamhet i</P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft2">behörighet att utöva verksamhet i</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td357"><P class="p30 ft2">kreditinstitut och om tillsyn av</P></TD>
<TD colspan=4 class="tr25 td305"><P class="p40 ft2">kreditinstitut och om tillsyn av</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p41 ft2">kreditinstitut</P></TD>
<TD class="tr26 td163"><P class="p44 ft2">och</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p30 ft2">värdepappers-</P></TD>
<TD class="tr26 td153"><P class="p40 ft2">kreditinstitut</P></TD>
<TD class="tr26 td163"><P class="p44 ft2">och</P></TD>
<TD colspan=2 class="tr26 td218"><P class="p20 ft2">värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td357"><P class="p30 ft2">företag, om ändring av direktiv</P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft2">företag, om ändring av direktiv</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td357"><P class="p30 ft2">2002/87/EG och om upphävande av</P></TD>
<TD colspan=4 class="tr25 td305"><P class="p40 ft2">2002/87/EG och om upphävande av</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p41 ft2">direktiv</P></TD>
<TD colspan=2 class="tr26 td190"><P class="p23 ft2">2006/48/EG</P></TD>
<TD class="tr26 td70"><P class="p30 ft2">och</P></TD>
<TD class="tr26 td153"><P class="p40 ft2">direktiv</P></TD>
<TD colspan=2 class="tr26 td103"><P class="p23 ft2">2006/48/EG</P></TD>
<TD class="tr26 td70"><P class="p20 ft2">och</P></TD>
</TR>
<TR>
<TD class="tr26 td206"><P class="p41 ft2">2006/49/EG.</P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td305"><P class="p40 ft3"><SPAN class="ft2">2006/49/EG</SPAN>, i den ursprungliga</P></TD>
</TR>
<TR>
<TD class="tr31 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td153"><P class="p40 ft3">lydelsen<SPAN class="ft2">.</SPAN></P></TD>
<TD class="tr31 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr50 td206"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td70"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td153"><P class="p59 ft2">6 §<SPAN class="ft24">2</SPAN></P></TD>
<TD class="tr50 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td70"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p536 ft2">Med investeringstillgångar avses</P>
<P class="p575 ft2">1. finansiella instrument som är upptagna till handel på en reglerad marknad eller en motsvarande marknad utanför Europeiska ekonomiska</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr31 td130"><P class="p23 ft2">samarbetsområdet,</P></TD>
<TD class="tr31 td77"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td130"><P class="p125 ft2">2. finansiella instrument som</P></TD>
<TD class="tr26 td77"><P class="p20 ft2">2. finansiella instrument som</P></TD>
</TR>
<TR>
<TD class="tr26 td130"><P class="p23 ft3"><SPAN class="ft2">handlas på en </SPAN>handelsplattform<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td77"><P class="p22 ft2">handlas på en <NOBR><SPAN class="ft3">MTF-plattform</SPAN>,</NOBR> eller</P></TD>
</TR>
<TR>
<TD class="tr25 td130"><P class="p23 ft2">eller</P></TD>
<TD class="tr25 td77"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p125 ft2">3. andelar i en värdepappersfond eller en specialfond.</P></TD>
</TR>
<TR>
<TD class="tr47 td130"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td77"><P class="p834 ft2">13 §<SPAN class="ft24">3</SPAN></P></TD>
</TR>
</TABLE>
<P class="p575 ft2">Investeringstillgångar får överföras till ett investeringssparkonto från någon annan än kontoinnehavaren bara om tillgångarna överförs till kontot i samband med kontoinnehavarens förvärv av tillgångarna och om</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr27 td267"><P class="p23 ft2">förvärvet har skett</P></TD>
<TD class="tr27 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td267"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p106 ft2">1. på en reglerad marknad eller</P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">1. på en reglerad marknad eller</P></TD>
</TR>
<TR>
<TD class="tr25 td267"><P class="p23 ft2">en motsvarande marknad</P></TD>
<TD class="tr25 td211"><P class="p106 ft2">utanför</P></TD>
<TD class="tr25 td267"><P class="p23 ft2">en motsvarande marknad</P></TD>
<TD class="tr25 td116"><P class="p20 ft2">utanför</P></TD>
</TR>
<TR>
<TD class="tr26 td267"><P class="p23 ft2">Europeiska ekonomiska</P></TD>
<TD class="tr26 td211"><P class="p106 ft2">sam-</P></TD>
<TD class="tr26 td267"><P class="p23 ft2">Europeiska ekonomiska</P></TD>
<TD class="tr26 td116"><P class="p30 ft2">sam-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">arbetsområdet eller en <SPAN class="ft3">handels-</SPAN></P></TD>
<TD colspan=2 class="tr26 td130"><P class="p20 ft2">arbetsområdet eller en <SPAN class="ft3">MTF-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td267"><P class="p23 ft3">plattform<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td267"><P class="p23 ft3">plattform<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p538 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">på så sätt att nya fondandelar utfärdats om förvärvet avser andelar i en värdepappersfond eller en specialfond,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">från den som har emitterat tillgångarna om förvärvet grundades på tillgångar som vid förvärvet förvarades på kontot,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft48">från investeringsföretaget som vid förvärvet förde investerings- sparkontot,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">5.</SPAN><SPAN class="ft48">från övertagande bolag om tillgångarna avsåg ersättning till aktie- ägarna vid en fusion eller delning av aktiebolag och om tillgångarna för- värvades på grund av aktier som vid förvärvet förvarades på kontot,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t122">
<TR>
<TD class="tr25 td188"><P class="p30 ft33">2</P></TD>
<TD class="tr25 td111"><P class="p59 ft30">Senaste lydelse 2013:586.</P></TD>
</TR>
<TR>
<TD class="tr48 td188"><P class="p30 ft33">3</P></TD>
<TD class="tr48 td111"><P class="p59 ft30">Senaste lydelse 2013:586.</P></TD>
</TR>
<TR>
<TD class="tr27 td188"><P class="p89 ft2">200</P></TD>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_201">
<P class="p747 ft4">6. från köpande företag om förvärvet var ett led i ett förfarande om Prop. 2016/17:162 andelsbyte och om tillgångarna förvärvades på grund av andelar som vid</P>
<P class="p19 ft2">förvärvet förvarades på kontot,</P>
<P class="p144 ft4"><SPAN class="ft2">7.</SPAN><SPAN class="ft71">från en annan kontoinnehavare om tillgångarna vid förvärvet för- varades på dennes investeringssparkonto, eller</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">8.</SPAN><SPAN class="ft72">genom utdelning på tillgångar som vid förvärvet förvarades på investeringssparkontot.</SPAN></P>
<P class="p144 ft4">Investeringstillgångar som har förvärvats på grund av kontofrämmande tillgångar som avses i 7 § eller kontofrämmande tillgångar som förvaras på ett investeringssparkonto med stöd av 18 § får inte överföras till kontot.</P>
<P class="p835 ft2">14 §</P>
<P class="p144 ft4">Kontofrämmande tillgångar får överföras till ett investeringssparkonto från någon annan än kontoinnehavaren bara om tillgångarna överförs till kontot i samband med kontoinnehavarens förvärv av tillgångarna och om</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=3 class="tr27 td182"><P class="p23 ft2">förvärvet har skett</P></TD>
<TD class="tr27 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p95 ft2">1. från den som har emitterat till-</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">1. från den som har emitterat till-</P></TD>
</TR>
<TR>
<TD class="tr26 td197"><P class="p23 ft2">gångarna</P></TD>
<TD class="tr26 td127"><P class="p73 ft2">om</P></TD>
<TD class="tr26 td57"><P class="p23 ft2">tillgångarna</P></TD>
<TD class="tr26 td191"><P class="p95 ft27">senast</P></TD>
<TD class="tr26 td197"><P class="p23 ft2">gångarna</P></TD>
<TD class="tr26 td127"><P class="p59 ft2">om</P></TD>
<TD class="tr26 td57"><P class="p23 ft2">tillgångarna</P></TD>
<TD class="tr26 td129"><P class="p20 ft27">senast</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">den trettionde dagen efter den dag</P></TD>
<TD colspan=4 class="tr25 td76"><P class="p20 ft2">den trettionde dagen efter den dag</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">då de emitterades avses bli upp-</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">då de emitterades avses bli upp-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">tagna till handel på en reglerad</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">tagna till handel på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr25 td197"><P class="p23 ft2">marknad</P></TD>
<TD class="tr25 td127"><P class="p1 ft2">eller</P></TD>
<TD colspan=2 class="tr25 td178"><P class="p95 ft2">en motsvarande</P></TD>
<TD class="tr25 td197"><P class="p23 ft2">marknad</P></TD>
<TD class="tr25 td127"><P class="p1 ft2">eller</P></TD>
<TD colspan=2 class="tr25 td123"><P class="p20 ft2">en motsvarande</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">marknad utanför Europeiska eko-</P></TD>
<TD colspan=4 class="tr26 td76"><P class="p20 ft2">marknad utanför Europeiska eko-</P></TD>
</TR>
<TR>
<TD class="tr26 td197"><P class="p23 ft2">nomiska</P></TD>
<TD colspan=2 class="tr26 td131"><P class="p23 ft2">samarbetsområdet</P></TD>
<TD class="tr26 td191"><P class="p95 ft2">eller</P></TD>
<TD class="tr26 td197"><P class="p23 ft2">nomiska</P></TD>
<TD colspan=2 class="tr26 td131"><P class="p23 ft2">samarbetsområdet</P></TD>
<TD class="tr26 td129"><P class="p20 ft2">eller</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td182"><P class="p23 ft3"><SPAN class="ft2">en </SPAN>handelsplattform<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td182"><P class="p23 ft3"><SPAN class="ft2">en </SPAN><NOBR>MTF-plattform<SPAN class="ft2">,</SPAN></NOBR></P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">från den som har emitterat tillgångarna om förvärvet avsåg teck- ningsrätter, fondaktierätter, säljrätter eller liknande finansiella instrument och om förvärvet grundades på tillgångar som vid förvärvet förvarades på kontot,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">från övertagande bolag om tillgångarna avsåg ersättning till aktieägarna vid en fusion eller delning av aktiebolag och om tillgångarna förvärvades på grund av aktier som vid förvärvet förvarades på kontot,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft71">från köpande företag om förvärvet var ett led i ett förfarande om andelsbyte och om tillgångarna förvärvades på grund av andelar som vid förvärvet förvarades på kontot, eller</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft72">genom utdelning på tillgångar som vid förvärvet förvarades på investeringssparkontot.</SPAN></P>
<P class="p264 ft4">Kontofrämmande tillgångar som avses i 7 § får inte överföras till investeringssparkontot med tillämpning av första stycket 1. Inte heller kontofrämmande tillgångar som har förvärvats på grund av konto- främmande tillgångar som avses i 7 § eller på grund av kontofrämmande tillgångar som förvaras på ett investeringssparkonto med stöd av 18 § får överföras till kontot.</P>
<P class="p836 ft2">201</P>
</DIV>
<DIV id="page_202">
<DIV id="dimg1">
<INGENBILD zsrc="H403162202x1.jpg/" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr2 td302"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr2 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td79"><P class="p837 ft2">22 §<SPAN class="ft24">4</SPAN></P></TD>
<TD class="tr2 td116"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td99"><P class="p20 ft2">Finansiella instrument får överföras till någon annan än kontoinne-</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td99"><P class="p20 ft2">havaren om kontoinnehavaren har överlåtit tillgångarna genom för-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td358"><P class="p41 ft2">säljning, byte eller liknande överlåtelse av tillgångarna</P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td223"><P class="p20 ft2">1. på en reglerad marknad eller</P></TD>
<TD colspan=2 class="tr25 td77"><P class="p20 ft2">1. på en reglerad marknad eller</P></TD>
</TR>
<TR>
<TD class="tr26 td302"><P class="p41 ft2">en motsvarande marknad</P></TD>
<TD class="tr26 td116"><P class="p20 ft2">utanför</P></TD>
<TD class="tr26 td79"><P class="p84 ft2">en motsvarande marknad</P></TD>
<TD class="tr26 td116"><P class="p20 ft2">utanför</P></TD>
</TR>
<TR>
<TD class="tr26 td302"><P class="p41 ft2">Europeiska ekonomiska</P></TD>
<TD class="tr26 td116"><P class="p20 ft2">sam-</P></TD>
<TD class="tr26 td79"><P class="p84 ft2">Europeiska ekonomiska</P></TD>
<TD class="tr26 td116"><P class="p30 ft2">sam-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td223"><P class="p41 ft2">arbetsområdet eller en <SPAN class="ft3">handels-</SPAN></P></TD>
<TD colspan=2 class="tr25 td77"><P class="p20 ft2">arbetsområdet eller en <SPAN class="ft3">MTF-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr30 td302"><P class="p41 ft35">plattform<SPAN class="ft14">,</SPAN></P></TD>
<TD class="tr30 td116"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td79"><P class="p84 ft35">plattform<SPAN class="ft14">,</SPAN></P></TD>
<TD class="tr30 td116"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p538 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">på så sätt att fondandelarna löses in i fonden, om överföringen avser andelar i en värdepappersfond eller en specialfond,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">till den som har emitterat tillgångarna,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft48">till investeringsföretaget som vid överlåtelsen förde investerings- sparkontot,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">till budgivaren om överlåtelsen var ett led i ett offentligt uppköps- erbjudande,</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft40">till köpande företag om överlåtelsen var ett led i ett förfarande om andelsbyte,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">7.</SPAN><SPAN class="ft48">till majoritetsaktieägaren i ett bolag om överlåtelsen var ett led i ett förfarande om inlösen av minoritetsaktier i samma bolag, eller</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">8.</SPAN><SPAN class="ft40">till en annan kontoinnehavare om tillgångarna förs över till förvärv- arens investeringssparkonto.</SPAN></P>
<P class="p575 ft42">Kontofrämmande tillgångar får inte överföras från ett investerings- sparkonto med tillämpning av första stycket 8.</P>
<P class="p706 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p838 ft37"><SPAN class="ft43">4 </SPAN>Senaste lydelse 2013:586.</P>
<P class="p19 ft2">202</P>
</DIV>
<DIV id="page_203">
<TABLE cellpadding=0 cellspacing=0 class="t100">
<TR>
<TD class="tr45 td55"><P class="p96 ft121">2.24</P></TD>
<TD class="tr45 td342"><P class="p32 ft21">Förslag till lag om ändring i lagen (2013:561)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td342"><P class="p32 ft21">om förvaltare av alternativa investeringsfonder</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p839 ft4">Härigenom föreskrivs i fråga om lagen (2013:561) om förvaltare av alternativa investeringsfonder</P>
<P class="p11 ft2"><SPAN class="ft3">dels </SPAN>att 1 kap. 10 och 11 §§, 3 kap. 2 §, 5 kap. 8 och 13 §§, 9 kap. 4 § och 10 kap. 3 § ska ha följande lydelse,</P>
<P class="p100 ft2"><SPAN class="ft3">dels </SPAN>att det ska införas en ny paragraf, 8 kap. 1 a §, av följande lydelse.</P>
<P class="p840 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p841 ft25">1 kap.</P>
<P class="p842 ft2">10 §<SPAN class="ft24">1</SPAN></P>
<P class="p102 ft45"><SPAN class="ft4">Med ett </SPAN>förvaringsinstituts behöriga myndigheter <SPAN class="ft4">avses följande. Om för- varingsinstitutet</SPAN></P>
<P class="p752 ft2">1. är ett kreditinstitut med tillstånd som avses enligt Europaparla- mentets och rådets direktiv 2013/36/EU av den 26 juni 2013 om behörig- het att utöva verksamhet i kreditinstitut och om tillsyn av kreditinstitut och värdepappersföretag, om ändring av direktiv 2002/87/EG och om upphävande av direktiv 2006/48/EG och 2006/49/EG: den myndighet som anges i 1 kap. 6 § lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag eller en annan myndighet i ett annat land inom EES som utövar tillsyn över institut, institut för elektroniska pengar eller</P>
<TABLE cellpadding=0 cellspacing=0 class="t123">
<TR>
<TD colspan=5 class="tr24 td234"><P class="p23 ft2">motsvarande utländska företag,</P></TD>
<TD colspan=6 rowspan=2 class="tr57 td185"><P class="p30 ft2">2. är ett värdepappersföretag med</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p53 ft2">2. är ett värdepappersföretag med</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft2">tillstånd som avses enligt Europa-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p30 ft2">tillstånd som avses enligt Europa-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td190"><P class="p23 ft2">parlamentets</P></TD>
<TD class="tr26 td88"><P class="p817 ft27">och</P></TD>
<TD class="tr26 td196"><P class="p23 ft2">rådets</P></TD>
<TD class="tr26 td117"><P class="p53 ft2">direktiv</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p23 ft2">parlamentets</P></TD>
<TD class="tr26 td88"><P class="p80 ft2">och</P></TD>
<TD class="tr26 td55"><P class="p266 ft27">rådets</P></TD>
<TD colspan=2 class="tr26 td70"><P class="p30 ft27">direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td149"><P class="p23 ft26">2004/39/EG</P></TD>
<TD colspan=4 class="tr25 td164"><P class="p53 ft3">av den 21 april 2004</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p30 ft26">2014/65/EU av den 15 maj 2014 <SPAN class="ft27">om</SPAN></P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft2">om marknader för finansiella instru-</P></TD>
<TD colspan=6 class="tr26 td185"><P class="p20 ft2">marknader för finansiella instrument</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft2">ment och om ändring av <SPAN class="ft3">rådets</SPAN></P></TD>
<TD colspan=6 class="tr26 td185"><P class="p30 ft2">och om ändring av direktiv</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p53 ft26"><SPAN class="ft27">direktiv </SPAN>85/611/EEG och 93/6/EEG</P></TD>
<TD colspan=2 class="tr25 td22"><P class="p23 ft3">2002/92/EG</P></TD>
<TD class="tr25 td88"><P class="p57 ft3">och</P></TD>
<TD class="tr25 td55"><P class="p82 ft3">av</P></TD>
<TD colspan=2 class="tr25 td70"><P class="p30 ft26">direktiv</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft26">och Europaparlamentets och rådets</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p23 ft3">2011/61/EU,</P></TD>
<TD colspan=2 class="tr26 td103"><P class="p44 ft3">i lydelsen</P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p30 ft3">enligt</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft3">direktiv 2000/12/EG samt upp-</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD class="tr26 td55"><P class="p66 ft3">och</P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p30 ft3">rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td149"><P class="p23 ft3">hävande</P></TD>
<TD class="tr25 td169"><P class="p23 ft26">av</P></TD>
<TD colspan=2 class="tr25 td57"><P class="p141 ft3">rådets</P></TD>
<TD class="tr25 td117"><P class="p53 ft26">direktiv</P></TD>
<TD colspan=6 class="tr25 td185"><P class="p30 ft3">direktiv (EU) 2016/1034<SPAN class="ft2">: de</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td149"><P class="p23 ft3">93/22/EEG,</P></TD>
<TD colspan=2 class="tr26 td15"><P class="p216 ft26">senast</P></TD>
<TD class="tr26 td196"><P class="p70 ft3">ändrat</P></TD>
<TD class="tr26 td117"><P class="p53 ft3">genom</P></TD>
<TD colspan=2 class="tr26 td22"><P class="p23 ft2">myndigheter</P></TD>
<TD class="tr26 td88"><P class="p99 ft2">som</P></TD>
<TD class="tr26 td55"><P class="p71 ft2">anges i</P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p30 ft2">1 kap.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td200"><P class="p23 ft26">Europaparlamentets</P></TD>
<TD class="tr26 td196"><P class="p85 ft3">och</P></TD>
<TD class="tr26 td117"><P class="p53 ft3">rådets</P></TD>
<TD class="tr26 td98"><P class="p23 ft3">4 b §</P></TD>
<TD class="tr26 td92"><P class="p23 ft27">lagen</P></TD>
<TD colspan=3 class="tr26 td208"><P class="p22 ft2">(2007:528)</P></TD>
<TD class="tr26 td25"><P class="p30 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p53 ft3">direktiv 2010/78/EU<SPAN class="ft2">: de myndig-</SPAN></P></TD>
<TD colspan=4 class="tr25 td267"><P class="p23 ft2">värdepappersmarknaden,</P></TD>
<TD class="tr25 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft2">heter som anges i 1 kap. <SPAN class="ft3">5 § 2 </SPAN>lagen</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td149"><P class="p23 ft2">(2007:528)</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p515 ft2">om</P></TD>
<TD colspan=2 class="tr26 td204"><P class="p53 ft2">värdepappers-</P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td149"><P class="p23 ft2">marknaden,</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td285"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td25"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">är ett sådant institut som avses i 9 kap. 4 § första stycket 3: de myndig- heter i institutets hemland som enligt nationell lag eller annan författning har behörighet att utöva tillsyn över sådana institut,</SPAN></P>
<P class="p102 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft48">är någon som avses i 9 kap. 7 §: de myndigheter i det land inom EES där denne är etablerad och vilka, enligt nationell lag eller annan författ- ning, har behörighet att utöva tillsyn över denne, alternativt det officiella</SPAN></P>
<P class="p843 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2014:991.</P>
<P class="p13 ft2">203</P>
</DIV>
<DIV id="page_204">
<P class="p820 ft4">Prop. 2016/17:162 organ som har behörighet att registrera eller utöva tillsyn över denne i enlighet med yrkesetiska regler, eller</P>
<P class="p576 ft4">5. är utsett som förvaringsinstitut för en icke <NOBR>EES-baserad</NOBR> alternativ investeringsfond enligt 9 kap. 5 § och inte omfattas av <NOBR>1–4:</NOBR> de berörda nationella myndigheterna i det land där förvaringsinstitutet har sitt stadgeenliga säte.</P>
<P class="p844 ft2">11 §<SPAN class="ft24">2</SPAN></P>
<P class="p629 ft2">I denna lag betyder</P>
<P class="p538 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft47">arbetstagarrepresentanter</SPAN>: detsamma som i artikel 2 e i Europa- parlamentets och rådets direktiv 2002/14/EG av den 11 mars 2002 om inrättande av en allmän ram för information till och samråd med arbetstagare i Europeiska gemenskapen, i den ursprungliga lydelsen,</P>
<P class="p682 ft3"><SPAN class="ft2">2.</SPAN><SPAN class="ft93">direktivet om förvaltare av alternativa investeringsfonder</SPAN><SPAN class="ft2">: Europa- parlamentets och rådets direktiv 2011/61/EU av den 8 juni 2011 om förvaltare av alternativa investeringsfonder samt om ändring av direktiv 2003/41/EG och 2009/65/EG och förordningarna (EG) nr 1060/2009 och (EU) nr 1095/2010, i lydelsen enligt Europaparlamentets och rådets direktiv 2014/65/EU,</SPAN></P>
<P class="p810 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft47">EES</SPAN>: Europeiska ekonomiska samarbetsområdet,</P>
<P class="p682 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft108">emittent</SPAN>: ett företag som har sitt stadgeenliga säte i ett land inom EES och vars aktier är upptagna till handel på en reglerad marknad,</P>
<P class="p537 ft3"><SPAN class="ft2">5.</SPAN><SPAN class="ft47">etablerad</SPAN><SPAN class="ft2">:</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">för en alternativ investeringsfond: där fonden har tillstånd eller är registrerad eller, om fonden varken har tillstånd eller är registrerad, där dess stadgeenliga säte eller huvudkontor finns, eller, om fonden inte har något stadgeenligt säte eller huvudkontor, det land till vilket fonden har starkast anknytning,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">för en </SPAN><NOBR>AIF-förvaltare:</NOBR> där dess stadgeenliga säte finns,</P>
<P class="p682 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">för ett förvaringsinstitut: där dess stadgeenliga säte eller en filial finns,</SPAN></P>
<P class="p575 ft2">6. <SPAN class="ft3">filial</SPAN>: avdelningskontor med självständig förvaltning, varvid även en <NOBR>AIF-förvaltares</NOBR> etablering av flera driftställen i ett annat land inom EES än hemlandet eller i ett land utanför EES ska anses som en enda filial,</P>
<P class="p575 ft2">7. <SPAN class="ft3">finansiell hävstång</SPAN>: en metod genom vilken en <NOBR>AIF-förvaltare</NOBR> ökar exponeringen för en förvaltad alternativ investeringsfond genom lån av kontanter eller värdepapper, eller med användning av derivatinstrument</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=3 class="tr33 td184"><P class="p23 ft2">eller på något annat sätt,</P></TD>
<TD class="tr33 td170"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td121"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td6"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td75"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td97"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td216"><P class="p125 ft3"><SPAN class="ft2">8. </SPAN><SPAN class="ft53">finansiellt</SPAN></P></TD>
<TD class="tr26 td75"><P class="p59 ft3"><SPAN class="ft53">instrument</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td170"><P class="p184 ft2">det-</P></TD>
<TD colspan=2 class="tr26 td172"><P class="p28 ft3"><SPAN class="ft2">8. </SPAN><SPAN class="ft53">finansiella</SPAN></P></TD>
<TD class="tr26 td75"><P class="p59 ft3"><SPAN class="ft53">instrument</SPAN><SPAN class="ft2">:</SPAN></P></TD>
<TD class="tr26 td97"><P class="p20 ft2">det-</P></TD>
</TR>
<TR>
<TD class="tr26 td73"><P class="p23 ft2">samma</P></TD>
<TD class="tr26 td55"><P class="p23 ft2">som i</P></TD>
<TD class="tr26 td75"><P class="p23 ft2">1 kap. 4 §</P></TD>
<TD class="tr26 td170"><P class="p184 ft26">första</P></TD>
<TD class="tr26 td121"><P class="p44 ft2">samma som</P></TD>
<TD class="tr26 td6"><P class="p59 ft2">i</P></TD>
<TD class="tr26 td75"><P class="p23 ft2">1 kap. 4 §</P></TD>
<TD class="tr26 td97"><P class="p20 ft2">lagen</P></TD>
</TR>
<TR>
<TD class="tr25 td73"><P class="p23 ft26">stycket 1</P></TD>
<TD class="tr25 td55"><P class="p67 ft2">lagen</P></TD>
<TD class="tr25 td75"><P class="p20 ft2">(2007:528)</P></TD>
<TD class="tr25 td170"><P class="p184 ft2">om</P></TD>
<TD class="tr25 td121"><P class="p44 ft2">(2007:528)</P></TD>
<TD colspan=3 class="tr25 td158"><P class="p20 ft2">om värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr30 td184"><P class="p23 ft14">värdepappersmarknaden,</P></TD>
<TD class="tr30 td170"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td121"><P class="p44 ft14">marknaden,</P></TD>
<TD class="tr30 td6"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td75"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td97"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p538 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft47">fondföretag</SPAN>: detsamma som i 1 kap. 1 § första stycket 9 lagen (2004:46) om värdepappersfonder,</P>
<P class="p538 ft42"><SPAN class="ft2">10.</SPAN><SPAN class="ft109">holdingbolag</SPAN>: ett företag med aktieinnehav i ett eller flera andra företag, vars affärsidé är att fullfölja en eller flera affärsstrategier genom</P>
<P class="p845 ft37"><SPAN class="ft43">2 </SPAN>Senaste lydelse 2015:397.</P>
<P class="p19 ft2">204</P>
</DIV>
<DIV id="page_205">
<P class="p186 ft4">sina dotterföretag, närstående företag eller ägarintressen för att bidra till Prop. 2016/17:162 deras värde på lång sikt, och som är ett företag som antingen</P>
<P class="p144 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">handlar för egen räkning och vars aktier är upptagna till handel på en reglerad marknad, eller</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">har etablerats inte huvudsakligen för att generera avkastning åt sina investerare genom avyttring av sina dotterföretag eller närstående företag, vilket framgår av företagets årsredovisning eller andra offentliga hand- lingar,</SPAN></P>
<P class="p264 ft2">11. <SPAN class="ft3">kapitalbas</SPAN>: detsamma som i artikel 72 i Europaparlamentets och rådets förordning (EU) nr 575/2013 av den 26 juni 2013 om tillsynskrav för kreditinstitut och värdepappersföretag och om ändring av förordning (EU) nr 648/2012, i den ursprungliga lydelsen,</P>
<P class="p264 ft3"><SPAN class="ft2">12. </SPAN>kommissionens delegerade förordning<SPAN class="ft2">: kommissionens delegerade förordning (EU) nr 231/2013 av den 19 december 2012 om komplettering av Europaparlamentets och rådets direktiv 2011/61/EU vad gäller undantag, allmänna verksamhetsvillkor, förvaringsinstitut, finansiell hävstång, öppenhet och tillsyn, i den ursprungliga lydelsen,</SPAN></P>
<P class="p429 ft2">13. <SPAN class="ft3">kvalificerat innehav</SPAN>: ett direkt eller indirekt ägande i en <NOBR>AIF-för-</NOBR> valtare, om innehavet beräknat på det sätt som anges i 1 kap. 1 a § lagen om värdepappersfonder representerar tio procent eller mer av kapitalet eller av samtliga röster eller annars möjliggör ett väsentligt inflytande över ledningen av förvaltaren,</P>
<P class="p846 ft2">14. <SPAN class="ft3">marknadsföring</SPAN>: direkt eller indirekt erbjudande eller placering, på <NOBR>AIF-förvaltarens</NOBR> initiativ eller för <NOBR>AIF-förvaltarens</NOBR> räkning, av andelar eller aktier i en alternativ investeringsfond som denne förvaltar och som riktar sig till investerare med hemvist eller stadgeenligt säte inom EES, 15. <SPAN class="ft3">matarfond till en alternativ investeringsfond</SPAN>: en alternativ investerings-</P>
<P class="p189 ft2">fond som</P>
<P class="p144 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">placerar minst 85 procent av sina tillgångar i andelar eller aktier i en annan alternativ investeringsfond (mottagarfond till en alternativ investe- ringsfond), eller</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">placerar minst 85 procent av sina tillgångar i fler än en mottagarfond till en alternativ investeringsfond förutsatt att dessa fonder har identiska investeringsstrategier, eller</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">på annat sätt har en exponering på minst 85 procent av sina tillgångar mot en sådan mottagarfond till en alternativ investeringsfond,</SPAN></P>
<P class="p144 ft2">16. <SPAN class="ft3">moderföretag </SPAN>och <SPAN class="ft3">dotterföretag</SPAN>: detsamma som i 1 kap. 4 § års- redovisningslagen (1995:1554),</P>
<P class="p144 ft3"><SPAN class="ft2">17. </SPAN>mottagarfond till en alternativ investeringsfond<SPAN class="ft2">: en alternativ investeringsfond i vilken en annan alternativ investeringsfond investerar eller mot vilken denna fond har en exponering i enlighet med 15,</SPAN></P>
<P class="p144 ft4">18. <SPAN class="ft45">nära förbindelser</SPAN>: detsamma som i 1 kap. 2 § lagen om värdepap- persfonder, med den skillnaden att det som anges om fondbolag i stället ska tillämpas på <NOBR>AIF-förvaltare,</NOBR></P>
<P class="p144 ft2">19. <SPAN class="ft3">onoterat företag</SPAN>: ett företag som har sitt stadgeenliga säte i ett land inom EES och vars aktier inte är upptagna till handel på en reglerad marknad,</P>
<P class="p610 ft27">20. <SPAN class="ft26">primärmäklare</SPAN>: kreditinstitut, värdepappersbolag, värdepappersföretag eller annan lagreglerad enhet som står under fortlöpande tillsyn, vilka</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr31 td359"><P class="p23 ft2">erbjuder professionella investerare tjänster för att främst finansiera eller</P></TD>
<TD class="tr31 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td359"><P class="p23 ft2">som motpart utföra transaktioner med finansiella instrument, och som även</P></TD>
<TD class="tr27 td147"><P class="p20 ft2">205</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_206">
<DIV id="tx1"><SPAN class="ft4">21. </SPAN><SPAN class="ft52">professionell investerare</SPAN><SPAN class="ft4">: en investerare som avses i </SPAN><SPAN class="ft45">9 </SPAN><SPAN class="ft4">kap. </SPAN><SPAN class="ft45">4 </SPAN><SPAN class="ft4">eller </SPAN><SPAN class="ft45">5 </SPAN><SPAN class="ft4">§ lagen om värdepappers- marknaden,</SPAN></DIV>
<DIV id="tx2"><SPAN class="ft4">22. </SPAN><SPAN class="ft52">reglerad marknad</SPAN><SPAN class="ft4">: detsamma som i 1 kap. </SPAN><SPAN class="ft45">4 b § </SPAN><SPAN class="ft4">lagen om värde- pappersmarknaden,</SPAN></DIV>
<DIV id="id_1">
<P class="p847 ft4">Prop. 2016/17:162 kan tillhandahålla andra tjänster, såsom clearing, avveckling, depå- tjänster, värdepapperslån, skräddarsydda tekniska lösningar och stöd- tjänster,</P>
<P class="p848 ft45"><SPAN class="ft4">21. </SPAN><SPAN class="ft52">professionell investerare</SPAN><SPAN class="ft4">: en investerare som avses i </SPAN>8 <SPAN class="ft4">kap. </SPAN>16 <SPAN class="ft4">eller </SPAN>17 <SPAN class="ft4">§ lagen om värdepappers- marknaden,</SPAN></P>
<P class="p390 ft3"><SPAN class="ft2">22. </SPAN><SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: detsamma som i 1 kap. </SPAN>5 § 20 <SPAN class="ft2">lagen om värde- pappersmarknaden,</SPAN></P>
<P class="p849 ft124"><SPAN class="ft30">23.</SPAN><SPAN class="ft123">specialfond</SPAN>: en alternativ investeringsfond som förvaltas enligt denna lag och uppfyller de särskilda villkoren i 12 kap.,</P>
<P class="p850 ft3"><SPAN class="ft2">24.</SPAN><SPAN class="ft93">specialföretag för värdepapperisering</SPAN><SPAN class="ft2">: ett företag vars enda syfte är att genomföra en eller flera värdepapperiseringstransaktioner i den mening som avses i artikel 1.2 i Europeiska centralbankens förordning (EG) nr 24/2009 av den 19 december 2008 om statistik över tillgångar och skulder hos finansiella företag som deltar i värdepapperiseringstransaktioner, i den ursprungliga lydelsen, och annan lämplig verksamhet för att uppnå detta mål,</SPAN></P>
<P class="p850 ft4"><SPAN class="ft2">25.</SPAN><SPAN class="ft108">startkapital</SPAN>: detsamma som i 1 kap. 5 § 18 lagen (2004:297) om bank- och finansieringsrörelse,</P>
<P class="p850 ft2"><SPAN class="ft2">26.</SPAN><SPAN class="ft47">särskild vinstandel</SPAN>: en andel av en alternativ investeringsfonds vinst som tillfaller <NOBR>AIF-förvaltaren</NOBR> som ersättning för förvaltningen, exklusive eventuell andel av fondens vinst som tillfaller förvaltaren som avkastning på en investering som gjorts i fonden av förvaltaren, och</P>
<P class="p851 ft42"><SPAN class="ft2">27.</SPAN><SPAN class="ft109">värdepappersfond</SPAN>: detsamma som i 1 kap. 1 § första stycket 25 lagen om värdepappersfonder.</P>
<P class="p852 ft25">3 kap.</P>
<P class="p853 ft2">2 §<SPAN class="ft24">3</SPAN></P>
<P class="p854 ft4">En extern <NOBR>AIF-förvaltare</NOBR> med tillstånd enligt 1 §, får av Finansinspek- tionen ges tillstånd att utföra diskretionär förvaltning av investerings- portföljer.</P>
<P class="p855 ft2">En <NOBR>AIF-förvaltare</NOBR> med tillstånd för diskretionär förvaltning av investe- ringsportföljer får efter tillstånd av Finansinspektionen</P>
<P class="p850 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft76">förvara och administrera andelar eller aktier i företag för kollektiva investeringar,</SPAN></P>
<P class="p856 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">ta emot medel med redovisningsskyldighet,</SPAN></P>
<P class="p856 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">ta emot och vidarebefordra order i fråga om finansiella instrument,</SPAN></P>
<P class="p681 ft2">och</P>
<P class="p856 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft40">lämna investeringsråd.</SPAN></P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft4">Vid erbjudande och tillhanda- hållande av tjänster enligt första och andra styckena ska 8 kap. <SPAN class="ft45">1</SPAN>, 9– 12<SPAN class="ft45">, </SPAN>14<SPAN class="ft45">, </SPAN><NOBR><SPAN class="ft45">21–27</SPAN></NOBR><SPAN class="ft45"> och 34 </SPAN>§§ <SPAN class="ft45">samt 35 § första stycket </SPAN>lagen (2007:528) om värdepappersmarknaden tillämpas.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">Vid erbjudande och tillhanda- hållande av tjänster enligt första och andra styckena ska 8 kap. <SPAN class="ft45">2</SPAN>, 9– 12, <NOBR>14<SPAN class="ft45">–20</SPAN></NOBR><SPAN class="ft45"> och 22 </SPAN>§§ <SPAN class="ft45">och 9 kap. 1, </SPAN><NOBR><SPAN class="ft45">3–10,</SPAN></NOBR><SPAN class="ft45"> </SPAN><NOBR><SPAN class="ft45">12–29</SPAN></NOBR><SPAN class="ft45"> och 40 §§, 41 § första stycket och 43 § </SPAN>lagen (2007:528)</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p857 ft37"><SPAN class="ft43">3 </SPAN>Senaste lydelse 2015:397.</P>
<P class="p615 ft2">206</P>
</DIV>
</DIV>
<DIV id="page_207">
<DIV id="id_1">
<DIV id="id_1_1">
<P class="p116 ft4">Medel som tas emot med redo- visningsskyldighet enligt andra stycket 2 ska omedelbart avskiljas från <NOBR>AIF-förvaltarens</NOBR> egna till- gångar.</P>
</DIV>
<DIV id="id_1_2">
<P class="p19 ft4">om värdepappersmarknaden tilläm- Prop. 2016/17:162 pas. Medel som tas emot med redo-</P>
<P class="p540 ft4">visningsskyldighet enligt andra stycket 2 ska omedelbart avskiljas från <NOBR>AIF-förvaltarens</NOBR> egna till- gångar.</P>
</DIV>
</DIV>
<DIV id="id_2">
<P class="p858 ft25">5 kap.</P>
<P class="p859 ft2">8 §<SPAN class="ft24">4</SPAN></P>
<P class="p429 ft4">Verksamhet enligt <NOBR>1–3</NOBR> och <NOBR>5–7</NOBR> §§ får drivas genom att <NOBR>AIF-för-</NOBR> valtaren inrättar en filial i Sverige eller erbjuder och tillhandahåller tjänster i Sverige från sitt hemland.</P>
<P class="p144 ft2">För <NOBR>AIF-förvaltarens</NOBR> verksamhet i Sverige tillämpas 4 kap. 6 § andra stycket vid marknadsföring av andra alternativa investeringsfonder än</P>
<P class="p143 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">specialfonder,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">sådana fonder som får marknadsföras till </SPAN><NOBR>icke-professionella</NOBR> investe- rare efter tillstånd enligt 6 §, och</P>
<P class="p144 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">sådana fonder som får marknadsföras efter tillstånd enligt 7 §, såvitt gäller sådana </SPAN><NOBR>icke-professionella</NOBR> investerare som anges i 4 kap. 5 § andra stycket.</P>
</DIV>
<DIV id="id_3">
<DIV id="id_3_1">
<P class="p150 ft4">Vid förvaltning av en special- fond tillämpas 12 kap. I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, 19–</P>
<TABLE cellpadding=0 cellspacing=0 class="t107">
<TR>
<TD class="tr25 td83"><P class="p23 ft2">21 och</P></TD>
<TD class="tr25 td29"><P class="p53 ft2">23 §§</P></TD>
<TD class="tr25 td211"><P class="p23 ft2">tillämpas.</P></TD>
<TD class="tr25 td74"><P class="p20 ft2">Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td83"><P class="p23 ft2">förvaltning</P></TD>
<TD colspan=2 class="tr26 td67"><P class="p66 ft2">enligt 1 §</P></TD>
<TD class="tr26 td74"><P class="p20 ft27">första</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td295"><P class="p23 ft2">stycket 1 och 2 §</P></TD>
<TD class="tr26 td211"><P class="p70 ft2">tillämpas</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">även</P></TD>
</TR>
</TABLE>
<P class="p116 ft4">8 kap. 28 §. För förvaringsinstitut till alternativa investeringsfonder som förvaltas enligt 1 § första stycket 1 eller 2 § tillämpas 9 kap.</P>
</DIV>
<DIV id="id_3_2">
<P class="p150 ft4">Vid förvaltning av en special- fond tillämpas 12 kap. I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <SPAN class="ft45">1 a,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t107">
<TR>
<TD colspan=2 class="tr25 td200"><P class="p23 ft2"><NOBR>19–21</NOBR> och 23 §§</P></TD>
<TD colspan=2 class="tr25 td208"><P class="p20 ft2">tillämpas. Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td103"><P class="p23 ft2">förvaltning</P></TD>
<TD class="tr26 td129"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td39"><P class="p95 ft2">1 §</P></TD>
<TD class="tr26 td74"><P class="p20 ft27">första</P></TD>
</TR>
<TR>
<TD class="tr26 td103"><P class="p23 ft2">stycket 1 och</P></TD>
<TD colspan=2 class="tr26 td218"><P class="p94 ft2">2 § tillämpas</P></TD>
<TD class="tr26 td74"><P class="p20 ft2">även</P></TD>
</TR>
</TABLE>
<P class="p116 ft4">8 kap. 28 §. För förvaringsinstitut till alternativa investeringsfonder som förvaltas enligt 1 § första stycket 1 eller 2 § tillämpas 9 kap.</P>
</DIV>
</DIV>
<DIV id="id_4">
<P class="p860 ft2">13 §</P>
<P class="p264 ft2">Verksamheten i Sverige får drivas genom att en icke <NOBR>EES-baserad</NOBR> AIF- förvaltare inrättar en filial här i landet eller erbjuder och utför tjänster i Sverige från det land där förvaltaren är etablerad. För <NOBR>AIF-förvaltarens</NOBR> verksamhet i Sverige tillämpas 4 kap. 6 § andra stycket vid marknads- föring av andra alternativa investeringsfonder än</P>
<P class="p264 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">sådana fonder som får marknadsföras till </SPAN><NOBR>icke-professionella</NOBR> investerare efter tillstånd enligt 11 §, och</P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">sådana fonder som får marknadsföras efter tillstånd enligt 12 §, såvitt gäller sådana </SPAN><NOBR>icke-professionella</NOBR> investerare som anges i 4 kap. 5 § andra stycket.</P>
</DIV>
<DIV id="id_5">
<DIV id="id_5_1">
<P class="p150 ft4">I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <NOBR>19–21</NOBR> och 23 §§ tillämpas.</P>
</DIV>
<DIV id="id_5_2">
<P class="p150 ft4">I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <SPAN class="ft45">1 a, </SPAN><NOBR>19–21</NOBR> och 23 §§ tillämpas.</P>
</DIV>
</DIV>
<DIV id="id_6">
<P class="p12 ft37"><SPAN class="ft43">4 </SPAN>Senaste lydelse 2015:397.</P>
<P class="p13 ft2">207</P>
</DIV>
</DIV>
<DIV id="page_208">
<P class="p820 ft42">Prop. 2016/17:162 Vid en planerad eller en redan genomförd, oplanerad väsentlig ändring av något som har angetts i en ansökan om tillstånd ska 9 § tillämpas.</P>
<P class="p861 ft25">8 kap.</P>
<P class="p862 ft3">1 a §</P>
<P class="p863 ft3">En <NOBR>AIF-förvaltare</NOBR> som i sin verksamhet lämnar råd till icke- professionella investerare om andelar eller aktier i alternativa investeringsfonder i andra fall än det som avses i 3 kap. 2 § andra stycket 4 ska när den utför sådana tjänster tillämpa 8 kap. 12 och 15 §§ och 9 kap. <NOBR>3–6,</NOBR> 10, 17, 21, 23 och <NOBR>27–29</NOBR> §§ lagen (2007:528) om värdepappersmarknaden.</P>
<P class="p864 ft25">9 kap.</P>
<P class="p744 ft2">4 §<SPAN class="ft24">5</SPAN></P>
<P class="p742 ft4">Ett förvaringsinstitut för en <NOBR>EES-baserad</NOBR> alternativ investeringsfond ska vara</P>
<P class="p536 ft2">1. ett kreditinstitut som</P>
<P class="p537 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">har stadgeenligt säte inom EES, och</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft48">har tillstånd som avses i Europaparlamentets och rådets direktiv 2013/36/EU,</SPAN></P>
<P class="p537 ft2">2. ett värdepappersföretag som</P>
<P class="p537 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">har stadgeenligt säte inom EES,</SPAN></P>
<P class="p537 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">omfattas av kapitalkraven i enlighet med artikel 92 i förordning</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=3 class="tr27 td146"><P class="p23 ft2">(EU) nr 575/2013, och</P></TD>
<TD class="tr27 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td127"><P class="p23 ft7"> </P></TD>
<TD colspan=4 rowspan=2 class="tr43 td185"><P class="p20 ft2">c) har tillstånd som avses i Euro-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p53 ft2">c) har tillstånd som avses i Euro-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">paparlamentets och rådets direktiv</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2">paparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2"><SPAN class="ft3">2004/39/EG</SPAN>, inbegripet för att till-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2"><SPAN class="ft3">2014/65/EU</SPAN>, inbegripet för att till-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td126"><P class="p23 ft2">handahålla</P></TD>
<TD colspan=3 class="tr26 td263"><P class="p53 ft2">sidotjänster avseende</P></TD>
<TD class="tr26 td126"><P class="p23 ft2">handahålla</P></TD>
<TD colspan=2 class="tr26 td175"><P class="p57 ft2">sidotjänster</P></TD>
<TD class="tr26 td191"><P class="p20 ft27">avseende</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td126"><P class="p23 ft2">förvaring</P></TD>
<TD colspan=2 class="tr25 td91"><P class="p59 ft2">och handhavande</P></TD>
<TD class="tr25 td127"><P class="p53 ft2">av</P></TD>
<TD class="tr25 td126"><P class="p23 ft2">förvaring</P></TD>
<TD colspan=3 class="tr25 td198"><P class="p20 ft2">och handhavande av</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td126"><P class="p23 ft2">finansiella</P></TD>
<TD class="tr26 td83"><P class="p23 ft2">instrument</P></TD>
<TD colspan=2 class="tr26 td43"><P class="p53 ft2">för kunders</P></TD>
<TD class="tr26 td126"><P class="p23 ft2">finansiella</P></TD>
<TD class="tr26 td83"><P class="p23 ft2">instrument</P></TD>
<TD colspan=2 class="tr26 td80"><P class="p20 ft2">för kunders</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">räkning som avses i <SPAN class="ft3">punkten </SPAN>1 i av-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">räkning som avses i <SPAN class="ft3">punkt </SPAN>1 i av-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr25 td234"><P class="p23 ft2">snitt B i bilaga I till direktivet, och</P></TD>
<TD colspan=4 class="tr25 td185"><P class="p20 ft2">snitt B i bilaga I till direktivet, och</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">som har egna medel motsvarande</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p20 ft2">som har egna medel motsvarande</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td234"><P class="p23 ft2">det startkapital som anges i arti-</P></TD>
<TD colspan=4 class="tr26 td185"><P class="p30 ft2">det startkapital som anges i arti-</P></TD>
</TR>
<TR>
<TD class="tr25 td55"><P class="p23 ft2">kel 28.2</P></TD>
<TD class="tr25 td21"><P class="p74 ft2">i</P></TD>
<TD class="tr25 td83"><P class="p57 ft2">direktiv</P></TD>
<TD colspan=2 class="tr25 td43"><P class="p53 ft2">2013/36/EU,</P></TD>
<TD class="tr25 td126"><P class="p23 ft2">kel 28.2 i</P></TD>
<TD class="tr25 td83"><P class="p57 ft2">direktiv</P></TD>
<TD colspan=2 class="tr25 td80"><P class="p20 ft2">2013/36/EU,</P></TD>
</TR>
<TR>
<TD class="tr26 td55"><P class="p23 ft2">eller</P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td197"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td126"><P class="p23 ft2">eller</P></TD>
<TD class="tr26 td83"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td191"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr30 td55"><P class="p125 ft14">3. ett</P></TD>
<TD colspan=2 class="tr30 td103"><P class="p23 ft14">annat institut</P></TD>
<TD class="tr30 td197"><P class="p73 ft14">som står</P></TD>
<TD colspan=4 class="tr30 td137"><P class="p23 ft14">under fortlöpande tillsyn och</P></TD>
<TD class="tr30 td191"><P class="p20 ft14">som den</P></TD>
</TR>
</TABLE>
<P class="p646 ft2">21 juli 2011 hör till de kategorier som har godtagits såsom förvarings- institut enligt Europaparlamentets och rådets direktiv 2009/65/EG.</P>
<P class="p576 ft42">Förvaringsinstitutet ska vara etablerat i den alternativa investerings- fondens hemland.</P>
<P class="p865 ft37"><SPAN class="ft43">5 </SPAN>Senaste lydelse 2014:991.</P>
<P class="p19 ft2">208</P>
</DIV>
<DIV id="page_209">
<DIV id="dimg1">
<INGENBILD zsrc="H403162209x1.jpg/" id="img1">
</DIV>
<DIV>
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t106">
<TR>
<TD colspan=2 class="tr2 td66"><P class="p866 ft25">10 kap.</P></TD>
<TD class="tr2 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td66"><P class="p138 ft2">3 §</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">Informationsbroschyren och fakta-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p30 ft2">Informationsbroschyren och fakta-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">bladet ska på begäran kostnadsfritt</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p30 ft2">bladet ska på begäran kostnadsfritt</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft2">tillhandahållas den som avser att</P></TD>
<TD colspan=2 class="tr25 td185"><P class="p20 ft2">tillhandahållas den som avser att</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">köpa andelar eller aktier i en alter-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft2">köpa andelar eller aktier i en alter-</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">nativ investeringsfond som mark-</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p30 ft2">nativ investeringsfond som mark-</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft2">nadsförs till <NOBR>icke-professionella</NOBR></P></TD>
<TD colspan=2 class="tr25 td185"><P class="p30 ft2">nadsförs till <NOBR>icke-professionella</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">investerare i Sverige. Köparen ska,</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p30 ft2">investerare i Sverige. Köparen ska,</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft27">med undantag för de fall som avses i</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p30 ft27">med undantag för de fall som avses i</P></TD>
</TR>
<TR>
<TD class="tr25 td234"><P class="p53 ft2"><SPAN class="ft3">8 </SPAN>kap. <SPAN class="ft3">22 a </SPAN>§ lagen (2007:528) om</P></TD>
<TD class="tr25 td213"><P class="p23 ft2"><SPAN class="ft3">9 </SPAN>kap. <SPAN class="ft3">18 </SPAN>§ lagen (2007:528)</P></TD>
<TD class="tr25 td13"><P class="p30 ft2">om</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft2">värdepappersmarknaden, även utan</P></TD>
<TD class="tr26 td213"><P class="p23 ft2">värdepappersmarknaden, även</P></TD>
<TD class="tr26 td13"><P class="p30 ft27">utan</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p53 ft27">begäran tillhandahållas faktabladet i</P></TD>
<TD colspan=2 class="tr26 td185"><P class="p20 ft27">begäran tillhandahållas faktabladet i</P></TD>
</TR>
<TR>
<TD class="tr26 td234"><P class="p589 ft27">god tid innan avtal ingås.</P></TD>
<TD class="tr26 td213"><P class="p23 ft2">god tid innan avtal ingås.</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p181 ft2">Om <NOBR>AIF-förvaltaren</NOBR> genom marknadsföring erbjuder allmänheten att köpa andelar eller aktier i en alternativ investeringsfond som avses i första stycket, ska det av erbjudandet framgå att det finns ett faktablad och en informa- tionsbroschyr och var dessa finns att tillgå.</P>
<P class="p277 ft4">Om information inte tillhandahålls i enlighet med 2 § samt första och andra styckena denna paragraf, ska marknadsföringslagen (2008:486) tilläm- pas, med undantag av bestämmelserna i <NOBR>29–36</NOBR> §§ om marknadsstörnings- avgift. Sådan information ska anses vara väsentlig enligt 10 § tredje stycket den lagen.</P>
<P class="p811 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">209</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_210">
<TABLE cellpadding=0 cellspacing=0 class="t124">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.25</SPAN></P></TD>
<TD class="tr45 td306"><P class="p23 ft21">Förslag till lag om ändring i lagen (2014:797)</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td306"><P class="p23 ft21">om ändring i lagen (2013:561) om förvaltare av</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td306"><P class="p23 ft21">alternativa investeringsfonder</P></TD>
</TR>
</TABLE>
<P class="p807 ft4">Härigenom föreskrivs att 5 kap. 13 § lagen (2013:561) om förvaltare av alternativa investeringsfonder i stället för lydelsen enligt lagen (2014:797) om ändring i den lagen ska ha följande lydelse.</P>
<P class="p867 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p868 ft25">5 kap.</P>
<P class="p869 ft2">13 §</P>
<P class="p575 ft2">Verksamheten i Sverige får drivas genom att en icke <NOBR>EES-baserad</NOBR> AIF- förvaltare inrättar en filial här i landet eller erbjuder och utför tjänster i Sverige från det land där förvaltaren är etablerad. För <NOBR>AIF-förvaltarens</NOBR> verksamhet i Sverige tillämpas 4 kap. 6 § andra stycket vid marknads- föring av andra alternativa investeringsfonder än</P>
<P class="p745 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft48">sådana fonder som får marknadsföras till </SPAN><NOBR>icke-professionella</NOBR> investe- rare efter tillstånd enligt 11 §, och</P>
<P class="p538 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">sådana fonder som får marknadsföras efter tillstånd enligt 12 §, såvitt gäller sådana </SPAN><NOBR>icke-professionella</NOBR> investerare som anges i 4 kap. 5 § andra stycket.</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD class="tr31 td77"><P class="p106 ft2">I fråga om verksamhet som drivs</P></TD>
<TD class="tr31 td130"><P class="p20 ft2">I fråga om verksamhet som drivs</P></TD>
</TR>
<TR>
<TD class="tr26 td77"><P class="p106 ft2">genom filial här i landet ska även</P></TD>
<TD class="tr26 td130"><P class="p20 ft2">genom filial här i landet ska även</P></TD>
</TR>
<TR>
<TD class="tr25 td77"><P class="p106 ft2">8 kap. 1, <NOBR>19–21</NOBR> och 23 §§</P></TD>
<TD class="tr25 td130"><P class="p20 ft2">8 kap. 1, <SPAN class="ft3">1 a, </SPAN><NOBR>19–21</NOBR> och 23 §§</P></TD>
</TR>
<TR>
<TD class="tr30 td77"><P class="p870 ft14">tillämpas.</P></TD>
<TD class="tr30 td130"><P class="p871 ft14">tillämpas.</P></TD>
</TR>
</TABLE>
<P class="p575 ft4">Vid en planerad eller en redan genomförd, oplanerad väsentlig ändring av något som har angetts i en ansökan om tillstånd enligt 10, 11 eller 12 § ska 9 § tillämpas.</P>
<P class="p872 ft2">210</P>
</DIV>
<DIV id="page_211">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR height=0>
<TD width=45px></TD>
<TD width=160px></TD>
<TD width=201px></TD>
<TD width=99px></TD>
</TR>
<TR>
<TD class="tr45 td55"><P class="p23 ft21">2.26</P></TD>
<TD colspan=2 class="tr45 td342"><P class="p32 ft21">Förslag till lag om ändring i lagen (2014:798)</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr24 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td342"><P class="p32 ft21">om ändring i lagen (2013:561) om förvaltare av</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr36 td342"><P class="p32 ft21">alternativa investeringsfonder</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr36 td134"><P class="p39 ft2">Härigenom föreskrivs att 5 kap. 13 § lagen (2013:561) om förvaltare</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td134"><P class="p23 ft2">av alternativa investeringsfonder i stället för lydelsen enligt lagen</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr31 td134"><P class="p23 ft2">(2014:798) om ändring i den lagen ska ha följande lydelse.</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr46 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr46 td192"><P class="p23 ft3">Föreslagen lydelse</P></TD>
<TD class="tr46 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p873 ft25">5 kap.</P>
<P class="p874 ft2">13 §</P>
<P class="p144 ft2">Verksamheten i Sverige får drivas genom att en icke <NOBR>EES-baserad</NOBR> AIF- förvaltare inrättar en filial här i landet eller erbjuder och utför tjänster i Sverige från det land där förvaltaren är etablerad. För <NOBR>AIF-förvaltarens</NOBR> verksamhet i Sverige tillämpas 4 kap. 6 § andra stycket vid marknads- föring av andra alternativa investeringsfonder än</P>
<P class="p429 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft71">sådana fonder som får marknadsföras till </SPAN><NOBR>icke-professionella</NOBR> investe- rare efter tillstånd enligt 11 §, och</P>
<P class="p144 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">sådana fonder som får marknadsföras efter tillstånd enligt 12 §, såvitt gäller sådana </SPAN><NOBR>icke-professionella</NOBR> investerare som anges i 4 kap. 5 § andra stycket.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft4">I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <NOBR>19–21</NOBR> och 23 §§ tillämpas.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft4">I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <SPAN class="ft45">1 a, </SPAN><NOBR>19–21</NOBR> och 23 §§ tillämpas.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">211</P>
</DIV>
</DIV>
<DIV id="page_212">
<DIV id="id_1">
<TABLE cellpadding=0 cellspacing=0 class="t104">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.27</SPAN></P></TD>
<TD class="tr45 td306"><P class="p23 ft21">Förslag till lag om ändring i lagen (2015:398)</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td306"><P class="p23 ft21">om ändring i lagen (2013:561) om förvaltare av</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td306"><P class="p23 ft21">alternativa investeringsfonder</P></TD>
</TR>
</TABLE>
<P class="p875 ft4">Härigenom föreskrivs att 5 kap. 8 § lagen (2013:561) om förvaltare av alternativa investeringsfonder i stället för lydelsen enligt lagen (2015:398) om ändring i den lagen ska ha följande lydelse.</P>
<P class="p876 ft3">Nuvarande lydelse Föreslagen lydelse</P>
<P class="p877 ft25">5 kap.</P>
<P class="p878 ft2">8 §</P>
<P class="p16 ft4">Verksamhet enligt <NOBR>1–3,</NOBR> 6 och 7 §§ får drivas genom att <NOBR>AIF-förval-</NOBR> taren inrättar en filial i Sverige eller erbjuder och tillhandahåller tjänster i Sverige från sitt hemland.</P>
<P class="p16 ft2">För <NOBR>AIF-förvaltarens</NOBR> verksamhet i Sverige tillämpas 4 kap. 6 § andra stycket vid marknadsföring av andra alternativa investeringsfonder än</P>
<P class="p389 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">specialfonder,</SPAN></P>
<P class="p388 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">sådana fonder som får marknadsföras till </SPAN><NOBR>icke-professionella</NOBR> investe- rare efter tillstånd enligt 6 §, och</P>
<P class="p388 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">sådana fonder som får marknadsföras efter tillstånd enligt 7 §, såvitt gäller sådana </SPAN><NOBR>icke-professionella</NOBR> investerare som anges i 4 kap. 5 § andra stycket.</P>
</DIV>
<DIV id="id_2">
<DIV id="id_2_1">
<P class="p150 ft2">Vid förvaltning av en special- fond tillämpas 12 kap. I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1,</P>
<TABLE cellpadding=0 cellspacing=0 class="t117">
<TR>
<TD colspan=2 class="tr33 td200"><P class="p23 ft2"><NOBR>19–21</NOBR> och 23 §§</P></TD>
<TD colspan=2 class="tr33 td156"><P class="p20 ft2">tillämpas. Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td190"><P class="p23 ft2">förvaltning</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td39"><P class="p95 ft2">1 §</P></TD>
<TD class="tr26 td88"><P class="p20 ft2">första</P></TD>
</TR>
<TR>
<TD class="tr30 td190"><P class="p23 ft14">stycket 1 och</P></TD>
<TD colspan=2 class="tr30 td156"><P class="p22 ft14">2 § tillämpas</P></TD>
<TD class="tr30 td88"><P class="p20 ft14">även</P></TD>
</TR>
</TABLE>
<P class="p116 ft4">8 kap. 28 §. För förvaringsinstitut till alternativa investeringsfonder som förvaltas enligt 1 § första stycket 1 eller 2 § tillämpas 9 kap.</P>
</DIV>
<DIV id="id_2_2">
<P class="p150 ft2">Vid förvaltning av en special- fond tillämpas 12 kap. I fråga om verksamhet som drivs genom filial här i landet ska även 8 kap. 1, <SPAN class="ft3">1 a,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t117">
<TR>
<TD colspan=2 class="tr33 td200"><P class="p23 ft2"><NOBR>19–21</NOBR> och 23 §§</P></TD>
<TD colspan=2 class="tr33 td156"><P class="p20 ft2">tillämpas. Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td190"><P class="p23 ft2">förvaltning</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td39"><P class="p95 ft2">1 §</P></TD>
<TD class="tr26 td88"><P class="p20 ft2">första</P></TD>
</TR>
<TR>
<TD class="tr30 td190"><P class="p23 ft14">stycket 1 och</P></TD>
<TD colspan=2 class="tr30 td156"><P class="p22 ft14">2 § tillämpas</P></TD>
<TD class="tr30 td88"><P class="p20 ft14">även</P></TD>
</TR>
</TABLE>
<P class="p116 ft4">8 kap. 28 §. För förvaringsinstitut till alternativa investeringsfonder som förvaltas enligt 1 § första stycket 1 eller 2 § tillämpas 9 kap.</P>
</DIV>
</DIV>
<DIV id="id_3">
<P class="p19 ft2">212</P>
</DIV>
</DIV>
<DIV id="page_213">
<DIV id="dimg1">
<INGENBILD zsrc="H403162213x1.jpg/" id="img1">
</DIV>
<P class="p731 ft118">2.28 Förslag till lag om ändring i lagen (2014:968) <SPAN class="ft117">Prop. 2016/17:162 </SPAN>om särskild tillsyn över kreditinstitut och</P>
<P class="p732 ft21">värdepappersbolag</P>
<P class="p879 ft4">Härigenom föreskrivs i fråga om lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag</P>
<P class="p147 ft2"><SPAN class="ft3">dels </SPAN>att 2 kap. 2 § ska upphöra att gälla,</P>
<P class="p147 ft2"><SPAN class="ft3">dels </SPAN>att nuvarande 2 kap. 3 § ska betecknas 2 kap. 2 §,</P>
<P class="p748 ft4"><SPAN class="ft45">dels </SPAN>att rubriken närmast före 2 kap. 3 § ska sättas närmast före den nya 2 kap. 2 §,</P>
<P class="p748 ft42"><SPAN class="ft51">dels </SPAN>att det ska införas en ny paragraf, 2 kap. 3 §, och närmast före 2 kap. 3 § en ny rubrik av följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t125">
<TR>
<TD class="tr31 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr31 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p880 ft25">2 kap.</P>
<P class="p320 ft54">Ingripande</P>
<P class="p452 ft3">3 §</P>
<P class="p881 ft3">Finansinspektionen får tillämpa bestämmelserna om ingripande i de lagar som reglerar institutets verksamhet, om ett institut inte uppfyller ett särskilt kapitalbas- krav som beslutats enligt 1 § eller ett särskilt likviditetskrav som be- slutats enligt 2 §.</P>
<P class="p641 ft45">Om ett institut uppfyller kapital- baskravet enligt tillsynsförord- ningen och det särskilda kapital- baskrav som följer av ett beslut enligt 1 §, men inte kapitalkraven enligt lagen (2014:966) om kapi- talbuffertar, ska bestämmelserna om ingripande i 8 kap. lagen om kapitalbuffertar tillämpas.</P>
<P class="p882 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">Denna lag träder i kraft den 1 augusti 2017.</SPAN></P>
<P class="p429 ft42"><SPAN class="ft2">2.</SPAN><SPAN class="ft94">Äldre bestämmelser gäller för överträdelser som ägt rum före ikraft- trädandet.</SPAN></P>
<P class="p883 ft2">213</P>
</DIV>
<DIV id="page_214">
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.29</SPAN></P></TD>
<TD class="tr45 td333"><P class="p23 ft21">Förslag till lag om ändring i lagen (2015:1016)</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td333"><P class="p23 ft21">om resolution</P></TD>
</TR>
</TABLE>
<P class="p807 ft4">Härigenom föreskrivs att 2 kap. 1 §, 8 kap. 12 § och 14 kap. 3 § lagen (2015:1016) om resolution ska ha följande lydelse.</P>
<TABLE cellpadding=0 cellspacing=0 class="t126">
<TR>
<TD class="tr42 td69"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr42 td199"><P class="p20 ft3">Föreslagen lydelse</P></TD>
</TR>
<TR>
<TD class="tr46 td69"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td199"><P class="p884 ft25">2 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td69"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td199"><P class="p885 ft2">1 §<SPAN class="ft24">1</SPAN></P></TD>
</TR>
</TABLE>
<P class="p536 ft2">I denna lag avses med</P>
<P class="p575 ft2"><SPAN class="ft3">anmält avvecklingssystem</SPAN>: ett avvecklingssystem som ett land inom EES har anmält till Europeiska värdepappers- och marknadsmyndigheten eller till Eftas övervakningsmyndighet,</P>
<P class="p575 ft4"><SPAN class="ft45">bankdag</SPAN>: en dag som inte är en lördag, en söndag, midsommarafton, julafton eller nyårsafton eller en allmän helgdag,</P>
<P class="p575 ft2"><SPAN class="ft3">behörig myndighet</SPAN>: i Sverige Finansinspektionen och i fråga om övriga länder inom EES en behörig myndighet enligt definitionen i artikel 4.1.40 i tillsynsförordningen, inbegripet Europeiska centralbanken när det gäller de särskilda uppgifter som den tilldelas genom rådets förord- ning (EU) nr 1024/2013 av den 15 oktober 2013 om tilldelning av sär- skilda uppgifter till Europeiska centralbanken i fråga om politiken för tillsyn över kreditinstitut, i den ursprungliga lydelsen,</P>
<P class="p575 ft4"><SPAN class="ft45">berörd myndighet</SPAN>: i Sverige Finansinspektionen och i fråga om övriga länder inom EES, den myndighet som länderna identifierat enligt artikel 61.2 i krishanteringsdirektivet,</P>
<P class="p886 ft2"><SPAN class="ft3">betydande filial</SPAN>: en filial som är betydande enligt artikel 51.1 i kapital- täckningsdirektivet,</P>
<P class="p575 ft4"><SPAN class="ft45">blandat finansiellt holdingföretag</SPAN>: ett holdingföretag enligt artikel 4.1.21 i tillsynsförordningen,</P>
<P class="p575 ft3">blandat finansiellt moderholdingföretag inom EES<SPAN class="ft2">: ett inom EES eta- blerat blandat finansiellt holdingföretag som inte självt är ett dotter- företag till ett</SPAN></P>
<P class="p538 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">institut eller ett </SPAN><NOBR>EES-institut</NOBR> som auktoriserats i något land inom EES, eller</P>
<P class="p538 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft48">annat blandat finansiellt holdingföretag eller ett finansiellt holding- företag som är etablerat i något land inom EES,</SPAN></P>
<P class="p575 ft2"><SPAN class="ft3">dotterföretag</SPAN>: ett dotterföretag enligt artikel 4.1.16 i tillsynsförord- ningen,</P>
<P class="p537 ft2"><SPAN class="ft3">EES</SPAN>: Europeiska ekonomiska samarbetsområdet,</P>
<P class="p575 ft4"><NOBR><SPAN class="ft45">EES-filial</SPAN>:</NOBR> en filial till ett tredjelandsinstitut som är etablerad i ett land inom EES,</P>
<P class="p575 ft2"><NOBR><SPAN class="ft3">EES-institut</SPAN>:</NOBR> ett institut enligt artikel 4.1.3 i tillsynsförordningen som är hemmahörande i ett annat land inom EES än Sverige,</P>
<P class="p537 ft2"><SPAN class="ft3">filial</SPAN>: en filial enligt artikel 4.1.17 i tillsynsförordningen,</P>
<P class="p575 ft42"><SPAN class="ft51">finansiellt holdingföretag</SPAN>: ett holdingföretag enligt artikel 4.1.20 i till- synsförordningen,</P>
<P class="p746 ft37"><SPAN class="ft43">1 </SPAN>Senaste lydelse 2016:629.</P>
<P class="p19 ft2">214</P>
</DIV>
<DIV id="page_215">
<P class="p747 ft2"><SPAN class="ft3">finansiellt institut</SPAN>: ett företag enligt artikel 4.1.26 i tillsynsförord- Prop. 2016/17:162 ningen,</P>
<P class="p887 ft4"><SPAN class="ft45">finansieringsplan</SPAN>: en plan enligt artikel 107 i krishanteringsdirektivet, <SPAN class="ft45">finansiellt moderholdingföretag inom EES</SPAN>: ett inom EES etablerat</P>
<P class="p19 ft2">finansiellt holdingföretag som inte självt är ett dotterföretag till ett</P>
<P class="p144 ft4"><SPAN class="ft2">a)</SPAN><SPAN class="ft48">institut eller ett </SPAN><NOBR>EES-institut</NOBR> som auktoriserats i något land inom EES, eller</P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">annat finansiellt holdingföretag eller ett blandat finansiellt holding- företag som är etablerat i något land inom EES,</SPAN></P>
<P class="p144 ft2"><SPAN class="ft3">finansieringsarrangemang</SPAN>: ett arrangemang för finansiering av kost- nader för resolution som upprättats av ett land inom EES enligt artik- el 100 i krishanteringsdirektivet,</P>
<P class="p144 ft3">förordningen om resolutionsavgifter<SPAN class="ft2">: Europeiska kommissionens dele- gerade förordning (EU) 2015/63 om komplettering av Europaparla- mentets och rådets direktiv 2014/59 av den 21 oktober 2014 avseende förhandsbidrag till finansieringsarrangemang för resolution,</SPAN></P>
<P class="p264 ft4"><SPAN class="ft45">garanterad insättning</SPAN>: en insättning som omfattas av insättnings- garantin enligt 4 och 4 c §§ lagen (1995:1571) om insättningsgaranti,</P>
<P class="p144 ft4"><SPAN class="ft45">gruppbaserad</SPAN>: som är gjord på grundval av den konsoliderade situa- tionen enligt artikel 4.1.47 i tillsynsförordningen,</P>
<P class="p143 ft2"><SPAN class="ft3">gränsöverskridande koncern</SPAN>: en koncern med moder- och dotterföretag</P>
<P class="p116 ft2"><SPAN class="ft2">i</SPAN><SPAN class="ft40">flera länder inom EES,</SPAN></P>
<P class="p144 ft3">holdingföretag med blandad verksamhet<SPAN class="ft2">: ett holdingföretag enligt artikel 4.1.22 i tillsynsförordningen,</SPAN></P>
<P class="p147 ft2"><SPAN class="ft3">institut</SPAN>: kreditinstitut och värdepappersbolag,</P>
<P class="p888 ft4"><SPAN class="ft45">kapitalbas</SPAN>: detsamma som avses i artikel 72 i tillsynsförordningen, <SPAN class="ft45">kapitaltäckningsdirektivet</SPAN>: Europaparlamentets och rådets direktiv</P>
<P class="p113 ft2">2013/36/EU av den 26 juni 2013 om behörighet att utöva verksamhet i kreditinstitut och om tillsyn av kreditinstitut och värdepappersföretag, om ändring av direktiv 2002/87/EG och om upphävande av direktiv 2006/48/EG och 2006/49/EG, i lydelsen enligt Europaparlamentets och rådets direktiv 2014/59/EU,</P>
<P class="p888 ft4"><SPAN class="ft45">koncern</SPAN>: ett moderföretag och dess dotterföretag, <SPAN class="ft45">koncernresolutionsordning</SPAN>: en plan enligt artikel 91.6 i krishanterings-</P>
<P class="p19 ft2">direktivet,</P>
<P class="p748 ft2"><SPAN class="ft3">kreditinstitut</SPAN>: banker och kreditmarknadsföretag enligt lagen (2004:297) om bank- och finansieringsrörelse,</P>
<P class="p147 ft3">krisavvärjande åtgärd<SPAN class="ft2">:</SPAN></P>
<P class="p144 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">en åtgärd för att undanröja väsentliga brister eller väsentliga hinder för återhämtning enligt 6 a kap. 6 och 7 §§ lagen om bank- och finan- sieringsrörelse och 8 a kap. 7 och 8 §§ lagen (2007:528) om värdepap- persmarknaden,</SPAN></P>
<P class="p264 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft71">en åtgärd för att undanröja eller minska väsentliga hinder för rekon- struktion eller avveckling enligt 3 kap. </SPAN><NOBR>3–5</NOBR> och <NOBR>12–24</NOBR> §§,</P>
<P class="p144 ft2"><SPAN class="ft2">c)</SPAN><SPAN class="ft40">en åtgärd som enligt beslut av Finansinspektionen är en krisavvärj- ande åtgärd enligt 15 kap. 2 c § lagen om bank- och finansieringsrörelse eller 25 kap. 2 c § lagen om värdepappersmarknaden,</SPAN></P>
<P class="p143 ft2"><SPAN class="ft2">d)</SPAN><SPAN class="ft72">ett beslut av Finansinspektionen om att tillsätta en tillfällig förval-</SPAN></P>
<P class="p889 ft4">tare enligt 15 a kap. lagen om bank- och finansieringsrörelse eller 25 a kap. lagen om värdepappersmarknaden, eller</P>
<P class="p890 ft2">215</P>
</DIV>
<DIV id="page_216">
<P class="p820 ft4">Prop. 2016/17:162 e) nedskrivning eller konvertering av relevanta kapitalinstrument enligt 6 kap.,</P>
<P class="p575 ft2"><SPAN class="ft3">krishanteringsdirektivet</SPAN>: Europaparlamentets och rådets direktiv 2014/59/EU av den 15 maj 2014 om inrättande av en ram för återhämtning och resolution av kreditinstitut och värdepappersföretag och om ändring av rådets direktiv 82/891/EEG och Europaparlamentets och rådets direktiv 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU och 2013/36/EU samt Europa- parlamentets och rådets förordningar (EU) nr 1093/2010 och (EU) nr 648/2012, i den ursprungliga lydelsen,</P>
<P class="p666 ft4"><SPAN class="ft45">kritisk verksamhet</SPAN>: en tjänst eller en transaktion som, om den upp- hörde, sannolikt skulle leda till en allvarlig störning i det finansiella systemet,</P>
<P class="p575 ft2"><SPAN class="ft3">kvalificerad insättning</SPAN>: en insättning enligt lagen om insättningsgaranti som inte är undantagen enligt 4 b eller 5 § i den lagen,</P>
<P class="p575 ft4"><SPAN class="ft45">kärnprimärkapitalinstrument</SPAN>: kapitalinstrument som uppfyller vill- koren i artiklarna <NOBR>28.1–28.4,</NOBR> <NOBR>29.1–29.5</NOBR> eller 31.1 i tillsynsförordningen,</P>
<P class="p575 ft2"><SPAN class="ft3">moderföretag</SPAN>: ett moderföretag enligt artikel 4.1.15 a i tillsynsförord- ningen,</P>
<P class="p575 ft2"><SPAN class="ft3">moderföretag inom EES</SPAN>: ett moderinstitut inom EES, ett finansiellt moderholdingföretag inom EES eller ett blandat finansiellt moder- holdingföretag inom EES,</P>
<P class="p575 ft2"><SPAN class="ft3">moderföretag i tredjeland</SPAN>: ett moderinstitut, ett finansiellt moder- holdingföretag eller ett blandat finansiellt moderholdingföretag som är hemmahörande i ett land utanför EES,</P>
<P class="p575 ft4"><SPAN class="ft45">moderinstitut inom EES</SPAN>: ett institut eller ett <NOBR>EES-institut</NOBR> som är ett moderföretag och som inte självt är ett dotterföretag till ett</P>
<P class="p537 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft72">annat institut eller ett </SPAN><NOBR>EES-institut,</NOBR> eller</P>
<P class="p538 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft48">finansiellt holdingföretag eller ett blandat finansiellt holdingföretag som är etablerat i något land inom EES,</SPAN></P>
<P class="p575 ft2"><SPAN class="ft3">relevanta kapitalinstrument</SPAN>: övriga primärkapitalinstrument och supplementärkapitalinstrument,</P>
<P class="p575 ft2"><SPAN class="ft3">resolutionsförfarande i tredjeland</SPAN>: en åtgärd som enligt rätten i ett land utanför EES syftar till att hantera en kris i ett tredjelandsinstitut eller i ett moderföretag i tredjeland, om åtgärden är jämförbar med sådana resolu- tionsåtgärder som får vidtas enligt denna lag i fråga om ändamål och förväntat resultat,</P>
<P class="p575 ft4"><SPAN class="ft45">resolutionskollegium</SPAN>: ett resolutionskollegium enligt artikel 88 i kris- hanteringsdirektivet,</P>
<P class="p728 ft4"><SPAN class="ft45">resolutionsåtgärd</SPAN>: någon av de åtgärder som anges i 12 kap. 1 §, <SPAN class="ft45">samordnande berörd myndighet</SPAN>: den berörda myndigheten i samma</P>
<P class="p891 ft2">land inom EES som den samordnande tillsynsmyndigheten, <SPAN class="ft3">samordnande resolutionsmyndighet</SPAN>: resolutionsmyndigheten i samma</P>
<P class="p891 ft2">land inom EES som den samordnande tillsynsmyndigheten, <SPAN class="ft3">samordnande tillsynsmyndighet</SPAN>: en behörig myndighet som ansvarar</P>
<P class="p646 ft2">för att utöva gruppbaserad tillsyn av moderinstitut inom EES och av institut som kontrolleras av finansiella moderholdingföretag inom EES eller blandade finansiella moderholdingföretag inom EES,</P>
<P class="p575 ft4"><SPAN class="ft45">supplementärkapitalinstrument</SPAN>: kapitalinstrument och efterställda lån som uppfyller villkoren i artikel 63 i tillsynsförordningen,</P>
<P class="p353 ft2">216</P>
</DIV>
<DIV id="page_217">
<DIV id="tx1"><SPAN class="ft4">a) för någon av de tjänster som anges i 2 kap. 1 § 3, 6, 7</SPAN><SPAN class="ft45">, </SPAN><SPAN class="ft4">8 </SPAN><SPAN class="ft45">och 9 </SPAN><SPAN class="ft4">den lagen,</SPAN></DIV>
<P class="p747 ft4"><SPAN class="ft45">tillsynsförordningen</SPAN>: Europaparlamentets och rådets förordning (EU) Prop. 2016/17:162 nr 575/2013 av den 26 juni 2013 om tillsynskrav för kreditinstitut och värdepappersföretag och om ändring av förordning (EU) nr 648/2012,</P>
<P class="p144 ft2"><SPAN class="ft3">tillsynskollegium</SPAN>: ett tillsynskollegium enligt artikel 116 i kapitaltäck- ningsdirektivet,</P>
<P class="p144 ft2"><SPAN class="ft3">tredjelandsinstitut</SPAN>: ett företag som har sitt huvudkontor i ett land utanför EES och som skulle vara ett institut om det var hemmahörande inom EES,</P>
<P class="p144 ft4"><SPAN class="ft45">värdepappersbolag</SPAN>: ett svenskt aktiebolag som har tillstånd att driva värdepappersrörelse enligt lagen om värdepappersmarknaden, om det har tillstånd</P>
<P class="p130 ft2">a) för någon av de tjänster som anges i 2 kap. 1 § 3, 6, 7 <SPAN class="ft3">och </SPAN>8 den lagen,</P>
<P class="p144 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft72">att som sidotjänst förvara finansiella instrument för kunders räkning och ta emot medel med redovisningsskyldighet enligt 2 kap. 2 § första stycket 1 den lagen, eller</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">att som sidotjänst ta emot kunders medel på konto för att underlätta värdepappersrörelsen enligt 2 kap. 2 § första stycket 8 den lagen, och</SPAN></P>
<P class="p144 ft42"><SPAN class="ft51">övriga primärkapitalinstrument</SPAN>: kapitalinstrument som uppfyller vill- koren i artikel 52.1 i tillsynsförordningen.</P>
<P class="p892 ft25"><SPAN class="ft25">8</SPAN><SPAN class="ft81">kap.</SPAN></P>
<P class="p893 ft2">12 §</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR height=0>
<TD width=46px></TD>
<TD width=28px></TD>
<TD width=26px></TD>
<TD width=23px></TD>
<TD width=32px></TD>
<TD width=50px></TD>
<TD width=46px></TD>
<TD width=42px></TD>
<TD width=13px></TD>
<TD width=22px></TD>
<TD width=13px></TD>
<TD width=11px></TD>
<TD width=41px></TD>
</TR>
<TR>
<TD colspan=6 class="tr31 td77"><P class="p95 ft2">Om en <NOBR>EES-filial</NOBR> i Sverige inte</P></TD>
<TD colspan=7 class="tr31 td76"><P class="p20 ft2">Om en <NOBR>EES-filial</NOBR> i Sverige inte</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft2">omfattas av ett resolutionsförfar-</P></TD>
<TD colspan=7 class="tr25 td76"><P class="p20 ft2">omfattas av ett resolutionsförfar-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">ande i tredjeland eller om Riks-</P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft2">ande i tredjeland eller om Riks-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td22"><P class="p23 ft2">gäldskontoret</P></TD>
<TD colspan=2 class="tr26 td191"><P class="p85 ft2">inte</P></TD>
<TD class="tr26 td129"><P class="p23 ft2">har</P></TD>
<TD class="tr26 td39"><P class="p95 ft2">erkänt</P></TD>
<TD colspan=2 class="tr26 td202"><P class="p23 ft2">gäldskontoret</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p23 ft2">inte</P></TD>
<TD colspan=2 class="tr26 td35"><P class="p23 ft2">har</P></TD>
<TD class="tr26 td139"><P class="p20 ft2">erkänt</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td141"><P class="p23 ft2">resolutionsförfarandet</P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p95 ft2">enligt</P></TD>
<TD colspan=4 class="tr25 td141"><P class="p23 ft2">resolutionsförfarandet</P></TD>
<TD class="tr25 td51"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td139"><P class="p20 ft2">enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft2">26 kap.</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p184 ft2"><NOBR>2–4</NOBR> §§,</P></TD>
<TD class="tr26 td13"><P class="p70 ft2">får</P></TD>
<TD colspan=2 class="tr26 td218"><P class="p95 ft2">Riksgälds-</P></TD>
<TD class="tr26 td98"><P class="p23 ft2">26 kap.</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p109 ft2"><NOBR>2–4</NOBR> §§,</P></TD>
<TD class="tr26 td11"><P class="p1 ft2">får</P></TD>
<TD colspan=3 class="tr26 td149"><P class="p20 ft2">Riksgälds-</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft2">kontoret</P></TD>
<TD colspan=2 class="tr26 td117"><P class="p96 ft2">vidta</P></TD>
<TD colspan=2 class="tr26 td211"><P class="p23 ft2">åtgärder</P></TD>
<TD class="tr26 td39"><P class="p95 ft2">enligt</P></TD>
<TD class="tr26 td98"><P class="p23 ft2">kontoret</P></TD>
<TD class="tr26 td196"><P class="p894 ft27">vidta</P></TD>
<TD colspan=4 class="tr26 td83"><P class="p125 ft2">åtgärder</P></TD>
<TD class="tr26 td139"><P class="p20 ft2">enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td98"><P class="p23 ft2">15 kap.</P></TD>
<TD class="tr25 td92"><P class="p154 ft2">1 §,</P></TD>
<TD class="tr25 td113"><P class="p56 ft2">3 §</P></TD>
<TD colspan=3 class="tr25 td123"><P class="p95 ft2">första stycket 6</P></TD>
<TD class="tr25 td98"><P class="p23 ft2">15 kap.</P></TD>
<TD colspan=2 class="tr25 td211"><P class="p174 ft2">1 §, 3 §</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p23 ft2">första</P></TD>
<TD colspan=2 class="tr25 td72"><P class="p20 ft2">stycket 6</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">samt 4 och 17 §§ lagen (2004:297)</P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft2">samt 4 och 17 §§ lagen (2004:297)</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">om bank- och finansieringsrörelse</P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft2">om bank- och finansieringsrörelse</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft2">eller 25 kap. 1<SPAN class="ft3">, </SPAN>6 och 15 §§ lagen</P></TD>
<TD colspan=7 class="tr25 td76"><P class="p20 ft2">eller 25 kap. 1 <SPAN class="ft3">och </SPAN>6 <SPAN class="ft3">§§ </SPAN>och 15 §</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">(2007:528) om värdepappersmark-</P></TD>
<TD colspan=2 class="tr26 td202"><P class="p23 ft3">första stycket</P></TD>
<TD colspan=3 class="tr26 td93"><P class="p88 ft3">första</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p20 ft26">meningen</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">naden mot filialen, om det är nöd-</P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft3">samt tredje och fjärde styckena</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr25 td77"><P class="p95 ft2">vändigt med hänsyn till det all-</P></TD>
<TD colspan=7 class="tr25 td76"><P class="p20 ft2">lagen (2007:528) om värde-</P></TD>
</TR>
<TR>
<TD colspan=6 class="tr26 td77"><P class="p95 ft2">männa intresset enligt 5 § andra</P></TD>
<TD colspan=3 class="tr26 td172"><P class="p23 ft2">pappersmarknaden</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p125 ft2">mot</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td139"><P class="p20 ft2">filialen,</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td22"><P class="p23 ft2">stycket och</P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft3">dock inte besluta om sanktions-</P></TD>
</TR>
<TR>
<TD class="tr25 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td76"><P class="p20 ft2"><SPAN class="ft3">avgift, </SPAN>om det är nödvändigt med</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td76"><P class="p20 ft2">hänsyn till det allmänna intresset</P></TD>
</TR>
<TR>
<TD class="tr30 td98"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td92"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td113"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td13"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td129"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td39"><P class="p23 ft34"> </P></TD>
<TD colspan=6 class="tr30 td128"><P class="p23 ft14">enligt 5 § andra stycket och</P></TD>
<TD class="tr30 td139"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">filialen inte uppfyller eller sannolikt inte kommer att uppfylla vill- koren för filialtillståndet och det inte finns alternativa åtgärder som inom rimlig tid skulle återställa filialens efterlevnad av villkoren eller för- hindra att den fallerar,</SPAN></P>
<P class="p144 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">tredjelandsinstitutet saknar vilja eller förmåga, eller sannolikt kommer att sakna förmåga, att på förfallodagen fullgöra sina förpliktelser mot borgenärer inom EES, och det är utrett att resolutions- eller annat</SPAN></P>
<P class="p596 ft2">217</P>
</DIV>
<DIV id="page_218">
<DIV id="dimg1">
<INGENBILD zsrc="H403162218x1.jpg/" id="img1">
</DIV>
<P class="p820 ft4">Prop. 2016/17:162 insolvensförfarande mot tredjelandsinstitutet inte har inletts eller kommer att inledas inom rimlig tid i det land där det har sitt huvudkontor, eller</P>
<P class="p575 ft2">3. relevant myndighet i det land där tredjelandsinstitutet har sitt huvud- kontor har inlett ett resolutionsförfarande mot tredjelandsinstitutet eller underrättat Riksgäldskontoret att den avser att inleda ett sådant förfar- ande.</P>
<P class="p654 ft4">Riksgäldskontoret ska underrätta den relevanta myndigheten i det land där tredjelandsinstitutet har sitt huvudkontor om åtgärder som vidtagits med stöd av denna paragraf.</P>
<P class="p895 ft25">14 kap.</P>
<P class="p896 ft2">3 §</P>
<P class="p536 ft2">Riksgäldskontoret får begära att</P>
<P class="p575 ft4">1. en börs ska avslå en begäran om upptagande till handel på en regle- rad marknad av ett finansiellt instrument som har getts ut av ett företag i resolution eller besluta att ett sådant finansiellt instrument inte längre ska vara upptaget till handel enligt 15 kap. 11 § lagen (2007:528) om värde-</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR height=0>
<TD width=46px></TD>
<TD width=29px></TD>
<TD width=23px></TD>
<TD width=107px></TD>
<TD width=24px></TD>
<TD width=44px></TD>
<TD width=37px></TD>
<TD width=25px></TD>
<TD width=19px></TD>
<TD width=40px></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD colspan=3 rowspan=2 class="tr0 td123"><P class="p125 ft2">2. en börs med</P></TD>
<TD colspan=3 rowspan=2 class="tr0 td142"><P class="p20 ft2">tillstånd enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p125 ft2">2. en</P></TD>
<TD class="tr26 td97"><P class="p174 ft27">börs</P></TD>
<TD colspan=2 class="tr26 td232"><P class="p106 ft2">med tillstånd enligt</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">13 kap. 12 § andra stycket 1 lagen</P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft2">13 kap. 12 § andra stycket 1 lagen</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">om värdepappersmarknaden eller</P></TD>
<TD class="tr26 td35"><P class="p23 ft2">om</P></TD>
<TD colspan=5 class="tr26 td203"><P class="p20 ft2">värdepappersmarknaden eller</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">ett värdepappersinstitut med till-</P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft2">ett värdepappersinstitut med till-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td122"><P class="p23 ft2">stånd enligt</P></TD>
<TD colspan=2 class="tr25 td232"><P class="p106 ft2">2 kap. 1 § 8 samma</P></TD>
<TD colspan=2 class="tr25 td238"><P class="p23 ft2">stånd enligt</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p74 ft2">2 kap. 1 § 8</P></TD>
<TD class="tr25 td70"><P class="p20 ft3">eller 9</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">lag ska avslå en ansökan om att ett</P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft2">samma lag ska avslå en ansökan</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">finansiellt instrument som har getts</P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft2">om att ett finansiellt instrument</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">ut av ett företag i resolution ska</P></TD>
<TD colspan=6 class="tr25 td130"><P class="p23 ft2">som har getts ut av ett företag i</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft2">handlas</P></TD>
<TD class="tr26 td97"><P class="p82 ft2">på</P></TD>
<TD class="tr26 td13"><P class="p23 ft2">en</P></TD>
<TD class="tr26 td106"><P class="p106 ft2">handelsplattform</P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft2">resolution ska handlas på en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">eller besluta att ett sådant finan-</P></TD>
<TD colspan=4 class="tr26 td232"><P class="p23 ft2">handelsplattform eller</P></TD>
<TD colspan=2 class="tr26 td83"><P class="p20 ft2">besluta att</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td77"><P class="p23 ft2">siellt instrument inte längre ska</P></TD>
<TD class="tr25 td35"><P class="p23 ft2">ett</P></TD>
<TD class="tr25 td29"><P class="p23 ft2">sådant</P></TD>
<TD colspan=2 class="tr25 td126"><P class="p23 ft2">finansiellt</P></TD>
<TD colspan=2 class="tr25 td83"><P class="p20 ft2">instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft2">handlas</P></TD>
<TD class="tr26 td97"><P class="p82 ft2">på</P></TD>
<TD class="tr26 td13"><P class="p23 ft2">en</P></TD>
<TD class="tr26 td106"><P class="p106 ft2">handelsplattform</P></TD>
<TD colspan=6 class="tr26 td130"><P class="p23 ft2">inte längre ska handlas på en</P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td77"><P class="p23 ft2">enligt 11 kap. 11 a § samma lag,</P></TD>
<TD colspan=3 class="tr26 td123"><P class="p23 ft2">handelsplattform</P></TD>
<TD colspan=2 class="tr26 td29"><P class="p23 ft2">enligt</P></TD>
<TD class="tr26 td70"><P class="p30 ft2">11 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td97"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td106"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td123"><P class="p23 ft2">11 a § samma lag,</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p575 ft2">3. Finansinspektionen utför en prövning enligt 22 kap. 2 a § lagen om värdepappersmarknaden.</P>
<P class="p575 ft42">Riksgäldskontoret får även begära att en behörig myndighet i ett annat land inom EES fattar motsvarande beslut.</P>
<P class="p706 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p897 ft2">218</P>
</DIV>
<DIV id="page_219">
<DIV id="dimg1">
<INGENBILD zsrc="H403162219x1.jpg/" id="img1">
</DIV>
<DIV id="tx1"><SPAN class="ft4">I 22 kap. </SPAN><SPAN class="ft45">1 och </SPAN><SPAN class="ft4">2 §</SPAN><SPAN class="ft45">§ </SPAN><SPAN class="ft4">lagen (2007:528) om värdepappersmark- naden finns bestämmelser om rätt för Finansinspektionen att besluta om handelsstopp.</SPAN></DIV>
<TABLE cellpadding=0 cellspacing=0 class="t100">
<TR>
<TD class="tr45 td55"><P class="p96 ft121">2.30</P></TD>
<TD class="tr45 td356"><P class="p32 ft21">Förslag till lag om ändring i lagen (2016:1306) <SPAN class="ft114">Prop. 2016/17:162</SPAN></P></TD>
</TR>
<TR>
<TD class="tr24 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td356"><P class="p32 ft21">med kompletterande bestämmelser till EU:s</P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td356"><P class="p32 ft21">marknadsmissbruksförordning</P></TD>
</TR>
</TABLE>
<P class="p898 ft4">Härigenom föreskrivs att 2 kap. 9 § och 3 kap. 12 § lagen (2016:1306) med kompletterande bestämmelser till EU:s marknadsmissbruksförord-</P>
<TABLE cellpadding=0 cellspacing=0 class="t127">
<TR>
<TD class="tr31 td77"><P class="p23 ft2">ning ska ha följande lydelse.</P></TD>
<TD class="tr31 td172"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td77"><P class="p23 ft3">Nuvarande lydelse</P></TD>
<TD class="tr44 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
</TR>
</TABLE>
<P class="p899 ft25"><SPAN class="ft25">2</SPAN><SPAN class="ft81">kap.</SPAN></P>
<P class="p900 ft2">9 §</P>
<P class="p901 ft4">Med finansiellt företag avses i 7 och 8 §§ 1. ett svenskt företag som är</P>
<P class="p93 ft2">a) <NOBR>AIF-förvaltare</NOBR> som har tillstånd enligt 3 kap. 1 § lagen (2013:561)</P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD colspan=3 class="tr27 td360"><P class="p23 ft2">om förvaltare av alternativa investeringsfonder,</P></TD>
<TD class="tr27 td85"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td77"><P class="p95 ft2">b) börs enligt 1 kap<SPAN class="ft3">. 5 § 3 </SPAN>lagen</P></TD>
<TD colspan=2 class="tr25 td76"><P class="p20 ft2">b) börs enligt 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">(2007:528) om värdepappersmark-</P></TD>
<TD colspan=2 class="tr26 td76"><P class="p20 ft2">(2007:528) om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr25 td53"><P class="p23 ft2">naden,</P></TD>
<TD class="tr25 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td53"><P class="p23 ft2">naden,</P></TD>
<TD class="tr25 td85"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p39 ft2">c) clearingorganisation</P></TD>
<TD class="tr26 td78"><P class="p95 ft2">enligt</P></TD>
<TD class="tr26 td53"><P class="p39 ft2">c) clearingorganisation</P></TD>
<TD class="tr26 td85"><P class="p20 ft2">enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p23 ft2">1 kap. <SPAN class="ft3">5 § 5 </SPAN>lagen om</P></TD>
<TD class="tr26 td78"><P class="p95 ft27">värdepap-</P></TD>
<TD class="tr26 td53"><P class="p23 ft2">1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om</P></TD>
<TD class="tr26 td85"><P class="p20 ft27">värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td53"><P class="p23 ft2">persmarknaden,</P></TD>
<TD class="tr26 td78"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td53"><P class="p23 ft2">persmarknaden,</P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2"><SPAN class="ft2">d)</SPAN><SPAN class="ft72">fondbolag enligt 1 kap. 1 § första stycket 8 lagen (2004:46) om värdepappersfonder,</SPAN></P>
<P class="p11 ft2"><SPAN class="ft2">e)</SPAN><SPAN class="ft40">försäkringsföretag som omfattas av försäkringsrörelselagen (2010:2043),</SPAN></P>
<P class="p11 ft4"><SPAN class="ft2">f)</SPAN><SPAN class="ft71">kreditinstitut enligt 1 kap. 5 § 10 lagen (2004:297) om bank- och finansieringsrörelse,</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t44">
<TR>
<TD class="tr25 td226"><P class="p39 ft2">g) värdepappersbolag</P></TD>
<TD class="tr25 td73"><P class="p23 ft2">enligt</P></TD>
<TD class="tr25 td53"><P class="p39 ft2">g) värdepappersbolag</P></TD>
<TD class="tr25 td85"><P class="p20 ft2">enligt</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td77"><P class="p23 ft2">1 kap. <SPAN class="ft3">5 § 26 </SPAN>lagen om värdepap-</P></TD>
<TD class="tr26 td53"><P class="p23 ft2">1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om</P></TD>
<TD class="tr26 td85"><P class="p20 ft27">värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td226"><P class="p23 ft2">persmarknaden, eller</P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td53"><P class="p23 ft2">persmarknaden, eller</P></TD>
<TD class="tr26 td85"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p11 ft2">h) värdepapperscentral enligt 1 kap. 3 § lagen (1998:1479) om värde- papperscentraler och kontoföring av finansiella instrument, och</P>
<P class="p11 ft4">2. ett utländskt företag som hör hemma utanför Europeiska ekonom- iska samarbetsområdet och som, efter tillstånd från Finansinspektionen, från filial i Sverige driver motsvarande verksamhet som ett företag som avses i 1.</P>
<P class="p902 ft25">3 kap.</P>
<P class="p903 ft4">12 § I 22 kap. 2 § lagen (2007:528)</P>
<P class="p567 ft4">om värdepappersmarknaden finns bestämmelser om rätt för Finans- inspektionen att besluta om han- delsstopp.</P>
<P class="p904 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p905 ft2">219</P>
</DIV>
<DIV id="page_220">
<TABLE cellpadding=0 cellspacing=0 class="t102">
<TR>
<TD class="tr45 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft113">2.31</SPAN></P></TD>
<TD class="tr45 td333"><P class="p23 ft21">Förslag till lag om ändring i lagen (2016:1307)</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td333"><P class="p23 ft21">om straff för marknadsmissbruk på</P></TD>
</TR>
<TR>
<TD class="tr36 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td333"><P class="p23 ft21">värdepappersmarknaden</P></TD>
</TR>
</TABLE>
<P class="p906 ft4">Härigenom föreskrivs att 1 kap. 2 och 4 §§ lagen (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden ska ha följande</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td361"><P class="p275 ft2">lydelse.</P></TD>
<TD class="tr31 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td361"><P class="p275 ft3">Nuvarande lydelse</P></TD>
<TD colspan=4 class="tr44 td172"><P class="p23 ft26">Föreslagen lydelse</P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td45"><P class="p907 ft25">1 kap.</P></TD>
<TD class="tr44 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr44 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p908 ft2">2 §</P></TD>
<TD class="tr26 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td45"><P class="p274 ft2">Bestämmelserna i denna lag tillämpas på</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td247"><P class="p274 ft2">1. finansiella instrument som är upptagna till handel på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td247"><P class="p275 ft2">marknad eller en <NOBR>MTF-plattform</NOBR> eller för vilka en ansökan om upp-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td45"><P class="p275 ft2">tagande till sådan handel har lämnats in,</P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p274 ft2">2. finansiella instrument som</P></TD>
<TD colspan=3 class="tr26 td30"><P class="p125 ft2">2. finansiella</P></TD>
<TD colspan=3 class="tr26 td156"><P class="p82 ft2">instrument</P></TD>
<TD class="tr26 td13"><P class="p20 ft2">som</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p275 ft2">handlas på en <NOBR>MTF-plattform,</NOBR> och</P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft2">handlas på en <NOBR>MTF-plattform</NOBR> <SPAN class="ft3">eller</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td42"><P class="p23 ft3">en <NOBR>OTF-plattform<SPAN class="ft2">,</SPAN></NOBR><SPAN class="ft2"> och</SPAN></P></TD>
<TD class="tr25 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td247"><P class="p274 ft2">3. finansiella instrument vilkas värde är beroende av ett sådant finan-</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td361"><P class="p275 ft2">siellt instrument som avses 1 eller 2.</P></TD>
<TD colspan=4 rowspan=2 class="tr46 td172"><P class="p125 ft3">Bestämmelserna</P></TD>
<TD rowspan=2 class="tr46 td113"><P class="p98 ft3">i</P></TD>
<TD rowspan=2 class="tr46 td116"><P class="p23 ft3">denna</P></TD>
<TD rowspan=2 class="tr46 td13"><P class="p30 ft3">lag</P></TD>
</TR>
<TR>
<TD class="tr48 td148"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td361"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td87"><P class="p23 ft3">tillämpas</P></TD>
<TD colspan=2 class="tr27 td70"><P class="p97 ft3">även</P></TD>
<TD class="tr27 td113"><P class="p98 ft3">på</P></TD>
<TD colspan=2 class="tr27 td126"><P class="p20 ft3">ageranden,</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">inklusive bud, vid auktionering på</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">en auktionsplattform av utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft3">rätter</P></TD>
<TD colspan=2 class="tr25 td170"><P class="p53 ft26">eller</P></TD>
<TD colspan=2 class="tr25 td196"><P class="p56 ft3">andra</P></TD>
<TD colspan=2 class="tr25 td126"><P class="p20 ft3">produkter</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td87"><P class="p23 ft3">baserade</P></TD>
<TD class="tr26 td35"><P class="p56 ft3">på</P></TD>
<TD colspan=4 class="tr26 td173"><P class="p20 ft3">utsläppsrätter i</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft3">enlighet</P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td70"><P class="p97 ft3">med</P></TD>
<TD colspan=3 class="tr26 td202"><P class="p20 ft3">auktionerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">förordningen. Det som anges i</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">denna lag om order gäller även</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">bud i en auktion enligt auktion-</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr31 td42"><P class="p23 ft3">eringsförordningen.</P></TD>
<TD class="tr31 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr46 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td361"><P class="p908 ft2">4 §</P></TD>
<TD class="tr46 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr46 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td361"><P class="p274 ft2">I denna lag betyder</P></TD>
<TD colspan=6 rowspan=2 class="tr46 td79"><P class="p125 ft3"><SPAN class="ft53">auktioneringsförordningen</SPAN>:</P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr48 td148"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td361"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td13"><P class="p23 ft61"> </P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">kommissionens förordning (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">1031/2010 av den 12 november</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">2010 om tidsschema, administ-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">ration och andra aspekter av auk-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td87"><P class="p23 ft3">tionering</P></TD>
<TD class="tr25 td35"><P class="p76 ft3">av</P></TD>
<TD colspan=3 class="tr25 td156"><P class="p82 ft26">utsläppsrätter</P></TD>
<TD class="tr25 td13"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">växthusgaser i enlighet med Euro-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft26">paparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p23 ft3">2003/87/EG om ett system för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft3">handel</P></TD>
<TD colspan=2 class="tr26 td170"><P class="p97 ft3">med</P></TD>
<TD colspan=3 class="tr26 td156"><P class="p174 ft26">utsläppsrätter</P></TD>
<TD class="tr26 td13"><P class="p20 ft3">för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr0 td361"><P class="p274 ft3"><SPAN class="ft53">finansiellt instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft3">växthusgaser inom gemenskapen,</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td130"><P class="p125 ft3"><SPAN class="ft53">finansiella instrument</SPAN><SPAN class="ft2">: det som</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td361"><P class="p275 ft2">anges i 1 kap. 4 § <SPAN class="ft3">första stycket 1</SPAN></P></TD>
<TD colspan=7 class="tr26 td130"><P class="p23 ft2">anges i 1 kap. 4 § lagen (2007:528)</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td361"><P class="p275 ft2">lagen (2007:528) om värdepap-</P></TD>
<TD colspan=6 class="tr25 td79"><P class="p23 ft2">om värdepappersmarknaden,</P></TD>
<TD class="tr25 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td148"><P class="p20 ft2">220</P></TD>
<TD class="tr27 td361"><P class="p275 ft2">persmarknaden,</P></TD>
<TD class="tr27 td73"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td35"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td113"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr29 td361"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td73"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td157"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td35"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td193"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td113"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td116"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td13"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_221">
<DIV id="dimg1">
<INGENBILD zsrc="H403162221x1.jpg/" id="img1">
</DIV>
<P class="p147 ft2"><SPAN class="ft3">godtagen marknadspraxis</SPAN>: det som anges i artikel 3.1.9 i marknads- Prop. 2016/17:162</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=7 class="tr24 td1"><P class="p23 ft2">missbruksförordningen,</P></TD>
<TD class="tr24 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td83"><P class="p39 ft53">handel</P></TD>
<TD class="tr26 td21"><P class="p23 ft53">på</P></TD>
<TD colspan=7 class="tr26 td68"><P class="p95 ft53">värdepappersmark-</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p39 ft53">handel</P></TD>
<TD class="tr26 td148"><P class="p57 ft55">på</P></TD>
<TD colspan=7 class="tr26 td210"><P class="p20 ft53">värdepappersmark-</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p23 ft2"><SPAN class="ft53">naden</SPAN>: handel på en reglerad mar-</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft2"><SPAN class="ft53">naden</SPAN>: handel på en reglerad mar-</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td77"><P class="p23 ft2">knad eller en motsvarande mark-</P></TD>
<TD colspan=10 class="tr25 td76"><P class="p23 ft2">knad eller en motsvarande mark-</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p23 ft2">nad utanför Europeiska ekono-</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft2">nad utanför Europeiska ekono-</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft2">miska</P></TD>
<TD colspan=7 class="tr26 td158"><P class="p1 ft2">samarbetsområdet</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p95 ft2">(EES),</P></TD>
<TD class="tr26 td139"><P class="p23 ft2">miska</P></TD>
<TD colspan=6 class="tr26 td173"><P class="p73 ft2">samarbetsområdet</P></TD>
<TD colspan=3 class="tr26 td15"><P class="p20 ft2">(EES),</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td77"><P class="p23 ft2">handel på en <NOBR>MTF-plattform</NOBR> eller</P></TD>
<TD colspan=10 class="tr25 td76"><P class="p23 ft2">handel på en <NOBR>MTF-plattform</NOBR> <SPAN class="ft3">eller</SPAN></P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td153"><P class="p23 ft2">en motsvarande</P></TD>
<TD colspan=6 class="tr26 td205"><P class="p95 ft2">plattform utanför</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft3"><NOBR>OTF-plattform</NOBR> <SPAN class="ft2">eller en mot-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p23 ft2">EES, eller handel med eller genom</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p23 ft2">svarande</P></TD>
<TD colspan=3 class="tr26 td83"><P class="p216 ft2">plattform</P></TD>
<TD colspan=3 class="tr26 td39"><P class="p184 ft2">utanför</P></TD>
<TD colspan=2 class="tr26 td127"><P class="p20 ft2">EES,</P></TD>
</TR>
<TR>
<TD class="tr25 td139"><P class="p23 ft2">någon</P></TD>
<TD colspan=2 class="tr25 td65"><P class="p73 ft2">som</P></TD>
<TD colspan=5 class="tr25 td103"><P class="p23 ft2">yrkesmässigt</P></TD>
<TD colspan=2 class="tr25 td85"><P class="p95 ft2">driver</P></TD>
<TD colspan=10 class="tr25 td76"><P class="p23 ft2">eller handel med eller genom</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft2">sådan</P></TD>
<TD colspan=4 class="tr26 td174"><P class="p23 ft2">verksamhet</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft2">som</P></TD>
<TD colspan=2 class="tr26 td52"><P class="p88 ft2">avses</P></TD>
<TD class="tr26 td92"><P class="p95 ft2">i</P></TD>
<TD class="tr26 td139"><P class="p23 ft2">någon</P></TD>
<TD colspan=2 class="tr26 td88"><P class="p73 ft2">som</P></TD>
<TD colspan=7 class="tr26 td210"><P class="p20 ft2">yrkesmässigt driver</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p23 ft2">2 kap. 1 § lagen om värdepappers-</P></TD>
<TD class="tr26 td139"><P class="p23 ft2">sådan</P></TD>
<TD colspan=4 class="tr26 td78"><P class="p23 ft2">verksamhet</P></TD>
<TD colspan=2 class="tr26 td163"><P class="p59 ft2">som</P></TD>
<TD colspan=2 class="tr26 td129"><P class="p23 ft2">avses</P></TD>
<TD class="tr26 td115"><P class="p20 ft2">i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td103"><P class="p23 ft2">marknaden,</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td76"><P class="p23 ft2">2 kap. 1 § lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft2">marknaden,</P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=15 class="tr26 td96"><P class="p39 ft2"><SPAN class="ft3">insiderinformation</SPAN>: sådan information som anges</P></TD>
<TD class="tr26 td4"><P class="p23 ft2">i</P></TD>
<TD colspan=3 class="tr26 td83"><P class="p67 ft2">artikel 7</P></TD>
<TD class="tr26 td115"><P class="p20 ft2">i</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td77"><P class="p23 ft2">marknadsmissbruksförordningen,</P></TD>
<TD class="tr25 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td291"><P class="p39 ft53">marknadsmissbruksförord-</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=8 class="tr26 td166"><P class="p39 ft53">marknadsmissbruksförord-</P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td154"><P class="p23 ft2"><SPAN class="ft53">ningen</SPAN>: Europaparlamentets</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p95 ft2">och</P></TD>
<TD colspan=8 class="tr26 td166"><P class="p23 ft2"><SPAN class="ft53">ningen</SPAN>: Europaparlamentets</P></TD>
<TD colspan=2 class="tr26 td127"><P class="p20 ft2">och</P></TD>
</TR>
<TR>
<TD class="tr25 td139"><P class="p23 ft2">rådets</P></TD>
<TD colspan=5 class="tr25 td37"><P class="p909 ft2">förordning</P></TD>
<TD colspan=3 class="tr25 td149"><P class="p175 ft2">(EU)</P></TD>
<TD class="tr25 td92"><P class="p95 ft2">nr</P></TD>
<TD class="tr25 td139"><P class="p23 ft2">rådets</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td83"><P class="p71 ft2">förordning</P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td15"><P class="p203 ft2">(EU)</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p20 ft2">nr</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td83"><P class="p23 ft2">596/2014</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p59 ft2">om</P></TD>
<TD colspan=6 class="tr26 td205"><P class="p95 ft2">marknadsmissbruk</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft3"><SPAN class="ft2">596/2014 </SPAN>av den 16 april 2014 <SPAN class="ft2">om</SPAN></P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td291"><P class="p23 ft2">(marknadsmissbruksförordning)</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td158"><P class="p23 ft2">marknadsmissbruk</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td78"><P class="p20 ft2">(marknads-</P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td77"><P class="p23 ft2">och om upphävande av Europa-</P></TD>
<TD colspan=6 class="tr25 td205"><P class="p23 ft2">missbruksförordning)</P></TD>
<TD colspan=2 class="tr25 td15"><P class="p184 ft2">och</P></TD>
<TD colspan=2 class="tr25 td127"><P class="p20 ft2">om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td103"><P class="p23 ft2">parlamentets</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p59 ft2">och</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p59 ft2">rådets</P></TD>
<TD colspan=3 class="tr26 td149"><P class="p95 ft2">direktiv</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft2">upphävande</P></TD>
<TD colspan=2 class="tr26 td116"><P class="p40 ft2">av</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td78"><P class="p20 ft2">Europaparla-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td83"><P class="p23 ft2">2003/6/EG</P></TD>
<TD colspan=3 class="tr26 td98"><P class="p216 ft27">och</P></TD>
<TD colspan=5 class="tr26 td131"><P class="p95 ft2">kommissionens</P></TD>
<TD colspan=2 class="tr26 td72"><P class="p23 ft2">mentets</P></TD>
<TD colspan=2 class="tr26 td55"><P class="p57 ft2">och</P></TD>
<TD colspan=3 class="tr26 td93"><P class="p23 ft2">rådets</P></TD>
<TD colspan=3 class="tr26 td15"><P class="p20 ft2">direktiv</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td83"><P class="p23 ft2">direktiv</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td84"><P class="p95 ft2">2003/124/EG,</P></TD>
<TD colspan=3 class="tr25 td168"><P class="p23 ft2">2003/6/EG</P></TD>
<TD class="tr25 td95"><P class="p174 ft27">och</P></TD>
<TD colspan=6 class="tr25 td159"><P class="p20 ft2">kommissionens</P></TD>
</TR>
<TR>
<TD colspan=9 class="tr26 td291"><P class="p23 ft2">2003/125/EG och 2004/72/EG,</P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td72"><P class="p23 ft2">direktiv</P></TD>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td190"><P class="p20 ft2">2003/124/EG,</P></TD>
</TR>
<TR>
<TD colspan=10 rowspan=2 class="tr0 td77"><P class="p39 ft3"><NOBR><SPAN class="ft53">MTF-plattform</SPAN><SPAN class="ft2">:</SPAN></NOBR><SPAN class="ft2"> </SPAN>sådan handels-</P></TD>
<TD colspan=9 class="tr26 td291"><P class="p23 ft2">2003/125/EG och 2004/72/EG,</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr25 td76"><P class="p20 ft3"><NOBR><SPAN class="ft53">MTF-plattform</SPAN></NOBR><SPAN class="ft53"> </SPAN>och <NOBR><SPAN class="ft53">OTF-platt-</SPAN></NOBR></P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td83"><P class="p23 ft3">plattform</P></TD>
<TD colspan=2 class="tr26 td92"><P class="p1 ft2">som</P></TD>
<TD colspan=3 class="tr26 td85"><P class="p67 ft2">anges</P></TD>
<TD class="tr26 td169"><P class="p23 ft2">i</P></TD>
<TD colspan=2 class="tr26 td85"><P class="p95 ft2">1 kap.</P></TD>
<TD colspan=3 class="tr26 td168"><P class="p23 ft3"><SPAN class="ft53">form</SPAN><SPAN class="ft2">: </SPAN>sådana</P></TD>
<TD colspan=7 class="tr26 td210"><P class="p20 ft3">handelsplattformar</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft3">5 § 12</P></TD>
<TD colspan=2 class="tr26 td65"><P class="p70 ft2">lagen</P></TD>
<TD colspan=2 class="tr26 td97"><P class="p44 ft2">om</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td84"><P class="p95 ft27">värdepappers-</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft2">som anges i 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td103"><P class="p23 ft2">marknaden,</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td62"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=7 class="tr25 td224"><P class="p23 ft2">värdepappersmarknaden,</P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p39 ft3"><SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: det som an-</SPAN></P></TD>
<TD colspan=10 class="tr26 td76"><P class="p20 ft3"><SPAN class="ft53">reglerad marknad</SPAN><SPAN class="ft2">: det som an-</SPAN></P></TD>
</TR>
<TR>
<TD colspan=10 class="tr26 td77"><P class="p23 ft2">ges i 1 kap. <SPAN class="ft3">5 § 20 </SPAN>lagen om värde-</P></TD>
<TD colspan=10 class="tr26 td76"><P class="p23 ft2">ges i 1 kap. <SPAN class="ft3">4 b § </SPAN>lagen om värde-</P></TD>
</TR>
<TR>
<TD colspan=5 class="tr26 td123"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td92"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td158"><P class="p23 ft2">pappersmarknaden,</P></TD>
<TD class="tr26 td4"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td127"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td193"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2"><SPAN class="ft3">referensvärde</SPAN>: det som anges i artikel 3.1.29 i marknadsmissbruks- förordningen, och</P>
<P class="p144 ft42"><SPAN class="ft51">spotavtal avseende råvaror</SPAN>: det som anges i artikel 3.1.15 i marknads- missbruksförordningen.</P>
<P class="p811 ft2">Denna lag träder i kraft den 3 januari 2018.</P>
<P class="p910 ft2">221</P>
</DIV>
<DIV id="page_222">
<TABLE cellpadding=0 cellspacing=0 class="t128">
<TR>
<TD class="tr58 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft125">3</SPAN></P></TD>
<TD class="tr58 td230"><P class="p23 ft1">Ärendet och dess beredning</P></TD>
</TR>
</TABLE>
<P class="p646 ft2">Europaparlamentet och rådet har antagit direktiv 2014/65/EU av den 15 maj 2014 om marknader för finansiella instrument och om ändring av direktiv 2002/92/EG och av direktiv 2011/61/EU (förkortat MiFID II), se <SPAN class="ft3">bilaga 1</SPAN>. Direktivet utgör, tillsammans med Europaparlamentets och rådets förordning (EU) nr 600/2014 av den 15 maj 2014 om marknader för finansiella instrument och om ändring av förordning (EU) nr 648/2012 (förkortad MiFIR), se <SPAN class="ft3">bilaga 2</SPAN>, ett reviderat och delvis nytt regelverk för bl.a. värdepappersinstitut, börser och handelsplatser för finansiella instrument. Ändringar av MiFID II har därefter gjorts genom Europaparlamentets och rådets direktiv (EU) 2016/1034 av den 23 juni 2016 om ändring av direktiv 2014/65/EU om marknader för finansiella instrument (i det följande benämnt ändringsdirektivet), se <SPAN class="ft3">bilaga 3</SPAN>, och ändringar av MiFIR har gjorts genom Europaparlamentets och rådets förordning (EU) 2016/1033 av den 23 juni 2016 om ändring av förordning (EU) nr 600/2014 om marknader för finansiella instrument, förordning (EU) nr 596/2014 om marknadsmissbruk och förordning (EU) nr 909/2014 om förbättrad värdepappersavveckling i Europeiska unionen och om värdepapperscentraler (i det följande benämnd ändringsförord- ningen), se <SPAN class="ft3">bilaga 4</SPAN>. Europeiska kommissionen (i det följande benämnd kommissionen) ges i MiFID II och MiFIR befogenhet att anta delegerade akter och genomförandeakter med regler som kompletterar dem i MiFID II och MiFIR. En av de rättsakter som kommissionen har antagit är ett delegerat direktiv: kommissionens delegerade direktiv (EU) av den 7 april 2016 (C[2016] 2031 final) om komplettering av Europaparla- mentets och rådets direktiv 2014/65/EU i fråga om skydd av finansiella instrument och medel som tillhör kunder, produktionsstyrningskrav och regler för tillhandahållande eller mottagande av avgifter, provisioner eller andra monetära eller <NOBR>icke-monetära</NOBR> förmåner (i det följande benämnt det delegerade direktivet till MiFID II), se <SPAN class="ft3">bilaga 5</SPAN>. Kommissionen har även antagit en delegerad förordning till MiFID II: kommissionens delegerade förordning (EU) av den 25 april 2016 (C[2016] 2398 final) om komplett- ering av Europaparlamentets och rådets direktiv 2014/65/EG vad gäller organisatoriska krav och villkor för verksamheten i värdepappersföretag, och definitioner för tillämpning av det direktivet (i det följande benämnd den delegerade förordningen till MiFID II), se <SPAN class="ft3">bilaga 6</SPAN>. Kommissionen har även antagit en delegerad förordning till MiFIR: kommissionens delegerade förordning (EU) av den 18 maj 2016 (C[2016] 2860 final) om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende definitioner, transparens, portföljkompression och tillsynsåtgärder beträffande produktingripande och positioner (i det följande benämnd den delegerade förordningen till MiFIR), se <SPAN class="ft3">bilaga 7</SPAN>. Därutöver har det gjorts ändringar av MiFID II i Europaparlamentets och rådets förordning (EU) nr 909/2014 av den 23 juli 2014 om förbättrad värdepappersavveckling i Europeiska unionen och om värdepappers- centraler samt ändring av direktiv 98/26/EG och 2014/65/EU och förordning (EU) nr 236/2012 (i det följande benämnd förordningen om värdepapperscentraler), se <SPAN class="ft3">bilaga 8</SPAN>.</P>
<P class="p911 ft2">222</P>
</DIV>
<DIV id="page_223">
<DIV>
<DIV id="id_1">
<P class="p150 ft4">Under förhandlingarna av MiFID II och MiFIR har en faktaprome- moria upprättats och överlämnats till riksdagen (2011/12:FPM34).</P>
<P class="p150 ft2">Regeringen beslutade den 23 maj 2013 att tillkalla en särskild utredare med uppdrag att lämna förslag till de lagändringar som krävs i svensk rätt för att genomföra de reviderade och nya reglerna för bl.a. värde- pappersinstitut och börser samt handelsplatser för finansiella instrument som följer av MiFID II och MiFIR (dir. 2013:55). I uppdraget ingick även att kartlägga och analysera vissa frågor som rör finansiell rådgivning som i dag inte omfattas av tillståndsplikt och näringsrättslig reglering, överväga om även sådan rådgivning bör omfattas och i sådant fall utarbeta nödvän- diga lagförslag. Utredningen, som antog namnet 2013 års värdepappers- marknadsutredning, redovisade sitt uppdrag i januari 2015 genom betänk- andet Värdepappersmarknaden MiFID II och MiFIR (SOU 2015:2). En sammanfattning av betänkandet och utredningens lagförslag finns i <SPAN class="ft3">bilagorna 9 </SPAN>och <SPAN class="ft3">10</SPAN>.</P>
<P class="p912 ft2">Betänkandet har remissbehandlats. En förteckning över remissinstan- serna och andra intressenter som har lämnat synpunkter på betänkandet finns i <SPAN class="ft3">bilaga 11</SPAN>. En remissammanställning finns tillgänglig i Finans- departementet (dnr Fi2015/00578/FMA/V).</P>
<P class="p622 ft2">Mot bakgrund bl.a. av de rättsakter hänförliga till MiFID II och MiFIR, som inte var antagna när 2013 års värdepappersmarknadsutredning lämnade sitt betänkande, har promemorian Några finansmarknadsfrågor upprättats inom Finansdepartementet. En sammanfattning av prome- morian och dess lagförslag finns i <SPAN class="ft3">bilagorna 12 </SPAN>och <SPAN class="ft3">13</SPAN>. Promemorian har remissbehandlats. En förteckning över remissinstanserna finns i <SPAN class="ft3">bilaga 14</SPAN>. En remissammanställning finns tillgänglig i Finansdeparte- mentet (dnr Fi2016/02589/V).</P>
<P class="p912 ft4">I <SPAN class="ft45">bilaga 20 </SPAN>finns en uppställning som visar vilka bestämmelser som i svensk rätt genomför MiFID II och ändringsdirektivet.</P>
<P class="p150 ft2">Europaparlamentets och rådets direktiv 2014/57/EU av den 16 april 2014 om straffrättsliga påföljder för marknadsmissbruk (i det följande benämnt marknadsmissbruksdirektivet) har genomförts i svensk rätt genom lagen (2016:1307) om straff för marknadsmissbruk på värde- pappersmarknaden. Direktivet finns i <SPAN class="ft3">bilaga 15</SPAN>. I direktivet finns vissa regler som hänför sig till regelverket i MiFID II. De reglerna ska börja tillämpas samtidigt som reglerna i MiFID II och genomförs därför i svensk rätt tillsammans med det direktivet. I betänkandet Marknads- missbruk II (SOU 2014:46) lämnar 2012 års marknadsmissbruksutred- ning förslag till sådana bestämmelser. Utdrag ur utredningens lagförslag finns i <SPAN class="ft3">bilaga 16</SPAN>. En förteckning över remissinstanserna finns i prop. 2016/17:22.</P>
<P class="p913 ft4">I denna proposition behandlas även några övriga frågor på finans- marknadsområdet.</P>
<P class="p150 ft2">Europaparlamentets och rådets direktiv 2013/36/EU av den 26 juni 2013 om behörighet att utöva verksamhet i kreditinstitut och om tillsyn av kreditinstitut och värdepappersföretag, om ändring av direktiv 2002/87/EG och om upphävande av direktiv 2006/48/EG och 2006/49/EG (i det följande benämnt kapitaltäckningsdirektivet), se <SPAN class="ft3">bilaga 17</SPAN>, har genomförts i svensk rätt bl.a. genom ändringar i lagen (2004:297) om bank- och finansieringsrörelse och lagen (2007:528) om värdepappersmarknaden som trädde i kraft den 2 augusti 2014</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">223</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_224">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p23 ft2">(prop. 2013/14:228). De ändringar i Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">direktiv 2004/109/EG av den 15 december 2004 om harmonisering av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">insynskraven angående upplysningar om emittenter vars värdepapper är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">upptagna till handel på en reglerad marknad och om ändring av direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">2001/34/EG (i det följande benämnt öppenhetsdirektivet) som har gjorts</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">genom Europaparlamentets och rådets direktiv 2013/50/EU av den</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">22 oktober 2013 om ändring av Europaparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">2004/109/EG om harmonisering av insynskraven angående upplysningar</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">om emittenter vars värdepapper är upptagna till handel på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">marknad, av Europaparlamentets och rådets direktiv 2003/71/EG om de</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">prospekt som ska offentliggöras när värdepapper erbjuds till allmänheten</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">eller tas upp till handel och av kommissionens direktiv 2007/14/EG om</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tillämpningsföreskrifter för vissa bestämmelser i direktiv 2004/109/EG (i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">det följande benämnt ändringsdirektivet till öppenhetsdirektivet), se</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2"><SPAN class="ft3">bilaga 18</SPAN>, har genomförts i svensk rätt bl.a. genom ändringar i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">(1991:980) om handel med finansiella instrument som trädde i kraft den</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">1 februari 2016 (prop. 2015/16:26). Europaparlamentets och rådets direk-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tiv 2014/59/EU av den 15 maj 2014 om inrättande av en ram för åter-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">hämtning och resolution av kreditinstitut och värdepappersföretag och</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">om ändring av rådets direktiv 82/891/EEG och Europaparlaments och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">rådets direktiv 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">2007/36/EG, 2011/35/EU, 2012/30/EU och 2013/36/EU samt Europa-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">parlamentets och rådets förordningar (EU) nr 1093/2010 och (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">648/2012 (i det följande benämnt krishanteringsdirektivet), se <SPAN class="ft3">bilaga 19</SPAN>,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">har genomförts i svensk rätt bl.a. genom ändringar i lagen om bank- och</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">finansieringsrörelse och lagen om värdepappersmarknaden som trädde i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">kraft den 1 februari 2016 (prop. 2015/16:5).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">I kapitaltäckningsdirektivet, öppenhetsdirektivet och krishanterings-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">direktivet finns det regler om hur den högsta sanktionsavgiften ska</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">bestämmas för vissa juridiska personer som ingår i en koncern. Några</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">närmare överväganden om utformningen och konsekvenserna av de</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">reglerna gjordes dock inte i samband med att direktiven genomfördes i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">svensk rätt. Den frågan behandlas därför i denna proposition.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">I Europaparlamentets och rådets förordning (EU) nr 575/2013 av den</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">26 juni 2013 om tillsynskrav för kreditinstitut och värdepappersföretag</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">och om ändring av förordning (EU) nr 648/2012 (i det följande benämnd</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tillsynsförordningen) och lagen (2014:966) om kapitalbuffertar finns</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">bestämmelser om den kapitalbas som ett institut måste ha. Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">inspektionen får ingripa om ett institut inte följer de bestämmelserna.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">I denna proposition behandlas frågan om ingripande om ett institut inte</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">följer ett s.k. pelare <NOBR>2-beslut,</NOBR> dvs. beslut av Finansinspektionen som inne-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">bär att ett institut under vissa angivna förutsättningar ska uppfylla ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">särskilt kapitalbaskrav utöver den kapitalbas som krävs enligt tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">förordningen och lagen om kapitalbuffertar.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">Finansinspektionen har i en framställning till Finansdepartementet i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">april 2015 begärt att få ett bemyndigande att meddela föreskrifter om</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">informationssäkerhet och <NOBR>it-verksamhet</NOBR> för sådana clearingorganisationer</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">som i dag inte omfattas av bindande regler (dnr Fi2015/02512/V).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">I denna proposition behandlas frågan om ett sådant bemyndigande.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p125 ft2">Det delegerade direktivet till MiFID II, den delegerade förordningen</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">224</P></TD>
<TD class="tr27 td235"><P class="p23 ft2">till MiFID II och den delegerade förordningen till MiFIR har vid</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_225">
<P class="p186 ft4">tidpunkten för regeringens beslut om denna proposition ännu inte Prop. 2016/17:162 publicerats i Europeiska Unionens officiella Tidning, EUT. Det gäller</P>
<P class="p353 ft2">även övriga rättsakter som antas av kommissionen.</P>
<P class="p384 ft3">Lagrådet</P>
<P class="p914 ft4">Regeringen beslutade den 19 januari 2017 att inhämta Lagrådets yttrande över de lagförslag som finns i <SPAN class="ft45">bilaga 20</SPAN>. Lagrådets yttrande finns i <SPAN class="ft45">bilaga 21</SPAN>.</P>
<P class="p144 ft2">Regeringen har i propositionen i huvudsak följt Lagrådets förslag och synpunkter. Lagrådets förslag och synpunkter behandlas i avsnitten 6.2.4 och 17.2 och i författningskommentaren. I förhållande till lagråds- remissen har det dessutom gjorts några språkliga och redaktionella ändringar i lagtexten.</P>
<P class="p357 ft4">Efter Lagrådets granskning har ändringar gjorts i 25 kap. 19 a och 19 d §§ lagen om värdepappersmarknaden. Ändringarna motsvarar de ändringar som Lagrådet föreslår i bl.a. i 25 kap. 9 a och 10 §§ samma lag. Regeringen bedömer att dessa ändringar, både författningstekniskt och även i övrigt, är av sådan beskaffenhet att Lagrådets hörande skulle sakna betydelse. Lagrådets yttrande har därför inte inhämtats.</P>
<TABLE cellpadding=0 cellspacing=0 class="t129">
<TR>
<TD class="tr43 td139"><P class="p23 ft1">4</P></TD>
<TD class="tr43 td362"><P class="p21 ft1">Berörda regelverk</P></TD>
<TD class="tr43 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td139"><P class="p23 ft21">4.1</P></TD>
<TD class="tr52 td362"><P class="p21 ft21">Bakgrund</P></TD>
<TD class="tr52 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr1 td359"><P class="p23 ft2">Sedan början av <NOBR>1990-talet</NOBR> är regleringen på värdepappersmarknadsområdet</P></TD>
<TD class="tr1 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">starkt påverkad av <NOBR>EU-rätten.</NOBR> Rådets direktiv 93/22/EEG av den 10 maj</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">1993 om investeringstjänster inom värdepappersområdet (i det följande</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">benämnt investeringstjänstedirektivet) som antogs år 1993 var ett första</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">steg mot en ökad harmonisering av reglerna om värdepappersföretag och</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">handel med finansiella instrument. Investeringstjänstedirektivet innehöll</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">minimiregler om tillståndsplikt och krav på verksamheten i värdepappers-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">företag. Även andra direktiv på värdepappersmarknadsområdet och</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">finansmarknadsområdet i övrigt var utformade på samma sätt, dvs. med</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">endast minimiregler, vilket gav utrymme för medlemsstaterna att ställa</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">hårdare eller andra nationella krav. Medlemsstaternas regelverk kom på</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">grund av detta att utvecklas olika, vilket i sin tur ledde till att gränsöver-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">skridande utbud av finansiella tjänster inom EU försvårades. I svensk rätt</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">var den numera upphävda lagen (1991:981) om värdepappersrörelse till</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">stora delar baserad på investeringstjänstedirektivet.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p39 ft2">Mot bakgrund av de betydande välfärdsvinster som kunde förväntas av</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">en ökad integration av de finansiella marknaderna ansågs mot slutet av</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2"><NOBR>1990-talet</NOBR> att det finansiella regelverket inom EU behövde harmoniseras</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">ytterligare. Förutom att medlemsstaternas regelverk var olika, var dess-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">utom regelverken på <NOBR>EU-nivå</NOBR> i många avseenden omoderna och behövde</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p23 ft2">uppdateras för att spegla förändringarna i den finansiella sektorn. För att</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">påskynda integrationsprocessen presenterade kommissionen därför i maj</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td359"><P class="p23 ft2">1999 en handlingsplan för finansiella tjänster (Financial Services Action</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td359"><P class="p23 ft2">Plan). Handlingsplanen gick ut på att under åren <NOBR>2000–2005</NOBR> genomföra</P></TD>
<TD class="tr31 td147"><P class="p20 ft2">225</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_226">
<P class="p727 ft4">Prop. 2016/17:162 42 åtgärder, varav de flesta i form av nya direktiv. En av åtgärderna var antagandet av Europaparlamentets och rådets direktiv 2004/39/EG av den 21 april 2004 om marknader för finansiella instrument och om ändring av rådets direktiv 85/611/EEG och 93/6/EEG och Europaparla- mentets och rådets direktiv 2000/12/EG samt upphävande av rådets direktiv 93/22/EEG (förkortat MiFID I) som ersatte investeringstjänste- direktivet.</P>
<P class="p915 ft2">En annan konsekvens av 1999 års handlingsplan var att regelgivningen delades upp på olika nivåer, där övergripande principiella bestämmelser antogs på den högsta nivån i hierarkin, medan regler av mer teknisk natur och bestämmelser som hör samman med det nationella genomförandet utarbetades och beslutades på lägre nivåer (den s.k. Lamfalussymodellen, vilken beskrivs närmare i avsnitt 4.5). Modellen har genom åren modifierats men grundprinciperna är fortfarande desamma. På den högsta nivån fastställs allmänna principer enligt det normala lagstiftnings- förfarandet inom <NOBR>EU-rätten,</NOBR> dvs. genom direktiv eller förordningar som föreslås av kommissionen och antas av Europaparlamentet och rådet. I dessa rättsakter delegeras åt kommissionen att anta regler på nästa lägre nivå i form av t.ex. delegerade akter eller genomförandeakter i vissa hänseenden. Dessa regler fyller ut eller anpassar de allmänna principer som beslutats på den högsta nivån.</P>
<P class="p807 ft4">MiFID I har på motsvarande sätt kompletterats med en genomförande- förordning och ett genomförandedirektiv, vilka beskrivs närmare i avsnitt 4.2.6.</P>
<P class="p916 ft21"><SPAN class="ft21">4.2</SPAN><SPAN class="ft126">MiFID I och genomförandet i Sverige</SPAN></P>
<P class="p917 ft129"><SPAN class="ft127">4.2.1</SPAN><SPAN class="ft128">Inledning</SPAN></P>
<P class="p918 ft2">Liksom investeringstjänstedirektivet innehåller MiFID I regler om värde- pappersföretag, om rätt för sådana företag att med stöd av tillståndet i hemmedlemsstaten driva gränsöverskridande verksamhet i andra med- lemsstater och om tillsyn över sådana företag. MiFID I innebar dock en ökad harmonisering av reglerna för företagen, och direktivet är betydligt mer omfattande och detaljerat än investeringstjänstedirektivet. I vissa av- seenden är det dock fortfarande fråga om en minimiharmonisering, dvs. med utrymme för medlemsstaterna att på nationell nivå anta strängare reglering. Dit hör exempelvis regler om transparens vid handel med finansiella instrument, som medlemsstaterna i princip kan utvidga tillämpningsområdet för. I flera avseenden är det dock fråga om s.k. fullharmonisering, dvs. utan sådana möjligheter.</P>
<P class="p580 ft4">Förutom reglerna för värdepappersföretag harmoniserades genom MiFID I också reglerna för reglerade marknader.</P>
<P class="p576 ft4">Direktivet innehåller också krav för att ett finansiellt instrument ska få tas upp till handel på en reglerad marknad och regler om vilka som ska ha tillträde till reglerade marknader.</P>
<P class="p919 ft2">226</P>
</DIV>
<DIV id="page_227">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td98"><P class="p96 ft127">4.2.2</P></TD>
<TD class="tr24 td328"><P class="p85 ft129">Utvidgning av tillämpningsområdet</P></TD>
<TD class="tr24 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p920 ft2">Genom MiFID I utvidgades tillämpningsområdet så att investeringsråd- givning, som tidigare hade betraktats som en sidotjänst, blev en investe- ringstjänst. Vidare lades investerings- eller finansanalys till som en sido- tjänst och definitionen av finansiella instrument utsträcktes till att om- fatta bl.a. råvaruderivat och kreditderivat.</P>
<P class="p357 ft4">I MiFID I tillkom också drift av en handelsplattform <NOBR>(MTF-plattform,</NOBR> Multilateral Trading Facility) som en ny investeringsverksamhet. En <NOBR>MTF-plattform</NOBR> är ett handelssystem inom vilket deltagare sinsemellan kan handla med aktier eller andra finansiella instrument. En MTF- plattform påminner om en reglerad marknad och reglerna för verksamhet på en sådan plattform kom i många avseenden att motsvara reglerna för reglerade marknader.</P>
<P class="p921 ft131"><SPAN class="ft127">4.2.3</SPAN><SPAN class="ft130">Förändringar avseende handelsplatser och transparens</SPAN></P>
<P class="p922 ft2">Ett viktigt syfte med MiFID I var att skapa förutsättningar för konkurrens mellan olika sätt att utföra order i finansiella instrument. Direktivet ger därför, till skillnad från investeringstjänstedirektivet, inte utrymme för medlemsstaterna att i nationell rätt ha en s.k. koncentrationsregel, dvs. en regel som kräver att transaktioner genomförs på en reglerad marknad. Direktivet medförde således att det i samtliga medlemsstater blev tillåtet för företagen att utföra kundorder antingen på en reglerad marknad eller på en <NOBR>MTF-plattform,</NOBR> eller genom att ordern utförs utanför handels- platserna, t.ex. mot ett värdepappersföretags eget lager. Direktivet gjorde det också möjligt att ta upp ett och samma finansiella instrument till handel på flera olika handelsplatser. Även detta hade till syfte att öka konkurrensen mellan olika handelsplatser.</P>
<P class="p426 ft2">Genom MiFID I infördes regler om ökad transparens vid handel med finansiella instrument i syfte att förbättra möjligheterna att jämföra priser på olika handelsplatser och hos olika marknadsaktörer och därmed utjämna konkurrensförutsättningarna mellan de olika aktörerna. Kraven i direktivet gäller dock enbart handeln med aktier upptagna till handel på en reglerad marknad.</P>
<P class="p923 ft27">Transparens före handel <NOBR>(pre-trade</NOBR> transparency) innebär offentliggörande av priser och volymer avseende de order som läggs och transparens efter handel <NOBR>(post-trade</NOBR> transparency) innebär offentliggörande av priser och volymer avseende genomförda transaktioner. Kraven på transparens är tillämpliga på reglerade marknader, <NOBR>MTF-plattformar</NOBR> och på s.k. system- atiska internhandlare, dvs. värdepappersföretag som utför kundorder mot eget lager på ett organiserat, regelbundet och systematiskt sätt.</P>
<P class="p924 ft129"><SPAN class="ft127">4.2.4</SPAN><SPAN class="ft132">Organisatoriska krav på värdepappersföretag</SPAN></P>
<P class="p925 ft4">Genom MiFID I blev de organisatoriska kraven på värdepappersföretag mer omfattande och detaljerade än tidigare, särskilt när det gäller</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr27 td359"><P class="p23 ft2">hanteringen av intressekonflikter. Ett värdepappersföretag är skyldigt att</P></TD>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p23 ft2">identifiera konflikter som kan uppstå mellan företagets intressen i dess</P></TD>
<TD rowspan=2 class="tr36 td147"><P class="p20 ft2">227</P></TD>
</TR>
<TR>
<TD class="tr29 td359"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_228">
<P class="p727 ft4">Prop. 2016/17:162 verksamhet och kundens intressen. Vidare ska värdepappersföretaget hantera sådana intressekonflikter så att de inte får en negativ inverkan på kundens intressen. Om en intressekonflikt inte förväntas kunna hanteras på ett rimligt sätt måste företaget informera kunden om det.</P>
<P class="p926 ft129"><SPAN class="ft127">4.2.5</SPAN><SPAN class="ft128">Investerarskydd</SPAN></P>
<P class="p927 ft2">På området investerarskydd innebar MiFID I en påtaglig skärpning; bl.a. tillkom regler om hur värdepappersföretag ska verkställa och i övrigt hantera kundernas order för att nå bästa resultat. Informationskraven skärptes så att ett värdepappersföretag åläggs att informera sina kunder om en rad förhållanden rörande företaget och dess tjänster, liksom om avgifter och kostnader i samband med värdepapperstransaktioner.</P>
<P class="p928 ft27">Det infördes också regler om att ett värdepappersföretag, som huvudregel, måste informera sig om kundens kunskaper och erfarenhet för att kunna bedöma om en viss tjänst eller en viss investering passar för kunden. Kravet på s.k. passandebedömning gäller även om det inte är fråga om någon råd- givning, t.ex. då företaget bara ska utföra en order för kundens räkning. När det gäller okomplicerade finansiella instrument, t.ex. aktier och obligationer, finns det dock ett undantag från det kravet. I direktivet finns också detaljerade regler om ett värdepappersföretags skyldighet att vid investeringsrådgivning eller portföljförvaltning hämta in information om kundens erfarenhet av olika investeringar, kundens finansiella ställning och kundens investeringsmål för att kunna ge lämpliga råd.</P>
<P class="p929 ft129"><SPAN class="ft127">4.2.6</SPAN><SPAN class="ft128">Genomförande i Sverige</SPAN></P>
<P class="p927 ft4">MiFID I har genomförts i svensk rätt huvudsakligen genom lagen (2007:528) om värdepappersmarknaden, som ersatte lagen om värde- pappersrörelse och lagen (1992:543) om börs- och clearingverksamhet.</P>
<P class="p575 ft2">Som nämns i avsnitt 4.1 är MiFID I ett sådant direktiv där kommis- sionen ges rätt att anta kompletterande bestämmelser. År 2006 antog kommissionen dels förordning (EG) nr 1287/2006 av den 10 augusti 2006 om genomförandet av Europaparlamentets och rådets direktiv 2004/39/EG vad gäller dokumenteringsskyldigheter för värdepappersföretag, transak- tionsrapportering, överblickbarhet på marknaden, upptagande av finan- siella instrument till handel samt definitioner för tillämpning av det direktivet (genomförandeförordningen), med bl.a. krav på dokumentation, transparens och transaktionsrapportering, dels direktiv 2006/73/EG av den 10 augusti 2006 om genomförandet av Europaparlamentets och rådets direktiv 2004/39/EG vad gäller organisatoriska krav och villkor för verksamheten i värdepappersföretag, och definitioner för tillämpning av det direktivet (genomförandedirektivet), med bl.a. uppföranderegler och organisatoriska krav. Genomförandeförordningen är direkt tillämplig i medlemsstaterna, medan genomförandedirektivet har genomförts i svensk rätt genom Finansinspektionens föreskrifter (FFFS 2007:16) om värde- pappersrörelse och Finansinspektionens föreskrifter (FFFS 2007:17) om verksamhet på marknadsplatser.</P>
<P class="p930 ft2">228</P>
</DIV>
<DIV id="page_229">
<TABLE cellpadding=0 cellspacing=0 class="t100">
<TR>
<TD class="tr42 td139"><P class="p687 ft21">4.3</P></TD>
<TD class="tr42 td20"><P class="p21 ft21">MiFID II och MiFIR</P></TD>
<TD class="tr42 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p931 ft129"><SPAN class="ft127">4.3.1</SPAN><SPAN class="ft132">Inledning</SPAN></P>
<P class="p932 ft2">MiFID II och MiFIR ska ge en uppdaterad och harmoniserad rättslig ram för de närmare krav som ska tillämpas på värdepappersföretag, reglerade marknader och andra handelsplatser, leverantörer av datarapporterings- tjänster och företag från tredjeland som tillhandahåller investerings- tjänster eller utför investeringsverksamhet i unionen. Syftet är att på detta sätt stärka finansmarknadernas effektivitet, motståndskraft och integritet. De nya rättsakterna ersätter MiFID I och innebär dels att en stor del av reglerna i MiFID I överförs mer eller mindre oförändrade till MiFID II, dels att det införs nya regler eller regler som är mer utförliga än mot- svarande regler i MiFID I. Vissa av reglerna i MiFID I – t.ex. reglerna om transparens vid handel med finansiella instrument – finns numera i MiFIR. I MiFIR finns även helt nya och, jämfört med MiFID I, mer ut- förliga regler.</P>
<P class="p839 ft2">Bakgrunden till de nya rättsakterna är framför allt den finansiella kris som bröt ut 2008 och marknadsutvecklingen i övrigt. Kommissionen identifierade brister i regelverket, däribland att en av de grundläggande principerna i MiFID I – ett regulatoriskt ramverk i första hand för aktier och reglerade marknader – behövde anpassas efter en mer komplex finansmarknad, som kännetecknas av flera olika typer av finansiella instrument och metoder för handel med finansiella instrument. Kommis- sionen har även genom punktinsatser velat reglera utvecklingen inom vissa särskilda områden, däribland handel med råvaruderivat. I avsnitten <NOBR>4.3.2–4.3.9</NOBR> lämnas en översiktlig beskrivning av reglerna i MiFID II och MiFIR.</P>
<P class="p933 ft2">MiFID II och MiFIR trädde i kraft den 2 juli 2014 och skulle, med några undantag, börja tillämpas den 3 januari 2017. Samma dag skulle MiFID I upphöra att gälla. Medlemsstaterna skulle senast den 3 juli 2016 ha antagit och offentliggjort de lagar och andra författningar som är nöd- vändiga för att följa direktivet.</P>
<P class="p103 ft2">Genom ändringsdirektivet och ändringsförordningen har dock tid- punkten för när MiFID II och MiFIR ska börja tillämpas flyttats fram med ett år till den 3 januari 2018 (se avsnitt 4.4). På motsvarande sätt har tidpunkten när medlemsstaterna senast ska ha antagit och offentliggjort de lagar och andra författningar som är nödvändiga för att följa direktivet flyttats fram till senast den 3 juli 2017.</P>
<P class="p10 ft4">MiFID II och MiFIR har även ändrats genom förordningen om värde- papperscentraler: dels ändrades definitionen av en värdepapperscentral i MiFID II (artikel 71 i förordningen om värdepapperscentraler), dels finns regler om avgränsningen mellan MiFID II och MiFIR respektive förord- ningen om värdepapperscentraler (artikel 73 i förordningen om värde- papperscentraler).</P>
<P class="p934 ft2">229</P>
</DIV>
<DIV id="page_230">
<TABLE cellpadding=0 cellspacing=0 class="t130">
<TR>
<TD class="tr24 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft129">4.3.2</SPAN></P></TD>
<TD class="tr24 td263"><P class="p23 ft129">Tillämpningsområdet</P></TD>
</TR>
</TABLE>
<P class="p935 ft3">Inledning</P>
<P class="p936 ft2">MiFID II och MiFIR är, liksom MiFID I, tillämpliga på värdepappersföretag och reglerade marknader samt anger förutsättningarna för tillstånd att utföra investeringstjänster och investeringsverksamhet samt hur sådan verksamhet ska drivas i hemmedlemsstaten och gränsöverskridande. Tillämpningsområdet bestäms alltså i stor utsträckning av vad som avses med värdepappersföretag, reglerad marknad, investeringstjänster och investeringsverksamhet. Termerna investeringstjänst och investerings- verksamhet i sin tur har ett starkt samband med termen finansiella instrument. Det är när tjänsten eller verksamheten rör finansiella instrument som den är en investeringstjänst eller investeringsverksamhet.</P>
<P class="p711 ft4">Därutöver regleras i MiFID II företag eller andra enheter som tillhanda- håller vissa informations- och rapporteringstjänster samt företag från tredjeland som etablerar en filial inom EES. Dessa frågor reglerades inte i MiFID I.</P>
<P class="p937 ft3">Investeringstjänster och investeringsverksamhet</P>
<P class="p938 ft4">De tillståndpliktiga investeringstjänsterna och investeringsverksamheterna är desamma i MiFID II som i MiFID I, utom verksamheten drift av OTF- plattformar – en sorts handelsplatsverksamhet – som är en nyhet i MiFID II (OTF är en förkortning av Organised Trading Facility).</P>
<P class="p937 ft3">Finansiella instrument</P>
<P class="p939 ft4">Vad som avses med finansiella instrument är i stort sett detsamma i MiFID II som i MiFID I. En typ av instrument som har tillkommit i MiFID II är utsläppsrätter enligt Europaparlamentets och rådets direktiv 2003/87/EG av den 13 oktober 2003 om ett system för handel med utsläppsrätter för växthusgaser inom gemenskapen och om ändring av rådets direktiv 96/61/EG.</P>
<P class="p940 ft3">Reglerad marknad och andra slag av handelsplatser</P>
<P class="p918 ft2">Handelsplatserna reglerad marknad och <NOBR>MTF-plattform</NOBR> finns både i MiFID I och i MiFID II. Den nya investeringsverksamheten drift av en <NOBR>OTF-plattform</NOBR> innebär dock att ytterligare en typ av handelsplats har tillkommit genom MiFID II. Det finns vissa skillnader mellan en MTF- plattform och en <NOBR>OTF-plattform,</NOBR> men den viktigaste förändringen i för- hållande till MiFID I torde vara att det nu inte ska finnas några oregle- rade multilaterala system för handel med finansiella instrument. Ett sådant system ska vara en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> (se artikel 1.7 i MiFID II).</P>
<P class="p941 ft2">230</P>
</DIV>
<DIV id="page_231">
<TABLE cellpadding=0 cellspacing=0 class="t131">
<TR>
<TD class="tr54 td98"><P class="p96 ft127">4.3.3</P></TD>
<TD class="tr54 td328"><P class="p85 ft129">Regler om tillstånd för värdepappersföretag</P></TD>
<TD class="tr54 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr24 td98"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td328"><P class="p85 ft129">och krav på organisation m.m.</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p942 ft3">Tillstånd, ägare och ledning</P>
<P class="p943 ft4">Reglerna om förutsättningar för tillstånd och återkallelse av tillstånd är desamma i MiFID II som i MiFID I. I MiFID II ställs dock, jämfört med MiFID I, mer detaljerade krav på värdepappersföretagens ledning.</P>
<P class="p167 ft3">Organisation</P>
<P class="p920 ft2">Merparten av reglerna om värdepappersföretagens organisation är de- samma i MiFID II som i MiFID I. Några nyheter finns dock. Värdepap- persföretagen ska t.ex. som huvudregel spela in konversationer avseende hantering av kunders och företagets egna transaktioner i finansiella instrument. Ett värdepappersföretag ska också undvika arrangemang avseende säkerhetsöverlåtelser (i den engelska språkversionen transfer of title) från <NOBR>icke-professionella</NOBR> kunder för att säkerställa anspråk.</P>
<P class="p944 ft4">En annan nyhet i förhållande till MiFID I är kraven på sådana värde- pappersföretag som ägnar sig åt s.k. algoritmisk handel eller tillåter direkt tillträde till en handelsplats för andra som ägnar sig åt sådan handel. I MiFID II ställs långtgående krav på arrangemang för att hantera systemhaverier, dokumentation och övervakning av denna handel.</P>
<P class="p945 ft129"><SPAN class="ft127">4.3.4</SPAN><SPAN class="ft132">Rörelseregler för värdepappersföretag</SPAN></P>
<P class="p946 ft3">Generella kundskydds- och informationsregler</P>
<P class="p920 ft2">De grundläggande reglerna i MiFID II om att ett värdepappersföretag ska agera hederligt, rättvist och professionellt samt tillvarata kundernas intressen har sin motsvarighet i MiFID I. Detsamma gäller kravet att information som företaget lämnar ska vara rättvisande, tydlig och inte vilseledande.</P>
<P class="p144 ft2">I flera avseenden har dock kundskyddsreglerna utvecklats och skärpts. Ett värdepappersföretag ska t.ex. ha en välordnad process för hur företaget tar fram och väljer ut finansiella instrument för försäljning till kunderna. Företaget ska fastställa en målgrupp och se till att instru- menten som tas fram stämmer överens med behoven hos denna mål- grupp. Vidare ska ett värdepappersföretag informera sina kunder om huruvida den investeringsrådgivning som det tillhandahåller är på obero- ende grund, om den utgår från en bred analys av många olika investe- ringsalternativ eller bara några få samt i vilken mån företaget kommer att tillhandahålla kontinuerlig rådgivning eller om det rör sig om enstaka råd. Detta får sedan konsekvenser för hur investeringsrådgivningen ska tillhandahållas. Om företaget t.ex. har informerat kunden om att råd- givningen tillhandahålls på oberoende grund, får företaget inte ta emot ersättningar från någon tredjepart och det måste i sin rådgivning utgå från flera olika produkter från andra emittenter och producenter än företaget självt. Om ett värdepappersföretag utför portföljförvaltning får det, liksom vid investeringsrådgivning på oberoende grund, inte heller ta emot och behålla ersättningar från tredjepart. Vidare får ett värdepap- persföretag inte ha interna ersättningssystem för sin personal som</P>
<P class="p947 ft2">231</P>
</DIV>
<DIV id="page_232">
<P class="p727 ft4">Prop. 2016/17:162 riskerar att leda till att personalen rekommenderar vissa särskilda investe- ringar eller instrument till <NOBR>icke-professionella</NOBR> kunder, när det finns alter- nativa investeringar som bättre skulle ha svarat mot kundernas behov.</P>
<P class="p575 ft4">Till skillnad från det som annars gäller generellt i MiFID II finns det en möjlighet för medlemsstaterna att ställa längre gående krav i fråga om kundskydd än dem som följer av direktivet.</P>
<P class="p867 ft3">Lämplighetsbedömning och passandebedömning</P>
<P class="p939 ft2">Reglerna om lämplighetsbedömning och passandebedömning i MiFID II motsvarar i stort sett det som redan gäller enligt MiFID I. Några skillnader finns dock, t.ex. att ett värdepappersföretag som tillhandahåller investeringsrådgivning ska – innan någon transaktion genomförs – förklara för kunden hur rådet överensstämmer med kundens risk- preferenser och behov. Vidare ska företaget se till att den personal som ägnar sig åt investeringsrådgivning eller till kunder lämnar information om finansiella instrument, uppfyller vissa krav på kunskap och kompetens. Vissa förändringar har också skett avseende vilka finansiella instrument som räknas som okomplicerade och även avseende dokumen- tations- och rapporteringskrav.</P>
<P class="p948 ft3">Orderhantering</P>
<P class="p939 ft4">Reglerna i MiFID II om värdepappersföretagens skyldigheter när de hanterar kunders order avseende finansiella instrument motsvarar i stort dem som finns i MiFID I men de är nu något mer detaljerade.</P>
<P class="p867 ft3">Dokumentation och rapportering av transaktioner</P>
<P class="p918 ft2">Reglerna om dokumentation och rapportering av transaktioner är i stort sett desamma som i MiFID I, men de har förts över till MiFIR och kom- pletterats med detaljerade regler som i dag finns i kommissionens genomförandeförordning till MiFID I. Vissa krav som medlemsstaterna enligt MiFID I själva kan välja att ställa upp – t.ex. om slutkundens identitet ska framgå av transaktionsrapporterna – har blivit obligatoriska. Ytterligare en skillnad i förhållande till MiFID I är att även den som driver en handelsplats ska lämna viss information avseende transaktioner.</P>
<P class="p949 ft129"><SPAN class="ft127">4.3.5</SPAN><SPAN class="ft128">Handelsplatser och transparenskrav m.m.</SPAN></P>
<P class="p940 ft3">Regler både i MiFID II och MiFIR</P>
<P class="p918 ft2">När det gäller handelsplatser och verksamheten där finns regleringen nu både i MiFID II och MiFIR. Kraven på tillstånd och organisation m.m. avseende den som driver en reglerad marknad finns i direktivet, medan kraven på transparens vid handel med finansiella instrument – dvs. offentliggörande av bud och transaktioner – finns i förordningen. I för- ordningen finns därutöver bl.a. krav på var vissa finansiella instrument ska handlas och krav på <NOBR>icke-diskriminerande</NOBR> tillgång till clearing.</P>
<P class="p950 ft2">232</P>
</DIV>
<DIV id="page_233">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">Tillstånd, ägare och ledning</P>
<P class="p951 ft4">Reglerna i MiFID II om förutsättningarna för tillstånd och återkallelse av tillstånd för den som ska driva en reglerad marknad motsvarar dem i MiFID I. En nyhet i MiFID II är dock mer långtgående krav på marknadsoperatörens ledningsorgan, dels när det gäller kvalifikationer för dem som ingår i ledningsorganet, dels i vilken utsträckning styrelse- ledamöter och verkställande direktör får ha uppdrag i andra företag samt vad styrelsen ska ansvara för.</P>
<P class="p330 ft3">Organisation</P>
<P class="p952 ft4">De grundläggande kraven på den reglerade marknadens organisation är desamma i MiFID II som i MiFID I. I MiFID II ställs dock en rad nya krav på hur handeln ska organiseras och övervakas. Bland de nya kraven finns också detaljerade regler om prisändringar (s.k. <NOBR>tick-sizes)</NOBR> och syn- kronisering av klockor. Dessa regler ska också gälla för <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR></P>
<P class="p511 ft3">Transparens vid handel med finansiella instrument</P>
<P class="p951 ft2">Kraven på transparens vid handel med finansiella instrument i MiFID I finns numera i MiFIR. Medan kraven i MiFID I enbart gäller aktier upp- tagna till handel på en reglerad marknad gäller reglerna i MiFIR både aktier och aktieliknande finansiella instrument samt andra finansiella instrument och oavsett om instrumenten är upptagna till handel på en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform.</NOBR> Förutom handeln på handelsplatserna gäller särskilda transparenskrav när ett värdepappersföretag gör avslut utanför en handelsplats. Sådana regler finns även i MiFID I men de är begränsade till aktier upptagna till handel på en reglerad marknad. Transparensreglerna har således utvidgats betydligt jämfört med MiFID I när det gäller tillämpningsområdet, men även när det gäller detaljeringsgraden.</P>
<P class="p526 ft3">Krav på att handla vissa instrument på visst sätt</P>
<P class="p953 ft2">I MiFIR finns ett krav på att handeln med vissa likvida derivatinstrument ska ske på en handelsplats (dvs. en reglerad marknad, <NOBR>MTF-plattform,</NOBR> <NOBR>OTF-plattform</NOBR> eller motsvarande handelsplats utanför EES). Det har samband med reglerna i Europaparlamentets och rådets förordning (EU) nr 648/2012 av den 4 juli 2012 om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister, och definitionen av vilka derivatinstrument som om- fattas av detta krav härrör från den förordningen. Några motsvarande regler finns inte i MiFID I.</P>
<P class="p164 ft4">För aktier finns en liknande regel som innebär att ett värdepappersföre- tag, som huvudregel, ska genomföra transaktioner i aktier upptagna till handel på en reglerad marknad eller som handlas på en handelsplats, på antingen en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller via en systematisk internhandlare (eller på en handelsplats utanför EES). Inte heller denna regel har någon motsvarighet i MiFID I.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">233</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_234">
<P class="p621 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Handelsplatser för små och medelstora företag</P>
<P class="p939 ft2">En nyhet i förhållande till MiFID I är reglerna om <NOBR>MTF-plattformar</NOBR> för små och medelstora företag som införs i syfte att minska de admi- nistrativa bördorna och göra det lättare för sådana företag att få tillgång till kapital. En operatör av en sådan handelsplats kan ansöka om att få <NOBR>MTF-plattformen</NOBR> registrerad som en tillväxtmarknad för små och medel- stora företag. På en sådan marknad ska majoriteten emittenter, vars finansiella instrument är föremål för handel på plattformen, vara små och medelstora företag.</P>
<P class="p949 ft129"><SPAN class="ft127">4.3.6</SPAN><SPAN class="ft128">Positioner i råvaruderivat</SPAN></P>
<P class="p954 ft2">I MiFID II finns regler om råvaruderivat som saknar motsvarighet i MiFID I. Reglerna innebär att marknadsoperatörer och värdepappers- företag som driver handelsplatser där det handlas råvaruderivat ska införa lämpliga gränser för positioner eller alternativa arrangemang för att säkerställa väl fungerande marknads- och avvecklingsvillkor för fysiskt levererade råvaror. De ska även offentliggöra aggregerad information och rapportera till de behöriga myndigheterna om de positioner som en en- skild deltagare eller alla deltagare i handeln har för egen eller för kunders räkning. De behöriga myndigheterna ska ha befogenhet att från alla personer kräva information om de positioner i derivatkontrakt som de innehar. Myndigheterna ska kunna ingripa under alla skeden av ett derivatkontrakts löptid och vidta åtgärder för att minska en position. Myndigheterna ska även ha möjlighet att begränsa positioner på förhand.</P>
<P class="p955 ft134"><SPAN class="ft127">4.3.7</SPAN><SPAN class="ft133">Tillstånd för vissa tjänster avseende rapportering och tillhandahållande av data</SPAN></P>
<P class="p956 ft2">I MiFID II finns, i förhållande till MiFID I, nya regler om tillståndskrav för företag eller andra enheter som tillhandahåller marknadsdata. Det är datatjänster som i direktivet betecknas godkänt publiceringsarrangemang eller APA (approved publication arrangement), tillhandahållare av konsoliderad handelsinformation eller CTP (consolidated tape provider) eller godkänd rapporteringsmekanism eller ARM (approved reporting mechanism). För att få tillstånd måste företagen uppfylla vissa orga- nisatoriska krav.</P>
<P class="p949 ft129"><SPAN class="ft127">4.3.8</SPAN><SPAN class="ft128">Verksamhet över gränserna</SPAN></P>
<P class="p957 ft2">Liksom MiFID I innehåller MiFID II regler om gränsöverskridande verk- samhet, dels när verksamheten drivs från filial i ett annat land än hem- medlemsstaten, dels när tjänster tillhandahålls direkt från hemmedlems- staten. Reglerna motsvarar i stort sett dem som gäller enligt MiFID I. I MiFID II finns även regler om företag från tredjeland som inrättar en filial inom EU. Reglerna, som saknar motsvarighet i MiFID I, innebär att</P>
<P class="p958 ft2">234</P>
</DIV>
<DIV id="page_235">
<P class="p186 ft42">ett sådant företag ska ansöka om tillstånd i den medlemsstat där det in- Prop. 2016/17:162 rättar en filial.</P>
<P class="p959 ft134"><SPAN class="ft127">4.3.9</SPAN><SPAN class="ft135">Den behöriga myndighetens tillsynsbefogenheter och sanktioner</SPAN></P>
<P class="p943 ft2">Reglerna i MiFID II om den behöriga myndighetens tillsynsbefogenheter är i princip oförändrade jämfört med MiFID I. Reglerna om samarbete mellan behöriga myndigheter i olika medlemsstater har dock utvidgats, bl.a. genom att samarbetet numera även innefattar ett samarbete med Europeiska värdepappers- och marknadsmyndigheten (Esma), som också kan avgöra vissa frågor där behöriga myndigheter i olika medlemsstater har olika uppfattningar om hur samarbetet ska gå till.</P>
<P class="p960 ft2">Reglerna har dock ändrats betydligt när det gäller sanktioner. Admi- nistrativa sanktioner ska kunna vidtas inte bara mot en juridisk person som inte fullgör sina skyldigheter, utan också mot medlemmarna i den juridiska personens ledningsorgan och mot alla andra personer som enligt nationell rätt är ansvariga för en sådan överträdelse. Medlemsstaterna ska se till att de behöriga myndigheterna till sitt förfogande har en minimi- uppsättning av vissa slag av sanktioner och åtgärder samt att det finns en viss miniminivå på sanktionsavgifter för överträdelser av flera särskilt angivna regler i direktivet och förordningen. Det ställs också krav på att medlemsstaterna ska ha regler dels för att främja rapportering och tips – s.k. visselblåsning – om överträdelser av regelverket och ett lämpligt skydd för anställda som anmäler överträdelser, dels för att offentliggöra beslutade sanktioner och åtgärder.</P>
<P class="p961 ft21">4.4 Ändringsdirektivet och ändringsförordningen</P>
<TABLE cellpadding=0 cellspacing=0 class="t132">
<TR>
<TD class="tr2 td359"><P class="p23 ft2">Europaparlamentet och rådet har antagit direktiv (EU) 2016/1034 av den</P></TD>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">23 juni 2016 om ändring av direktiv 2014/65/EU om marknader för</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">finansiella instrument (ändringsdirektivet) och förordning (EU)</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">2016/1033 av den 23 juni 2016 om ändring av förordning (EU) nr</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">600/2014 om marknader för finansiella instrument, förordning (EU) nr</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">596/2014 om marknadsmissbruk och förordning (EU) nr 909/2014 om</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">förbättrad värdepappersavveckling i Europeiska unionen och om värde-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">papperscentraler (ändringsförordningen). Det bakomliggande skälet till</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">ändringsdirektivet och ändringsförordningen är att berörda parter, såsom</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">bl.a. de som driver handelsplattformar, Esma och nationella behöriga</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">myndigheter, inte kan säkerställa att det nya referensdatasystem för</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">finansiella instrument (Firds), som krävs för uppgiftsinsamling i enlighet</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">med kraven i MiFID II och MiFIR, kommer att vara på plats och opera-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">tivt till den 3 januari 2017, som ursprungligen var tänkt. Avsaknaden av</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">infrastruktur för datainsamlingen har återverkningar på hela tillämp-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">ningsområdet (skälen <NOBR>3–8</NOBR> till ändringsdirektivet och ändringsförord-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">ningen). I syfte att säkerställa rättssäkerhet och undvika potentiella mark-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">nadsstörningar beslutades därför att datumet då medlemsstaterna måste</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p23 ft2">tillämpa åtgärderna i MiFID II och MiFIR samt det datum då MiFID I</P></TD>
<TD rowspan=2 class="tr50 td147"><P class="p20 ft2">235</P></TD>
</TR>
<TR>
<TD class="tr61 td359"><P class="p23 ft136"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_236">
<P class="p727 ft2">Prop. 2016/17:162 ska upphävas, skulle flyttas fram med tolv månader, till den 3 januari 2018. Datumet då medlemsstaterna måste ha genomfört MiFID II flyttades också fram till den 3 juli 2017 (skälen <NOBR>9–11).</NOBR> Dessa ändringar medför även följdändringar när det gäller datumen för rapporter och översyn, införlivande, upphävande och övergångsbestämmelser (artikel 1.3, 1.4 och <NOBR>1.6–1.9</NOBR> i ändringsdirektivet samt artikel 1.3, 1.4 och 1.8– 1.14 i ändringsförordningen). Ändringsförordningen innehåller även ändringar i marknadsmissbruksförordningen (artikel 2) och förordningen om värdepapperscentraler (artikel 3) till följd av att tillämpningsdatumet i MiFID II och MiFIR skjuts fram.</P>
<P class="p580 ft2">Rättsakterna innehåller även några ändringar i sak. En ändring som görs av MiFID II rör ett klargörande om att ett undantag från direktivets tillämpningsområde för personer som för egen räkning handlar med finansiella instrument (artikel 2.1 d) utvidgas till att omfatta <NOBR>icke-finan-</NOBR> siella enheter som på en handelsplats genomför transaktioner som på ett objektivt mätbart sätt minskar risker som står i direkt samband med deras affärsverksamhet (artikel 1.1 i ändringsdirektivet, se avsnitt 6.6.3). Vidare görs en ändring i MiFID II som rör undantaget från kravet på passandebedömning och avser förutsättningarna för att en marknad i tredjeland ska anses likvärdig med en reglerad marknad (artikel 1.2 och 1.4 i ändringsdirektivet, se avsnitt 8.8). MiFIR ändras så att det framgår att paketorder ska omfattas av undantaget från krav på transparens före handel och inte bara möjligheten till undantag från krav på transparens efter genomförandet av transaktionen (artikel <NOBR>1.5–1.7</NOBR> i ändringsförord- ningen, se avsnitten 7.10.2 och 7.11.3). Vidare ska vissa transaktioner för värdepappersfinansiering (securities financing transactions, SFT) helt undantas från kraven i MiFIR på transparens före och efter handel (artikel 1.1 i ändringsförordningen, se avsnitt 7.10.1). I avsnitt 7.10 framgår även att ändringsförordningen innehåller nya definitioner av byte av kontrakt mot fysiska varor, paketorder och pakettransaktion (artikel 1.2).</P>
<P class="p962 ft42">Ändringarna av MiFIR är direkt tillämpliga i medlemsstaterna och där- för behandlas dessa inte på något annat sätt i denna proposition.</P>
<P class="p963 ft23"><SPAN class="ft21">4.5</SPAN><SPAN class="ft137">Rättsakter som antas av kommissionen och riktlinjer och rekommendationer från Esma</SPAN></P>
<P class="p927 ft2">I både MiFID II och MiFIR finns det bemyndigande för kommissionen att anta ett stort antal delegerade akter och genomförandeakter (se skälen 155, 157 och 158 till och artikel 89 i direktivet och skälen 46 och 51 till och artiklarna 50 och 51 i förordningen). I de delegerade akterna och genom- förandeakterna (i det följande benämnda genomförandeåtgärder) finns detaljerade regler som kompletterar de ramregler som finns i direktivet och förordningen. En redogörelse för exakt vilka uppgifter som ska regleras i detalj i de delegerade akterna och i genomförandeakterna finns i skälen 155, 157 och 158 till direktivet samt i skälen 46 och 51 till för- ordningen. En genomförandeakt som kommissionen antar i form av en förordning är, i likhet med en förordning som antas av Europaparla- mentet och rådet, direkt tillämplig i medlemsstaterna. På motsvarande</P>
<P class="p964 ft2">236</P>
</DIV>
<DIV id="page_237">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">sätt måste medlemsstaterna i nationell rätt genomföra en genomförande- akt som kommissionen antar i form av ett direktiv.</P>
<P class="p150 ft2">Genomförandeåtgärderna till direktivet och förordningen antas i enlig- het med den s.k. Lamfalussymodellen, som syftar till att effektivisera lagstiftningsförfarandet inom EU, och den tillämpas för lagstiftningen på finansmarknadsområdet. Lamfalussymodellen delar in lagstiftnings- förfarandet i fyra nivåer. Nivå I utgörs av rambestämmelser som antas enligt den normala ordningen för lagstiftningen inom EU, med direktiv eller förordningar som föreslås av kommissionen och antas av Europa- parlamentet och rådet. På nivå II antar kommissionen genomförande- åtgärder som preciserar och närmare anger detaljerna för lagstiftningen på nivå I. Genomförandeåtgärder kan antas i form av såväl direktiv som förordningar. Nivå III utgörs av gemensamma riktlinjer och rekom- mendationer. Slutligen ansvarar kommissionen på nivå IV för att säker- ställa att medlemsstaterna genomför den <NOBR>EU-rättsliga</NOBR> lagstiftningen på ett likartat sätt.</P>
<P class="p912 ft2">Genom antagandet av Lissabonfördraget har förfarandet för kommis- sionens genomförandeåtgärder på nivå II ändrats. Det görs numera skillnad på delegerade akter och genomförandeakter (delegerade akter och genomförandeakter regleras i artikel 290 respektive 291 i EUF- fördraget). Enligt MiFID II och MiFIR har Europaparlamentet och rådet rätt att när som helst återkalla kommissionens bemyndigande att anta delegerade akter (artikel 89.3 i MiFID II och artikel 50.3 i MiFIR). Europaparlamentet och rådet har också rätt att invända mot de delegerade akter som antagits av kommissionen under en period på tre månader efter antagandet (artikel 89.5 i MiFID II och artikel 50.5 i MiFIR). Denna period kan på Europaparlamentets eller rådets initiativ förlängas med tre månader. För genomförandeakter gäller att de ska beredas i den Euro- peiska värdepapperskommittén (European Securities Committee, ESC), som är en kommitté under kommissionen med representanter från medlemsstaterna (artikel 51 i MiFIR). Delegerade akter kan även avse tekniska standarder för tillsyn (regulatory technical standards, RTS). Genomförandeakter kan avse tekniska standarder för genomförande (implementing technical standards, ITS). För sådana tekniska standarder används samlingsnamnet bindande tekniska standarder (binding technical standards, BTS). Esma utarbetar förslag till tekniska standarder och över- lämnar sina förslag till kommissionen som därefter antar rättsakter, se nedan.</P>
<P class="p965 ft2">Kommissionen har antagit delegerade akter i form av ett direktiv och två delegerade förordningar: kommissionens delegerade direktiv (EU) av den 7 april 2016 (C [2016] 2031 final) om komplettering av Europaparla- mentets och rådets direktiv 2014/65/EU i fråga om skydd av finansiella instrument och medel som tillhör kunder, produktstyrningskrav och regler för tillhandahållande eller mottagande av avgifter, provisioner eller andra monetära eller <NOBR>icke-monetära</NOBR> förmåner (det delegerade direktivet till MiFID II), kommissionens delegerade förordning (EU) av den 25 april 2016 (C [2016] 2398 final) om komplettering av Europaparla- mentets och rådets direktiv 2014/65/EG vad gäller organisatoriska krav och villkor för verksamheten i värdepappersföretag, och definitioner för tillämpning av det direktivet (den delegerade förordningen till MiFID II) och kommissionens delegerade förordning (EU) av den 18 maj 2016</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">237</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_238">
<P class="p966 ft2">Prop. 2016/17:162 (C [2016] 2860 final) om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende definitioner, transparens, portföljkompression och tillsynsåtgärder beträffande produktingripande och positioner (den delegerade förordningen till MiFIR). Dessa tre rätts- akter ska börja tillämpas samtidigt som MiFID II och MiFIR, dvs. den 3 januari 2018. Det kan dock noteras att de ännu inte publicerats i Europeiska unionens officiella tidning. Därmed har de inte fått sin slutliga beteckning och är inte heller ännu formellt bindande.</P>
<P class="p967 ft2">I de fall kommissionen får anta bindande tekniska standarder har Esma getts i uppdrag att ta fram förslag till sådana i enlighet med Europaparla- mentets och rådets förordning (EU) nr 1095/2010 av den 24 november 2010 om inrättande av en europeisk tillsynsmyndighet (Europeiska värdepappers- och marknadsmyndigheten), om ändring av beslut nr 716/2009/EG och om upphävande av kommissionens beslut 2009/77/EG (i det följande benämnd Esmaförordningen). Det är antingen fråga om tekniska standarder för tillsyn (artikel 10 i Esmaförordningen) eller tekniska standarder för genomförande (artikel 15 i förordningen). Kommissionen har antagit sådana genomförandeåtgärder till flera regler i MiFID II och MiFIR. För närvarande har kommissionen antagit 30 dele- gerade akter eller genomförandeakter som avser tekniska standarder.</P>
<P class="p968 ft4">Enligt Esmaförordningen får Esma utfärda riktlinjer och rekommen- dationer till behöriga myndigheter och till finansiella företag, dvs. åtgärder på nivå III (artikel 16). Riktlinjerna ska syfta till en konsekvent harmonisering inom de områden som anges i den aktuella rättsakten. Esma har antagit riktlinjer och rekommendationer när det gäller flera regler i MiFID II och MiFIR.</P>
<TABLE cellpadding=0 cellspacing=0 class="t133">
<TR>
<TD class="tr55 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr55 td139"><P class="p201 ft138">5</P></TD>
<TD class="tr55 td363"><P class="p21 ft1">Allmänna utgångspunkter</P></TD>
</TR>
<TR>
<TD class="tr62 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td139"><P class="p687 ft121">5.1</P></TD>
<TD class="tr62 td363"><P class="p21 ft21">Ändringar i svensk rätt med anledning av</P></TD>
</TR>
<TR>
<TD class="tr42 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td363"><P class="p21 ft21">MiFID II och MiFIR</P></TD>
</TR>
<TR>
<TD class="tr63 td42"><P class="p23 ft139"> </P></TD>
<TD colspan=2 class="tr61 td364"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>De ändringar som behöver göras i svensk</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">rätt med anledning av MiFID II och MiFIR bör göras i lag.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p175 ft2">Det delegerade direktivet till MiFID II bör genomföras i svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">genom föreskrifter på lägre nivå än lag.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p175 ft2">Riktlinjer som Esma har antagit bör i vissa fall införas genom</P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p57 ft2">bindande föreskrifter.</P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p30 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer delvis med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bedömning. Utredningen gör inte någon bedömning om hur rättsakter</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">som antas av kommissionen ska genomföras i svensk rätt eller om</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">riktlinjer som antas av Esma bör föranleda några lagstiftningsåtgärder.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p30 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">mot den. <SPAN class="ft3">Finansinspektionen </SPAN>anser dock att det kan vara värdefullt om de</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">rättsakter som antas av kommissionen kommenteras särskilt i berörda</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">avsnitt där det i dag kan förutses att de kommer att få en avgörande</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p969 ft2">238</P></TD>
<TD colspan=2 class="tr31 td235"><P class="p23 ft2">betydelse för utfyllnad och tolkning av MiFID II och de bestämmelser</P></TD>
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<P class="p163 ft2">som införs i svensk rätt för att genomföra direktivet. <SPAN class="ft3">Svenska Bank- föreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>anser att regeringen i det förevarande lagstiftningsärendet ska analysera och beakta regleringen i de rättsakter som antas av kommissionen för att säkerställa att den svenska regleringen inte står i strid med den.</P>
<P class="p277 ft4"><SPAN class="ft103">Promemorians bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p277 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN><SPAN class="ft3">Fondbolagens förening </SPAN>noterar att det i prome- morian föreslås bemyndiganden för Finansinspektionen att införa även vissa av Esmas riktlinjer i föreskrifter, vilket enligt föreningen synes stå i motsatsställning till de inledande utgångspunkterna för promemorian att genomförandet av MiFID II inte ska gå längre än vad som föreskrivits på <NOBR>EU-nivå.</NOBR> Eftersom det ofta rör sig om för enskilda betungande för- pliktelser bör sådana bemyndiganden ges först efter noggrann analys av konsekvenser och rättsliga aspekter. Föreningen anser att riktlinjerna inte utan vägande skäl bör genomföras i föreskrifter. <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>anser generellt att det är lämpligt att sådana riktlinjer genomförs som allmänna råd i svensk rätt och inte som bindande föreskrifter, dels för att bibehålla grundstrukturen för <NOBR>EU-rättens</NOBR> genomförande i svensk rätt, dels för att inte riskera att riktlinjerna blir bindande i Sverige samtidigt som de tillämpas på annat sätt, t.ex. en ”följ- eller <NOBR>förklara”-princip,</NOBR> i andra medlemsstater. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhand- lareföreningen </SPAN>efterfrågar ett principiellt resonemang om alternativa sätt för införande av Esmas riktlinjer och vilka konsekvenser förslaget får för värdepappersinstituten och Finansinspektionen och framhåller att inför- ande av riktlinjer i föreskrifter kommer att göra dessa bindande i Sverige men inte i andra medlemsstater. Föreningarna anser att det finns goda skäl att även fortsättningsvis låta riktlinjerna ha status av allmänna råd. Föreningarna tillstyrker förslaget att det delegerade direktivet till MiFID II genomförs i svensk rätt genom Finansinspektionens föreskrifter och framhåller att det är av stor vikt att innehållet i föreskrifterna blir desamma som i det delegerade direktivet. <SPAN class="ft3">Svenskt Näringsliv </SPAN>framhåller att den föreskriftsrätt som Finansinspektionen föreslås få bör begränsas till vad som är nödvändigt för att regleringen ska bli <NOBR>EU-konform</NOBR> så att inte svenska företags konkurrenskraft onödigt försämras. <SPAN class="ft3">Facket för försäkring och finans (FTF) </SPAN>framhåller dels att det ofta är lämpligt med bemyndiganden eftersom regler om t.ex. produktklassificeringar och gränsvärden kan behöva anpassas till nya produkter, behov och den tekniska utvecklingen inom branschen, dels att det är lämpligt att Esmas riktlinjer hanteras på myndighetsnivå i Sverige där det är möjligt och inte uppenbart olämpligt. <SPAN class="ft3">Sveriges advokatsamfund </SPAN>framhåller vikten för marknadsaktörerna att genomförandet av MiFID II och MiFIR samt kompletterande rättsakter begränsas till det som är nödvändigt för att införliva det nya regelverket i svensk rätt samt av att Finansinspektionen utnyttjar sin föreskriftsrätt <NOBR>EU-konformt.</NOBR></P>
<P class="p970 ft25">Skälen för regeringens bedömning</P>
<P class="p958 ft3">MiFID II och MiFIR</P>
<P class="p952 ft42">MiFID II och MiFIR innebär att en stor del av reglerna i MiFID I över- förs mer eller mindre oförändrade till de nya rättsakterna (se avsnitt 4.3).</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">239</P>
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<P class="p727 ft2">Prop. 2016/17:162 Dessutom införs nya regler eller regler som är mer utförliga än mot- svarande regler i MiFID I. MiFIR innebär att vissa av reglerna i MiFID I numera finns i form av en <NOBR>EU-förordning</NOBR> samtidigt som den förord- ningen också innehåller helt nya och mer utförliga regler. En EU- förordning är direkt tillämplig i varje medlemsstat. En sådan rättsakt varken ska eller får genomföras i eller omvandlas till nationell rätt. Däre- mot måste nationell rätt anpassas för att säkerställa att den inte innebär en dubbelreglering eller några konflikter med förordningen. Förord- ningen har företräde framför svensk nationell rätt. För att undvika norm- konflikter bör de bestämmelser i lagar, förordningar och myndighets- föreskrifter som innehåller sådana regler som nu finns i MiFIR upphävas. Vidare kan lagstiftningsåtgärder behöva vidtas i den utsträckning MiFIR förutsätter att kompletterande bestämmelser införs i svensk rätt (jfr t.ex. artikel 26 i MiFIR som innebär en skyldighet för medlemsstaterna att ställa upp vissa krav på handelsplatser).</P>
<P class="p711 ft2">I den utsträckning reglerna i MiFID II inte redan är genomförda i svensk rätt genom genomförandet av motsvarande regler i MiFID I måste de genomföras genom ändringar i lagar, förordningar eller myndighets- föreskrifter. Exempelvis innehåller MiFID II helt nya regler om data- rapporteringstjänster och positionslimiter avseende råvaruderivat m.m. (se avsnitten 7.14 och 7.15), liksom betydligt fler och mer detaljerade kundskyddsregler (se avsnitten 8 och 9).</P>
<P class="p580 ft2">Såsom beskrivs i avsnitt 4.5 kompletteras MiFID II och MiFIR av detaljerade regler som kommissionen har antagit och av riktlinjer från Esma trots att reglerna i både MiFID II och MiFIR är mycket detaljerade på vissa områden. Exempel på det är flera av de, i förhållande till MiFID I, nya reglerna som avser kundskydd (artiklarna 24 och 25 i MiFID II) samt kraven på en reglerad marknads handelssystem (artikel 48), regler om prisändring på vissa finansiella instrument (s.k. <NOBR>tick-size)</NOBR> och synkronisering av klockor (artiklarna 49 och 50 i MiFID II). I svensk rätt brukar regler på en sådan detaljnivå inte tas in i lag utan i myndighetsföreskrifter. En tänkbar ordning vore att det i lag tas in en rambestämmelse som sedan kompletteras av detaljerade regler i Finansinspektionens föreskrifter (en sådan lösning har t.ex. valts för vissa av de regler om bolagsstyrning som gäller för kreditinstitut och värde- pappersbolag, se prop. 2013/14:228 s. <NOBR>163–176).</NOBR> En sådan ordning skulle dock kunna bli problematisk när det gäller MiFID II, då reglerna i MiFID II och MiFIR kompletteras av regler i förordningar som har an- tagits av kommissionen. Genom att regelverket kommer att utgöras av bestämmelser i lag som kompletteras av det som anges i direkt tillämp- liga förordningar som har antagits av kommissionen innebär redan det risk för svårigheter vid tolkning och tillämpning. Skulle MiFID II genomföras i svensk rätt dels i lag, dels i Finansinspektionens före- skrifter, skulle det enligt regeringens uppfattning göra regelverket än mer svåröverskådligt. Regeringen anser därför att de ändringar som behöver göras i svensk rätt med anledning av MiFID II och MiFIR bör göras i lag. MiFID I har i svensk rätt genomförts huvudsakligen i lagen om värde- pappersmarknaden och ändringarna bör därför göras i den lagen.</P>
<P class="p971 ft2">240</P>
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<DIV id="page_241">
<DIV>
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<P class="p19 ft3">Inga lagändringar utan ändring i sak</P>
<P class="p951 ft4">I den uppdatering av regelverken som MiFID II och MiFIR innebär, har en stor del av reglerna i MiFID I överförts i sak mer eller mindre oför- ändrade till de nya rättsakterna. I dessa delar bör det i de allra flesta fall inte finnas någon anledning att ändra nuvarande bestämmelser som i svensk rätt genomför MiFID I.</P>
<P class="p167 ft3">Omdisponeringar i lagen om värdepappersmarknaden</P>
<P class="p951 ft2">MiFID I och MiFIR innebär att en rad nya regler har tillkommit i för- hållande till MiFID I. Exempelvis har kundskyddsreglerna blivit betyd- ligt fler och mer detaljerade och helt nya regler om datarapporterings- tjänster och positionslimiter avseende råvaruderivat har tillkommit. Samtidigt innebär MiFIR att vissa regler i MiFID I, som har genomförts i svensk rätt i lagen om värdepappersmarknaden, numera finns i en direkt tillämplig <NOBR>EU-förordning.</NOBR> De berörda bestämmelserna i lagen om värde- pappersmarknaden måste därför upphävas. Av den anledningen bör även vissa omdisponeringar göras i lagen. För det första bör rörelsereglerna i det nuvarande 8 kap. delas upp, så att reglerna om värdepappers- institutens interna styrning och organisation m.m. samlas i ett kapitel (8 kap.) och kundskyddsreglerna i ett annat (9 kap.). De nuvarande bestämmelserna i 9 kap. rör framför allt kraven på systematiska intern- handlare och bör upphävas, eftersom sådana krav numera finns i MiFIR. Även transaktionsrapportering regleras numera i MiFIR och bestämmel- serna i 10 kap. bör därför upphävas. I 10 kap. bör i stället de nya bestäm- melserna om datarapporteringstjänster införas. De nya bestämmelserna om positionslimiter för råvaruderivat och vissa derivatinstrument bör införas i ett nytt kapitel, 15 a kap.</P>
<P class="p972 ft3">Rättsakter som antas av kommissionen och riktlinjer som antas av Esma</P>
<P class="p953 ft2">Såsom redovisas i avsnitt 4.5 kompletteras regleringen i MiFID II och MiFIR av en stor mängd delegerade akter och genomförandeakter som har antagits av kommissionen och även av riktlinjer som antas av Esma. Genomförandeåtgärder som har antagits i form av förordningar är direkt tillämpliga i medlemsstaterna och varken ska eller får genomföras i eller omvandlas till nationell rätt (se ovan). Genomförandeåtgärder som har antagits i form av direktiv ska genomföras i nationell rätt. I promemorian Några finansmarknadsfrågor föreslås att det delegerade direktivet till MiFID II, i likhet med genomförandedirektivet till MiFID I, ska genom- föras genom myndighetsföreskrifter.</P>
<P class="p432 ft3"><SPAN class="ft2">Som </SPAN>Finansinspektionen<SPAN class="ft2">, </SPAN>Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">efterfrågar, berörs i denna proposition inte bara de regler som finns i MiFID II och MiFIR utan även de regler som finns i de rättsakter som kommissionen har antagit. I anslutning till de förslag som lämnas eller de bedömningar som görs när det gäller genomförandet i svensk rätt av direktivet eller anpassning av svensk rätt till förordningen, görs därför hänvisningar till delegerade akter eller genom- förandeakter som innehåller ytterligare regler. I en del fall berörs även riktlinjer som Esma har antagit. I denna proposition ges det dock inte någon sådan utförlig beskrivning av innehållet i de rättsakterna och riktlinjerna som den som ges när det gäller MiFID II och MiFIR.</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">241</P>
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<P class="p727 ft2">Prop. 2016/17:162 Esma får enligt Esmaförordningen (artikel 16) utfärda riktlinjer och rekommendationer. Riktlinjer och rekommendationer är inte rättsligt bindande men enligt förordningen (artikel 16.3) ska de behöriga myndig- heterna och aktörerna på finansmarknadsområdet med alla tillgängliga medel försöka följa dem. Myndigheter, och i vissa fall aktörerna på finansmarknadsområdet, kommer därför att vara skyldiga att bekräfta att de följer riktlinjer och rekommendationer eller förklara varför de inte gör det.</P>
<P class="p711 ft2">I MiFID II och i MiFIR ges mandat till Esma att anta riktlinjer i en mängd avseenden. De riktlinjer som Esma har antagit finns publicerade på myndighetens webbplats (https://www.esma.europa.eu/). Flertalet av de regler i MiFID II och MiFIR som får förtydligas genom riktlinjer är detaljerade och tekniskt komplicerade. Regeringen gör bedömningen att riktlinjerna inte utan vägande skäl bör genomföras i föreskrifter men att det i undantagfall kan finnas behov av att införa vissa av riktlinjerna som bindande regler i Finansinspektionens föreskrifter. De fall där detta aktualiseras bör dock motiveras särskilt i varje fall.</P>
<P class="p973 ft23"><SPAN class="ft21">5.2</SPAN><SPAN class="ft137">Förhållandet mellan MiFID II och MiFIR och den nationella regleringen</SPAN></P>
<P class="p974 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Kraven i svensk rätt bör inte utan starka skäl gå längre än dem i MiFID II och MiFIR.</P>
<P class="p975 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p576 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Ett viktigt syfte bakom MiFID II och MiFIR är att uppnå harmoniserade och effektiva regler (skälen 3 och 7 till direktivet och skälen 2, 3 och 5 till förordningen). En förutsättning för den eftersträvade harmoniseringen är att medlemsstaternas nationella regelverk inte ställer upp ytterligare eller annorlunda krav än dem som följer av det gemensamma regelverket. En utgångspunkt vid genom- förandet av direktivet och anpassningen till förordningen bör därför vara att det i svensk rätt inte bör ställas upp några krav som går längre än dem i direktivet och förordningen. Även om det finns visst utrymme för av- vikande nationella regler, bör sådana förekomma endast då det finns starka skäl för det (jfr reglerna om ersättningar till och från tredjepart och investeringsrådgivning på oberoende grund, se avsnitt 9, samt om kunders tillgångar, se avsnitt 8.14).</SPAN></P>
<P class="p976 ft21"><SPAN class="ft21">5.3</SPAN><SPAN class="ft126">Terminologi</SPAN></P>
<P class="p977 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>De nya termer och uttryck som införs med anledning av MiFID II och MiFIR bör så nära som möjligt ansluta sig till de termer och uttryck som används i de båda rättsakterna.</P>
<P class="p166 ft2">242</P>
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<DIV id="id_1">
<P class="p150 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p150 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p150 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II och MiFIR finns en rad facktermer, uttryck och förkortningar, t.ex. </SPAN><NOBR><SPAN class="ft2">OTF-plattform,</SPAN></NOBR><SPAN class="ft2"> MTF- plattform, APA, CTP, ARM och </SPAN><NOBR><SPAN class="ft2">tick-size.</SPAN></NOBR><SPAN class="ft2"> I många fall är det fråga om termer som inte förekommer i MiFID I eller i gällande svensk rätt. Det är i flera fall även termer som är utformade på ett sätt som ligger långt från de termer som vanligtvis förekommer i lag.</SPAN></P>
<P class="p622 ft2">När MIFID II ska genomföras i svensk rätt och svensk rätt anpassas till MiFIR kan antingen termer och uttryck anpassas så långt det är möjligt till ett språkbruk som ligger närmare svensk lagstiftningstradition eller följa den terminologi som används i de båda rättsakterna. Eftersom det är fråga om en <NOBR>EU-förordning</NOBR> som är direkt tillämplig i medlemsstaterna och både direktivet och förordningen kompletteras av regler i genom- förandeåtgärder som kommissionen har antagit – i de flesta fall i form av direkt tillämpliga förordningar – som innehåller hänvisningar till många av termerna och uttrycken i förordningen och direktivet, skulle det medföra problem att i svensk lagstiftning avvika alltför mycket från dessa. Detta är i sig ett skäl att följa terminologin i direktivet och förord- ningen.</P>
<P class="p978 ft2">Det finns även anledning att beakta förändringstakten i den <NOBR>EU-rätts-</NOBR> liga regleringen. Under senare år har Europaparlamentet och rådet antagit en stor mängd direktiv och förordningar på värdepappersmarknads- området som antingen innebär helt ny <NOBR>EU-rättslig</NOBR> reglering eller änd- ringar av befintliga rättsakter. I många fall är det grundläggande direktiv och förordningar som har tillkommit eller ändrats. Även kompletterande rättsakter (delegerade förordningar och direktiv eller genomförande- förordningar som kommissionen antar) och riktlinjer och rekom- mendationer som Esma antar ändras i minst samma omfattning. Om det i svensk rätt används en terminologi som ligger nära den i de berörda EU- rättsakterna underlättar det både tolkningen och tillämpningen av svenska författningar i förhållande till de förändringar som sker inom <NOBR>EU-rätten.</NOBR></P>
<P class="p979 ft2">Övervägande skäl talar enligt regeringens uppfattning därför för att terminologin i svensk rätt så långt som möjligt ska stämma överens med den i MiFID II och MiFIR (motsvarande bedömning gjordes vid genomförandet i svensk rätt av MiFID I och <NOBR>AIFM-direktivet,</NOBR> se prop. 2006/07:115 s. 276 och prop. 2012/13:155 s. 184). Av samma skäl bör även nivån på regleringen i lag så långt som det är möjligt motsvara den i direktivet (jfr avsnitt 5.2). I flera fall finns det dock icke uttömmande uppräkningar av exempel i direktivet (se t.ex. de olika faktorer som kan ligga till grund för avkastningsberäkningen på en strukturerad insättning i artikel 4.1.43). Regeringen anser att sådana uppräkningar av exempel som huvudregel inte bör anges i lag utan att det i stället bör utvecklas i författningskommentaren. Detsamma gäller när det i direktivet som förtydligande anges att en viss omständighet, situation eller ett visst agerande ska anses inkluderad i de omständigheter, situationer eller ageranden som anges (se t.ex. definitionen av systematisk internhandlare i artikel 4.1.20 och de situationer när en marknadsoperatör kan justera</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">243</P>
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</DIV>
</DIV>
<DIV id="page_244">
<P class="p966 ft4">Prop. 2016/17:162 avgifter i artikel 48.9). Även i sådana fall är det enligt regeringens uppfattning lämpligt att i lag ange grundregeln i direktivet, medan det som i direktivet anges som exempel på vad som ska anses inbegripet i grundregeln i stället bör utvecklas i författningskommentaren.</P>
<P class="p980 ft2">I detta sammanhang finns det anledning att ta upp termerna värdepap- persbolag och värdepappersinstitut. I MiFID II och MiFIR tar en stor del av reglerna sikte på värdepappersföretag. De flesta av de regler i MiFID II och MiFIR som gäller för värdepappersföretag gäller också för kreditinstitut när de tillhandahåller investeringstjänster eller utför investeringsverksamhet (artikel 1.3 i direktivet). Det motsvarar det som gäller enligt MiFID I (artikel 1.2). I svensk rätt benämns sådana företag som i <NOBR>EU-rätten</NOBR> benämns värdepappersföretag värdepappersbolag när de är svenska (1 kap. 5 § 26 lagen om värdepappersmarknaden). I svensk rätt används termen värdepappersinstitut som gemensam beteckning för värdepappersbolag, svenska kreditinstitut med tillstånd att driva värde- pappersrörelse och utländska företag som driver värdepappersrörelse från filial i Sverige (1 kap. 5 § 27 samma lag). Termen värdepappersinstitut, som saknar motsvarighet i <NOBR>EU-rätten,</NOBR> är väl inarbetad och används i många olika författningar. Termerna värdepappersbolag och värdepap- persinstitut innebär således avvikelser från den terminologi som används i både MiFID I och MiFID II och MiFIR. Regeringen anser att fördelarna med att behålla termerna värdepappersbolag och värdepappersinstitut överväger de eventuella nackdelar som en sådan avvikelse från den terminologi som används i <NOBR>EU-rättsakter</NOBR> skulle kunna innebära. Det har inte framkommit att denna avvikelse mellan terminologin i svensk rätt och <NOBR>EU-rätten</NOBR> skulle ha inneburit några problem t.ex. vid tolkningen eller tillämpningen av det som anges i svensk rätt i förhållande till det som anges i MiFID I eller i genomförandeakterna till det direktivet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t134">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td139"><P class="p687 ft121">5.4</P></TD>
<TD class="tr47 td363"><P class="p21 ft21">Hänvisningar till <NOBR>EU-rättsakter</NOBR></P></TD>
</TR>
<TR>
<TD class="tr63 td42"><P class="p23 ft139"> </P></TD>
<TD colspan=2 class="tr61 td364"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Hänvisningarna till <NOBR>EU-förordningar</NOBR> i de</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">bestämmelser som föreslås ska vara dynamiska, dvs. avse förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">ningarna i den vid varje tidpunkt gällande lydelsen. Hänvisningar till</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2"><NOBR>EU-direktiv</NOBR> ska vara statiska, dvs. avse direktivet i den vid en viss</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">tidpunkt gällande lydelsen.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningen </SPAN>behandlar inte frågan.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Flera av förslagen i denna proposition</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">innebär att det i lag införs hänvisningar till regler i MiFID II och MIFIR</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">och till andra <NOBR>EU-rättsakter.</NOBR> Hänvisningar till <NOBR>EU-rättsakter</NOBR> kan göras</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">antingen statiska eller dynamiska. En statisk hänvisning innebär att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">hänvisningen avser <NOBR>EU-rättsakten</NOBR> i en viss angiven lydelse. En dynamisk</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">hänvisning innebär att hänvisningen avser <NOBR>EU-rättsakten</NOBR> i den vid varje</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">tidpunkt gällande lydelsen.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">I lagförslagen i denna proposition är hänvisningarna till <NOBR>EU-förord-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningar dynamiska medan hänvisningarna till <NOBR>EU-direktiv</NOBR> är statiska.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2">MiFID II innebär att det i svensk rätt måste införas bestämmelser om</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">244</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">den behöriga myndighetens – Finansinspektionens – ingripandemöjlig-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_245">
<P class="p186 ft4">heter och bestämmelser om sanktioner vid överträdelser av rättsakterna Prop. 2016/17:162 (se avsnitt 14). MiFID II innebär bl.a. att administrativa sanktioner och</P>
<P class="p113 ft2">åtgärder ska kunna tillämpas åtminstone vid överträdelser av de regler i direktivet och i MiFIR som anges i en överträdelsekatalog och vid vissa andra ageranden (artikel <NOBR>70.3–70.5).</NOBR> Vidare anges vissa administrativa sanktioner och åtgärder som åtminstone ska kunna tillämpas vid över- trädelser, bl.a. sanktionsavgifter (artikel 70.6). Enligt MiFID II ska ett företags överträdelse i vissa fall också kunna medföra sanktioner och åtgärder mot personer i dess ledningsorgan eller andra ansvariga fysiska och juridiska personer (artikel 70.2). I flera av bestämmelserna i svensk rätt krävs därför hänvisningar till såväl bestämmelser i lag som genomför regler i MiFID II som regler i MiFIR. Vilka befogenheter den behöriga myndigheten ska ha, liksom vilken typ av sanktioner och storleken på sanktionsavgifterna som kan beslutas, anges detaljerat i <NOBR>EU-rättsakterna.</NOBR> Handlingsutrymmet för medlemsstaterna när det gäller att införa bestämmelser i nationell rätt är därmed begränsat. Hänvisningar till EU- rättsakter i sådana bestämmelser görs för att ange vid vilka överträdelser Finansinspektionen får använda de befogenheter som ges.</P>
<P class="p426 ft2">För att säkerställa att ändringar i MiFIR får omedelbart genomslag är det ändamålsenligt att hänvisningar dit görs dynamiska. Det är lämpligt att även hänvisningar i lagtexten är dynamiska när de avser andra förordningar (t.ex. den delegerade förordningen till MiFID II och förord- ningen om värdepapperscentraler, se avsnitt 4).</P>
<P class="p429 ft4">Eftersom ändringar i <NOBR>EU-direktiv</NOBR> bör föranleda överväganden av lagstiftaren om huruvida lagtexten behöver ändras bör hänvisningar till sådana <NOBR>EU-rättsakter</NOBR> göras statiska.</P>
<P class="p144 ft4">I författningskommentaren till en viss bestämmelse där hänvisning görs till en <NOBR>EU-rättsakt</NOBR> anges det uttryckligen om den aktuella hänvis- ningen är statisk eller dynamisk.</P>
<P class="p981 ft1">6 Tillämpningsområde</P>
<TABLE cellpadding=0 cellspacing=0 class="t135">
<TR>
<TD class="tr50 td139"><P class="p23 ft21">6.1</P></TD>
<TD colspan=2 class="tr50 td230"><P class="p21 ft21">Inledning</P></TD>
<TD class="tr50 td244"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr1 td359"><P class="p23 ft2">MiFID II och MiFIR är, liksom MiFID I, tillämpliga på vissa tjänster och</P></TD>
<TD class="tr1 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">verksamheter avseende finansiella instrument. Det är när dessa tjänster</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">och verksamheter rör finansiella instrument som de är tillståndspliktiga</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td359"><P class="p23 ft2">och ska utföras enligt reglerna i MiFID II och MiFIR. Finansiella instru-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">ment behandlas i avsnitt 6.2. De tjänster och verksamheter som regleras i</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">MiFID II och MiFIR är för det första investeringstjänster och investe-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td359"><P class="p23 ft2">ringsverksamhet som utförs av värdepappersföretag eller kreditinstitut</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">och sidotjänster som utförs av värdepappersföretag. I svensk rätt används</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">termen värdepappersbolag som benämning av svenska värdepappers-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr25 td359"><P class="p23 ft2">företag och termen värdepappersinstitut som samlingsnamn för värde-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">pappersbolag och kreditinstitut med tillstånd att driva värdepappers-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr26 td359"><P class="p23 ft2">rörelse. I MiFID II och MiFIR regleras även verksamhet som avser</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td176"><P class="p23 ft2">handelsplatser för</P></TD>
<TD class="tr25 td279"><P class="p82 ft2">finansiella instrument.</P></TD>
<TD class="tr25 td244"><P class="p982 ft27">Värdepappersinstitutens</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td176"><P class="p23 ft2">investeringstjänster</P></TD>
<TD class="tr27 td279"><P class="p109 ft2">och investeringsverksamhet</P></TD>
<TD class="tr27 td244"><P class="p982 ft2">behandlas i avsnitt 6.3</P></TD>
<TD rowspan=2 class="tr42 td147"><P class="p20 ft2">245</P></TD>
</TR>
<TR>
<TD class="tr29 td139"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td80"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td279"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td244"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
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<P class="p727 ft2">Prop. 2016/17:162 och sidotjänster i avsnitt 6.4. I MiFID II och MiFIR finns även regler om tillhandahållande av vissa datarapporteringstjänster. Dessa behandlas i avsnitt 7.15. En skillnad i förhållande till MiFID I är att vissa av reglerna i MiFID II ska tillämpas när värdepappersinstitut säljer eller lämnar råd om s.k. strukturerade insättningar, som inte är finansiella instrument. Denna fråga behandlas i avsnitt 6.5. Vissa verksamheter utgör i och för sig investeringstjänster eller investeringsverksamhet enligt definitionerna i MiFID II men är uttryckligen undantagna från tillämpningsområdet för direktivet. Dessa undantag behandlas i avsnitt 6.6. Övriga definitioner behandlas i avsnitt 6.8. Tillämpligheten av regelverket i MiFID II och MiFIR på fondbolag och <NOBR>AIF-förvaltare</NOBR> behandlas i avsnitt 6.9. Handels- platsverksamhet – att driva en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> – behandlas i avsnitt 7.</P>
<P class="p976 ft21"><SPAN class="ft21">6.2</SPAN><SPAN class="ft126">Finansiella instrument</SPAN></P>
<P class="p917 ft129"><SPAN class="ft127">6.2.1</SPAN><SPAN class="ft128">Definitioner</SPAN></P>
<P class="p956 ft2">Finansiella instrument är i MiFID II ett grundläggande uttryck som om- fattar flera olika underkategorier som definieras var för sig i direktivet (se bl.a. artikel <NOBR>4.1.15–4.1.17,</NOBR> <NOBR>4.1.44–4.1.47,</NOBR> 4.1.49 och 4.1.50) och i MiFIR (se bl.a. artikel 2.1.9, <NOBR>2.1.24–2.1.27,</NOBR> 2.1.29, 2.1.30 och 2.1.32). I avsnitt C i bilaga I till MiFID II anges vad som avses med finansiella instrument: överlåtbara värdepapper (punkt 1), penningmarknads- instrument (punkt 2), andelar i företag för kollektiva investeringar (punkt 3), finansiella derivatinstrument (punkterna <NOBR>4–10)</NOBR> och utsläppsrätter (punkt 11). En skillnad i förhållande till MiFID I är att även utsläppsrätter omfattas av definitionen av finansiella instrument i MiFID II. Definitionen av finansiella instrument i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden (1 kap. 4 §).</P>
<P class="p916 ft129"><SPAN class="ft127">6.2.2</SPAN><SPAN class="ft128">Överlåtbara värdepapper</SPAN></P>
<P class="p983 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Definitionen av överlåtbara värdepapper i</P>
<P class="p984 ft2">MiFID II kräver inte någon lagstiftningsåtgärd.</P>
<P class="p985 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft103">Skälen för regeringens bedömning: <SPAN class="ft4">Definitionen av överlåtbara värdepapper i MiFID I (artikel 4.1.18) överensstämmer med definitionen i MiFID II (artikel 4.1.44):</SPAN></P>
<P class="p986 ft2">Överlåtbara värdepapper: värdepapper, utom betalningsmedel, som kan bli föremål för handel på kapitalmarknaden, t.ex.</P>
<P class="p987 ft27"><SPAN class="ft27">a)</SPAN><SPAN class="ft143">aktier och andra värdepapper som motsvarar andelar i aktiebolag, bolag med personligt ansvar eller andra enheter samt depåbevis för aktier,</SPAN></P>
<P class="p165 ft2">246</P>
</DIV>
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<P class="p988 ft2">b) obligationer eller andra typer av värdepapperiserade skuldförbind- Prop. 2016/17:162 elser, inklusive depåbevis för sådana värdepapper,</P>
<P class="p989 ft27"><SPAN class="ft2">c)</SPAN><SPAN class="ft143">alla andra värdepapper som ger rätt att förvärva eller sälja sådana överlåtbara värdepapper eller som resulterar i en kontantavveckling som beräknas utifrån noteringar för överlåtbara värdepapper, valut- or, räntor eller avkastningar, råvaror eller andra index eller mått.</SPAN></P>
<P class="p990 ft2">Definitionen av överlåtbara värdepapper är öppen på så sätt att ett värde- papper som kan bli föremål för handel på kapitalmarknaden är ett över- låtbart värdepapper. I definitionen ges endast exempel på vad som kan utgöra sådana värdepapper. De grundläggande kriterierna i definitionen av överlåtbara värdepapper är ”värdepapper”, ”kan bli föremål för handel” och ”kapitalmarknaden”. Vad som avses med dem definieras inte i MiFID II men har behandlats i förarbetena till lagen om värdepap- persmarknaden (se prop. 2006/07:115 s. 281). Eftersom definitionen av överlåtbara värdepapper är oförändrad i sak i förhållande till MiFID I, anser regeringen att de tidigare förarbetsuttalandena är giltiga även när det gäller MiFID II (se dock avsnitt 6.2.6 om utsläppsrätter). MiFID II föranleder därför inte någon ändring av definitionen av överlåtbara värdepapper i lagen om värdepappersmarknaden. Se även avsnitt 6.8 där det föreslås en definition av depåbevis.</P>
<P class="p991 ft129"><SPAN class="ft127">6.2.3</SPAN><SPAN class="ft132">Penningmarknadsinstrument</SPAN></P>
<P class="p992 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Definitionen av penningmarknadsinstru- ment i MiFID II kräver inte någon lagstiftningsåtgärd.</P>
<P class="p960 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Med penningmarknadsinstru- ment avses i MiFID II (artikel 4.17) sådana klasser av instrument som normalt omsätts på penningmarknaden, t.ex. statsskuldväxlar, inlånings- bevis och företagscertifikat, med undantag av betalningsmedel. Defini- tionen är densamma som i MiFID I (artikel 4.1.19), som har genomförts i svensk rätt i en definition i lagen om värdepappersmarknaden (1 kap. 4 § första stycket 3). Regeringen anser därför att tidigare förarbetsuttalanden om att vissa penningmarknadsinstrument också är överlåtbara värde- papper, och att den specialreglering som avser penningmarknadsinstru- ment i de flesta fall torde bli tillämplig före den allmänna reglering som avser överlåtbara värdepapper, därför är giltiga även när det gäller MiFID II (se prop. 2006/07:115 s. 283 f.). Det krävs därför inte någon lagändring för att genomföra MiFID II i detta avseende.</SPAN></P>
<P class="p426 ft4">I kommissionens delegerade förordning (EU) av den 25 april 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU vad gäller organisatoriska krav och villkor för verksamheten i värde- pappersföretag, och definitioner för tillämpning av det direktivet (i det följande benämnd den delegerade förordningen till MiFID II) finns</P>
<P class="p993 ft2">247</P>
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<P class="p994 ft42">Prop. 2016/17:162 ytterligare beskrivning av vad som avses med penningmarknadsinstru- ment (artikel 11).</P>
<P class="p995 ft131">6.2.4 Andelar i företag för kollektiva investeringar – fondandelar</P>
<P class="p996 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>I definitionen av finansiella instrument i lagen om värdepappersmarknaden ersätts fondandelar av andelar i företag för kollektiva investeringar. Definitionen av fondandelar utmönstras ur lagen.</P>
<TABLE cellpadding=0 cellspacing=0 class="t136">
<TR>
<TD colspan=3 class="tr24 td235"><P class="p523 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td130"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td199"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Någon uttrycklig definition av vad</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">som avses med andelar i företag för kollektiva investeringar finns varken</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">i MiFID II, MiFIR eller MiFID I. I förarbetena till lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft27">marknaden konstaterades att begreppet företag för kollektiva investeringar</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">inte var begränsat till sådana fonder som omfattas av Europaparlamentets</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">och rådets direktiv 2009/65/EG av den 13 juli 2009 om samordning av</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2">lagar och andra författningar som avser företag för kollektiva investe-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">ringar i överlåtbara värdepapper (fondföretag) <NOBR>(UCITS-direktivet,</NOBR> se</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">prop. 2006/07:115 s. 287) och att även andra typer av fonder därför om-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2">fattas. Detta uttalande bör kunna användas som vägledning också för</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">tolkningen av begreppet företag för kollektiva investeringar i MiFID II.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">Fonder kan även vara bildade i form av aktiebolag och i MiFID II (t.ex. i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2">artikel 25.4 a första stycket i) förekommer det i vissa sammanhang att</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">termen aktier i fonder används. Svenska värdepappersfonder och special-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">fonder är dock kontraktuella fonder och således inte bildade som aktie-</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2">bolag (se t.ex. prop. 2012/13:155 s. 174 och prop. 2015/16:170 s. 35 f.). I</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p23 ft2">svensk rätt innefattar termen andelar alla typer av andelar, även aktier.</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td235"><P class="p20 ft2">Uttrycket andelar i företag för kollektiva investeringar är detsamma i</P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td235"><P class="p20 ft2">MiFID II som i MiFID I. Vid genomförandet i svensk rätt av MiFID I</P></TD>
</TR>
<TR>
<TD class="tr26 td130"><P class="p23 ft2">infördes det dock en definition</P></TD>
<TD class="tr26 td55"><P class="p59 ft2">i lagen</P></TD>
<TD class="tr26 td199"><P class="p20 ft2">om värdepappersmarknaden</P></TD>
</TR>
<TR>
<TD class="tr30 td130"><P class="p23 ft14">(1 kap. 4 § första stycket 4) av</P></TD>
<TD class="tr30 td55"><P class="p23 ft14">termen</P></TD>
<TD class="tr30 td199"><P class="p20 ft14">fondandelar i stället för av</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">uttrycket andelar i företag för kollektiva investeringar. Det är visserligen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">så att merparten av de finansiella instrumenten i denna kategori är just</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fondandelar, dvs. andelar i värdepappersfonder och specialfonder eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">motsvarande utländska fonder. Som framgår ovan omfattar dock MiFID II</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">även andra andelar i företag för kollektiva investeringar, vilket i och för sig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">också anges i definitionen av termen fondandelar i lagen om värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">persmarknaden. Regeringen anser emellertid i likhet med utredningen att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">definitionen av finansiella instrument i lagen bör ändras så att den helt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">överensstämmer med den i MiFID II i syfte att uppnå ett så direktivnära</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">genomförande i svensk rätt som möjligt (se avsnitt 5.3). I stället för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">fondandelar bör det i uppräkningen av vad som avses med finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">instrument anges andelar i företag för kollektiva investeringar. Den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">särskilda definitionen av termen fondandelar bör därför utmönstras ur</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lagen. <SPAN class="ft3">Lagrådet </SPAN>förordar att det i lagen införs en definition av ”andelar i</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td57"><P class="p140 ft2">248</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">företag för kollektiva investeringar”. I syfte att säkerställa ett enhetligt</P></TD>
</TR>
<TR>
<TD class="tr67 td368"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_249">
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<P class="p186 ft4">regelverk där definitionerna av olika finansiella instrument i lagen Prop. 2016/17:162 överensstämmer med definitionerna i MiFID II, anser regeringen</P>
<P class="p353 ft2">emellertid att det inte bör införas en sådan särskild definition i lagen.</P>
<P class="p997 ft129"><SPAN class="ft127">6.2.5</SPAN><SPAN class="ft132">Derivatinstrument</SPAN></P>
<P class="p998 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>I definitionen av finansiella derivatinstrument i lagen om värdepappersmarknaden undantas grossistenergiprodukter som handlas på en <NOBR>OTF-plattform</NOBR> och som måste avvecklas fysiskt. Hänvisningen till utsläppsrätter i definitionen av finansiella derivat- instrument flyttas inom definitionen på motsvarande sätt som i MiFID II.</P>
<P class="p426 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>avviker från regeringens förslag. Enligt utredningens bedömning krävs det inte någon lagstiftningsåtgärd för att genomföra det som anges om derivatinstrument i punkterna <NOBR>4–10</NOBR> i avsnitt C i bilaga I till MiFID II.</P>
<P class="p144 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker bedömningen eller har inget att invända mot den. <SPAN class="ft3">Energimarknadsinspektionen </SPAN>och <SPAN class="ft3">Svensk Energi </SPAN>påpekar att utredningens bedömning inte omfattar det undantag som finns i MiFID II (punkt 6 i avsnitt C i bilaga I) avseende grossistenergiprodukter med fysisk avveckling som handlas på en OTF- plattform och att det behöver klargöras vad som gäller enligt svensk rätt avseende detta undantag. <SPAN class="ft3">Nordic Growth Market NGM AB </SPAN>framför att företaget uppfattar definitionen av derivat i MiFIR såsom att det endast är överlåtbara värdepapper som handlas genom bilaterala kontrakt som är derivat i lagens mening. Instrument som är upptagna till handel på den reglerade marknaden NDX som NGM driver handlas inte genom bilate- rala kontrakt; i stället regleras instrumentvillkoren av emittentens (i prak- tiken ett värdepappersinstitut) basprospekt tillsammans med slutliga vill- kor för instrumentet. NGM önskar därför ett förtydligande om det endast är överlåtbara värdepapper som handlas genom bilaterala kontrakt som utgör derivat enligt definitionen av derivat i MiFID II.</P>
<P class="p357 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID I utgörs definitionen av finansiellt instrument av en hänvisning till sådana instrument som anges i avsnitt C i bilaga I till direktivet (artikel 4.1.17). När MiFID I genom- fördes i svensk rätt infördes i lagen om värdepappersmarknaden (1 kap. 4 § första stycket 5) en definition av finansiella derivatinstrument. Den definitionen i lagen har inte någon motsvarighet i MiFID I, men det som anges i den överensstämmer med de olika instrument som räknas upp i punkterna <NOBR>4–10</NOBR> i avsnitt C i bilaga I till direktivet (se prop. 2006/07:115 s. 289). Dessa instrument har det gemensamt att värdet på instrumentet beror på värdet på en underliggande tillgång eller faktor som instru- mentet hänför sig till. Instrumenten kan enligt MiFID I ha valutor, räntor, värdepapper och andra finansiella tillgångar som underliggande faktorer (punkterna 4, 8 och 9) eller helt andra underliggande faktorer, såsom råvaror, utsläppsrätter och klimatvariationer (punkterna <NOBR>5–7</NOBR> och 10).</P>
<P class="p426 ft4">I definitionen av finansiella derivatinstrument i lagen om värdepap- persmarknaden anges de olika typer av instrument som omfattas på mot-</P>
<P class="p19 ft145">svarande sätt som i MiFID I (leden <NOBR>a–g</NOBR> i 1 kap. 4 § första stycket 5</P>
<P class="p596 ft2">249</P>
</DIV>
<DIV id="page_250">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p57 ft2">respektive punkterna <NOBR>4–10</NOBR> i avsnitt C i bilaga I). I MiFID II överens-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">stämmer innehållet i punkterna <NOBR>4–10</NOBR> i avsnitt C i bilaga I till det direk-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tivet i huvudsak med punkterna <NOBR>4–10</NOBR> i avsnitt C i bilaga I till MiFID I</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">med några undantag.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">I punkt 5 i avsnitt C i bilaga I till MiFID II har termen räntesäkrings-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">avtal i den svenska och ”forward rate agreement” i den engelska språk-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">versionen ersatts med termen ”forwards” i båda språkversionerna.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">I punkt 7 har termen terminer i den svenska språkversionen ersatts med</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">termen ”forwards”. I punkterna <NOBR>4–7</NOBR> och 10 har termen terminskontrakt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ersatts med ”futures” både i den svenska och engelska språkversionen.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">Regeringen anser därför att motsvarande justeringar bör göras i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">definitionen av finansiella derivatinstrument i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">marknaden (1 kap. 4 § första stycket 5 b och d).</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Vidare har det i punkt 6, som avser råvaruderivat som handlas på en</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">handelsplats, införts ett undantag avseende grossistenergiprodukter. En-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ligt den punkten är optioner, futures, swappar och varje annat derivat-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">kontrakt som avser råvaror som kan avvecklas fysiskt, förutsatt att de</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">handlas på en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-platt-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">form, med undantag för de grossistenergiprodukter som handlas på en</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2"><NOBR>OTF-plattform</NOBR> och som måste avvecklas fysiskt, finansiella instrument.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">Undantaget avseende grossistenergiprodukter som handlas på en OTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">plattform och som avvecklas fysiskt bör begränsas för att undvika att det</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">skapas kryphål som kan leda till regleringsarbitrage (skäl 10 till</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">MiFID II). Av den anledningen har kommissionen i den delegerade för-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ordningen till MiFID II (artikel 5) preciserat vad som gäller vid fysisk</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">avveckling av grossistenergiprodukter. I likhet med <SPAN class="ft3">Energimarknads-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2"><SPAN class="ft3">inspektionen </SPAN>och <SPAN class="ft3">Svensk Energi </SPAN>anser regeringen att det finns anledning</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">att förtydliga vad som gäller för sådana grossistenergiprodukter som inte</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">ska anses som finansiella instrument enligt MiFID II (punkt 6 i avsnitt C</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">i bilaga I). Enligt regeringens uppfattning bör det göras genom att det i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">definitionen av finansiella derivatinstrument i lagen om värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">persmarknaden införs ett motsvarande undantag som det i direktivet för</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">grossistenergiprodukter som handlas på en <NOBR>OTF-plattform</NOBR> och som måste</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">avvecklas fysiskt. <NOBR>OTF-plattformar</NOBR> behandlas i avsnitt 7.5.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Regeringen anser även att hänvisningen till utsläppsrätter i definitionen</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">av finansiella derivatinstrument i lagen om värdepappersmarknaden bör</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">flyttas på motsvarande sätt som har gjorts i MiFID II i förhållande till</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">MiFID I (från led g till led a i definitionen av finansiella derivatinstru-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ment i 1 kap. 4 § första stycket respektive från punkt 10 till punkt 4 i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">avsnitt C i bilaga I). Den ändringen är endast en följd av att i MiFID II</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">inbegrips utsläppsrätter i definitionen av finansiella instrument, se avsnitt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">6.2.6.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">I punkterna 7 och 10 i avsnitt C i bilaga I till MiFID II har de slutled</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">som finns i samma punkter i MiFID I tagits bort (”med utgångspunkt</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">från bland annat om clearing och avveckling sker via erkända system för</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">clearing, eller om de är föremål för regelmässiga marginalsäkerhetskrav”</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">respektive ”om clearing och avveckling sker via erkända system för</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">clearing, eller om de är föremål för regelmässiga marginalsäkerhets-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">krav”). Motsvarande justering bör göras i definitionen av finansiella</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">derivatinstrument i lagen om värdepappersmarknaden (1 kap. 4 § första</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">250</P></TD>
<TD class="tr27 td64"><P class="p57 ft2">stycket 5 d och g).</P></TD>
</TR>
</TABLE>
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<P class="p999 ft4">Regeringen anser att det inte krävs någon lagstiftningsåtgärd för att Prop. 2016/17:162 genomföra det som anges om derivatinstrument i punkterna 8 och 9 i</P>
<P class="p1000 ft2">avsnitt C i bilaga I till MiFID II.</P>
<P class="p1001 ft2"><SPAN class="ft3">Nordic Growth Market NGM AB </SPAN>önskar ett förtydligande avseende definitionerna av derivat. Utöver definitionen av finansiella derivatinstru- ment i lagen om värdepappersmarknaden finns det även i MiFIR, som är direkt tillämplig i nationell rätt, en definition av derivat. Definitionen i MiFIR (artikel 2.1 29) är utformad som en hänvisning till vissa finan- siella instrument som anges i MiFID II. Definitionen av derivat i MiFIR omfattar dels derivat som är överlåtbara värdepapper enligt definitionen i MiFID II (artikel 4.1 44 c), dels sådana derivatkontrakt som anges i bilaga I till direktivet (punkterna <NOBR>4–10</NOBR> i avsnitt C) och som inte är överlåtbara värdepapper. På motsvarande sätt avses med derivatinstru- ment i lagen om värdepappersmarknaden både sådana instrument som är överlåtbara värdepapper (1 kap. 4 § första stycket 2 c) och sådana som är finansiella derivatinstrument (1 kap. 4 § första stycket 5) (prop. 2006/07:115 s. 283 f. och 288). Derivatinstrument som är överlåtbara värdepapper handlas i multilaterala system. Derivatinstrument som inte är överlåtbara värdepapper handlas i multilaterala system eller bilateralt.</P>
<P class="p1002 ft2">I den delegerade förordningen till MiFID II finns en definition av rå- vara (artikel 2.6). Vidare finns detaljerade regler om vad som utgör ett energiderivatkontrakt som avser olja, kol och grossistenergiprodukter (artikel 6), vilka övriga finansiella derivatinstrument som avses i punkterna 7 och 10 i avsnitt C i bilaga I till MiFID II (artikel 7) och vilka derivatkontrakt som avses i punkt 10 i avsnitt C i bilaga I till direktivet (artikel 8). I den delegerade förordningen specificeras även egenskaper hos andra derivatkontrakt som avser valutor (artikel 10).</P>
<P class="p1003 ft129"><SPAN class="ft127">6.2.6</SPAN><SPAN class="ft132">Utsläppsrätter</SPAN></P>
<P class="p1004 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Utsläppsrätter som omfattas av MiFID II tas in i definitionen av finansiella instrument i lagen om värdepappersmark- naden. Nuvarande särskilda bestämmelser om utsläppsrätter utmönstras ur lagen om värdepappersmarknaden och lagen om bank- och finansie- ringsrörelse.</P>
<P class="p1005 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna</SPAN>: Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p1006 ft2">har inget att invända mot det. <SPAN class="ft3">Statens energimyndighet </SPAN>anser att hänvisningen till handelsdirektivets definition av utsläppsrätter skapar en otydlighet kring vilken typ av enheter som omfattas av definitionen av utsläppsrätter i MiFID II. <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">AP-fonderna</SPAN></NOBR><SPAN class="ft3"> </SPAN>anser att det bör tydliggöras om och i vilken utsträckning <NOBR>AP-fonderna</NOBR> kan investera i utsläppsrätter nu när dessa betraktas som finansiella instrument.</P>
<P class="p1007 ft4"><SPAN class="ft103">Skälen för regeringens förslag: </SPAN>En typ av instrument som omfattas av definitionen av finansiella instrument i MiFID II (punkt 11 i avsnitt C i bilaga I) men som inte gör det i definitionen av finansiella instrument i MiFID I är sådana utsläppsrätter som avses i Europaparlamentets och rådets direktiv 2003/87/EG av den 13 oktober 2003 om ett system för</P>
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<P class="p820 ft4">Prop. 2016/17:162 handel med utsläppsrätter för växthusgaser inom gemenskapen och om ändring av rådets direktiv 96/61/EG (det s.k. handelsdirektivet).</P>
<P class="p575 ft2">Enligt MiFID II är utsläppsrätter som består av enheter som erkänts med avseende på kraven i handelsdirektivet finansiella instrument. I handelsdirektivet (artikel 3 a) definieras en utsläppsrätt som en rätt att släppa ut ett ton koldioxidekvivalenter under en fastställd period, giltig endast för uppfyllande av de krav som fastställs i direktivet och vilken kan överlåtas i enlighet med bestämmelserna i det direktivet. Det innebär att de utsläppsrätter som utfärdas inom EU:s system för handel med ut- släppsrätter (EU ETS) är finansiella instrument enligt MiFID II. Utöver dessa enheter definieras i handelsdirektivet även s.k. Kyotoenheter. Kyotoenheter är utsläppsenheter som utfärdas i enlighet med det inter- nationella systemet under Kyotoprotokollet (se artikel 3 m och n i handelsdirektivet). Även sådana enheter kan överlåtas och användas för uppfyllande av åtaganden inom EU ETS i enlighet med bestämmelserna i handelsdirektivet (se t.ex. artikel 11 a). Det bör dock poängteras att Kyotoenheterna enligt definitionen av utsläppsrätter i handelsdirektivet inte är giltiga endast för uppfyllande av kraven i det direktivet. Det inne- bär att de enheter som används på den internationella marknaden och de Kyotoenheter som är tillåtna i EU ETS inte omfattas av definitionen av finansiella instrument i MiFID II (jfr skäl 11 till MiFID II).</P>
<P class="p711 ft4">Med anledning av <NOBR><SPAN class="ft45">Första–Fjärde</SPAN></NOBR><SPAN class="ft45"> </SPAN><NOBR><SPAN class="ft45">AP-fonderna</SPAN></NOBR><SPAN class="ft45"> </SPAN>synpunkt konstaterar regeringen att <NOBR>AP-fondernas</NOBR> placeringsregler inte är en fråga som bör behandlas inom ramen för det förevarande lagstiftningsärendet.</P>
<P class="p575 ft2">Regeringen anser att definitionen av finansiella instrument i lagen om värdepappersmarknaden bör omfatta även sådana utsläppsrätter som är finansiella instrument enligt MiFID II. Som en följd av att sådana ut- släppsrätter definieras som finansiella instrument och därmed kommer att omfattas av de bestämmelser som gäller för finansiella instrument, bör vissa särskilda bestämmelser som i dag gäller för utsläppsrätter utmön- stras. Sådana bestämmelser finns i lagen om värdepappersmarknaden (2 kap. 3 § andra stycket 2 och 13 kap. 12 § fjärde stycket) och lagen (2004:297) om bank- och finansieringsrörelse (7 kap. 1 § andra stycket 16).</P>
<P class="p1009 ft23"><SPAN class="ft21">6.3</SPAN><SPAN class="ft137">Investeringstjänster och investeringsverksamhet</SPAN></P>
<P class="p1010 ft129"><SPAN class="ft127">6.3.1</SPAN><SPAN class="ft128">Inledning</SPAN></P>
<P class="p927 ft2">I avsnitt 6.3 behandlas olika investeringstjänster och investeringsverk- samhet. I MiFID II avses med investeringstjänster och investeringsverk- samhet de tillståndspliktiga tjänster och verksamheter som anges i avsnitt A i bilaga I i fråga om de finansiella instrument som anges i avsnitt C i bilaga I (artikel 4.1.2). De tjänster och verksamheter som avses är följande.</P>
<P class="p1011 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft146">Mottagande och vidarebefordran av order beträffande ett eller flera finansiella instrument.</SPAN></P>
<P class="p652 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft147">Utförande av order på kunders uppdrag.</SPAN></P>
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<TD class="tr33 td134"><P class="p23 ft2">3. Handel för egen räkning.</P></TD>
<TD class="tr33 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
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<P class="p105 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft148">Portföljförvaltning.</SPAN></P>
<P class="p105 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft148">Investeringsrådgivning.</SPAN></P>
<P class="p1012 ft4"><SPAN class="ft2">6.</SPAN><SPAN class="ft149">Garantiverksamhet för finansiella instrument och/eller placering av finansiella instrument på grundval av ett fast åtagande.</SPAN></P>
<P class="p105 ft2"><SPAN class="ft2">7.</SPAN><SPAN class="ft148">Placering av finansiella instrument utan fast åtagande.</SPAN></P>
<P class="p105 ft2"><SPAN class="ft2">8.</SPAN><SPAN class="ft148">Drift av en </SPAN><NOBR>MTF-plattform.</NOBR></P>
<P class="p105 ft2"><SPAN class="ft2">9.</SPAN><SPAN class="ft148">Drift av en </SPAN><NOBR>OTF-plattform.</NOBR></P>
<P class="p1013 ft4">Dessa tjänster och verksamheter motsvarar i huvudsak de som anges i MiFID I (avsnitt A i bilaga I, se prop. 2006/07:115 s. <NOBR>300–320).</NOBR> Investe- ringsverksamheten drift av en <NOBR>OTF-plattform</NOBR> är dock ny i MiFID II och har inte någon motsvarighet i MiFID I (se avsnitt 6.3.8).</P>
<P class="p1014 ft129"><SPAN class="ft127">6.3.2</SPAN><SPAN class="ft132">Mottagande och vidarebefordran av order</SPAN></P>
<P class="p1015 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Investeringstjänsten mottagande och vidarebefordran av order kräver ingen lagstiftningsåtgärd.</P>
<P class="p839 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p11 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p11 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>Det finns varken i MiFID II eller i MiFID I någon definition av vad som avses med investeringstjänsten mottagande och vidarebefordran av order (jfr dock definitionen av investe- ringstjänster och investeringsverksamhet i artikel 4.1.2 i MiFID I och MiFID II som utgörs av en hänvisning till avsnitt A i bilaga I till de båda direktiven, dvs. den förteckning över investeringstjänster och investe- ringsverksamhet i vilken mottagande och vidarebefordran av order anges i punkt 1). Någon sådan definition finns inte heller i lagen om värde- pappersmarknaden, utan den tjänsten anges i lagen som en av de till- ståndspliktiga investeringstjänsterna (2 kap. 1 § 1). Tidigare förarbets- uttalanden om hur denna investeringstjänst skiljer sig från investerings- tjänsten utföra order på kunders uppdrag är fortfarande giltiga: ett värde- pappersinstitut som tar emot en order från en kund och vidarebefordrar ordern till ett annat institut som utför ordern på en handelsplats ägnar sig åt tjänsten ta emot och vidarebefordra order, medan det värdepappers- institut som genomför avslutet på handelsplatsen ägnar sig åt tjänsten utföra order på kunders uppdrag (se prop. 2006/07:115 s. 306). I tjänsten inryms även att ett värdepappersinstitut sammanför en köpare och en säljare av finansiella instrument för att få till stånd en transaktion mellan dessa (skäl 44 till MiFID II). Utrymmet för att inom ramen för investerings- tjänsten ta emot och vidarebefordra order organisera handel i finansiella instrument, har dock krympt avsevärt i MiFID II i förhållande till MiFID I. Sådan verksamhet är nämligen enligt huvudregeln i MiFID II antingen <NOBR>MTF-verksamhet</NOBR> eller <NOBR>OTF-verksamhet</NOBR> eller systematisk internhandel (se artikel 1.7 i MiFID II och skäl 9 till MiFIR). Regeringen anser i likhet med utredningen att det inte krävs någon lagstiftningsåtgärd</P>
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<P class="p820 ft42">Prop. 2016/17:162 när det gäller investeringstjänsten mottagande och vidarebefordran av order i MiFID II.</P>
<P class="p1017 ft129"><SPAN class="ft127">6.3.3</SPAN><SPAN class="ft128">Utförande av order på kunders uppdrag</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Investeringstjänsten utförande av order avseende finansiella instrument på kunders uppdrag i lagen om värde- pappersmarknaden benämns i stället utförande av order på kunders uppdrag. En definition av den investeringstjänsten som motsvarar den i MiFID II tas in i lagen.</P>
<P class="p1019 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Med investeringstjänsten utförande av order på kunders uppdrag avses i MiFID II att agera så att ett avtal om att köpa eller sälja ett eller flera finansiella instrument sluts för kunders räkning (artikel 4.1.5). Så långt är definitionen densamma i MiFID II och i MiFID I (artikel 4.1.5). Definitionen i MiFID II innehåller dock ett för- tydligande av att tjänsten även inkluderar de fall då ett avtal om försälj- ning av finansiella instrument, utgivna av ett värdepappersföretag eller ett kreditinstitut, ingås vid tidpunkten för utgivningen. Detta innebär att ett värdepappersinstitut som ger ut finansiella instrument, t.ex. aktier, obligationer eller strukturerade produkter, anses utföra investerings- tjänsten utförande av order när instrumenten distribueras till institutets kunder (se skäl 45 till MiFID II).</P>
<P class="p1020 ft2">När MiFID I genomfördes i svensk rätt uttalades i förarbetena att ett värdepappersinstitut borde anses tillhandahålla tjänsten utförande av kundorder i fråga om primärmarknadstransaktioner, t.ex. om ett institut utför en kundorder som avser teckning av aktier (se prop. 2006/07:115 s. 303). Utgångspunkten för resonemanget tycks enligt utredningen i första hand ha varit att utgivaren av de finansiella instrumenten var någon annan än värdepappersinstitutet självt, eftersom det i förarbetena talas om att institutet i fråga får anses tillhandahålla en tjänst till ut- givaren och en annan tjänst till de investerande kunderna.</P>
<P class="p1021 ft2">Utredningen konstaterar att Finansinspektionen har berört frågan i sin slutrapport Ett år med MiFID (Slutrapport: Så klarar företagen de nya värdepappersreglerna, <NOBR>2009-04-09,</NOBR> s. 22). Där anger Finansinspektionen att kundskyddsreglerna i lagen om värdepappersmarknaden bör tilläm- pas, om det i en primärmarknadstransaktion uppstår ett kundförhållande mellan värdepappersinstitutet och investeraren. Som exempel anger inspektionen att värdepappersinstitutet har en aktiv roll i erbjudandet genom att marknadsföra det i eget namn eller som arrangör eller distributör. Resone- manget indikerar enligt utredningen att det kan finnas situationer när värdepappersinstitutet ger ut finansiella instrument som distribueras till investerare utan att kundskyddsreglerna i lagen blir tillämpliga. Genom förtydligandet i definitionen i MiFID II av utförande av order – att distribution av finansiella instrument som värdepappersinstitutet gett ut omfattas – finns det inte längre något utrymme för sådana undantagssitua-</P>
<P class="p535 ft2">tioner. Detta kan enligt utredningen innebära en rad praktiska problem</P>
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<P class="p186 ft4">när ett värdepappersinstitut självt genomför t.ex. en nyemission av aktier. Prop. 2016/17:162 I många fall kommer de som tecknar sig i emissionen inte att ha någon</P>
<P class="p113 ft2">kundrelation till institutet. Den som tecknar sig kan göra det med hjälp av ett annat institut eller helt på eget bevåg, eftersom prospekt och anmäl- ningssedlar normalt finns allmänt tillgängliga på internet. Den relation det emitterande institutet har till dem som tecknar sig kan då inskränka sig till att ta emot en redan ifylld anmälningssedel och det blir enligt utred- ningen i praktiken omöjligt för institutet att tillämpa reglerna om informa- tionsutbyte och passandebedömning m.m. Samma problem kan enligt utredningen uppstå när institutet bistår ett annat företag vid en emission. Det finns ingen uppgift om värdepappersinstitut i praktiken utför order i samband med primärmarknadstransaktioner för egen räkning (t.ex. ny- emission av egna aktier) i någon större omfattning. Regeringen anser därför i likhet med utredningen att det bör överlämnas till rätts- tillämpningen att lösa de eventuella praktiska problem som kan upp- komma som en följd av att definitionen i MiFID II numera även omfattar distribution av finansiella instrument som ett värdepappersinstitut gett ut.</P>
<P class="p426 ft2">Vid genomförandet i svensk rätt av MiFID I infördes det inte någon definition av investeringstjänsten utföra order på kunders uppdrag i lagen om värdepappersmarknaden. I lagen formulerades tjänsten i stället i sig så – ”utförande av order avseende finansiella instrument på kunders upp- drag” – att den innehåller delar av definitionen i direktivet (2 kap. 1 § 2). Regeringen anser i likhet med utredningen att när MiFID II genomförs i svensk rätt bör investeringstjänsten benämnas på samma sätt i lagen om värdepappersmarknaden som i direktivet (punkt 2 i avsnitt A i bilaga I) och att en definition bör tas in i lagen som motsvarar den i direktivet (artikel 4.1.5). På så sätt kommer det förtydligande av investerings- tjänsten som har gjorts i MiFID II i förhållande till MiFID I när det gäller finansiella instrument utgivna av det värdepappersinstitut som utför tjänsten till uttryck även i lagen.</P>
<P class="p1022 ft2">I den svenska språkversionen av direktivet är dock ordvalet inte helt konsekvent. I avsnitt A i bilaga I benämns tjänsten ”utförande av order på kunders uppdrag”, medan samma sak i definitionen i artikel 4.1.5 benämns ”utförande av order för kunds räkning”. Samma skillnad finns i MiFID I. I den engelska språkversionen av både MiFID II och MiFID I benämns dock tjänsten ”execution of orders on behalf of clients” både i bilagan och i definitionen. Det är därmed tydligt att någon skillnad mellan det som anges i bilagan och i definitionen inte är avsedd. Regeringen anser i likhet med utredningen att i lagen om värdepappersmarknaden bör investeringstjänsten benämnas utförande av order på kunders upp- drag i enlighet med det som anges i bilagan till direktivet.</P>
<P class="p1023 ft129"><SPAN class="ft127">6.3.4</SPAN><SPAN class="ft132">Handel för egen räkning</SPAN></P>
<P class="p1024 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Investeringsverksamheten handel med finansiella instrument för egen räkning i lagen om värdepappersmarknaden benämns i stället handel för egen räkning. En definition av den investeringsverksamheten som motsvarar den i MiFID II tas in i lagen.</P>
<P class="p168 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P>
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<P class="p820 ft2">Prop. 2016/17:162 <SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p1026 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II definieras investerings- verksamheten handel för egen räkning som handel med utnyttjande av eget kapital som utmynnar i att transaktioner med ett eller flera finan- siella instrument ingås (artikel 4.1.6). Definitionen är delvis densamma som i MiFID I (artikel 4.1.6). Någon motsvarande definition finns inte i lagen om värdepappersmarknaden, men i lagen är investeringstjänsten formulerad så att en del av definitionen i direktivet – att det rör sig om handel med finansiella instrument för egen räkning – ingår (2 kap. 1 § 3).</P>
<P class="p711 ft4">Regeringen anser i likhet med utredningen att även denna investerings- verksamhet bör benämnas på samma sätt i lagen om värdepappersmark- naden som i direktivet (punkt 3 i avsnitt A i bilaga I) och att en definition bör tas in i lagen som motsvarar den i direktivet.</P>
<P class="p926 ft129"><SPAN class="ft127">6.3.5</SPAN><SPAN class="ft128">Portföljförvaltning</SPAN></P>
<P class="p1027 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Investeringstjänsten diskretionär portföljförvalt- ning avseende finansiella instrument i lagen om värdepappersmark- naden benämns i stället portföljförvaltning. En definition av den investeringstjänsten som motsvarar den i MiFID II tas in i lagen.</P>
<P class="p1019 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p646 ft2">har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att rådgivning om placeringar i finansiella instrument inom ramen för en försäkring ryms i termerna investeringsrådgivning och portföljförvaltning. <SPAN class="ft3">Juridiska fakultetsnämnden vid Stockholms universitet </SPAN>saknar en analys av olika tolkningsalternativ avseende utredningens slutsats att definitionen av portföljförvaltning täcker in förvaltning inom ramen för försäkrings- lösningar och premiepensionssystemet. Fakultetsnämnden efterlyser en beskrivning av vilka marknadsekonomiska konsekvenser liksom konsek- vensöverväganden som aktualiseras enligt respektive tolkningsalternativ.</P>
<P class="p654 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II definieras investerings- tjänsten portföljförvaltning som förvaltning av värdepapper på diskre- tionär basis enligt uppdrag från enskilda kunder, om dessa portföljer inne- håller ett eller flera finansiella instrument (artikel 4.1.8). Definitionen är densamma som i MiFID I (artikel 4.1.9). Råd om typer av finansiella instrument som är lämpliga för kunden såsom rådgivning avseende port- följfördelning (t.ex. hälften aktierelaterade och hälften ränterelaterade instrument) faller utanför det tillståndspliktiga området. Om ett värde- pappersinstitut tillhandahåller sådan rådgivning som en förberedelse till portföljförvaltningen, ska det dock anses som en integrerad del av tjänst- en (se skälen 81 och 82 till genomförandedirektivet till MiFID I).</P>
<P class="p975 ft4">Vid genomförandet i svensk rätt av MiFID I infördes det inte någon definition av investeringstjänsten portföljförvaltning i lagen om värde- pappersmarknaden. I lagen (2 kap. 1 § 4) formulerades investerings- tjänsten i stället i sig så – diskretionär portföljförvaltning avseende finan- siella instrument – att den innehåller delar av definitionen i direktivet.</P>
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<P class="p747 ft4">Regeringen anser i likhet med utredningen att även denna investerings- Prop. 2016/17:162 tjänst bör benämnas på samma sätt som i direktivet (punkt 4 i avsnitt A i</P>
<P class="p113 ft2">bilaga I) och att en definition bör tas in i lagen som motsvarar den i direktivet (artikel 4.1.8).</P>
<P class="p264 ft3">Juridiska fakultetsnämnden vid Stockholms universitet <SPAN class="ft2">tar upp frågan om portföljförvaltning som utförs inom ramen för försäkringslösningar och premiepensionssystemet. När det gäller MiFID II gör utredningen bedömningen att investeringstjänsten portföljförvaltning omfattar sådan förvaltning som görs inom ramen för olika försäkringslösningar och premiepensionssystemet. Utredningens bedömning överensstämmer även med det som </SPAN>Finansinspektionen <SPAN class="ft2">framför och med inspektionens nuvar- ande praxis när det gäller investeringstjänsten diskretionär portföljför- valtning avseende finansiella instrument. Regeringen anser inte att det finns skäl att göra någon annan bedömning. Eftersom denna bedömning överensstämmer med gällande praxis finns det enligt regeringens uppfatt- ning inte anledning att göra någon sådan analys eller några sådana överväganden som Juridiska fakultetsnämnden efterfrågar.</SPAN></P>
<P class="p991 ft129"><SPAN class="ft127">6.3.6</SPAN><SPAN class="ft132">Investeringsrådgivning</SPAN></P>
<P class="p992 ft42"><SPAN class="ft141">Regeringens förslag: </SPAN>En definition av investeringsrådgivning som motsvarar den i MiFID II tas in i lagen om värdepappersmarknaden.</P>
<P class="p1028 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p113 ft2">har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>och <SPAN class="ft3">Juridiska fakultets- nämnden vid Stockholms universitet </SPAN>framför samma synpunkter som när det gäller avsnitt 6.3.5.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II (artikel 4.1.4.), liksom i MiFID I (artikel 4.1.4), definieras investeringstjänsten investeringsråd- givning som tillhandahållande av personliga rekommendationer till en kund, på dennes begäran eller på värdepappersföretagets initiativ, i fråga om en eller flera transaktioner som avser finansiella instrument. Den precisering av vad som avses med en personlig rekommendation som fanns i genomförandedirektivet till MiFID I (artikel 52) har överförts oförändrad till den delegerade förordningen till MiFID II (artikel 9).</P>
<P class="p429 ft2">Det finns inte heller någon definition av denna investeringstjänst i lagen om värdepappersmarknaden. Regeringen anser i enlighet med det som anges i avsnitten <NOBR>6.3.3–6.3.5</NOBR> att en definition även av denna investe- ringstjänst bör tas in i lagen om värdepappersmarknaden som motsvarar den i MiFID II (artikel 4.1.4).</P>
<P class="p264 ft2">Investeringstjänsten investeringsrådgivning kännetecknas av att kunden får en personlig rekommendation avseende det finansiella instru- mentet. En rekommendation är personlig om den ges till en person i egenskap av investerare eller presumtiv investerare eller i egenskap av ombud för en investerare eller presumtiv investerare, vilket följer av genomförandedirektivet till MiFID I (artikel 52). Rekommendationen ska enligt det direktivet avse att köpa, sälja, teckna sig för, byta, lösa in, be- hålla eller garantera ett speciellt finansiellt instrument; att utnyttja eller</P>
<P class="p19 ft2">inte utnyttja en rätt som ges genom ett visst finansiellt instrument eller att</P>
<P class="p890 ft2">257</P>
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<P class="p727 ft2">Prop. 2016/17:162 köpa, sälja, teckna sig för, byta eller lösa in ett finansiellt instrument. Vid placering i finansiella instrument som görs inom ramen för en försäkring är det försäkringstagaren som får rekommendationen och försäkrings- företaget som formellt köper, säljer eller tecknar sig. På samma sätt är det pensionsspararen som får råd om placeringar i andelar i värde- pappersfonder inom premiepensionssystemet och Pensionsmyndigheten som vänder sig till ett fondbolag för att köpa eller lösa in andelarna. Något krav på att det ska vara samma person som får rådet och som köper eller säljer det finansiella instrumentet finns varken i MiFID I eller i MiFID II. Regeringen anser i likhet med utredningen att definitionen av investeringsrådgivning bör täcka in även situationer när den som får rådet och den som genomför transaktionen eller äger de berörda finan- siella instrumenten är olika personer. I nämnda genomförandedirektiv anges t.ex. att den som tar emot rekommendationen kan göra det i egen- skap av investerare eller ombud för en investerare. Därtill kommer att i direktivet inskränks inte termen investerare till att avse enbart direkt- investerare.</P>
<P class="p1029 ft2">När det gäller rådgivning som avser finansiella instrument som ingår i olika försäkringslösningar och i premiepensionssystemet anser regering- en således i likhet med utredningen och <SPAN class="ft3">Finansinspektionen </SPAN>att även sådan rådgivning bör anses utgöra investeringsrådgivning enligt MiFID II. Det innebär en ändring i förhållande till hur sådan rådgivning bedöms enligt Finansinspektionens nuvarande praxis. De konsekvenser som det kan innebära kommer att redovisas närmare i det lagstiftnings- ärende som behandlar genomförandet i svensk rätt av Europaparla- mentets och rådets direktiv (EU) 2016/97 av den 20 januari 2016 om försäkringsdistribution (direktivet om försäkringsdistribution).</P>
<P class="p1030 ft131"><SPAN class="ft127">6.3.7</SPAN><SPAN class="ft150">Garantigivning och placering av finansiella instrument</SPAN></P>
<P class="p1031 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Investeringstjänsterna garantigivning av- seende finansiella instrument och placering av finansiella instrument med eller utan ett fast åtagande kräver inte någon lagstiftningsåtgärd.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Investeringstjänsterna garanti- verksamhet för finansiella instrument eller placering av finansiella instru- ment på grundval av ett fast åtagande respektive placering av finansiella instrument utan fast åtagande är desamma i MiFID II som i MiFID I (punkterna 6 och 7 i avsnitt A i bilaga I till de båda direktiven). Några definitioner av dessa investeringstjänster finns inte i något av direktiven. Beskrivningen av investeringstjänsterna i tidigare förarbeten är fort- farande relevant (se prop. 2006/07:115 s. 310 f. och 559). Regeringen an- ser därför att dessa investeringstjänster i MiFID II inte kräver någon lag- stiftningsåtgärd.</SPAN></P>
<P class="p511 ft2">258</P>
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<TR>
<TD class="tr24 td98"><P class="p96 ft127">6.3.8</P></TD>
<TD class="tr24 td328"><P class="p85 ft129">Drift av <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR></P></TD>
<TD class="tr24 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p1032 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Drift av en <NOBR>OTF-plattform</NOBR> tas in som en till- ståndspliktig investeringsverksamhet i lagen om värdepappers- marknaden.</P>
<P class="p1033 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Att driva en multilateral handelsplatt- form <NOBR>(MTF-plattform)</NOBR> är redan enligt MiFID I en tillståndspliktig investeringsverksamhet och det är det även enligt MiFID II (punkt 8 i avsnitt A i bilaga I). I MiFID II (punkt 9 i samma avsnitt) har det dock tillkommit en ny investeringsverksamhet som avser en annan typ av handelsplatsverksamhet som ett värdepappersföretag kan ansöka om tillstånd för, nämligen drift av en <NOBR>OTF-plattform.</NOBR> I avsnitten 7.3 och 7.5 behandlas frågor om skillnader mellan en <NOBR>MTF-plattform</NOBR> och en OTF- plattform, definitioner och hur sådan investeringsverksamhet ska drivas.</P>
<P class="p426 ft2">Regeringen anser att drift av <NOBR>OTF-plattform</NOBR> bör läggas till som en investeringsverksamhet i lagen om värdepappersmarknaden. På så sätt stämmer de investeringstjänster och investeringsverksamheter som anges i lagen överens med dem som anges i MiFID II (avsnitt A i bilaga I). Se vidare i avsnitt 7.3.2 om kravet i MiFID II på att alla multilaterala system för handel med finansiella instrument ska drivas som en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform.</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t137">
<TR>
<TD class="tr47 td83"><P class="p527 ft21">6.4</P></TD>
<TD colspan=2 class="tr47 td369"><P class="p59 ft21">Sidotjänster</P></TD>
<TD class="tr47 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr61 td235"><P class="p23 ft136"> </P></TD>
<TD class="tr61 td55"><P class="p23 ft136"> </P></TD>
<TD class="tr61 td147"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td370"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>I lagen om värdepappersmarknaden tas det i</P></TD>
<TD class="tr33 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">sidotjänsten förvaring av finansiella instrument för kunders räkning in</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">motsvarande undantag som i MiFID II för tillhandahållande och</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">förande av värdepapperskonton på högsta nivå (central kontoförings-</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td372"><P class="p57 ft2">tjänst).</P></TD>
<TD class="tr25 td373"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>I övrigt kräver sidotjänsterna i MiFID II</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">inte någon lagstiftningsåtgärd.</P></TD>
<TD class="tr27 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td55"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td147"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr2 td359"><P class="p982 ft25">Utredningens förslag och bedömning <SPAN class="ft2">överensstämmer med regering-</SPAN></P></TD>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">ens förslag och bedömning.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p982 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">inget att invända mot dem.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p982 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt MiFID II kan</SPAN></P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">ett värdepappersföretag – utöver tillstånd att utföra investeringstjänster eller</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p23 ft2">investeringsverksamheter – få tillstånd att utföra sidotjänster (artikel 6.1). I</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">direktivet finns en definition av sidotjänst i form av en hänvisning till de</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">tjänster som anges i avsnitt B i bilaga I (artikel 4.1.3). Sidotjänsterna i</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p23 ft2">MiFID II motsvarar, bortsett från en justering när det gäller det som an-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">ges om tjänsten förvaring av finansiella instrument för kunders räkning,</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">de sidotjänster som anges i MiFID I (avsnitt B i bilaga I). En sidotjänst</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p23 ft2">är, till skillnad från en investeringstjänst, inte i sig tillståndspliktig vare</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td83"><P class="p23 ft2">sig enligt</P></TD>
<TD colspan=2 class="tr27 td369"><P class="p982 ft2">MiFID I eller MiFID II för andra företag än värdepappers-</P></TD>
<TD rowspan=2 class="tr36 td147"><P class="p20 ft2">259</P></TD>
</TR>
<TR>
<TD class="tr68 td83"><P class="p23 ft151"> </P></TD>
<TD class="tr68 td375"><P class="p23 ft151"> </P></TD>
<TD class="tr68 td55"><P class="p23 ft151"> </P></TD>
</TR>
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<P class="p820 ft4">Prop. 2016/17:162 företag men de tjänster som avses kan dock kräva tillstånd enligt annan lagstiftning på finansmarknadsområdet, t.ex. för kreditgivning.</P>
<P class="p575 ft2">Sidotjänsten förvaring av finansiella instrument för kunders räkning är i MiFID II utformad på samma sätt som i MiFID I (punkt 1 i avsnitt B i bilaga I till de båda direktiven). Dock har det i MiFID II lagts till ett undantag som inte har någon motsvarighet i MiFID I. Undantaget innebär, i lydelsen enligt förordningen om värdepapperscentraler (se artikel 71), att tjänsten inte omfattar tillhandahållande och förande av värdepapperskonton på högsta nivå (central kontoföringstjänst) enligt punkt 2 i avsnitt A i bilagan till förordningen om värdepapperscentraler. Där det i den svenska språkversionen anges på högsta nivå, anges det i den engelska språkversionen ”top tier level”. Det som avses är den typ av värdepapperskonton och avstämningsregister som förs av en värde- papperscentral, t.ex. avstämningskonton enligt lagen (1998:1479) om värde- papperscentraler och kontoföring av finansiella instrument (se prop. 2015/16:10 s. <NOBR>126–128</NOBR> och 300 f.). Regeringen anser i likhet med utred- ningen att det bör förstås som att ett tillstånd för sidotjänsten förvaring av finansiella instrument för kunds räkning inte är ett tillstånd att vara värde- papperscentral. I lagen om värdepappersmarknaden (2 kap. 2 § första stycket 1) bör det i sidotjänsten förvaring av finansiella instrument för kunders räkning tas in motsvarande undantag som i MiFID II för tillhanda- hållande och förande av värdepapperskonton på högsta nivå (central konto- föringstjänst).</P>
<P class="p985 ft4">När det gäller övriga sidotjänster har det i MiFID II inte gjorts någon ändring i förhållande till MiFID I (punkterna <NOBR>2–7</NOBR> i avsnitt B i bilaga I till de båda direktiven). De sidotjänsterna kräver därför inte någon lagstift- ningsåtgärd.</P>
<P class="p1034 ft21"><SPAN class="ft21">6.5</SPAN><SPAN class="ft126">Strukturerade insättningar</SPAN></P>
<P class="p1035 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>De bestämmelser i lagen om värdepappers- marknaden som genomför de regler i MiFID II om kundskydd och organisation som gäller när ett värdepappersinstitut säljer eller lämnar råd om finansiella instrument ska tillämpas även när ett värdepappers- institut säljer eller lämnar råd om strukturerade insättningar.</P>
<P class="p1036 ft4">I lagen anges att tillstånd för investeringstjänster omfattar även att tjänsten tillhandahålls avseende strukturerade insättningar.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Enligt utredningens förslag anges det inte i lagen att tillstånd för investeringstjänster ska omfatta även att tjänsten tillhandahålls avseende strukturerade insättningar.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>och</P>
<P class="p646 ft2"><SPAN class="ft3">Sveriges advokatsamfund </SPAN>efterfrågar att det förtydligas vilket eller vilka tillstånd som innefattar möjligheten att sälja och ge råd om strukturerade insättningar. Fondhandlareföreningen anser att investeringstjänster av- seende strukturerade insättningar inte ska omfattas av krav på tillstånd för sidoverksamhet.</P>
<P class="p166 ft2">260</P>
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<P class="p150 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Reglerna i MiFID II och MiFIR ska tillämpas när ett värdepappersinstitut utför investeringstjänster eller investeringsverksamhet (och sidotjänster) avseende finansiella instru- ment. Enligt MiFID II (artikel 1.4) ska flertalet kundskyddsregler (infor- mation, rådgivning och orderhantering m.m.) och flera regler om organi- sation (krav på organisationen och hantering av intressekonflikter m.m.) tillämpas även när ett värdepappersföretag eller kreditinstitut säljer eller lämnar råd om s.k. strukturerade insättningar.</P>
<P class="p912 ft2">I syfte att stärka investerarnas förtroende och att göra lagstiftningen om distribution av olika typer av paketerade investeringsprodukter för icke- professionella investerare mer enhetlig i syfte att säkerställa en tillfreds- ställande nivå för investerarskyddet inom hela unionen, har strukturerade insättningar tagits med i tillämpningsområdet för MiFID II (skäl 39). Strukturerade insättningar har uppstått som en form av investerings- produkt men de omfattas inte av någon <NOBR>EU-rättslig</NOBR> reglering för skydd av investerare, samtidigt som andra strukturerade investeringar omfattas av sådan reglering. Med strukturerad insättning avses inlåning till kredit- institut som måste betalas helt på förfallodagen enligt villkor som inne- bär att räntan eller premien (avkastningen) bestäms av ett index, ett eller flera finansiella instrument, råvaror eller en valutakurs (artikel 4.1.43, se även avsnitt 6.8). Det är alltså fråga om inlåning men där insättaren – kunden – är exponerad mot något annat än ren ränterisk. I Sverige har denna typ av placeringsprodukter vanligtvis utformats som ett värde- papper, t.ex. som en aktieobligation, som är en obligation där avkast- ningen beror på utvecklingen av ett aktieindex. I sådana fall är det fråga om ett finansiellt instrument och kundskyddsreglerna i lagen om värde- pappersmarknaden är därför tillämpliga. Det finns dock inget som hindrar att samma typ av placeringsprodukt utformas som ett inlånings- konto, där räntan bestäms av utvecklingen på ett aktieindex eller av prisutvecklingen på en råvara eller en valuta. Det är i så fall inte fråga om något finansiellt instrument och kundskyddsreglerna i lagen om värde- pappersmarknaden är enligt gällande rätt därför inte tillämpliga.</P>
<P class="p1037 ft2">MiFID II innebär emellertid att de regler om kundskydd och organisa- tion som gäller när ett värdepappersinstitut säljer eller utför rådgivning om finansiella instrument ska tillämpas även när ett institut säljer eller lämnar råd om strukturerade insättningar (artikel 1.4). Reglerna i MiFID II om strukturerade insättningar bör genomföras i svensk rätt på motsvarande sätt. De bestämmelser i lagen om värdepappersmarknaden som genomför de berörda reglerna i MiFID II om kundskydd och organi- sation som gäller när ett värdepappersinstitut säljer eller lämnar råd om finansiella instrument bör därför på motsvarande sätt som det anges i direktivet tillämpas även när ett institut säljer eller lämnar råd om strukturerade insättningar.</P>
<P class="p573 ft2">Regeringen konstaterar med anledning av de synpunkter som <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>och <SPAN class="ft3">Sveriges advokatsamfund </SPAN>framför att en strukturerad insättning är att betrakta som en insättning i ett kreditinstitut (artikel 4.1.43 i MiFID II samt artiklarna 1.2 d och 2.1 3 i Europaparla- mentets och rådets direktiv 2014/49/EU av den 16 april 2014 om system för garanti av insättningar). I MiFID II anges dock att vissa regler i direktivet ska tillämpas på värdepappersföretag vid försäljning eller rådgivning till kunder i samband med strukturerade insättningar, trots att</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">261</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_262">
<P class="p727 ft2">Prop. 2016/17:162 dessa inte är att betrakta som finansiella instrument (artikel 1.4). Av detta följer enligt regeringens uppfattning att det som anges om finansiella instrument i de kundskyddsregler och organisatoriska regler i lagen om värdepappersmarknaden som ett värdepappersinstitut ska tillämpa om det tillhandahåller investeringstjänster, bör gälla även strukturerade insättningar. På motsvarande sätt bör bestämmelserna om tillståndsplikt i lagen förstås som att ett tillstånd för någon av investeringstjänsterna (2 kap. 1 § 1, 2 och <NOBR>4–7)</NOBR> även omfattar att tjänsten tillhandahålls avseende strukturerade insättningar. Det innebär att ett värdepappersbolag som t.ex. ger råd om strukturerade insättningar behöver tillstånd för investeringsrådgivning. Detta bör enligt regeringens uppfattning tydliggöras i lagen.</P>
<P class="p976 ft21"><SPAN class="ft21">6.6</SPAN><SPAN class="ft126">Undantag</SPAN></P>
<P class="p917 ft129"><SPAN class="ft127">6.6.1</SPAN><SPAN class="ft128">Inledning</SPAN></P>
<P class="p918 ft2">I avsnitt 6.6 behandlas olika undantag från tillämpningsområdet för MiFID II. I MiFID II (artikel 2) finns en lång uppräkning av företag eller företeelser och verksamheter som är undantagna från direktivets tillämp- ningsområde. De flesta undantag motsvarar helt eller i stort sett undan- tagen i MiFID I (artikel 2.1 a, b, c, f, g, h, i, k, l och m i MiFID II motsvarar artikel 2.1 a, b, c, e, f, g, h, j, m och n i MiFID I). Några skillnader finns, men de (artikel 2.1 d, e, j, n och o i MiFID II) hänför sig framför allt till verksamhet som avser råvaruderivat och utsläppsrätter eller algoritmisk högfrekvenshandel. För att kunna åberopa de undantag som anges i MiFID II bör personen i fråga stadigvarande uppfylla vill- koren för sådana undantag (skäl 36).</P>
<P class="p580 ft4">Undantagen i MiFID I har i svensk rätt genomförts i en motsvarande uppräkning i lagen om värdepappersmarknaden (2 kap. 5 §).</P>
<P class="p575 ft2">I den delegerade förordningen till MiFID II (artikel 4) finns detaljerade bestämmelser om undantaget i direktivet (artikel 2.1 c) om när en investeringstjänst ska anses tillhandahållas tillfälligt i samband med annan yrkesmässig verksamhet.</P>
<P class="p654 ft4">Det frivilliga undantaget i MiFID II (artikel 3), som i svensk rätt har införts som en möjlighet för försäkringsförmedlare att driva viss sido- verksamhet (2 kap. 5 § första stycket 15 lagen om värdepappersmark- naden), behandlas i avsnitt 6.6.9.</P>
<TABLE cellpadding=0 cellspacing=0 class="t138">
<TR>
<TD class="tr1 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr1 td98"><P class="p96 ft127">6.6.2</P></TD>
<TD class="tr1 td349"><P class="p32 ft129">Undantag för vissa enheter</P></TD>
</TR>
<TR>
<TD class="tr53 td152"><P class="p23 ft57"> </P></TD>
<TD colspan=2 class="tr67 td376"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td377"><P class="p44 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det krävs inte några lagstiftningsåtgärder</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">för att genomföra undantagen i MiFID II avseende nationella offent-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">liga organ som förvaltar statsskulden i unionen, internationella institut</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">som ger finansiellt stöd till sina medlemmar, sammanslutningar som</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">inrättats av danska och finländska pensionsfonder, agenti di cambio</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">och tjänster som motpart vid transaktioner som genomförs av offent-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">liga organ som hanterar offentlig skuld eller medlemmar av Europe-</P></TD>
</TR>
<TR>
<TD rowspan=3 class="tr45 td152"><P class="p151 ft2">262</P></TD>
<TD colspan=2 class="tr31 td377"><P class="p44 ft2">iska centralbankssystemet i vissa fall.</P></TD>
</TR>
<TR>
<TD class="tr65 td378"><P class="p23 ft6"> </P></TD>
<TD class="tr65 td379"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr29 td98"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td349"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_263">
<P class="p292 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- Prop. 2016/17:162 ning.</P>
<P class="p1038 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p197 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">När MiFID I genomfördes i svensk rätt infördes det i lagen om värdepappersmarknaden (2 kap. 5 §) en uppräkning av undantag från tillämpningsområdet som i huvudsak motsvarar den i det direktivet (artikel 2.1).</SPAN></P>
<P class="p1039 ft2">I några fall finns mindre avvikelser mellan lydelsen i MiFID II och den i lagen (se undantaget för Riksbanken, Riksgäldskontoret och Kammar- kollegiet i 2 kap. 5 § första stycket 1 och jfr artikel 2.1 h i direktivet där även Europeiska centralbankssystemet [ECBS] nämns). I några fall har undantag som även finns i MiFID I (undantagen i artikel 2.1 m och n för några danska, finländska och italienska företeelser som motsvarar artik- el 2.1 l och m i MiFID II) inte genomförts i bestämmelser i lagen. Inte heller det särskilda undantaget för tjänster som motpart vid transaktioner som genomförs av offentliga organ som hanterar offentlig skuld eller med- lemmar av ECBS i vissa fall (artikel 2.2 i de båda direktiven) har genomförts i bestämmelser i lagen. När MiFID I genomfördes i svensk rätt bedömde regeringen i förstnämnda fall att befintliga undantag var tillräckliga och att det i de senare fallen inte behövdes några uttryckliga bestämmelser i lagen (se prop. 2006/07:115 s. 345). Regeringen anser att det inte finns anledning att göra någon annan bedömning när det gäller motsvarande undantag i MiFID II.</P>
<TABLE cellpadding=0 cellspacing=0 class="t139">
<TR>
<TD class="tr1 td98"><P class="p96 ft127">6.6.3</P></TD>
<TD class="tr1 td133"><P class="p85 ft129">Undantag för viss handel för egen räkning</P></TD>
<TD class="tr1 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
<TD class="tr53 td158"><P class="p23 ft57"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Undantaget från krav på tillstånd för värde-</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">pappersrörelse för fysiska och juridiska personer som inte tillhanda-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">håller investeringstjänster eller utför investeringsverksamhet utom</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">handel för egen räkning inskränks till att bara avse handel för egen</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">räkning med andra finansiella instrument än råvaruderivat eller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">utsläppsrätter eller derivat hänförliga till utsläppsrätter. Undantaget</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">gäller bara om den fysiska eller juridiska personen inte tillhandahåller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">andra investeringstjänster eller utför annan investeringsverksamhet</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">med andra finansiella instrument än råvaruderivat eller utsläppsrätter</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">eller derivat hänförliga till utsläppsrätter och inte</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– är deltagare på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> eller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">har direkt elektroniskt tillträde till en handelsplats, med undantag av</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2"><NOBR>icke-finansiella</NOBR> enheter som på en handelsplats genomför transak-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">tioner som på ett objektivt mätbart sätt minskar risker som står i direkt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">samband med affärsverksamheten eller likviditetsförvaltningen hos</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">dessa <NOBR>icke-finansiella</NOBR> enheter eller de koncerner de ingår i,</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– tillämpar en teknik för algoritmisk högfrekvenshandel, eller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">– handlar för egen räkning vid utförande av kundorder.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">Undantagen från krav på tillstånd utmönstras för</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– vissa företag vars huvudsakliga verksamhet utgörs av handel för</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">egen räkning med råvaror eller råvaruderivat, och</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– vissa företag som uteslutande handlar för egen räkning på mark-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">nader för derivatinstrument och på avistamarknader bara i syfte att</P></TD>
<TD rowspan=2 class="tr36 td158"><P class="p20 ft2">263</P></TD>
</TR>
<TR>
<TD class="tr67 td98"><P class="p23 ft144"> </P></TD>
<TD class="tr67 td133"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_264">
<DIV id="dimg1">
<INGENBILD zsrc="H403162264x1.jpg/" id="img1">
</DIV>
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">264</P>
</DIV>
<DIV id="id_2">
<P class="p1042 ft4">skydda derivatpositioner eller som dels handlar på uppdrag av andra medlemmar på sådana marknader eller ställer priser för dem, dels garanteras av clearingdeltagare på dessa marknader.</P>
<P class="p979 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att utredningens förslag inte innehåller någon begränsning av tillhanda- hållande av investeringstjänster eller utförande av investeringsverksam- het till enbart andra finansiella instrument än råvaruderivat eller utsläpps- rätter eller derivat hänförliga till utsläppsrätter. Utredningens förslag avser MiFID II i den ursprungliga lydelsen medan regeringens förslag avser direktivet i lydelsen enligt ändringsdirektivet.</P>
<P class="p623 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p236 ft4"><SPAN class="ft103">Promemorians förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p116 ft2">har inget att invända mot det. <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">AP-fonderna</SPAN></NOBR><SPAN class="ft3"> </SPAN>anser att fond- ernas verksamhet omfattas av undantaget i 2 kap. 5 § andra stycket lagen om värdepappersmarknaden och önskar ett uttalande om detta i förarbet- ena. <SPAN class="ft3">Ampfield AB </SPAN>avstyrker förslaget och anför att det inte uppnår syftet med MiFID II om att undanta råvarukoncerner som bedriver hedging- verksamhet även i andra kontrakt än råvaruderivat via handelsplattformar med direkt elektroniskt tillträde eller medlemskap. Skälet till det är enligt Ampfield att förslaget felaktigt utesluter alla bolag som bedriver egen- handel med råvaruderivat. Därmed riskerar genomförandet av MiFID II i svensk rätt att bli betydligt mer restriktivt än regleringen i direktivet. Undantaget i direktivet bör enligt Ampfield införas ordagrant i lag.</P>
<P class="p622 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID I finns ett undantag som omfattar fysiska och juridiska personer som inte tillhandahåller andra investeringstjänster eller utför annan investeringsverksamhet än handel med finansiella instrument för egen räkning, om de inte är marknads- garanter eller handlar utanför en reglerad marknad eller en <NOBR>MTF-platt-</NOBR> form på ett organiserat, frekvent och systematiskt sätt (artikel 2.1 d). Det undantaget har i svensk rätt genomförts i en motsvarande bestämmelse i lagen om värdepappersmarknaden (2 kap. 5 § första stycket 7).</P>
<P class="p912 ft2">I MiFID II (artikel 2.1 d) finns ett undantag som motsvarar det i MiFID I men som är något mer begränsat genom att det inte omfattar den som för egen räkning handlar med råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter. Det innebär att bara den som handlar för egen räkning med andra finansiella instrument än råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter omfattas av undantaget i MiFID II. Handel för egen räkning med råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter kan dock vara undantagen också enligt MiFID II (artikel 2.1 j), förutsatt att den bara är ett komplement till ett företags huvudsakliga verksamhet (se även artik- el 2.1 i i MiFID I och 2 kap. 5 § första stycket 11 lagen om värdepap- persmarknaden).</P>
<P class="p1043 ft4">En ytterligare förutsättning för undantag enligt MiFID II är att per- sonen inte heller tillhandahåller någon investeringstjänst eller utför nå- gon annan investeringsverksamhet med andra finansiella instrument än råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläpps-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_265">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">rätter. Detta är en förändring jämfört med MiFID I, där undantaget gällde den som inte tillhandahåller investeringstjänster eller utför investerings- verksamhet, oavsett vilken typ av finansiellt instrument tjänsten eller verksamheten avser.</P>
<P class="p150 ft2">Undantaget i MiFID II omfattar inte den som använder tekniker för s.k. algoritmisk högfrekvenshandel (artikel 2.1 d första stycket iii, se även definitionen i artikel 4.1.40).</P>
<P class="p150 ft2">Undantaget omfattar inte heller den som handlar för egen räkning när den utför kunders order, alltså oavsett om detta sker organiserat, frekvent och systematiskt (artikel 2.1 d första stycket iv).</P>
<P class="p150 ft2">Undantaget i MiFID II omfattar inte heller den som är medlem eller deltagare på en reglerad marknad eller en <NOBR>MTF-plattform,</NOBR> eller har direkt elektroniskt tillträde till en handelsplats (artikel 2.1 d första stycket ii). Genom ändringsdirektivet till MiFID II har detta sistnämnda villkor ändrats i syfte att utvidga undantaget från tillståndsplikt (se skäl 12 och artikel 1.1). Undantaget omfattar därigenom även <NOBR>icke-finansiella</NOBR> enheter som är deltagare på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> eller har direkt tillträde till en handelsplats när de genomför sådana transaktioner på en handelsplats som på ett objektivt mätbart sätt minskar risker som står i direkt samband med affärsverksamheten eller likviditetsförvalt- ningen hos dessa <NOBR>icke-finansiella</NOBR> enheter och deras koncerner. Där det i den svenska språkversionen anges ”likviditetsfinansiering” anges i den engelska språkversionen ”treasury financing activities”. Det framstår där- för som att det i den svenska språkversionen snarare borde anges ”likviditetsförvaltning”.</P>
<P class="p573 ft4">Dessa tillägg och ändringar i undantaget för handel för egen räkning som har gjorts i MiFID II bör genomföras i svensk rätt genom motsvar- ande ändringar i undantaget i lagen om värdepappersmarknaden.</P>
<P class="p150 ft2">I MiFID II (artikel 2.1 d andra stycket) anges att bl.a. försäkringsföre- tag, företag för kollektiva investeringar och pensionsfonder och vissa personer som handlar för egen räkning med råvaruderivat eller utsläpps- rätter eller derivat hänförliga till utsläppsrätter (personer undantagna en- ligt artikel 2.1 a, i eller j) inte behöver uppfylla villkoren för undantaget för den som handlar för egen räkning med andra finansiella instrument än råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter för att vara undantagna från tillståndsplikt. <SPAN class="ft3">Ampfield AB </SPAN>anser att även om detta endast ses som ett klargörande av vad som ändå gäller enligt reglerna om undantag, bör det anges uttryckligen i lagen om värdepap- persmarknaden för att undvika tolkningsproblem. Regeringen konstaterar att undantagen i direktivet tillämpas kumulativt (se skäl 22). Enligt regeringens uppfattning innebär det som anges i undantaget i direktivet (artikel 2.1 d andra stycket) endast en <NOBR>icke-uttömmande</NOBR> uppräkning av hur olika undantag kan tillämpas tillsammans. Även andra fysiska eller juridiska personer än de nyss nämnda och som omfattas av något av de andra undantagen i direktivet (t.ex. i artikel 2.1 f, n eller o) bör därför kunna använda t.ex. det nu aktuella undantaget (artikel 2.1 d första stycket) under förutsättning att villkoren i respektive undantag är upp- fyllda. När undantagen i direktivet genomförs i svensk rätt i lagen om värdepappersmarknaden (2 kap. 5 §) ska de ha samma innebörd som i direktivet. Tjänster eller verksamhet som omfattas av undantag enligt direktivet omfattas således av undantag enligt lagen om värdepappers-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">265</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_266">
<DIV id="dimg1">
<INGENBILD zsrc="H403162266x1.jpg/" id="img1">
</DIV>
<P class="p727 ft4">Prop. 2016/17:162 marknaden. Regeringen anser att det inte finns något behov av att i lagen även införa en motsvarande <NOBR>icke-uttömmande</NOBR> uppräkning som den i direktivet (artikel 2.1 d andra stycket) om hur olika undantag förhåller sig till varandra.</P>
<P class="p575 ft2"><NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">AP-fonderna</SPAN></NOBR><SPAN class="ft3"> </SPAN>framför att de anser att deras verksamhet omfattas av undantag från kravet på tillståndsplikt för värdepappers- rörelse. Regeringen konstaterar att dessa fyra <NOBR>AP-fonders</NOBR> verksamhet regleras uttömmande i lagen (2000:192) om allmänna pensionsfonder <NOBR>(AP-fonder).</NOBR> I den lagen finns bestämmelser om bl.a. organisation av fondernas verksamhet och de medel som de förvaltar genom att göra placeringar i olika finansiella instrument. Det finns varken i MiFID I eller MiFID II något uttryckligt undantag för sådan förvaltning av finan- siella instrument som statliga myndigheter utför inom ramen för medlemsstaternas pensionssystem. Ett uttryckligt undantag finns dock när det gäller offentliga organ som har till uppdrag att förvalta eller delta i förvaltningen av statsskulden (artikel 2.1 g i MiFID I och artikel 2.1 h i MiFID II). I de båda direktivet finns det även undantag för pensions- fonder, oavsett om de är samordnade på unionsnivå eller inte (artikel 2.1 h i MiFID I och artikel 2.1 i i MiFID II). Regeringen anser med hänsyn till det anförda, och då det inte kan anses vara direktivets syfte att statliga myndigheter såsom <NOBR>AP-fonderna</NOBR> ska omfattas av krav på tillstånd att driva värdepappersrörelse, att <NOBR>AP-fondernas</NOBR> verksamhet inte är sådan verksamhet som omfattas av direktivet. <NOBR>AP-fondernas</NOBR> verk- samhet omfattas i enlighet med detta även av undantagen i lagen om värdepappersmarknaden.</P>
<P class="p807 ft2">I MiFID I finns ett undantag för företag vars huvudsakliga verksamhet består i egen handel med råvaror och råvaruderivat (artikel 2.1 k). Det undantaget finns inte i MiFID II, se dock i avsnitt 6.6.5 om undantag för sådan handel i vissa fall. I MiFID I finns även ett undantag för den som enbart ägnar sig åt egen handel med derivatinstrument eller egen handel med andra instrument för att skydda derivatpositioner (artikel 2.1 l). Det finns inte heller något sådant undantag i MiFID II. Dessa båda undantag i MiFID I har i svensk rätt genomförts i bestämmelser i lagen om värde- pappersmarknaden (2 kap. 5 § första stycket 13 och 14). Eftersom dessa undantag inte finns i MiFID II, bör de utmönstras även ur lagen.</P>
<P class="p1044 ft131"><SPAN class="ft127">6.6.4</SPAN><SPAN class="ft150">Undantag för stamnätsföretag och transmissionsnätsoperatörer</SPAN></P>
<P class="p1045 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Fysiska och juridiska personer som utför investeringsverksamhet eller tillhandahåller investeringstjänster rörande råvaruderivat för att fullgöra uppgifter enligt elmarknads- direktivet, gasmarknadsdirektivet, Europaparlamentets och rådets för- ordningar (EG) nr 714/2009 och (EG) nr 715/2009 eller enligt nät- föreskrifter eller riktlinjer som har antagits enligt de förordningarna, undantas från tillståndsplikt för värdepappersrörelse, om</P>
<P class="p1036 ft4">a) personen är en sådan systemansvarig för överföringssystemet som avses i artikel 2.4 i elmarknadsdirektivet eller artikel 2.4 i gas- marknadsdirektivet,</P>
<P class="p166 ft2">266</P>
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<P class="p1046 ft2"><SPAN class="ft2">b)</SPAN><SPAN class="ft40">personen tillhandahåller tjänster till en systemansvarig som avses</SPAN></P>
<P class="p1047 ft2"><SPAN class="ft2">i</SPAN><SPAN class="ft72">a och fullgör uppgifterna för den systemansvariges räkning, eller</SPAN></P>
<P class="p1048 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">personen är operatör eller förvaltare av energibalanserings- system, rörledningsnät eller system för balansering av tillgången och efterfrågan på energi.</SPAN></P>
<P class="p1046 ft2">Undantaget ska inte gälla drift av en andrahandsmarknad.</P>
<P class="p1049 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer delvis med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag omfattar undantaget inte operatörer eller förvaltare av energibalanseringssystem, rörledningsnät eller system för balansering av tillgången och efterfrågan på energi.</P>
<P class="p277 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p406 ft27"><SPAN class="ft152">Skälen för regeringens förslag: </SPAN>I MiFID II finns även ett undantag för viss verksamhet på energiområdet (artikel 2.1 n). Det undantaget gäller dock endast de som utför investeringstjänster och investeringsverk- samhet avseende råvaruderivat för att utföra sin verksamhet på energi- området. De berörda företagen definieras i Europaparlamentets och rådets direktiv 2009/72/EG av den 13 juli 2009 om gemensamma regler för den inre marknaden för el och om upphävande av direktiv 2003/54/EG (elmarknadsdirektivet) och i Europaparlamentets och rådets direktiv 2009/73/EG av den 13 juli 2009 om gemensamma regler för den inre marknaden för naturgas och om upphävande av direktiv 2003/55/EG (gasmarknadsdirektivet). Systemansvariga för överföringssystem har särskilda skyldigheter och ansvarsområden och är föremål för särskild certifiering och övervakas av sektorsspecifika behöriga myndigheter enligt unionsrätten. Sådana systemansvariga är därför undantagna från tillämpningsområdet för MiFID II (skäl 35). De som avses är system- ansvariga för överföringssystemet enligt definitionen i elmarknads- direktivet (artikel 2.4). I Sverige benämns dessa stamnätsföretag (1 kap. 5 b § ellagen [1997:857], se prop. 2010/11:70 s. <NOBR>98–100).</NOBR> Vidare undan- tas systemansvariga för överföringssystemet enligt definitionen i gas- marknadsdirektivet (artikel 2.4). I svensk rätt benämns dessa trans- missionsnätsoperatör (1 kap. 7 a § naturgaslagen [2005:403], se samma prop. s. <NOBR>177–180).</NOBR> Undantaget i MiFID II gäller när sådana företag full- gör sina uppgifter enligt elmarknadsdirektivet eller gasmarknadsdirek- tivet eller enligt Europaparlamentets och rådets förordning (EG) nr 714/2009 av den 13 juli 2009 om villkor för tillträde till nät för gräns- överskridande elhandel och om upphävande av förordning (EG) nr 1228/2003 eller Europaparlamentets och rådets förordning (EG) nr 715/2009 av den 13 juli 2009 om villkor för tillträde till naturgasöver- föringsnäten och om upphävande av förordning (EG) nr 1775/2003. Undantaget gäller även när de fullgör sina uppgifter enligt nätföreskrifter eller riktlinjer som har antagits i enlighet med de förordningarna. Undan- taget gäller också när andra juridiska eller fysiska personer fullgör uppdrag för ett stamnätsföretags eller en transmissionsnätsoperatörs räkning. Slut- ligen omfattar undantaget även alla operatörer eller förvaltare av energi- balanseringssystem, rörledningsnät eller system för balansering av tillgången och efterfrågan på energi, när dessa utför sådana uppgifter. Med operatörer eller förvaltare av rörledningsnät avses operatörer eller förvaltare som</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">267</P>
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<P class="p966 ft4">Prop. 2016/17:162 innehar rörledningssystem och som fullgör uppgifter enligt de nämnda förordningarna. Utredningen behandlar dock inte undantaget för sådana operatörer eller förvaltare.</P>
<P class="p980 ft2">Undantaget i MiFID II gäller, som nämns ovan, endast för att utföra investeringstjänster och investeringsverksamhet avseende råvaruderivat för att utföra den berörda verksamheten på energiområdet. I direktivet anges att undantaget inte gäller ”för sekundärmarknadsoperationer, inklusive platt- formar för sekundärhandel med finansiella överföringsrättigheter” (i den engelska språkversonen ”with regard to the operation of a secondary market, including a platform for secondary trading in financial trans- mission rights”) (artikel 2.1 n). Enligt regeringens uppfattning innebär preciseringen avseende finansiella överföringsrättigheter en exempli- fiering och undantaget bör därmed förstås som att det gäller drift av en andrahandsmarknad oavsett vilka slags rättigheter som handlas på den marknaden. Finansiella överföringsrättigheter (Financial Transmission Rights, FTRs) används i nuläget inte i Sverige (se vidare Energimark- nadsinspektionens yttrande över nätföreskrifter för elmarknaden, nu fråga om nätkoden Forward Capacity Allocation, från den 30 januari 2014).</P>
<P class="p1050 ft4">Något motsvarande undantag finns inte i MiFID I och inte heller i lagen om värdepappersmarknaden. Regeringen anser därför att undan- taget i MiFID II (artikel 2.1 n) bör genomföras i svensk rätt i en motsvar- ande bestämmelse i den lagen.</P>
<TABLE cellpadding=0 cellspacing=0 class="t138">
<TR>
<TD class="tr54 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr54 td55"><P class="p53 ft127">6.6.5</P></TD>
<TD class="tr54 td349"><P class="p1051 ft129">Undantag för handel för egen räkning med</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td349"><P class="p32 ft129">råvaruderivat, utsläppsrätter och derivat</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td349"><P class="p32 ft129">hänförliga till utsläppsrätter</P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett undantag från tillståndsplikt för värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">pappersrörelse införs för den som handlar med råvaruderivat, utsläpps-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">rätter eller derivat hänförliga till utsläppsrätter för egen räkning utan att</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">utföra kundorder, eller tillhandahåller investeringstjänster i fråga om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">sådana instrument till kunderna i sin huvudsakliga verksamhet, om</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2">a) detta utgör en kompletterande verksamhet eller, om företaget</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">ingår i en koncern, detta utgör en kompletterande verksamhet sett till</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">koncernen i dess helhet,</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2">b) den huvudsakliga verksamheten inte utgörs av tillhandahållande</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">av investeringstjänster eller sådana tjänster som avses i lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">bank- och finansieringsrörelse eller verksamhet som marknadsgarant</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">för råvaruderivat,</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">c) företaget inte tillämpar en teknik för algoritmisk högfrekvens-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">handel, och</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2">d) företaget årligen anmäler till Finansinspektionen att undantaget</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">utnyttjas samt på inspektionens begäran rapporterar på vilken grund</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">företaget anser att verksamheten endast är en kompletterande</P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p57 ft2">verksamhet.</P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td42"><P class="p969 ft2">268</P></TD>
<TD colspan=2 class="tr31 td235"><P class="p23 ft2">det. <SPAN class="ft3">Svensk Energi </SPAN>framför att det bör klargöras i lagtexten att energi-</P></TD>
</TR>
<TR>
<TD class="tr66 td55"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td349"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
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<DIV>
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<P class="p116 ft4">bolag som täcks in av detta undantag även ska kunna använda sig av andra undantag.</P>
<P class="p150 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II (artikel 2.1 j i) är den som handlar för egen räkning – utan att utföra kundorder, men inbegripet den som är marknadsgarant – med råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter undantagen från tillståndsplikt. Även den som i sin huvudsakliga verksamhet tillhandahåller andra investerings- tjänster än handel för egen räkning rörande dessa instrument till kunder eller leverantörer undantas (artikel 2.1 j ii). En förutsättning för dessa undan- tag är dock att det är fråga om en sidoverksamhet för företaget eller företagsgruppen som helhet och att den huvudsakliga verksamheten varken är värdepappersrörelse, bankverksamhet eller att vara marknads- garant för råvaruderivat. Ytterligare förutsättningar för att undantaget ska vara tillämpligt är att företaget i fråga inte tillämpar teknik för algorit- misk högfrekvenshandel samt att företaget årligen anmäler till den be- höriga myndigheten att undantaget utnyttjas och anger på vilken grund det anser att verksamheten ska anses vara en sådan sidoverksamhet som avses i undantaget. Syftet med dessa förutsättningar som begränsar tillämpningsområdet för undantaget är att säkerställa att <NOBR>icke-finansiella</NOBR> företag som handlar med finansiella instrument på ett oproportionerligt sätt i förhållande till investeringen i huvudverksamheten omfattas av tillämpningsområdet för MiFID II (skäl 20).</P>
<P class="p573 ft2">Det finns inte något motsvarande undantag i MiFID I eller i lagen om värdepappersmarknaden. Regeringen anser därför att undantaget i MiFID II bör genomföras i svensk rätt i en motsvarande bestämmelse i den lagen (artikel 2.1 j). I direktivet anges att personer, inbegripet per- soner som är marknadsgaranter, omfattas av undantaget, om vissa förut- sättningar är uppfyllda. Det bör i detta sammanhang nämnas att undan- tagen i direktivet tillämpas kumulativt (se skäl 22). Det innebär t.ex. att det nu aktuella undantaget i lagen om värdepappersmarknaden kan tillämpas tillsammans med undantaget för företag som handlar med finansiella instrument för egen räkning med andra finansiella instrument än råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter (2 kap. 5 § första stycket 7, se avsnitt 6.6.3). Regeringen anser därför, till skillnad från <SPAN class="ft3">Svensk Energi</SPAN>, att det inte behöver införas något förtyd- ligande i lagen om att exempelvis de båda nämnda undantagen får tilläm- pas när det gäller verksamhet som drivs av ett och samma företag.</P>
<P class="p979 ft4">I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller kriterier för att fast- ställa när en verksamhet ska betraktas som en sidoverksamhet till den huvudsakliga verksamheten (C [2016] 7643 final) finns detaljerade bestämmelser om bl.a. marknadsandelströsklar avseende olika tillgångs- klasser och tröskel för huvudsaklig verksamhet.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">269</P>
</DIV>
</DIV>
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<TABLE cellpadding=0 cellspacing=0 class="t140">
<TR>
<TD class="tr54 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft129">6.6.6</SPAN></P></TD>
<TD class="tr54 td223"><P class="p23 ft129">Undantag för tjänster avseende utsläppsrätter</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td223"><P class="p23 ft129">i vissa fall</P></TD>
</TR>
</TABLE>
<P class="p1052 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett undantag från tillståndsplikt för värdepap- persrörelse införs för verksamhetsutövare enligt lagen om handel med utsläppsrätter som handlar med utsläppsrätter för egen räkning. Undan- taget ska inte gälla för den som tillhandahåller andra investerings- tjänster eller ägnar sig åt annan investeringsverksamhet eller tillämpar en teknik för algoritmisk högfrekvenshandel.</P>
<P class="p1053 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II finns ett särskilt undantag från tillämpningsområdet för operatörer med skyldigheter enligt handels- direktivet (artikel 2.1 e). För svenskt vidkommande avses verksam- hetsutövare enligt lagen (2004:1199) om handel med utsläppsrätter. Med verksamhetsutövare avses i den lagen varje fysisk eller juridisk person som driver en verksamhet eller innehar en anläggning eller som på annat sätt har rätt att fatta avgörande ekonomiska beslut om verksamhetens eller anläggningens tekniska drift (1 kap. 2 a §). Undantaget i MiFID II gäller enbart handel för egen räkning och förutsätter att verksamhets- utövaren inte tillämpar en teknik för algoritmisk högfrekvenshandel.</P>
<P class="p711 ft4">Det finns inte något motsvarande undantag i MiFID I eller i lagen om värdepappersmarknaden. Regeringen anser därför att det ifrågavarande undantaget i MiFID II bör genomföras i svensk rätt i en motsvarande bestämmelse i den lagen.</P>
<P class="p926 ft129"><SPAN class="ft127">6.6.7</SPAN><SPAN class="ft128">Undantag för värdepapperscentraler</SPAN></P>
<P class="p1054 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett undantag från tillståndsplikt för värdepap- persrörelse införs för värdepapperscentraler.</P>
<P class="p1055 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p576 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II är värdepappers- centraler, förutom i de fall som föreskrivs i artikel 73 i förordningen om värdepapperscentraler, undantagna från tillämpningsområdet för direk- tivet (artikel 2.1 o). Undantaget fick sin nuvarande lydelse genom en ändring i direktivet som gjordes genom förordningen om värdepap- perscentraler (artikel 71). I förordningen om värdepapperscentraler definieras en värdepapperscentral som en juridisk person som driver ett avvecklingssystem för värdepapper som avses i den förordningen och som tillhandahåller en huvudtjänst som anges i förordningen (artikel 1.1). En värdepapperscentral motsvarar det som i svensk rätt tidigare benämn- des central värdepappersförvarare. I lagen om värdepapperscentraler och kontoföring av finansiella instrument finns bestämmelser som komp- letterar förordningen om värdepapperscentraler (se prop. 2015/16:10). I</P>
<P class="p526 ft2">270</P>
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<P class="p186 ft4">avsnitt 6.8 föreslås att det i lagen om värdepappersmarknaden ska tas in Prop. 2016/17:162 en definition av vad som avses med värdepapperscentral.</P>
<P class="p144 ft2">Undantaget i MiFID II gäller enbart för värdepapperscentralen när den utför de huvudtjänster och anknutna tjänster som uttryckligen anges i förordningen om värdepapperscentraler (artikel 73 första stycket i förord- ningen). Det tre huvudtjänsterna som anges (avsnitt A i bilagan till förordningen) är ursprunglig registrering av värdepapper i ett konto- baserat system (notarietjänst), tillhandahållande och förande av värde- papperskonton på högsta nivå (central kontoföringstjänst) och drift av ett avvecklingssystem för värdepapper (avvecklingstjänst). De anknutna tjänster som anges (avsnitt B i bilagan) är tjänster i samband med avveck- lingstjänsten, notarietjänster eller centrala kontoföringstjänster men även vissa ytterligare tjänster. Om värdepapperscentralen däremot tillhanda- håller investeringstjänster eller utför investeringsverksamhet, utöver tillhandahållandet av huvudtjänster och de anknutna tjänster som uttryck- ligen anges, ska MiFID II, med vissa undantag (i huvudsak reglerna om auktorisation av värdepappersföretag), och MiFIR tillämpas (artikel 73 andra stycket i förordningen om värdepapperscentraler).</P>
<P class="p1022 ft4">Det finns inte något motsvarande undantag i MiFID I eller i lagen om värdepappersmarknaden. Regeringen anser därför att det ifrågavarande undantaget i MiFID II bör genomföras i svensk rätt i en motsvarande bestämmelse i den lagen.</P>
<P class="p1056 ft131">6.6.8 Bestämmelser som ska tillämpas även på de som är undantagna från MiFID II</P>
<P class="p1057 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Den som är deltagare i handeln på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> och som omfattas av vissa undantag från tillståndsplikt ska tillämpa bestämmelserna i lagen om värde- pappersmarknaden om algoritmisk handel.</P>
<P class="p1058 ft4">Den som är undantagen från tillståndsplikt ska tillämpa bestämmel- serna i lagen om positionslimiter och kontroller av positionshantering av råvaruderivat och rapportering.</P>
<P class="p1033 ft4"><SPAN class="ft103">Utredningens förslag: </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II (artikel 1.5 och 1.6) ska vissa delar av direktivet tillämpas också på vissa fysiska och juridiska personer trots att direktivet i övrigt inte ska tillämpas på dem för att de omfattas av något undantag (artikel 2).</P>
<P class="p144 ft2">Det gäller för det första de särskilda regler om system och kontroller som gäller för den som ägnar sig åt s.k. algoritmisk handel (artikel 17.1– 17.6, se avsnitt 7.14). Dessa regler ska enligt MiFID II (artikel 1.5) tillämpas av alla företag som är medlemmar eller deltagare på en reglerad marknad eller <NOBR>MTF-plattform,</NOBR> även om de omfattas av ett visst undantag från tillståndplikt (artikel 2.1 a, e, i och j). Det innebär att även försäk-</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td78"><P class="p23 ft2">ringsföretag</P></TD>
<TD class="tr24 td47"><P class="p1059 ft2">(undantagna enligt artikel 2.1 a), verksamhetsutövare enligt</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td359"><P class="p982 ft2">lagen (2004:1199) om handel med utsläppsrätter (undantagna enligt</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td78"><P class="p23 ft2">artikel 2.1 e)</P></TD>
<TD class="tr27 td47"><P class="p982 ft2">och de som handlar för egen räkning med utsläppsrätter</P></TD>
<TD rowspan=2 class="tr1 td147"><P class="p20 ft2">271</P></TD>
</TR>
<TR>
<TD class="tr53 td78"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td47"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_272">
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<P class="p727 ft2">Prop. 2016/17:162 (undantagna enligt artikel 2.1 j) ska tillämpa de reglerna, om de är medlemmar eller deltagare på en reglerad marknad eller en <NOBR>MTF-platt-</NOBR> form och ägnar sig åt algoritmisk handel. När det gäller värdepappers- fonder, fondbolag, alternativa investeringsfonder och <NOBR>AIF-förvaltare,</NOBR> som är undantagna enligt MiFID II (artikel 2.1 i), omfattas de endast i den utsträckning de kan vara medlemmar eller deltagare på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> och därmed ägna sig åt algoritmisk handel. I lagen om värdepappersmarknaden finns regler om vilka företag som får delta i handeln vid en reglerad marknad för någon annans räk- ning (14 kap. 3 §). Det finns dock inte motsvarande regler för <NOBR>MTF-platt-</NOBR> formar (11 kap.).</P>
<P class="p1060 ft2">Vidare gäller enligt MiFID II (artikel 1.6) att reglerna om positions- limiter och kontroller av positionshantering för råvaruderivat och rapportering av positioner i råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter (artiklarna 57 och 58, se avsnitt 7.14) ska tillämpas även på alla som omfattas av något av undantagen i direktivet (artikel 2). Det innebär att dessa regler ska tillämpas på alla som är undantagna från tillståndsplikt om de innehar positioner i råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter.</P>
<P class="p580 ft4">De nu aktuella reglerna i MiFID II (artikel 1.5 och 1.6) bör enligt regeringens uppfattning genomföras i svensk rätt i motsvarande bestäm- melser i lagen om värdepappersmarknaden.</P>
<P class="p1061 ft129"><SPAN class="ft127">6.6.9</SPAN><SPAN class="ft128">Det frivilliga undantaget</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Frågan om genomförandet i svensk rätt av reglerna i MiFID II om möjligheten för medlemsstaterna att undanta vissa företag från kraven i direktivet om de i stället regleras i nationell rätt bör övervägas i ett annat sammanhang.</P>
<P class="p1062 ft2"><SPAN class="ft25">Utredningen </SPAN>behandlar inte frågan.</P>
<P class="p536 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P>
<P class="p576 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II finns en möjlighet för medlemsstaterna att inte tillämpa direktivet på vissa fysiska och juridiska personer för vilka de är hemmedlemsstater, under förutsättning att de personernas verksamhet är auktoriserad och reglerad på nationell nivå (artikel 3). Det motsvarar det som gäller enligt MiFID I (artikel 3).</SPAN></P>
<P class="p576 ft2">När reglerna i MiFID I genomfördes i svensk rätt utnyttjades möjlig- heten genom ett undantag från kravet på tillståndsplikt för värdepappers- rörelse för försäkringsförmedlare som tillhandahåller vissa tjänster avseende fondandelar som sidoverksamhet till försäkringsförmedlingen (se prop. 2006/07:115 s. 345 och 2 kap. 5 § första stycket 15 lagen om värdepappersmarknaden).</P>
<P class="p576 ft2">Genom MiFID II (artikel 3.1 d och e) har det införts en möjlighet för medlemsstaterna att även undanta vissa fysiska och juridiska personer som uteslutande utför investeringsverksamhet rörande råvaror, utsläpps- rätter eller derivat hänförliga till utsläppsrätter och enbart för att säkra sina kunders affärsrisker från direktivets tillämpningsområde (t.ex. lokala allmännyttiga energiföretag och vissa industrianläggningsoperatörer som</P>
<P class="p535 ft2">omfattas av EU:s system för handel med utsläppsrätter, s.k. samrisk-</P>
<P class="p353 ft2">272</P>
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<P class="p186 ft4">företag, se skäl 29 till MiFID II). Dessa ändringar i direktivet innebär Prop. 2016/17:162 således endast en valmöjlighet som medlemsstaterna kan välja att ut-</P>
<P class="p113 ft2">nyttja och de måste därför inte genomföras i nationell rätt. Regeringen anser att det inte finns skäl för att i detta lagstiftningsärende överväga någon ändring i svensk rätt med anledning av den utvidgning av det frivilliga undantaget som har gjorts i MiFID II i förhållande till MiFID I.</P>
<P class="p429 ft2">I MiFID II anges även att de fysiska och juridiska personer som medlemsstaterna kan välja att undanta ändå ska omfattas av åtminstone vissa krav som gäller enligt direktivet, t.ex. villkor och förfaranden för auktorisation och fortlöpande tillsyn och vissa uppföranderegler och organisatoriska krav (artikel 3.2 första stycket). De ska även under vissa förutsättningar ha system för ersättning till investerare (artikel 3.2 andra stycket). De ändringar som har gjorts i MiFID II i förhållande till MiFID I när det gäller de krav som åtminstone ska ställas upp i nationell rätt i en medlemsstat som har valt att utnyttja undantaget måste genom- föras i svensk rätt, om Sverige även i fortsättningen ska utnyttja denna möjlighet till frivilligt undantag. Som nämns ovan innebär det att det behöver göras ändringar i de bestämmelser som gäller enligt nationell rätt för försäkringsförmedlare som tillhandahåller vissa tjänster avseende fondandelar som sidoverksamhet till försäkringsförmedlingen. Regel- verket för försäkringsförmedlare är emellertid för närvarande föremål för överväganden i ett annat lagstiftningsärende avseende genomförandet i svensk rätt av direktivet om försäkringsdistribution. Regeringen anser därför att frågan om och i så fall i vilken utsträckning möjligheten enligt MiFID II att undanta företag från vissa krav enligt direktivet bör utnyttjas med avseende på försäkringsförmedlare bör övervägas i det samman- hanget.</P>
<P class="p1063 ft21"><SPAN class="ft21">6.7</SPAN><SPAN class="ft153">Handelsplatser och datarapporteringstjänster</SPAN></P>
<P class="p1064 ft2">Utöver investeringstjänster och investeringsverksamhet omfattar reglerna i MiFID II, liksom reglerna i MiFID I, även verksamheten på handels- platser. Frågor som rör verksamheten på olika handelsplatser behandlas i avsnitt 7. Även regler i MiFID II och MiFIR som rör tillhandahållande av vissa datarapporteringstjänster behandlas i avsnitt 7.</P>
<P class="p1065 ft21"><SPAN class="ft21">6.8</SPAN><SPAN class="ft153">Definitioner i övrigt</SPAN></P>
<P class="p1066 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Merparten av definitionerna som finns i</P>
<P class="p1067 ft2">MiFID II tas in i lagen om värdepappersmarknaden.</P>
<P class="p1068 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II (artikel 4) finns ett stort antal termer och uttryck definierade (64 stycken i direktivets lydelse enligt förordningen om värdepapperscentraler). Det innebär en kraftig ökning av antalet definitioner i förhållande till MiFID I där de är knappt</P>
<P class="p1069 ft2">273</P>
</DIV>
<DIV id="page_274">
<P class="p621 ft2">Prop. 2016/17:162 hälften så många (31 stycken). Även i lagen om värdepappersmarknaden</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">finns det i dag knappt hälften så många definitioner som i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II och MiFIR innehåller ett stort antal termer och uttryck som i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">många fall är av teknisk natur eller avser företeelser som i dag inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">regleras i lag. Det är fråga om ett omfattande regelverk där en mängd</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">tekniska och detaljerade regler även anges i direkt tillämpliga förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ningar som har antagits av kommissionen. Därutöver tillkommer även</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">riktlinjer från Esma. Förslagen i denna proposition innebär i huvudsak att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II genomförs i svensk rätt genom ändringar i lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">pappersmarknaden. Lagen ska tillämpas tillsammans med MiFIR, de</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">förordningar som har antagits av kommissionen och riktlinjer från Esma.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">För att säkerställa ett enhetligt och tydligt regelverk anser regeringen att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">de flesta definitioner som finns i MiFID II bör tas in i lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">pappersmarknaden (se avsnitt 5.3). Definitioner i direktivet av termer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">eller uttryck vars innebörd framgår av andra termer eller uttryck i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bör inte tas in i särskilda definitioner i lagen (t.ex. definieras profes-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">sionell kund, koncern och clearingverksamhet i lagen men inte kund,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><NOBR>icke-professionell</NOBR> kund, moderbolag, dotterbolag och central motpart).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">En definition i direktivet av en term eller ett uttryck som används i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">mycket begränsad omfattning eller inte alls i lagen bör inte heller tas in i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">lagen (t.ex. termerna företag i tredjeländer, värdmedlemsstat och jord-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bruksråvaruderivat som inte förekommer alls i lagen och <NOBR>C6-energi-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">derivatkontrakt och grossistenergiprodukter som används främst i över-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">gångsbestämmelserna). Slutligen är det i vissa fall lämpligare att i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">använda etablerade svenska termer och uttryck i stället för de som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">används i direktivet. Det innebär också att vissa definitioner i direktivet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">inte tas in i lagen (t.ex. används termen styrelse eller uttrycket styrelse</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">och verkställande direktör i stället för ledningsorgan och personer i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ledande befattning, se avsnitt 12.2.1).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Flera av definitionerna i MiFID II finns även i MiFID I och i lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">värdepappersmarknaden. Enligt regeringens uppfattning bör utgångs-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">punkten vara att när MiFID II inte innebär någon ändring i förhållande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">till MiFID I bör inte heller någon ändring göras i definitionerna i lagen.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">När det gäller definitionerna av de olika investeringstjänsterna föreslås</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">dock vissa ändringar i lagen, se avsnitt 6.3.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I det följande kommenteras några nya definitioner som bör tas in i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">lagen om värdepappersmarknaden och som, till skillnad från övriga nya</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">definitioner, inte behandlas i något av de följande avsnitten.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Börshandlad fond (i den engelska språkversionen <NOBR>exchange-traded</NOBR> fund),</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">definieras i MiFID II som en fond där minst en andels- eller aktieklass</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">handlas hela dagen på minst en handelsplats och med minst en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">marknadsgarant som vidtar åtgärder för att säkerställa att andels- eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">aktiepriset på handelsplatsen inte i betydande grad skiljer sig från dess</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">substansvärde och, i tillämpliga fall, från dess preliminära substansvärde</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">(artikel 4.1.46). Termen börshandlad fond är dock missvisande eftersom</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">en börs enligt definitionen i lagen om värdepappersmarknaden (1 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">5 § 3) inte är en handelsplats utan ett svenskt aktiebolag eller en svensk</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ekonomisk förening som har fått tillstånd enligt den lagen att driva en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">eller flera reglerade marknader. Definitionen i MiFID II bör tas in i lagen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">om värdepappersmarknaden, eftersom reglerna om gränser för hur priset</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">274</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">kan ändras på ett finansiellt instrument ska tillämpas på handeln med an-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_275">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">delar i sådana fonder, se avsnitt 7.4.4. Enligt regeringens uppfattning bör, trots det anförda, samma term som i direktivet användas i lagen för att undvika att det uppstår tolkningsproblem när det gäller vilka fonder som avses i lagen och i olika <NOBR>EU-rättsakter</NOBR> (se t.ex. artikel 2.1.26 i MiFIR).</P>
<P class="p150 ft2">Certifikat definieras i MiFID II (artikel 4.1.47, genom hänvisning till artikel 2.1.27 i MiFIR) som värdepapper som kan bli föremål för handel på kapitalmarknaden och vilka, om emittenten betalar tillbaka en investe- ring, har företräde framför aktier men efterställs obligationsinstrument utan säkerhet eller andra liknande instrument. Även för certifikat ska reglerna om gränser för hur priset kan ändras på ett finansiellt instrument tillämpas, varför också denna definition bör tas in i lagen om värdepap- persmarknaden, se avsnitt 7.4.4.</P>
<P class="p622 ft2">Depåbevis definieras i MiFID II (artikel 4.1.45) som värdepapper som kan bli föremål för handel på kapitalmarknaden och som innebär ägande- rätt till en <NOBR>icke-etablerad</NOBR> emittents värdepapper samtidigt som de kan tas upp till handel på en reglerad marknad och handlas oberoende av den <NOBR>icke-etablerade</NOBR> emittentens värdepapper. Definitionen bör tas in i lagen om värdepappersmarknaden eftersom termen används i definitionen av överlåtbara värdepapper, se avsnitt 6.2.2.</P>
<P class="p623 ft2">Multilateralt system definieras i MiFID II (artikel 4.1.19) som ett system eller en facilitet där flera tredjeparters köp- och säljintressen i finansiella instrument kan interagera inom systemet. Definitionen bör tas in i lagen om värdepappersmarknaden med hänsyn dels till att termen an- vänds i definitionerna av reglerad marknad, <NOBR>MTF-plattform</NOBR> och OTF- plattform och systematisk internhandlare, dels till förslaget om att det i lagen uttryckligen ska anges att multilaterala system för finansiella instrument får drivas bara som handelsplattform eller reglerad marknad, se avsnitten 7.3.1 och 7.3.2.</P>
<P class="p912 ft2">Råvaruderivat definieras i MiFID II (artikel 4.1.50) genom en hänvis- ning till definitionen i MiFIR (artikel 2.1.30), som i sin tur hänvisar till- baka till MiFID II. Det är fråga om dels överlåtbara värdepapper, som ger rätt att förvärva eller sälja ett överlåtbart värdepapper eller som resul- terar i en kontantavräkning (artikel 4.1.44 c MiFID II), som hänför sig till en råvara eller ett basvärde som anges i punkt 10 i avsnitt C i bilaga I till MiFID II, dels olika derivatinstrument som inte är överlåtbara värde- papper (som anges i punkterna 5, 6, 7 och 10 i avsnitt C i bilaga I till direktivet). I den svenska språkversionen av MiFIR (artikel 2.1.30) an- vänds termen ”basvärde” i definitionen, där det i den engelska språk- versionen anges ”underlying”. Termen basvärde används varken i övrigt i MiFIR eller i MiFID II utan där det i den engelska språkversionen an- ges ”underlying” anges det i den svenska ”underliggande tillgång”. Det som avses med ”basvärde” bör därför enligt regeringens uppfattning vara den tillgång eller faktor som värdepapperet hänför sig till. För handeln med råvaruderivat finns särskilda regler i MiFID II om bl.a. positions- limiter och definitionen i direktivet bör därför tas in i lagen om värdepap- persmarknaden, se avsnitt 6.6.</P>
<P class="p1037 ft4">Statspapper definieras i MiFID II (artikel 4.1.61) som skuldinstrument utgivna av en statlig emittent. I direktivet definieras även statlig emittent (artikel 4.1.60). Den definitionen omfattar endast emittenter i medlems- stater. Reglerna i MiFID II och MiFIR gäller emellertid inom hela EES och definitionen bör därför inbegripa även de stater som ingår i EES som</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">275</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_276">
<P class="p727 ft2">Prop. 2016/17:162 inte även är medlemsstater. En stat som inte ingår i EES är således inte en statlig emittent enligt MiFID II, och skuldinstrument utgivna av en stat utanför EES är följaktligen inte statspapper i direktivets mening. För värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> finns särskilda regler om handel mot det egna lagret med statspapper. Definitionerna av statlig emittent och statspapper i direktivet bör därför tas in i lagen om värdepappersmarknaden.</P>
<P class="p1020 ft2">Strukturerade finansiella produkter definieras i MiFID II (artikel 4.1.48, genom en hänvisning till artikel 2.1.28 i MiFIR) som värdepapper avsedda att värdepapperisera och överföra kreditrisker kopplade till en pool av finansiella tillgångar, vilka ger värdepappersinnehavaren rätt att erhålla regelbundna betalningar i förhållande till likviditetsflödet från de under- liggande tillgångarna. För värdepappersinstitut som driver en <NOBR>OTF-platt-</NOBR> form finns särskilda regler om handel mot det egna lagret med struktur- erade finansiella produkter. Definitionen i direktivet bör därför tas in i lagen om värdepappersmarknaden.</P>
<P class="p1020 ft2">Strukturerad insättning definieras i MiFID II (artikel 4.1.43) som en insättning enligt definitionen i artikel 2.1.3 i Europaparlamentets och rådets direktiv 2014/49/EU av den 16 april 2014 om insättningsgaranti- system, som måste betalas på förfallodagen enligt villkor som innebär att eventuell ränta eller premie ska betalas (eller riskeras) enligt en formel som omfattar faktorer som t.ex. ett eller flera index, med undantag för insättningar med rörlig ränta vilkas avkastning är direkt knuten till ett ränteindex som Euribor eller Libor, ett eller flera finansiella instrument, råvaror eller andra fysiska eller <NOBR>icke-fysiska</NOBR> <NOBR>icke-fungibla</NOBR> tillgångar, eller valutakurser. Definitionen bör tas in i lagen om värdepappers- marknaden, eftersom MiFID II innehåller regler som gäller för struktur- erade insättningar, se t.ex. avsnitten 6.5 och 13.3.18.</P>
<P class="p975 ft2">Varaktigt medium definieras i MiFID II (artikel 4.1.62) som ett instru- ment som gör det möjligt för kunden att bevara information som riktas till denne personligen på ett sätt som är tillgängligt för användning i framtiden under en tid som är lämplig med hänsyn till vad som är av- sikten med informationen, och möjliggör oförändrad återgivning av den bevarade informationen. Termen varaktigt medium används i samband med bestämmelserna om värdepappersinstitutens skyldigheter att dokume- ntera och informera sina kunder och en definition bör därför tas in lagen om värdepappersmarknaden.</P>
<P class="p1070 ft21"><SPAN class="ft21">6.9</SPAN><SPAN class="ft126">Fondbolag och </SPAN><NOBR>AIF-förvaltare</NOBR></P>
<P class="p1071 ft2">Enligt <NOBR>UCITS-direktivet</NOBR> och Europaparlamentets och rådets direktiv 2011/61/EU av den 8 juni 2011 om förvaltare av alternativa investe- ringsfonder samt om ändring av direktiv 2003/41/EG och 2009/65/EG och förordningarna (EG) nr 1060/2009 och (EU) nr 1095/2010 (AIFM- direktivet) ska fondbolag respektive <NOBR>AIF-förvaltare</NOBR> som har tillstånd för portföljförvaltning och sidotjänster tillämpa artiklarna 2.2, 12, 13 och 19 i MiFID I (artikel 6.4 i <NOBR>UCITS-direktivet</NOBR> och artikel 6.6 i AIFM- direktivet). De reglerna i MiFID I har i svensk rätt genomförts i lagen</P>
<P class="p1072 ft2">(2004:46) om värdepappersfonder och i lagen (2013:561) om förvaltare</P>
<P class="p166 ft2">276</P>
</DIV>
<DIV id="page_277">
<P class="p186 ft4">av alternativa investeringsfonder (se prop. 2006/07:115 s. <NOBR>385–387,</NOBR> 458– Prop. 2016/17:162 460 och 674 respektive prop. 2012/13:155 s. 437 f.). Det innebär att ett</P>
<P class="p113 ft2">fondbolag som utför diskretionär portföljförvaltning avseende finansiella instrument eller tillhandahåller sidotjänster ska tillämpa de bestämmelser i lagen om värdepappersmarknaden som i svensk rätt genomför angivna artiklar i MiFID I när det utför dessa tjänster (7 kap. 3 § lagen om värde- pappersfonder). I lagen om värdepappersfonder finns ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att med- dela föreskrifter om vilka åtgärder ett fondbolag ska vidta för att uppfylla de krav som följer av de bestämmelserna (13 kap. 1 § 18). På motsvar- ande sätt ska en <NOBR>AIF-förvaltare</NOBR> som erbjuder och tillhandahåller diskre- tionär förvaltning av investeringsportföljer eller tillhandahåller sido- tjänster tillämpa nämnda bestämmelser i lagen om värdepappersmark- naden (3 kap. 2 § tredje stycket lagen om förvaltare av alternativa investeringsfonder). Ett motsvarande bemyndigande som det i lagen om värdepappersfonder finns i lagen om förvaltare av alternativa investe- ringsfonder (15 kap. 2 § 1). Finansinspektionen har meddelat sådana föreskrifter (se 22 kap. Finansinspektionens föreskrifter [FFFS 2013:9] om värdepappersfonder och 22 kap. Finansinspektionens föreskrifter [FFFS 2013:10] om förvaltare av alternativa investeringsfonder).</P>
<P class="p960 ft4">Genomförandedirektivet till MiFID I har i svensk rätt genomförts genom Finansinspektionens föreskrifter (FFFS 2007:16) om värdepap- persrörelse. Dessa föreskrifter gäller för fondbolag och <NOBR>AIF-förvaltare</NOBR> (se</P>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD class="tr25 td140"><P class="p23 ft2">22 kap. Finansinspektionens</P></TD>
<TD class="tr25 td238"><P class="p59 ft2">föreskrifter</P></TD>
<TD class="tr25 td95"><P class="p73 ft2">om</P></TD>
<TD class="tr25 td239"><P class="p20 ft2">värdepappersfonder och</P></TD>
</TR>
<TR>
<TD class="tr26 td140"><P class="p23 ft2">10 kap. Finansinspektionens</P></TD>
<TD class="tr26 td238"><P class="p23 ft2">föreskrifter</P></TD>
<TD class="tr26 td95"><P class="p23 ft2">om</P></TD>
<TD class="tr26 td239"><P class="p20 ft2">förvaltare av alternativa</P></TD>
</TR>
<TR>
<TD class="tr26 td140"><P class="p23 ft2">investeringsfonder).</P></TD>
<TD class="tr26 td238"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td95"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td239"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p144 ft2">Med anledning av genomförandet i svensk rätt av MiFID II föreslås i avsnitt 10.4 ändringar i lagen om värdepappersfonder och i lagen om förvaltare av alternativa investeringsfonder när det gäller fondbolag och <NOBR>AIF-förvaltare</NOBR> som har tillstånd för portföljförvaltning och investerings- rådgivning som sidoverksamhet. I syfte att skapa en likartad reglering av- seende rådgivning om finansiella instrument föreslås i samma avsnitt vissa ändringar även när det gäller råd om andelar i fonder som fond- bolag och <NOBR>AIF-förvaltare</NOBR> lämnar inom ramen för sin fondverksamhet. För sådan rådgivningsverksamhet gäller i dag, utöver fondlagstiftningen, de näringsrättsliga reglerna i lagen (2003:862) om finansiell rådgivning till konsumenter (prop. 2006/07:115 s. 439). I avsnitt 10.4 behandlas även genomförandet i svensk rätt av det delegerade direktivet till MiFID II när det gäller fondbolag och <NOBR>AIF-förvaltare.</NOBR></P>
<P class="p1073 ft155"><SPAN class="ft1">7</SPAN><SPAN class="ft154">Handel och infrastruktur på värdepappersmarknaden</SPAN></P>
<P class="p1074 ft21"><SPAN class="ft21">7.1</SPAN><SPAN class="ft153">Inledning</SPAN></P>
<P class="p330 ft2">I MiFID II definieras tre olika typer av handelsplatser: reglerade mark-</P>
<P class="p19 ft2">nader, <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR> Regler om reglerade</P>
<P class="p596 ft2">277</P>
</DIV>
<DIV id="page_278">
<P class="p727 ft2">Prop. 2016/17:162 marknader och <NOBR>MTF-plattformar</NOBR> finns även i MiFID I men regler om <NOBR>OTF-plattformar</NOBR> är en nyhet i MiFID II. I MiFID II finns regler bl.a. om handelsplatsernas organisation, vad som gäller för att ta upp finansiella instrument till handel på handelsplatserna och vilka som får delta i handeln. Dessa frågor behandlas i avsnitten <NOBR>7.3–7.5.</NOBR> Ytterligare en nyhet i MiFID II är att det gäller särskilda regler för värdepappersinstitut som ägnar sig åt algoritmisk handel eller tillhandahåller sina kunder direkt elektroniskt tillträde till handelsplatser. Dessa regler behandlas i av- snitt 7.6. I MiFIR finns regler om att vissa derivatinstrument ska handlas på en handelsplats och om icke diskriminerande tillträde till en handels- plats. Dessa frågor behandlas i avsnitten 7.7 och 7.8. I MiFID II finns även regler om värdepappersinstitut som är clearingmedlem. Den frågan behandlas i avsnitt 7.9. I MiFIR regleras också vilka krav på transparens</P>
<P class="p918 ft2">– offentliggörande av bud och transaktioner – som ska gälla för olika typer av finansiella instrument på olika typer av handelsplatser samt vid handel utanför handelsplatser. Transparenskraven, som gäller både handelsplatser och värdepappersinstitut, behandlas i avsnitt 7.10 och 7.11. MiFIR innehåller även regler om transaktionsrapportering, dvs. en skyldighet för värdepappersinstitut att till den behöriga myndigheten rapportera alla transaktioner i finansiella instrument som de har genom- fört. Dessa regler behandlas i avsnitt 7.12. I avsnitt 7.13 behandlas krav i MiFIR på information om och referensuppgifter för finansiella instru- ment. En nyhet i MiFID II i förhållande till MiFID I är reglerna om positionsbegränsningar när det gäller råvaruderivat. Dessa regler behand- las i avsnitt 7.14. En annan nyhet är att det i MiFID II finns krav på till- stånd för den som utför vissa datarapporteringstjänster. Den frågan behand- las i avsnitt 7.15.</P>
<P class="p1075 ft21">7.2 Aktiemarknaden och räntemarknaden</P>
<P class="p1076 ft3">Inledning</P>
<P class="p918 ft4">I detta avsnitt ges en kortfattad beskrivning av den handel med aktier och räntebärande finansiella instrument såsom obligationer och penning- marknadsinstrument som förekommer i Sverige i dag. Beskrivningen ger inte någon heltäckande bild utan är avsedd endast som en bakgrund till de frågor som behandlas i de följande avsnitten.</P>
<TABLE cellpadding=0 cellspacing=0 class="t141">
<TR>
<TD class="tr42 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td368"><P class="p139 ft3">Aktiemarknaden</P></TD>
</TR>
<TR>
<TD class="tr33 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td368"><P class="p139 ft2">I Sverige organiseras en stor del av handeln med aktier av börsen Nasdaq</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Stockholm AB (Nasdaq), som driver både en reglerad marknad och en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><NOBR>MTF-plattform.</NOBR> All handel på den reglerade marknaden sker genom dem</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som Nasdaq har godkänt som deltagare i handeln. Såväl stora som små</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">investerare handlar genom någon av dessa deltagare för att köpa eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sälja aktier. Deltagarna består av företag som har rätt att utföra investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ringstjänster inom EES, dvs. svenska värdepappersinstitut och mot-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">svarande utländska företag, samt av ett antal företag som är undantagna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">från tillståndsplikt (se 14 kap. 2 § lagen om värdepappersmarknaden).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Handeln på den reglerade marknaden sker antingen elektroniskt genom</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td57"><P class="p140 ft2">278</P></TD>
<TD class="tr31 td368"><P class="p139 ft2">automatisk matchning av order i orderböckerna eller enligt Nasdaqs</P></TD>
</TR>
<TR>
<TD class="tr66 td368"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_279">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">handelsregler för transaktioner där order inte matchas automatiskt i orderböckerna. Det senare innefattar exempelvis stora transaktioner och s.k. manuella transaktioner som genomförs mellan två parter utanför handelsplatsens system, men enligt handelsplatsens regelverk, och sedan rapporteras till handelsplatsen (s.k. negotiated trades). I båda fallen anses transaktionerna ske på handelsplatsen och enligt handelsplatsens regler.</P>
<P class="p313 ft2">Aktier som kan handlas på Nasdaqs reglerade marknad kan också handlas på andra handelsplatser, t.ex. <NOBR>MTF-plattformarna</NOBR> Aktietorget, First North (som drivs av Nasdaq) och Nordic MTF (som drivs av Nordic Growth Market NGM AB) samt Turquoise och Bats Europe som är engelska <NOBR>MTF-plattformar.</NOBR> Därutöver sker handel med aktier i Sverige på ytterligare en reglerad marknad, NGM Equity, som drivs av börsen Nordic Growth Market NGM AB (NGM). Även på dessa handelsplatser sker handeln elektroniskt genom matchning av order.</P>
<P class="p336 ft2">En del handelsplatser tillhandahåller en s.k. <NOBR>dark-pool-funktionalitet.</NOBR> Det är en handelsmekanism där handelsplatsen använder ett undantag från kravet att offentliggöra information före handel genom att matcha order enligt ett referenspris som tas från en annan handelsplats (8 kap. 1 § Finansinspektionens föreskrifter [FFFS 2007:17] om verksamhet på marknadsplatser). Ett exempel är Nasdaq som driver en dark pool (Nordic@Mid) för aktier som handlas på de reglerade marknaderna i Helsingfors, Stockholm, Köpenhamn och Reykjavik samt norska aktier som handlas på First North.</P>
<P class="p432 ft2">En stor del av handeln med finansiella instrument sker även utanför reglerade marknader och <NOBR>MTF-plattformar,</NOBR> dvs. OTC (förkortning av engelska over the counter). Detta gäller en del av handeln med aktier men i större utsträckning handeln med räntebärande instrument. Till OTC räknas även den handel som sker via systematiska internhandlare samt sådan handel som sker på marknadsplatser som inte är en reglerad marknad eller <NOBR>MTF-plattform</NOBR> (se avsnitt 7.3.2). I Sverige finns i dag ingen aktör som agerar som systematisk internhandlare.</P>
<P class="p165 ft3">Räntemarknaden</P>
<P class="p953 ft2">Räntemarknaden delas ofta in i en penningmarknad och en obligations- marknad. På penningmarknaden handlas exempelvis statsskuldväxlar och certifikat, vanligen med löptider upp till ett år. På obligationsmarknaden handlas värdepapper – obligationer – med löptider från i regel ett år och uppåt. Obligationsmarknaden är betydligt större än penningmarknaden.</P>
<P class="p277 ft2">Obligationsmarknaden kan delas upp i en primärmarknad, där nya obligationer ges ut, och en andrahandsmarknad, där obligationer köps och säljs vidare. Omsättningen i svenska statsobligationer sker framför allt på andrahandsmarknaden. Under år 2015 skedde ca 97 procent av all handel på andrahandsmarknaden.</P>
<P class="p313 ft2">Handeln på de olika delmarknaderna har något skilda syften. Det innebär något förenklat att obligationsmarknadens främsta uppgift är att förmedla vissa aktörers långsiktiga sparande till de aktörer som behöver kapital, medan penningmarknadens viktigaste funktion är att underlätta placeringen av överskott och förmedla kortfristig finansiering.</P>
<P class="p164 ft4">Aktörerna på penningmarknaden och obligationsmarknaden är i stort sett desamma och utgörs framför allt av staten, bolåneinstitut och banker</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">279</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_280">
<P class="p621 ft2">Prop. 2016/17:162 på låntagarsidan och av stora placerare, såsom försäkringsbolag och</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">pensionsfonder, på investerarsidan.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">På räntemarknaden finns även olika typer av derivatinstrument, såsom</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ränteterminer, ränteswappar och ränteoptioner, kreditderivat och olika</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">typer av strukturerade produkter. Dessa derivatinstrument hjälper bl.a.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">räntemarknadens aktörer att sprida och hantera risker.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I Sverige sker handeln på räntemarknaden nästan uteslutande OTC.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Värdepappersinstitut har åtagit sig att tillhandahålla likviditet genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">agera marknadsgaranter, dvs. att löpande lämna bud och ställa priser och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">utföra kunders order mot egen balansräkning (eget lager). Den handel</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">som sker mellan marknadsgaranterna kallas interbankhandel och den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">handel som sker mot kunder, t.ex. försäkringsbolag och större företag,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kallas för kundhandel. Det finns i dag sju värdepappersinstitut som i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">avtal med Riksgäldskontoret åtagit sig att lämna bud i alla emissioner på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">primärmarknaden och att i andrahandsmarknaden löpande ställa priser</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">(köp- och säljkurs) på de värdepapper som staten ger ut. Återförsäljarna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">av svenska statspapper var i oktober 2016 följande: Barclays, Danske</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Markets, Handelsbanken Markets, Nordea Markets, Royal Bank of</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Scotland, SEB och Swedbank. Barclays och Royal Bank of Scotland är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">endast återförsäljare i statsobligationer. Även bolåneinstitut ger ut sina</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">obligationer och certifikat i avtal med återförsäljare. De <NOBR>icke-finansiella</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">företag som emitterar företagsobligationer gör ofta detta enligt avtal med</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">banker och värdepappersbolag enligt låneprogram med i förväg bestämda</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">villkor.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">På räntemarknaden går det till så att den som avser att köpa eller sälja</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">obligationer eller penningmarknadsinstrument eller genomföra en trans-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">aktion på räntederivatmarknaden vänder sig till en marknadsgarant, som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">utifrån rådande marknadssituation erbjuder ett pris på det aktuella</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">värdepapperet. Om marknadsgaranten inte redan har det specifika värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">papperet i eget lager eller – om det rör sig om en försäljning – inte vill</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">behålla det efter genomförd transaktion, försöker marknadsgaranten i sin</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">tur att köpa respektive sälja samma värdepapper på interbankmarknaden</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">alternativt hitta en annan investerare som är intresserad av att göra en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">motsatt affär, dvs. har ett matchande intresse. På grund av den begrän-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">sade storleken på den svenska räntemarknaden kan det vara svårt för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">marknadsgaranterna att direkt hitta ett matchande intresse på marknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I dessa fall tvingas de i stället att behålla positionen till dess det finns</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">någon som har ett sådant intresse. Det betyder att marknadsgaranterna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">under den tiden blir exponerade mot marknadsrisk som i många fall kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">begränsas, t.ex. genom utnyttjande av derivatinstrument.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Handeln på räntemarknaden i Sverige skiljer sig i stor utsträckning från</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">handeln på aktiemarknaden. Den typ av handel som förekommer på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">räntemarknaden brukar förklaras av att det framför allt är relativt få men</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">professionella investerare som handlar räntepapper och att transaktion-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">erna på räntemarknaden därmed är stora och relativt få. Den svenska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">obligationsmarknaden brukar kallas för en 80/20 marknad, dvs. 80</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">procent av omsättningen kommer från 20 procent av kunderna (se</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Statsskuldsutredningens betänkande Översyn av statsskuldspolitiken</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">[SOU 2014:8] s. 73). Det innebär att det är svårare att omedelbart hitta</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ett matchande intresse på marknaden. På grund av dessa egenskaper har</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">280</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">det ansetts vara svårt att organisera en effektiv orderdriven handel,</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_281">
<DIV id="dimg1">
<INGENBILD zsrc="H403162281x1.jpg/" id="img1">
</DIV>
<P class="p186 ft4">särskilt i små marknader med få aktörer som i Sverige. För närvarande är Prop. 2016/17:162 likviditeten på den svenska räntemarknaden därför till stor del beroende</P>
<P class="p19 ft2">av att det finns marknadsgaranter.</P>
<P class="p264 ft2">Den svenska räntemarknaden, med tillhörande derivatmarknader, är i stor utsträckning uppbyggd som en telefonmarknad, även om det före- kommer viss handel genom elektroniska hjälpmedel. Indikativa priser offentliggörs via informationssystem, t.ex. Bloomberg och Reuters, och genomförda transaktioner rapporteras till Nasdaq och offentliggörs som huvudregel i aggregerad form senast kl. 09.00 dagen efter affärsdagen. Den information som ska offentliggöras är vägt snittpris, högsta- och lägsta avslutspris samt total volym för samtliga affärer under affärsdagen (7 kap. 3 § Finansinspektionens föreskrifter om verksamhet på mark- nadsplatser). På interbankmarknaden ställs indikativa priser via den elek- troniska plattformen EIM och enligt Nasdaqs handelsregler. Under de senaste åren har det också startat två nya marknader för företagsobliga- tioner: First North Bond Market på <NOBR>MTF-plattformen</NOBR> First North och Ränte- torget på <NOBR>MTF-plattformen</NOBR> Aktietorget. Handeln i räntederivat (ränteter- miner, ränteswappar och ränteoptioner) sker till stor del OTC via mark- nadsgaranter, även om det förekommer handel på reglerad marknad, framför allt i standardiserade ränteterminer. Nasdaq tillhandahåller hand- el i standardiserade räntederivat (stats- och bostadsterminer, STIBOR- FRA och RIBA). Även för dessa instrument tillhandahåller Nasdaq handel utanför orderboken samt clearing av standardiserade räntederivat och en del skräddarsydda derivat som handlas OTC mellan bankerna.</P>
<P class="p1077 ft23"><SPAN class="ft21">7.3</SPAN><SPAN class="ft22">Definitioner av handelsplatser och tillståndskrav för drift av multilaterala system</SPAN></P>
<P class="p1078 ft129"><SPAN class="ft127">7.3.1</SPAN><SPAN class="ft132">Definitioner och följdändringar</SPAN></P>
<P class="p1079 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Definitionen av reglerad marknad i lagen om värdepappersmarknaden justeras så att det framgår att den drivs eller leds av en marknadsoperatör. En definition av <NOBR>OTF-plattform</NOBR> tas in i lagen. Definitionen av handelsplattform i lagen justeras så att den omfattar både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR> En ny definition av handelsplats som omfattar reglerade marknader och handelsplatt- formar införs i lagen.</P>
<P class="p1080 ft42">I lagen om investeringssparkonto ersätts termen handelsplattform med <NOBR>MTF-plattform.</NOBR></P>
<P class="p960 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningen föreslår inte någon följdändring i lagen (2011:1268) om investeringssparkonto.</P>
<P class="p144 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Skatteverket </SPAN>påtalar att om definitionen av handelsplattform utvidgas till att omfatta även <NOBR>OTF-plattformar</NOBR> medför det att även finansiella instrument som handlas på en sådan plattform kommer att kunna utgöra tillåtna tillgångar på ett investeringssparkonto, om det inte görs någon ändring i lagen om investeringssparkonto.</P>
<P class="p1025 ft2">281</P>
</DIV>
<DIV id="page_282">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p20 ft25">Skälen för regeringens förslag: <SPAN class="ft2">I MiFID II regleras, liksom i</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">MiFID I, två olika typer av handelsplatser: reglerad marknad och multi-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">lateral handelsplattform <NOBR>(MTF-plattform).</NOBR> I MiFID II har det tillkommit</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">en typ av handelsplats: organiserad handelsplattform <NOBR>(OTF-plattform).</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">När det gäller vad som avses med en reglerad marknad respektive en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2"><NOBR>MTF-plattform</NOBR> innebär MiFID II ingen skillnad jämfört med MiFID I.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Definitionerna av reglerad marknad och <NOBR>MTF-plattform</NOBR> i MiFID II (artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">4.1.21 och 4.1.22) är i sak desamma som definitionerna i MiFID I (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p30 ft2">4.1.14 och 4.1.15). Enligt definitionen är en reglerad marknad ett multi-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">lateralt system som drivs eller leds av en marknadsoperatör, vilket</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">sammanför eller underlättar sammanförandet av flera tredjeparters köp-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">och säljintressen i finansiella instrument – inom systemet och i enlighet</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">med dess <NOBR>icke-skönsmässiga</NOBR> regler – så att detta leder till ett kontrakt i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">fråga om finansiella instrument upptagna till handel enligt dess regler</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">eller system, och som är auktoriserat och löpande verksamt och drivs i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">enlighet med bestämmelserna i avdelning III i direktivet. En MTF-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">plattform är enligt definitionen ett multilateralt system som drivs av ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">värdepappersföretag eller en marknadsoperatör och som sammanför flera</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">tredjeparters köp- och säljintressen i finansiella instrument – inom</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">systemet och i enlighet med <NOBR>icke-skönsmässiga</NOBR> regler – så att detta leder</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">till ett kontrakt i enlighet med bestämmelserna i avdelning II i direktivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Nytt i sak i MiFID II är en tredje typ av handelsplats, <NOBR>OTF-plattform.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p30 ft2">En sådan handelsplats är enligt definitionen (artikel 4.1.23) ett multilate-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p30 ft2">ralt system som inte är en reglerad marknad eller en <NOBR>MTF-plattform,</NOBR> och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">inom vilket flera tredjeparters köp- och säljintressen i obligationer, struk-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">turerade finansiella produkter, utsläppsrätter eller derivat kan interagera</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">inom systemet så att detta leder till ett kontrakt i enlighet med bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">melserna i avdelning II i direktivet.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">Definitionerna av de olika handelsplatserna är i vissa delar lika. Det</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ska i samtliga fall vara fråga om ett multilateralt system, dvs. ett system</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p30 ft2">där ett flertal köp- och säljintressen kan interagera (artikel 4.1.19). Term-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">en system avser både rent tekniska system tillsammans med handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">regler och system enbart bestående av handelsregler, dvs. utan att det</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">finns något tekniskt handelssystem (skäl 7 till MiFIR). Köp- och sälj-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">intressen ska tolkas extensivt och inrymmer både order, bud och intresse-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">anmälningar. En skillnad mellan en <NOBR>OTF-plattform</NOBR> och en reglerad mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">nad eller en <NOBR>MTF-plattform</NOBR> är att på en <NOBR>OTF-plattform</NOBR> får inte aktier</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">eller liknande finansiella instrument handlas utan bara vissa andra typer</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">av finansiella instrument, nämligen obligationer, strukturerade finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">produkter, utsläppsrätter och derivatinstrument. Ytterligare en skillnad är</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">att det för en <NOBR>OTF-plattform</NOBR> inte ställs något krav på <NOBR>icke-skönsmässiga</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">regler för handeln.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Kravet i MiFID I på att <NOBR>MTF-plattformar</NOBR> ska ha <NOBR>icke-skönsmässiga</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">regler har lett till att vissa marknadsplatser där köpare och säljare av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">finansiella instrument rent faktiskt kan mötas – men som saknar icke-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">skönsmässiga regler – varken kan anses vara en reglerad marknad eller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">en <NOBR>MTF-plattform.</NOBR> När MiFID I genomfördes i svensk rätt uttalades att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">det faktum att en verksamhet föll utanför definitionerna av reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">marknad eller <NOBR>MTF-plattform</NOBR> dock inte automatiskt innebär att verk-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">samheten helt och hållet faller utanför det tillståndspliktiga området</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">282</P></TD>
<TD class="tr27 td235"><P class="p20 ft2">(prop. 2006/07:115 s. 330). I det sammanhanget gjordes bedömningen att</P></TD>
</TR>
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<P class="p19 ft4">om verksamheten innebär att två eller flera investerare sammanförs så att Prop. 2016/17:162 en transaktion kommer till stånd, utgör den en kombination av de</P>
<P class="p272 ft2">tillståndspliktiga investeringstjänsterna mottagande och vidarebefordran av order och utförande av order för kunders räkning. Reglerna i MiFID II begränsar emellertid utrymmet för den typen av verksamhet genom kravet att alla multilaterala system för handel med finansiella instrument ska drivas som <NOBR>MTF-plattform,</NOBR> <NOBR>OTF-plattform</NOBR> eller reglerad marknad (se avsnitt 7.3.2).</P>
<P class="p200 ft2">Definitionen av en <NOBR>OTF-plattform</NOBR> innehåller inte något krav på att det ska finnas <NOBR>icke-skönsmässiga</NOBR> regler. Det innebär t.ex. att ett värdepap- persinstituts interna elektroniska matchningssystem kan utgöra en OTF- plattform (se skäl 9 till MiFIR). Om inga avslut faktiskt sker inom systemet är det med hänsyn till det som anges i definitionen dock inte fråga om en <NOBR>OTF-plattform.</NOBR> En verksamhet som enbart gör det möjligt att visa upp köp- och säljintressen – t.ex. en elektronisk anslagstavla – men där sedan eventuella transaktioner görs upp bilateralt direkt mellan parterna utan inblandning av marknadsoperatören eller värdepappers- institutet eller dess system, är inte en <NOBR>OTF-plattform</NOBR> (skäl 8 till MiFIR).</P>
<P class="p1081 ft2">Definitionen i lagen om värdepappersmarknaden av reglerad marknad bör justeras så att det – i likhet med i definitionen i MiFID II – anges att en reglerad marknad drivs eller leds av en marknadsoperatör. Defini- tionen av <NOBR>OTF-plattform</NOBR> i MiFID II bör tas in i en motsvarande defini- tion i lagen. Nuvarande definition av handelsplattform i lagen bör justeras så att den i stället betecknas <NOBR>MTF-plattform</NOBR> (1 kap. 5 § 12). I lagen bör det i stället tas in en ny definition av handelsplattform som omfattar både MTF- plattformar och <NOBR>OTF-plattformar.</NOBR> I MiFID II finns det en definition av handelsplats (artikel 4.1.24) som omfattar reglerade marknader, MTF- plattformar och <NOBR>OTF-plattformar.</NOBR> En motsvarande definition av handels- plats bör tas in i lagen om värdepappersmarknaden.</P>
<P class="p1082 ft2">Som <SPAN class="ft3">Skatteverket </SPAN>påtalar skulle det medföra att även finansiella instru- ment som handlas på en <NOBR>OTF-plattform</NOBR> kommer att kunna utgöra tillåtna tillgångar på ett investeringssparkonto, om den nuvarande definitionen av handelsplattform i lagen om värdepappersmarknaden ändras och det inte görs någon följdändring i lagen om investeringssparkonto (6 §). Rege- ringen konstaterar att det i förevarande lagstiftningsärende inte bör göras någon materiell ändring när det gäller vad som avses med investerings- tillgångar i lagen om investeringssparkonto. I den lagen bör därför termen handelsplattform ersättas med <NOBR>MTF-plattform.</NOBR></P>
<P class="p1083 ft131"><SPAN class="ft127">7.3.2</SPAN><SPAN class="ft130">Krav på tillstånd för drift av multilaterala system för finansiella instrument</SPAN></P>
<P class="p1084 ft42"><SPAN class="ft141">Regeringens förslag: </SPAN>Multilaterala system för finansiella instrument ska få drivas endast som handelsplattform eller reglerad marknad.</P>
<TABLE cellpadding=0 cellspacing=0 class="t142">
<TR>
<TD class="tr2 td359"><P class="p982 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>avviker från regeringens förslag. Enligt</P></TD>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">utredningens bedömning behöver kravet i MiFID II på tillstånd för</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">multilaterala system för finansiella instrument inte införas i en särskild</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p982 ft2">bestämmelse, eftersom det redan följer av att drift av <NOBR>OTF-plattform</NOBR></P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td359"><P class="p1085 ft2">införs som en tillståndspliktig investeringsverksamhet.</P></TD>
<TD rowspan=2 class="tr1 td147"><P class="p20 ft2">283</P></TD>
</TR>
<TR>
<TD class="tr53 td359"><P class="p23 ft57"> </P></TD>
</TR>
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<P class="p727 ft2">Prop. 2016/17:162 <SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker bedömningen eller har inget att invända mot den. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>instämmer inte i utredningens slutsats att all organiserad handel i vissa finansiella instrument, som en följd av att <NOBR>OTF-plattform</NOBR> införs som tillståndspliktig verksamhet, ska ske på en reglerad marknad, <NOBR>MTF-plattform,</NOBR> <NOBR>OTF-plattform</NOBR> eller hos en syste- matisk internhandlare.</P>
<P class="p1020 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>En nyhet i MiFID II (artikel 1.7 första stycket) i förhållande till MiFID I är att det ställs upp krav på att alla multilaterala system för finansiella instrument ska drivas som MTF- plattform, <NOBR>OTF-plattform</NOBR> eller som reglerad marknad. I MiFID II (artikel 4.1.19) definieras ett multilateralt system som ett system eller en facilitet där flera tredjeparters köp- och säljintressen i finansiella instrument kan interagera inom systemet (se avsnitt 6.8).</P>
<P class="p1020 ft2">MiFID I lämnade ett relativt stort utrymme för drift av olika former av marknadsplatser genom investeringstjänsterna mottagande och vidare- befordran av order och utförande av order för kunders räkning (se avsnitt 7.3.1). Det utrymmet inskränks emellertid genom MiFID II och existe- rande marknadsplatser kommer därför att behöva anpassa sin verksamhet i enlighet med det nya regelverket för <NOBR>MTF-plattformar,</NOBR> <NOBR>OTF-plattformar</NOBR> eller reglerade marknader.</P>
<P class="p654 ft2">Konsekvensen av att alla multilaterala system för finansiella instru- ment ska drivas som <NOBR>MTF-plattform,</NOBR> <NOBR>OTF-plattform</NOBR> eller reglerad mark- nad är att organiserad handel med finansiella instrument som huvudregel ska ske på reglerade handelsplatser eller via systematiska internhandlare (artikel 1.7 i MiFID II och skäl 10 till MiFIR). <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>anser inte att slutsatsen bör dras, som en följd av att <NOBR>OTF-plattform</NOBR> införs som tillståndspliktig verksam- het, att all organiserad handel i vissa finansiella instrument ska ske på en reglerad marknad, <NOBR>MTF-plattform,</NOBR> <NOBR>OTF-plattform</NOBR> eller hos en system- atisk internhandlare när MiFID II börjar tillämpas. Regeringen instäm- mer i att även MiFID II ger ett visst utrymme för intern matchning av kundorder i finansiella instrument utanför en reglerad marknad, en MTF- plattform, en <NOBR>OTF-plattform</NOBR> eller genom systematisk internhandel. Sådan verksamhet kommer emellertid enligt regeringens uppfattning inte längre att kunna drivas på multilateral basis eller i någon större omfattning (se artikel 23 i MiFIR och avsnitt 7.7.6).</P>
<P class="p711 ft2">Regeringen anser, till skillnad från utredningen, att det av tydlighets- skäl är motiverat att i lagen om värdepappersmarknaden, på motsvarande sätt som i MiFID II, uttryckligen ange att multilaterala system för finan- siella instrument endast får drivas som handelsplattform eller reglerad marknad.</P>
<P class="p654 ft2">Ett värdepappersinstitut som på ett organiserat, frekvent, systematiskt och substantiellt sätt handlar för egen räkning ska när det utför kundorder utanför en handelsplats göra detta enligt de regler som gäller för system- atiska internhandlare (artikel 1.7 andra stycket i MiFID II). Det kravet bör enligt regeringens uppfattning anses genomfört i svensk rätt genom en kombination av förslaget om att i lagen om värdepappersmarknaden införa en definition av vem som är systematisk internhandlare (se av- snitt 7.4.2) och av Finansinspektionens möjligheter att ingripa mot den</P>
<P class="p1086 ft2">284</P>
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<P class="p186 ft42">som bryter mot reglerna. Se även avsnitt 7.11 avseende artikel 1.7 tredje Prop. 2016/17:162 stycket i MiFID II.</P>
<P class="p1087 ft21"><SPAN class="ft21">7.4</SPAN><SPAN class="ft153">Reglerade marknader</SPAN></P>
<P class="p1088 ft131"><SPAN class="ft127">7.4.1</SPAN><SPAN class="ft130">Krav på tillstånd att driva en reglerad marknad och regler om handeln på marknaden</SPAN></P>
<P class="p914 ft2">I både MiFID II och MiFIR finns det regler om reglerade marknader. I avsnitt 7.4 behandlas reglerna i MiFID II om tillstånd, krav på marknads- operatörens organisation, krav för att finansiella instrument ska få tas upp till handel och på marknadsövervakning. Reglerna i MiFIR om trans- parens och vissa krav avseende handel med derivat behandlas i av- snitten 7.6 och 7.8.</P>
<P class="p426 ft2">I MiFID II finns det också regler avseende ägare, styrelse och verk- ställande direktör för börser (enligt svensk rätt avses med börs ett svenskt företag som har fått tillstånd att driva en eller flera reglerade marknader). Reglerna för styrelse och verkställande direktör är betydliget mer detalj- erade än i MiFID I. Motsvarande ändring av de reglerna har skett beträff- ande värdepappersbolag. Reglerna om styrelse och verkställande direktör i börser och värdepappersbolag behandlas därför i ett sammanhang i avsnitt 12.</P>
<P class="p1087 ft129"><SPAN class="ft127">7.4.2</SPAN><SPAN class="ft132">Grundläggande regler för tillstånd</SPAN></P>
<P class="p998 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om auktorisation av reglerade marknader och om tillämplig rätt kräver inte någon lagstift- ningsåtgärd.</P>
<P class="p430 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">De grundläggande reglerna om tillstånd och återkallelse av tillstånd i MiFID II (artikel 44.1, 44.5 och 44.6) när det gäller reglerade marknader överensstämmer med motsvar- ande regler i MiFID I (artikel 36.1, 36.5 och 36.6). Reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden som krav på tillstånd av Finansinspektionen att som börs driva en reglerad marknad respektive skyldighet för inspektionen att ingripa genom att återkalla tillståndet för en börs i vissa särskilt angivna fall (12 kap. 1 och 2 §§ respektive 25 kap. 5 §).</SPAN></P>
<P class="p429 ft2">Även när det gäller reglerna om tillämplig rätt överensstämmer det som anges i MiFID II (artikel 44.4) med motsvarande regler i MiFID I (artikel 36.4). När MiFID I genomfördes i svensk rätt gjordes bedöm- ningen att de reglerna i direktivet inte krävde att det infördes någon sär- skild bestämmelse (se prop. 2006/07:115 Del 1 s. 379 f. och Del 2 s. 216). Regeringen anser att det inte finns skäl att göra någon annan</P>
<P class="p19 ft2">bedömning när det gäller motsvarande regler i MiFID II.</P>
<P class="p890 ft2">285</P>
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<P class="p820 ft42">Prop. 2016/17:162 Reglerna i MiFID II om auktorisation av reglerade marknader och om tillämplig rätt kräver således inte någon lagstiftningsåtgärd.</P>
<P class="p1017 ft129"><SPAN class="ft127">7.4.3</SPAN><SPAN class="ft128">Krav på en reglerad marknads organisation</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>En reglerad marknad och de som deltar i handel på marknaden ska synkronisera de klockor som används för att registrera datum och tid för transaktioner som ska rapporteras.</P>
<P class="p1090 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om grundläggande krav på en börs organisation samt förbud för en börs att genomföra transaktioner på en reglerad marknad som den driver eller ägna sig åt matchad principalhandel kräver inte någon lagstiftningsåtgärd.</P>
<P class="p975 ft103">Utredningens förslag och bedömning <SPAN class="ft4">överensstämmer med regering- ens förslag och bedömning.</SPAN></P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har inget att invända mot dem.</P>
<P class="p575 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Liksom i MiFID I är reglerna i MiFID II utformade så att de tar sikte dels på den reglerade marknaden i sig, dels på den som driver den reglerade marknaden. Den som driver en reglerad marknad benämns marknadsoperatör. Av defini- tionen (artikel 4.1.13 i MiFID I och artikel 4.1.36 i MiFID II) följer att en marknadsoperatör är en eller flera personer som leder eller driver verk- samheten på en reglerad marknad och att det får vara den reglerade marknaden själv. I svensk rätt kommer detta till uttryck på så sätt att ett svenskt aktiebolag eller en svensk ekonomisk förening som driver en reglerad marknad benämns börs och handelsplatsen i sig benämns reglerad marknad (1 kap. 5 § 3 och 20 lagen om värdepappersmarknaden, se prop. 2006/07:115 s. </SPAN><NOBR><SPAN class="ft2">329–338).</SPAN></NOBR><SPAN class="ft2"> Medan kraven i MiFID II på ägare och ledning riktar sig mot marknadsoperatören, riktar sig kraven på t.ex. transparens mot handelsplatsen i sig. Organisationskraven i direktivet riktar sig dock mot både operatören och handelsplatsen.</SPAN></P>
<P class="p1020 ft2">De grundläggande organisationskraven i MiFID II (artikel 47.1) mot- svarar kraven i MiFID I (artikel 39). De reglerna i MiFID I har genom- förts i svensk rätt genom olika bestämmelser om börser och reglerade marknader i lagen om värdepappersmarknaden (12 kap. 7 § och 13 kap. 1 § tredje stycket och 6 §). Motsvarande regler i MiFID II kräver därför inte någon lagstiftningsåtgärd.</P>
<P class="p576 ft2">I MiFID II (artikel 47.2) finns det emellertid även ett förbud som saknar motsvarighet i MiFID I och som innebär att en marknadsoperatör inte får utföra kundorder eller ägna sig åt s.k. matchad principalhandel på en reglerad marknad som operatören driver. Matchad principalhandel är en transaktion där en mellanhand själv träder in mellan transaktionens köpare och säljare på ett sådant sätt att den under utförandet av transak- tionen aldrig exponeras för marknadsrisk och där båda sidor av transak- tionen genomförs till ett pris där mellanhanden inte gör någon vinst eller förlust, förutom tidigare tillkännagivna arvoden eller avgifter för transak- tionen (se definitionen i artikel 4.1.38 i MiFID II). Enligt gällande svensk rätt får en börs inom ramen för sitt tillstånd att driva en reglerad marknad</P>
<P class="p535 ft2">inte utföra kundorder eller ägna sig åt matchad principalhandel på en</P>
<P class="p166 ft2">286</P>
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<P class="p186 ft4">reglerad marknad som den driver (13 kap. lagen om värdepappersmark- Prop. 2016/17:162 naden). Regeringen anser därför att förbudet mot det i direktivet inte</P>
<P class="p19 ft2">kräver någon lagstiftningsåtgärd.</P>
<P class="p144 ft2">I MiFID II (artikel 50.1) finns också ett krav på att alla handelsplatser och deras medlemmar eller deltagare ska synkronisera de klockor som an- vänds för att registrera datum och tid för händelser som ska rapporteras, t.ex. skyldigheten att rapportera transaktioner (se artikel 26 i MiFIR). Någon motsvarighet till detta krav finns varken i MiFID I eller i svensk rätt. Reglerna i MiFID II om synkronisering av klockor bör genomföras i en motsvarande bestämmelse i lagen om värdepappersmarknaden.</P>
<P class="p357 ft4">I kommissionens delegerade förordning (EU) av den 7 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller noggrannhetsnivån för klockor finns detaljerade regler om noggrannhetsnivån med vilken klockor ska synkroniseras i enlighet med internationella standarder (C [2016] 3316 final).</P>
<P class="p1091 ft129"><SPAN class="ft127">7.4.4</SPAN><SPAN class="ft132">Krav på välordnad handel</SPAN></P>
<P class="p1079 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En börs ska inrätta effektiva system, förfaran- den och arrangemang för att säkerställa att handelssystemen är mot- ståndskraftiga, har tillräcklig kapacitet, kan säkerställa ordnad handel, är fullständigt testade och omfattas av effektiva arrangemang för driftskontinuitet. En börs ska vara skyldig att ingå skriftliga avtal med alla värdepappersinstitut som bedriver en marknadsgarantstrategi på en reglerad marknad som börsen driver.</P>
<P class="p1092 ft2">En börs ska inrätta effektiva system, förfaranden och arrangemang för att under vissa förutsättningar kunna avvisa order, tillfälligt kunna stoppa handeln på en reglerad marknad som börsen driver och säker- ställa att deltagare som använder algoritmiska handelssystem inte kan skapa eller bidra till otillbörliga marknadsförhållanden. Börsen ska bl.a. ha system för att det ska vara möjligt att bromsa orderflödet om det finns en risk för att taket för systemkapaciteten uppnås. Särskilda krav ska vara uppfyllda om börsen tillåter direkt elektroniskt tillträde till en reglerad marknad. En börs ska även tillfälligt kunna stoppa eller avsluta en deltagares direkta elektroniska tillträde.</P>
<P class="p1093 ft4">En börs ska ha transparenta, rättvisa och <NOBR>icke-diskriminerande</NOBR> regler om avgifter och s.k. samlokalisering. En börs ska även ha regler som anger gränser för hur priset ändras för aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument.</P>
<P class="p1022 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att det i utredningens förslag inte finns något krav i lag på att en börs ska ingå skriftliga avtal med samtliga värdepappersinstitut som bedriver en marknadsgarantstrategi på en reglerad marknad som börsen driver och att börsen ska ha system som möjliggör att orderflödena bromsas om det finns risk att taket för systemkapaciteten uppnås.</P>
<P class="p168 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p19 ft14">har inget att invända mot det. <SPAN class="ft35">Nasdaq Stockholm AB </SPAN>anser att det bör</P>
<P class="p596 ft2">287</P>
</DIV>
<DIV id="page_288">
<P class="p994 ft4">Prop. 2016/17:162 införas uttryckliga krav på att en börs ska ingå skriftliga avtal med samtliga värdepappersinstitut som bedriver en marknadsgarantstrategi</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">och att en börs ska ha system som har möjlighet att begränsa orderflödet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om det finns en risk för att systemkapaciteten ska uppnås. <SPAN class="ft3">Nordic Growth</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2"><SPAN class="ft3">Market NGM AB </SPAN>(NGM) anser att det bör förtydligas när en börs ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">anses anlita en marknadsgarant samt vad som är ett tillräckligt antal</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersinstitut. NGM önskar även att det klargörs om tillämpnings-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">området för det som anges i lag skiljer sig åt från tillämpningsområdet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för det som anges i tekniska standarder om marknadsgarantstrategier.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Enligt NGM bör det även klargöras om ett värdepappersbolag, på grund</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">av en kunds agerande som inte gjort något fast åtagande om att handla</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för egen räkning men vars orderläggning i praktiken är närbesläktad med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en marknadsgarantstrategi, kan anses bedriva en marknadsgarantstrategi.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>avviker från regeringens förslag. I promemo-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rian föreslås att regeringen eller den myndighet som regeringen bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mer ska få meddela föreskrifter om lämplig kalibrering av handelsstopp.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">har inget att invända mot det. <SPAN class="ft3">Fondbolagens förening </SPAN>anser att det inte är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lämpligt att ge generella bemyndiganden i lag till behörig myndighet att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">införa Esmas riktlinjer i bindande föreskrifter.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>En nyhet i MiFID II i förhållande till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID I är att det i direktivet även finns detaljerade regler om bl.a.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">system som en reglerad marknad ska ha för att se till att handeln på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknaden sker på ett ordnat sätt. Enligt MiFID II ska det på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknad finnas effektiva system, förfaranden och arrangemang som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">säkerställer att handelssystemet är motståndskraftigt och har tillräcklig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kapacitet för att kunna hantera stora order- och meddelandevolymer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 48.1). Handeln ska kunna fungera under ordnade former även</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">under svåra påfrestningar. Systemen måste också vara testade för detta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ändamål, och det måste finnas effektiva, fungerade kontinuitetsarrange-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mang för att säkerställa att handeln kan fortgå även vid störningar.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">En reglerad marknad ska enligt direktivet även ha arrangemang för att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kunna förhindra orderläggning som går utöver förutbestämda trösklar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avseende volym och pris eller som är uppenbart felaktiga (artikel 48.4).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">I direktivet finns det också krav på system hos en reglerad marknad för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att tillfälligt avbryta handeln (s.k. circuit breakers) vid väsentliga pris-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förändringar i ett finansiellt instrument på den marknaden eller på en när-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">liggande marknad och att transaktioner, i undantagsfall, ska kunna hävas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">eller korrigeras (artikel 48.5 första stycket). En reglerad marknad ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">säkerställa att parametrarna för att stoppa handeln är lämpligt kalibrerade</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">på ett sätt som beaktar likviditeten för olika tillgångskategorier och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">underkategorier, marknadsmodellens art och olika typer av användare</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och räcker för att undvika betydande störningar i en ordnad handel. Den</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">reglerade marknaden ska underrätta den behöriga myndigheten om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">parametrarna och om betydande ändringar i dessa (artikel 48.5 andra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">I MiFID II finns även regler om förhållandet till dem som ägnar sig åt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">s.k. algoritmisk handel, dvs. där orderläggningen sköts av datorer (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">48.6). För en mer utförlig beskrivning av algoritmisk handel, se av-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">snitt 7.10. En reglerad marknad ska se till att sådan handel inte orsakar</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">288</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">störningar i handeln och ska åtminstone ha begränsningar i relationen</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_289">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">mellan order och transaktioner, dvs. det ska finnas en gräns för hur många order i förhållande till antalet faktiska transaktioner en deltagare i handeln ska kunna lägga. Den reglerade marknaden ska också ha system för att kunna dämpa hastigheten i orderläggningen om det finns en risk för att taket för handelssystemets kapacitet nås. På den reglerade mark- naden ska det även gå att identifiera order som skapats genom algoritmer och även vilken order som skapats av vilken algoritm samt den person som ansvarar för orderläggningen (artikel 48.10). Denna information ska vara tillgänglig för den behöriga myndigheten på myndighetens begäran.</P>
<P class="p336 ft2">I direktivet finns det särskilda regler för reglerade marknader som tillåter direkt elektroniskt tillträde, dvs. värdepappersföretag som är medlemmar eller deltagare på den reglerade marknaden låter sina kunder handla elektroniskt direkt via företagets system (artikel 48.7). På en reglerad marknad där detta är tillåtet ska marknadsoperatören se till att endast värdepappersföretag och kreditinstitut tillåts tillhandahålla direkt elektroniskt tillträde. Den reglerade marknaden ska ha regler för lämplig- hetsbedömning av sådana företag och företaget ska hållas ansvariga för alla order och transaktioner som görs i företagets namn. Den reglerade marknaden ska dessutom utforma lämpliga regler för riskkontroll och trösklar för den handel som sker via direkt elektroniskt tillträde och ska kunna särskilja sådana order från andra order och även kunna stoppa order som lagts via direkt elektroniskt tillträde utan att stoppa övriga order från samma handelsdeltagare (artikel 48.7 första och andra styck- ena). Om en medlem eller deltagare inte uppfyller kraven, ska den regle- rade marknaden även tillfälligt kunna stoppa eller avsluta medlemmens eller deltagarens direkta elektroniska tillträde (artikel 48.7 tredje stycket).</P>
<P class="p1094 ft2">Enligt direktivet ska en reglerad marknad ingå skriftliga avtal med alla värdepappersföretag som bedriver en marknadsgarantstrategi på den reglerade marknaden (artikel 48.2 a). Den reglerade marknaden ska även inrätta system för att säkerställa att ett tillräckligt antal värdepappers- företag kan agera marknadsgarant på den marknaden (artikel 48.2 b). De skriftliga avtalen ska specificera marknadsgaranternas skyldigheter när det gäller tillhandahållandet av likviditet och i förekommande fall andra skyldigheter samt de incitament som den reglerade marknaden erbjuder marknadsgaranter för att tillföra likviditet till marknaden på regelbunden och förutsägbar basis och i förekommande fall andra rättigheter. Vidare ställs krav på den reglerade marknaden att övervaka och se till att mark- nadsgaranterna uppfyller sina skyldigheter enligt de skriftliga avtalen samt att informera den behöriga myndigheten om avtalen och på begäran förse myndigheten med ytterligare upplysningar (artikel 48.3).</P>
<P class="p164 ft4">En reglerad marknads avgiftsstruktur och regler om s.k. samlokalise- ringstjänster (på engelska <NOBR>co-location)</NOBR> – dvs. att deltagarnas servrar som används vid handeln placeras i samma lokaler som handelsplatsens servrar – ska vara transparenta, rättvisa och <NOBR>icke-diskriminerande</NOBR> (artikel</P>
<P class="p163 ft2"><SPAN class="ft2">48.8</SPAN><SPAN class="ft156">och 48.9). Enligt direktivet ska en reglerad marknad införa krav på att marknadsgaranter tillhandahåller sådana tjänster avseende enskilda aktier eller korgar av aktier mot ersättning i form av rabatter (artikel 48.9 första stycket). En reglerad marknad får justera sina avgifter för annullerade order efter den tid som ordern upprätthölls och kalibrera avgifterna för varje finansiellt instrument för vilka de tillämpas (artikel</SPAN></P>
<P class="p189 ft2"><SPAN class="ft2">48.9</SPAN><SPAN class="ft157">andra stycket). Medlemsstaterna får även tillåta att en reglerad</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">289</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_290">
<P class="p994 ft4">Prop. 2016/17:162 marknad inför en högre avgift för att lägga en order som senare annulle- ras än för en order som utförs och att den inför en högre avgift för deltag-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">are som lägger en hög andel annullerade order i förhållande till antalet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utförda order och för dem som tillämpar en teknik för algoritmisk hög-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">frekvenshandel, för att avspegla den extra bördan på systemkapaciteten</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 48.9 tredje stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Slutligen ska den behöriga myndigheten för en reglerad marknad på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">begäran få tillgång till orderboksdata och även tillgång direkt till order-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">boken för att kunna övervaka handeln (artikel 48.11).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Enligt MiFID II (artikel 49) ska en reglerad marknad även ha regler om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gränser för hur priset ändras (s.k. <NOBR>tick-size</NOBR> eller budsteg) för aktier, depå-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bevis, andelar i s.k. börshandlade fonder, certifikat och andra liknande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finansiella instrument. Den metod som de flesta börser använder i dag är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att ange en minsta nivå för prisändring, dvs. <NOBR>tick-size.</NOBR> Minsta prisändring</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avser den minsta storlek på prisändring som är tillåten i en aktie vid olika</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">prisintervall på aktien.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Regeringen anser att reglerna i MiFID II (artikel 48) om krav på mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ståndskraft i de systemen som en reglerad marknad har inrättat, handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">spärrar och elektronisk handel och om minsta prisändring (artikel 49) bör</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">genomföras i svensk rätt i motsvarande bestämmelser i lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">pappersmarknaden. Kraven i lagen bör gälla den börs som driver den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">reglerade marknaden.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Regeringen instämmer med <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>att det i lagen på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">motsvarande sätt som i direktivet bör anges uttryckliga krav på att en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">börs ska ingå skriftliga avtal med samtliga värdepappersinstitut som be-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">driver en marknadsgarantstrategi på en reglerad marknad som börsen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">driver och att en börs ska ha system för att det ska vara möjligt att be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gränsa orderflödet om det finns en risk för att taket för systemkapaciteten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppnås.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Nordic Growth Market NGM AB </SPAN>önskar att det förtydligas när en börs</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska anses anlita en marknadsgarant. Regeringen konstaterar att enligt för-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">slaget ska en börs ingå skriftliga avtal med samtliga aktörer som bedriver</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en marknadsgarantstrategi på en reglerad marknad som börsen driver.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Om en börs har ingått ett sådant avtal, bör den enligt regeringens uppfatt-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ning anses ha anlitat marknadsgaranten oavsett om avtalet innebär att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsgaranten får någon ersättning av börsen eller inte för att agera</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som marknadsgarant.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">NGM önskar även ett förtydligande om tillämpningsområdet för lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i förhållande till rättsakter som har antagits av kommissionen. Rege-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ringen konstaterar att enligt förslaget ska de nu aktuella reglerna i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">MiFID II genomföras i lag och att tillämpningsområdet för lagen är det-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samma som för direktivet. Reglerna i MiFID II kompletteras av de rätts-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">akter som kommissionen har antagit och tillämpningsområdet är därmed</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">detsamma för direktivet och de rättsakterna. På samma sätt är tillämp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningsområdet för lagen och de rättsakterna detsamma. De detaljerade</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kraven om skyldighet för värdepappersföretag att ingå marknads-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">garantsavtal och för handelsplatser att inrätta marknadsgarantsystem</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finns i kommissionens delegerade förordning (EU) av den 13 juni 2016</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">avseende tekniska tillsynsstandarder som specificerar kraven för</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">290</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">marknadsgarantavtal och marknadsgarantsystem (C [2016] 3523 final).</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_291">
<DIV>
<DIV id="id_1">
<P class="p150 ft2">NGM efterfrågar också ett förtydligande när det gäller om ett värde- pappersbolag på grund av en kunds agerande som inte gjort något fast åtagande om att handla för egen räkning men vars orderläggning i prak- tiken är närbesläktad med en marknadsgarantstrategi, kan anses bedriva en marknadsgarantstrategi. I nyss nämnda delegerade förordning (artikel 1.1 b) anges att värdepappersföretag ska ingå ett marknadsgarantavtal gällande de finansiella instrument för vilka de bedriver en marknads- garantstrategi med den handelsplats eller de handelsplatser där denna strategi utövas om att de, under hälften av handelsdagarna under en en- månadsperiod, vid utförandet av marknadsgarantstrategin för egen räk- ning ska handla åtminstone ett finansiellt instrument på en handelsplats under hälften av de dagliga öppettiderna då kontinuerlig handel bedrivs vid respektive handelsplats. Enligt regeringens uppfattning innebär det att det är en förutsättning att ett värdepappersbolag för egen räkning handlar med ett finansiellt instrument på en handelsplats för att bolaget ska anses bedriva en sådan marknadsgarantstrategi som avses i MiFID II.</P>
<P class="p573 ft2">Detaljerade krav på handelsplatsernas organisation finns i kommis- sionens delegerade förordning (EU) av den 14 juli 2016 om komplett- ering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar organisatoriska krav för handelsplatser (C [2016] 4387 final), kommissionens delegerade förord- ning (EU) av den 18 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller andelen ej utförda order i förhållande till transaktionerna för att förebygga otillbörliga marknadsförhållanden (C [2016] 2775 final), kommissionens delegerade förordning (EU) av den 6 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller krav för att säkerställa rättvisa och <NOBR>icke-diskriminerande</NOBR> samlokaliseringstjänster och avgifts- strukturer (C[2016] 3266 final), kommissionens delegerade förordning (EU) av den 26 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller fastställande av när en marknad är avgörande för likviditeten i samband med meddelanden om tillfälliga handelsstopp (C [2016] 3020 final) samt kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller regler om <NOBR>tick-storlekar</NOBR> för aktier, depåbevis och börshandlade fonder (C [2016] 4389 final).</P>
<P class="p965 ft2">Esma ska utarbeta riktlinjer för en lämplig kalibrering av handelsstopp (se artikel 48.13 i MiFID II). I promemorian föreslås ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att med- dela föreskrifter om lämplig kalibrering av handelsstopp. <SPAN class="ft3">Fondbolagens förening </SPAN>anser att det inte är lämpligt att ge generella bemyndiganden i lag till behörig myndighet att införa Esmas riktlinjer i bindande före- skrifter. Regeringen anser att det ibland finns skäl som motiverar att Esmas riktlinjer införs i bindande föreskrifter (se avsnitt 5.1). Det är emellertid en bedömning som måste göras i det enskilda fallet. Enligt regeringens uppfattning har det inte framkommit tillräckliga skäl för att införa de nu aktuella riktlinjerna i bindande föreskrifter.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">291</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_292">
<DIV id="dimg1">
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</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t143">
<TR>
<TD class="tr54 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft129">7.4.5</SPAN></P></TD>
<TD class="tr54 td357"><P class="p23 ft129">Regler för att ta upp finansiella instrument till</P></TD>
</TR>
<TR>
<TD class="tr24 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td357"><P class="p23 ft129">handel</P></TD>
</TR>
</TABLE>
<P class="p1052 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om att ta upp finansiella instrument till handel på en reglerad marknad.</P>
<P class="p580 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II finns regler om att reglerade marknader ska ha tydliga och transparenta regler för upp- tagande av finansiella instrument till handel (artikel 51). Utgångspunkten är att det är den reglerade marknaden som ska fastställa regler för upp- tagande till handel. Dessa regler ska sörja för att handeln med varje finansiellt instrument som tas upp till handel på en reglerad marknad kan ske på ett rättvist, välordnat och effektivt sätt.</SPAN></P>
<P class="p575 ft2">Den reglerade marknaden ska också ha effektiva funktioner för att kontrollera att emittenter av överlåtbara värdepapper fullgör sina skyldig- heter att offentliggöra information enligt unionsrätten. Krav på offentlig- görande av viss information finns t.ex. i Europaparlamentets och rådets direktiv 2004/109/EG av den 15 december 2004 om harmonisering av insynskraven angående upplysningar om emittenter vars värdepapper är upptagna till handel på en reglerad marknad och om ändring av direktiv 2001/34/EG (öppenhetsdirektivet) och i marknadsmissbruksförord- ningen.</P>
<P class="p1095 ft2">En reglerad marknad ska också vidta åtgärder som underlättar för del- tagare och andra aktörer att inhämta informationen. I MiFID II finns även regler om att ett överlåtbart värdepapper, som redan har tagits upp till handel på en reglerad marknad, får tas upp till handel också på andra reglerade marknader, även om emittenten inte har samtyckt till det (artikel 51.5). En förutsättning för det är att kraven i Europaparlamentets och rådets direktiv 2003/71/EG av den 4 november 2003 om de prospekt som ska offentliggöras när värdepapper erbjuds till allmänheten eller tas upp till handel och om ändring av direktiv 2001/34/EG (prospekt- direktivet) är uppfyllda.</P>
<P class="p1020 ft2">Reglerna om upptagande av finansiella instrument till handel i MiFID II är i sak desamma som dem i MiFID I (artikel 40). Reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden (15 kap. 1, 2, 4, 5, 9 och 10 §§). Regeringen anser att det inte krävs någon lagstiftningsåtgärd för att genomföra motsvarande regler i MiFID II.</P>
<P class="p1060 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 24 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för upptagande av finansiella instrument till handel på reglerade marknader (C[2016] 3017 final).</P>
<P class="p635 ft2">292</P>
</DIV>
<DIV id="page_293">
<DIV id="dimg1">
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</DIV>
<DIV>
<DIV id="id_1">
<P class="p1096 ft131"><SPAN class="ft127">7.4.6</SPAN><SPAN class="ft130">Avnotering av finansiella instrument från handel och handelsstopp</SPAN></P>
<P class="p1097 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En börs ska få avbryta handeln med ett finansiellt instrument (handelsstopp), om instrumentet inte längre uppfyller kraven för att vara upptaget till handel och det inte är sannolikt att handelsstoppet orsakar väsentlig skada för investerarna eller för marknadens funktion. En börs ska få avbryta handeln med ett finansiellt instrument eller avnotera instrumentet från handel även i andra fall om det inte är sannolikt att handelsstoppet orsakar väsentlig skada för investerarna eller för marknadens funktion. Om en börs beslutar om handelsstopp eller avnotering av ett finansiellt instrument, ska börsen även avbryta handeln med finansiella derivatinstrument relaterade till det finansiella instrumentet när det är nödvändigt för att tjäna syftet med handelsstoppet eller avnoteringen. Börsen ska offentliggöra beslut om handelsstopp och underrätta Finans- inspektionen om beslutet.</P>
<P class="p1098 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om offentliggörande avseende avförande av finansiella instrument från handel och att det inte ska vara sannolikt att avförandet orsakar väsentlig skada för investerarna eller för marknadens funktion.</P>
<P class="p1043 ft25">Utredningens förslag och bedömning <SPAN class="ft2">överensstämmer i huvudsak med regeringens förslag och bedömning. Utredningens förslag avviker från regeringens förslag genom att det enligt utredningens förslag inte anges någon uttrycklig möjlighet för en börs att stoppa handeln med ett finansiellt instrument även i andra fall än när instrumentet inte längre uppfyller kraven för att vara upptaget till handel. Enligt utredningens förslag införs det inte heller något uttryckligt krav på att en börs ska stoppa handeln med eller avnotera finansiella derivatinstrument relate- rade till ett finansiellt instrument när det är nödvändigt med hänsyn till syftet med handelsstoppet eller avnoteringen.</SPAN></P>
<P class="p912 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget och bedömningen eller har inget att invända mot dem. <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>anser att det bör förtydligas i vilka situationer en reglerad marknad får besluta om handelsstopp. Vidare saknar förslaget det krav som anges i MiFID II på att även handeln med derivatinstrument relaterade till det finansiella instrumentet ska stoppas när det är nödvändigt med hänsyn till syftet med handelsstoppet.</P>
<P class="p622 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Huvudregeln att en marknadsoperatör får besluta att ett finansiellt instrument inte längre ska få vara upptaget till handel (avförande) eller besluta att avbryta handeln i ett instrument (handelsstopp) som inte längre uppfyller den reglerade marknadens krav är densamma i MiFID II (artikel 52.1) som i MiFID I (artikel 41.1). I både MiFID II och MiFID I finns en proportionalitets- regel som innebär att avförande från handel eller handelsstopp inte ska ske om detta allvarligt skulle kunna skada investerarnas intressen eller hindra marknaden från att fungera korrekt.</SPAN></P>
<P class="p1043 ft42">I MiFID II (artikel 52.2 första stycket) har till huvudregeln även lagts till ett krav på att en marknadsoperatör vid avförande eller handelsstopp</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">293</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_294">
<P class="p727 ft2">Prop. 2016/17:162 av ett finansiellt instrument också är skyldig att avföra eller avbryta handeln med derivatinstrument som avser eller hänför sig till det finan- siella instrumentet (artikel 52.2 första stycket). I de flesta fall innebär ett avförande eller ett handelsstopp av ett överlåtbart värdepapper redan enligt gällande rätt att derivatinstrument som avser eller hänför sig till värdepapperet ska avföras eller handelsstoppas. Om det värdepapperet av- förs från handel eller handeln avbryts finns det nämligen inte längre för- utsättningar för en tillförlitlig prissättning av derivatinstrumentet, vilket är ett krav för att derivatinstrumentet ska få vara upptaget till handel (se 15 kap. 2 § andra stycket lagen om värdepappersmarknaden). Det är regler som gäller enligt MiFID I (artikel 40.2). Samma regel finns även i MiFID II (artikel 51.2). Skyldigheten i MiFID II, att avföra eller avbryta handeln med derivatinstrument, är villkorad av att det ska vara nöd- vändigt för att tjäna syftet med att avbryta handeln med det finansiella instrument som det avser eller hänför sig till (artikel 52.2). Det handlar alltså inte om en bedömning av om derivatinstrumentet uppfyller kraven för att vara upptaget till handel, utan om det krävs för att uppfylla syftet med avförandet eller handelsstoppet att även derivatinstrumentet avförs eller handelsstoppas, så ska detta ske. Det skulle t.ex. kunna vara fråga om en situation där en aktie handelsstoppas för att misstänkt insiderinfor- mation har läckt ut. Om inte också handeln i derivatinstrumentet avbryts, skulle insiderinformationen kunna användas i den handeln. Varje avförande av ett finansiellt instrument ska dock inte leda till avförande av derivatinstrument som avser eller hänför sig till det. Om avförandet endast innebär att instrumentet byter handelsplats, dvs. avförs från en handelsplats och samtidigt tas upp till handel på en annan handelsplats, ska detta inte betraktas som ett avförande i den mening som avses här.</P>
<P class="p1099 ft2"><SPAN class="ft3">Nasdaq Stockholm AB </SPAN>anser att det bör förtydligas i vilka situationer en börs får besluta om handelsstopp. Regeringen anser att en börs bör ha möjlighet att besluta om handelsstopp när ett finansiellt instrument inte uppfyller kraven för att vara upptaget till handel eller om handel med instrument i något annat avseende inte skulle vara förenligt med de regler som gäller för den reglerade marknaden. En börs bör dock även i andra fall ha möjlighet att handelsstoppa eller avnotera ett finansiellt instru- ment. Detta bör anges uttryckligen i lagen om värdepappersmarknaden. Enligt regeringens uppfattning bör det emellertid inte anges någon uttöm- mande uppräkning av när en börs får besluta om handelsstopp. Som huvudregel bör dock alltid gälla att en börs inte får fatta ett sådant beslut om det allvarligt skulle skada investerarnas intressen eller hindra mark- naden från att fungera korrekt. I likhet med <SPAN class="ft3">Nasdaq </SPAN>anser regeringen att det även bör anges i lagen att en börs ska stoppa handeln med finansiella derivatinstrument som är relaterade till det finansiella instrumentet när det är nödvändigt med hänsyn till syftet med handelsstoppet.</P>
<P class="p711 ft2">I gällande svensk rätt används termen avnotering för det som i MiFID benämns avförande från handel. Termen avnotering användes i svensk rätt även innan MiFID I genomfördes. I den svenska språkversionen av både MiFID I och MiFID II används uttrycket avförande från handel. Regeringen anser dock inte att det är nödvändigt att ändra termen avnotering när det kommer till börsens möjlighet att avföra finansiella instrument från handel. När det gäller värdepappersinstitut eller börser</P>
<P class="p1086 ft2">294</P>
</DIV>
<DIV id="page_295">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">som driver en handelsplattform används däremot termen avförande från handel, se avsnitt 7.5.4.</P>
<P class="p150 ft2">Reglerna i MiFID I (artikel 41.1) om avförande av ett finansiellt instru- ment från handel har i svensk rätt genomförts i lagen om värdepappers- marknaden (15 kap. 11 §). I lagen regleras även processen för hur ett avförande ska gå till, vilket inte har någon direkt motsvarighet i direk- tivet. Det som anges i lagen om avförande av ett finansiellt instrument från handel (15 kap. 11 § första stycket) motsvarar delvis kraven på av- förande i direktivet (artikel 41.1). Vid genomförandet i svensk rätt av MiFID I överfördes dock bara den befintliga regleringen i den numera upphävda lagen (1992:543) om börs- och clearingverksamhet till lagen om värdepappersmarknaden (se prop. 2006/07:115 s. 482 f.). Propor- tionalitetsregeln – i direktivet att avförande från handel inte ska ske om detta allvarligt skulle kunna skada investerarna intressen eller hindra marknaden från att fungera korrekt – är dock i lagen utformad så att avförandet får skjutas upp om det är lämpligt från allmän synpunkt (se 15 kap. 11 § första stycket sista meningen). Vid genomförandet av MiFID I tolkades proportionalitetsregeln så att om avnoteringen skulle orsaka avsevärd skada för investerarna eller marknadens funktion, kan avnotering ändå ske om investerarna och marknaden först fick möjlighet att anpassa sig till den nya situationen. Beslut att avnotera ett finansiellt instrument bör i ett sådant fall därför inte verkställas omedelbart (samma prop. s. 619). Om ett finansiellt instrument inte uppfyller kraven för att vara upptaget till handel ska instrumentet avföras från handel, men verkställigheten bör skjutas upp så att investerarna och marknaden hinner anpassa sig till situationen. Regeringen anser med hänsyn till det anförda att motsvarande regler i MiFID II (artikel 52.1) om avförande från handel inte kräver någon lagstiftningsåtgärd.</P>
<P class="p979 ft2">Till reglerna i MiFID II om avförande från handel hör också vissa krav på informationsutbyte och offentliggörande. En marknadsoperatör ska offentliggöra ett beslut om avförande från handel samt underrätta sin behöriga myndighet (artikel 52.2 första stycket). Det motsvarar det som gäller enligt MiFID I (artikel 41.1 andra stycket). Även reglerna i MiFID I (artikel 52, som motsvarar artikel 74 i MiFID II) om rätten till domstolsprövning i vissa fall har bedömts vara tillämpliga när det gäller beslut om avförande av finansiella instrument från handel (se 26 kap. 4 § lagen om värdepappersmarknaden).</P>
<P class="p573 ft2">När det gäller handelsstopp finns det i gällande svensk rätt inte några uttryckliga regler om förutsättningarna för att en börs (dvs. en marknads- operatör) ska besluta om handelsstopp. De regler som finns i lagen om värdepappersmarknaden handlar i stället om börsens skyldighet att infor- mera Finansinspektionen, för det fall att börsen har beslutat om handels- stopp på vissa grunder, samt om Finansinspektionens beslut om handels- stopp och vilka konsekvenser ett sådant beslut får (22 kap.). I direktivet ställs det inte upp något uttryckligt krav på att medlemsstaterna ska ha regler om marknadsoperatörens handelsstopp. Genom att uttryckligen reglera en börs handelsstopp kan dock enligt regeringens uppfattning på ett tydligare sätt även proportionalitetsregeln genomföras. Med nuvarande reglering får proportionalitetsregeln tolkas in i börsens all- männa skyldighet att driva verksamheten professionellt och på ett sätt så att allmänhetens förtroende för värdepappersmarknaden upprätthålls (se</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">295</P>
</DIV>
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<P class="p727 ft2">Prop. 2016/17:162 13 kap. 1 § lagen om värdepappersmarknaden). Ytterligare skäl är att det tydligare framgår när börsen respektive Finansinspektionen kan fatta beslut om handelsstopp. Med hänsyn till förslaget att införa en motsvarande reglering av handelsstopp på handelsplattformar blir det samtidigt en lik- artad reglering för handeln på alla handelsplatser, se avsnitt 7.5.4. I lagen om värdepappersmarknaden bör det därför tas in en uttrycklig regel om en börs handelsstopp. I lagen bör det även införas ett krav på att en börs ska offentliggöra alla beslut om handelsstopp och att underrätta Finans- inspektionen om sådana beslut.</P>
<P class="p1020 ft2">En börs är redan enligt gällande rätt skyldig att offentliggöra beslut om att avföra ett finansiellt instrument från handel och underrätta Finans- inspektionen om beslutet (se 15 kap. 11 § tredje stycket lagen om värde- pappersmarknaden). Det krävs därför inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om skyldighet för en reglerad marknad att offentliggöra beslut om avförande av finansiella instrument från handel och underrätta den behöriga myndigheten.</P>
<P class="p654 ft2">På motsvarande sätt som i MiFID II, bör det i lagen om värdepappers- marknaden göras en komplettering så att såväl reglerna om avförande av ett finansiellt instrument från handel som reglerna om handelsstopp ska gälla även avförande eller handelsstopp av derivatinstrument som avser eller hänför sig till ett finansiellt instrument som avförts från handel eller handelstoppats.</P>
<P class="p654 ft4">Finansinspektionens beslut om handelsstopp, offentliggörande av detta samt kommunikation med andra behöriga myndigheter och Esma be- handlas i avsnittet om Finansinspektionens befogenheter, se av- snitt 13.3.13.</P>
<P class="p575 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 25 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p1100 ft129"><SPAN class="ft127">7.4.7</SPAN><SPAN class="ft128">Tillträde till en reglerad marknad</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om tillträde till en reglerad mark- nad.</P>
<P class="p1029 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>I MiFID II finns regler om tillträde till handeln på en reglerad marknad (artikel 53). Den reglerade marknaden ska ha öppet redovisade, <NOBR>icke-diskriminerande</NOBR> regler för tillträde eller medlemskap (artikel 53.1). Reglerna ska bygga på objektiva kriterier.</P>
<P class="p1101 ft2">Det ska av reglerna framgå vilka förpliktelser deltagarna har till följd</P>
<P class="p535 ft14">av bl.a. den reglerade marknadens uppbyggnad och funktion, de regler</P>
<P class="p19 ft2">296</P>
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<P class="p186 ft4">som gäller för transaktioner på marknaden, de kompetenskrav som gäller Prop. 2016/17:162 för personalen vid de värdepappersföretag eller kreditinstitut som är verk-</P>
<P class="p113 ft2">samma på marknaden samt regler och förfaranden avseende clearing och avveckling (artikel 53.2).</P>
<P class="p144 ft2">Reglerade marknader får som medlemmar eller deltagare ha värdepap- persföretag och kreditinstitut och även andra aktörer som har tillräckligt god vandel, tillräcklig förmåga, kompetens och erfarenhet vad avser handeln, har en lämplig organisation och tillräckliga finansiella resurser i förhållande till de avvecklingsarrangemang som den reglerade marknad- en har upprättat (artikel 53.3). Reglerade marknader får således ha med- lemmar eller deltagare som inte är värdepappersföretag eller kreditinsti- tut om de uppfyller alla dessa krav. Detsamma gäller även tillträde till en <NOBR>MTF-plattform</NOBR> (artikel 19.2 i MiFID II, se avsnitt 7.5.5). Vidare ska medlemsstaterna säkerställa att medlemmar eller deltagare på en reglerad marknad inte är skyldiga att, i förhållande till varandra vid transaktioner på den reglerade marknaden, iaktta kundskyddsreglerna om bl.a. rådgiv- ning och bästa orderutförande (artikel 53.4). Reglerna om tillträde ska ge utrymme för tillträde eller medlemskap, både direkt och på distans (artikel 53.5). En marknadsoperatör ska regelbundet överlämna en för- teckning över medlemmarna och deltagarna på en reglerad marknad till den behöriga myndigheten (artikel 53.7).</P>
<P class="p960 ft4">I direktivet finns även regler om reglerade marknaders gränsöverskridande verksamhet (artikel 53.6).</P>
<P class="p264 ft4">Reglerna i MiFID II (artikel 53) om tillträde till en reglerad marknad motsvarar reglerna i MiFID I (artikel 42). Reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden (12 kap. 10 §, 13 kap. 1 och 6 §§, 14 kap. <NOBR>1–3</NOBR> §§ och 23 kap. 2 §). Enligt regeringens uppfattning krävs det inte någon lagstiftningsåtgärd för att genomföra dessa regler i MiFID II (artikel 53) i svensk rätt.</P>
<P class="p1102 ft129"><SPAN class="ft127">7.4.8</SPAN><SPAN class="ft132">Regler för marknadsövervakning</SPAN></P>
<P class="p1103 ft25">Regeringens förslag: <SPAN class="ft2">En börs ska</SPAN></P>
<P class="p1104 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">kunna upptäcka systemavbrott, och</SPAN></P>
<P class="p1105 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">omgående till Finansinspektionen rapportera betydande över- trädelser av handelsreglerna, otillbörliga marknadsförhållanden, miss- tänkt marknadsmissbruk och systemavbrott.</SPAN></P>
<P class="p1028 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p113 ft2">har inget att invända mot det. <SPAN class="ft3">Ekobrottsmyndigheten </SPAN>anser att kravet på börserna att rapportera till Finansinspektionen kan utgöra en dubbel- reglering i förhållande till marknadsmissbruksförordningen.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II ska medlemsstaterna kräva att en reglerad marknad har effektiva system och förfaranden för regelbunden övervakning av att medlemmarna eller deltagarna följer marknadens regler (artikel 54). Övervakningen ska också kunna upptäcka otillbörliga marknadsförhållanden (i den engelska språkversionen anges disorderly trading conditions) och transaktioner eller uppförande som</P>
<P class="p19 ft2">kan innebära marknadsmissbruk samt identifiera systemavbrott som rör</P>
<P class="p596 ft2">297</P>
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<DIV id="page_298">
<P class="p994 ft4">Prop. 2016/17:162 ett finansiellt instrument (artikel 54.1). Upptäckt av betydande över- trädelser av marknadens regler, otillbörliga marknadsförhållanden och</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">ageranden som kan innebära marknadsmissbruk eller systemavbrott som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rör ett finansiellt instrument ska omedelbart rapporteras till den behöriga</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">myndigheten (artikel 54.2 första stycket). Den behöriga myndigheten ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">underrätta Esma och de behöriga myndigheterna i övriga medlemsstater</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om informationen (artikel 54.2 andra stycket). När det rör ageranden som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kan tyda på marknadsmissbruk ska den behöriga myndigheten vara över-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tygad om att sådant beteende äger rum eller har ägt rum, innan den under-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rättar de behöriga myndigheterna i andra medlemsstater och Esma (artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">54.2 tredje stycket). Vidare ska marknadsoperatören förse den myndighet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som utreder och lagför marknadsmissbruk med relevanta upplysningar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och stöd vid utredningar om marknadsmissbruk på den reglerade mark-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">naden eller med hjälp av dess system (artikel 54.3). För <NOBR>MTF-plattformar</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finns regler som är i princip identiska med dessa regler (se avsnitt 7.5.6).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Reglerna i MiFID II (artikel 54) om marknadsövervakning motsvarar</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">reglerna i MiFID I (artikel 43). Reglerna i MiFID I har i svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">genomförts i lagen om värdepappersmarknaden (13 kap. 2 och 7 §§ och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">14 kap. 2 §) och i lagen (2005:377) om straff för marknadsmissbruk vid</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">handel med finansiella instrument (10 §).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">En skillnad i MiFID II (artikel 54.1) i förhållande till MiFID I (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">43.1) är ett krav på att övervakningen också ska kunna upptäcka system-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">avbrott som rör ett finansiellt instrument. Ett motsvarande krav bör där-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för införas även i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">I prop. 2016/17:22 Effektiv bekämpning av marknadsmissbruk (se</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">s. 90 f.) föreslog regeringen att den straffrättsliga regleringen på mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">nadsmissbruksområdet tas in i en ny lag om straff för marknadsmissbruk</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på värdepappersmarknaden, som ersätter lagen om straff för marknads-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">missbruk vid handel med finansiella instrument (marknadsmissbruks-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lagen). Den ändringen föreslogs med anledning av genomförandet i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">svensk rätt av Europaparlamentets och rådets direktiv 2014/57/EU av den</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">16 april 2014 om straffrättsliga påföljder för marknadsmissbruk (mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">nadsmissbruksdirektiv). Lagen (2016:1307) om straff för marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">missbruk på värdepappersmarknaden trädde i kraft den 1 februari 2017.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Som <SPAN class="ft3">Ekobrottsmyndigheten </SPAN>påpekar överlappar kraven på rapportering</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i MiFID II (artikel 54.2) delvis krav i marknadsmissbruksförordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(se artikel 16 i förordningen). I direktivet finns det en hänvisning till</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">förordningen och i förordningen finns det en hänvisning till direktivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Det är således fråga om två regelverk som är utformade så att en börs ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kunna tillämpa dem båda. Den skyldighet för reglerade marknader som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller enligt MiFID II är dock betydligt mer omfattande än uppförande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som kan innebära beteende som är förbjudet enligt marknadsmissbruks-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förordningen. De kraven på rapportering bör genomföras i svensk rätt i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">en motsvarande bestämmelse i lagen om värdepappersmarknaden. Skyl-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">digheten att rapportera bör därför gälla väsentliga överträdelser av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">handelsreglerna, otillbörliga marknadsförhållanden, misstänkt marknads-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">missbruk och systemavbrott. Det faktum att en börs kommer att behöva</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämpa det som anges både i lagen om värdepappersmarknaden och i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsmissbruksförordningen bör enligt regeringens uppfattning inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">medföra några praktiska problem, eftersom de krav som ställs upp inte är</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">298</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">motstridiga. Om det är fråga om misstänkt marknadsmissbruk, ska de</P></TD>
</TR>
</TABLE>
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<P class="p186 ft4">mer detaljerade bestämmelserna i marknadsmissbruksförordningen, som Prop. 2016/17:162 bl.a. innefattar krav på användande av en mall för rapportering, natur-</P>
<P class="p19 ft2">ligtvis följas.</P>
<P class="p502 ft42">Ytterligare regler om vad som utlöser ett informationskrav finns i den delegerade förordningen till MiFID II (artiklarna 81 och 82).</P>
<P class="p1106 ft131"><SPAN class="ft127">7.4.9</SPAN><SPAN class="ft130">Avvecklingssystem och lista över reglerade marknader</SPAN></P>
<P class="p1107 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om central motpart och system för clearing och avveckling. Det krävs inte heller någon lagstiftnings- åtgärd för att genomföra reglerna om förteckning över reglerade mark- nader.</P>
<P class="p960 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFID II ska medlems- staterna inte hindra den som driver en reglerad marknad att ingå överens- kommelser med centrala motparter eller andra clearingorganisationer i andra medlemsstater (artikel 55). Det motsvarar i sak det som anges i MiFID I (artikel 46), även om det i MiFID II har införts en hänvisning till för- ordningen om </SPAN><NOBR><SPAN class="ft2">OTC-derivat,</SPAN></NOBR><SPAN class="ft2"> centrala motparter och transaktionsregister. Redan i MiFID I anges det dock att det är fråga om central motpart och andra system för clearing och avveckling.</SPAN></P>
<P class="p264 ft2">I MiFID II finns även ett krav på att varje medlemsstat ska ha en lista över reglerade marknader för vilka staten är hemmedlemsstat (artikel 56). Listan ska hållas uppdaterad och kommuniceras med andra medlemsstater och Esma. Det som anges i MiFID II motsvarar det som anges i MiFID I (artikel 47).</P>
<P class="p357 ft4">När MiFID I genomfördes i svensk rätt gjordes bedömningen att reg- lerna i det direktivet (artiklarna 46 och 47) inte krävde någon lagstift- ningsåtgärd (se prop. 2006/07:115 s. 394). Regeringen gör samma be- dömning när det gäller motsvarande regler i MiFID II (artiklarna 55 och 56).</P>
<P class="p1087 ft21"><SPAN class="ft21">7.5</SPAN><NOBR><SPAN class="ft153">MTF-plattformar</SPAN></NOBR> och <NOBR>OTF-plattformar</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t132">
<TR>
<TD class="tr1 td98"><P class="p96 ft127">7.5.1</P></TD>
<TD class="tr1 td133"><P class="p1051 ft129">Krav på en handelsplattforms organisation</P></TD>
<TD class="tr1 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
<TD class="tr53 td158"><P class="p23 ft57"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut eller en börs som driver</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">en handelsplattform ska vidta åtgärder för att identifiera och hantera</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">möjliga negativa följder för driften av handelsplattformen eller för del-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">tagarna i handeln på plattformen av intressekonflikter mellan den</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">verksamheten och företagets övriga verksamhet.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Ett värdepappersinstitut eller en börs som driver en handelsplattform</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">och de som deltar i handeln på handelsplattformen ska synkronisera de</P></TD>
<TD rowspan=2 class="tr45 td158"><P class="p20 ft2">299</P></TD>
</TR>
<TR>
<TD class="tr63 td98"><P class="p23 ft139"> </P></TD>
<TD class="tr63 td133"><P class="p23 ft139"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_300">
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<DIV class="dclr"></DIV>
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<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">300</P>
</DIV>
<DIV id="id_2">
<P class="p1108 ft4">klockor som används för att registrera datum och tid för transaktioner som ska rapporteras.</P>
<P class="p1109 ft2">Ett värdepappersinstitut eller en börs som driver en <NOBR>MTF-plattform</NOBR> ska ha</P>
<P class="p1110 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">tillräckliga förutsättningar för att kunna hantera de risker platt- formen är exponerad för samt vidta lämpliga åtgärder och införa system för att identifiera alla betydande risker för plattformens verk- samhet och för att reducera sådana risker,</SPAN></P>
<P class="p1110 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft71">verksamma åtgärder för att underlätta effektivt avslut utan dröjs- mål av de transaktioner som utförs i plattformens system, samt</SPAN></P>
<P class="p1110 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft72">tillräckliga finansiella resurser för att plattformen ska kunna fungera korrekt med hänsyn till arten och omfattningen av de trans- aktioner som genomförs på plattformen och till sammansättningen och graden av dess riskexponering.</SPAN></P>
<P class="p1111 ft4">För ett värdepappersinstitut eller en börs som driver en handelsplatt- form ska de regler om handelssystem m.m. som gäller för en börs när den driver en reglerad marknad gälla.</P>
<P class="p1112 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p487 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Drift av multilaterala handelsplatt- formar <NOBR>(MTF-plattformar)</NOBR> är en investeringsverksamhet enligt MiFID I (punkt 8 i avsnitt A i bilaga I). Förutom värdepappersföretag får även marknadsoperatörer driva en sådan plattform (artikel 5.2). I MiFID II har benämningen av denna investeringsverksamhet justerats till drift av en <NOBR>MTF-plattform</NOBR> (punkt 8 i avsnitt A i bilaga I). I det direktivet har det även införts en ny investeringsverksamhet: drift av en <NOBR>OTF-plattform</NOBR> (punkt 9 i avsnitt A i bilaga I). På samma sätt som när det gäller MTF- plattformar får, förutom värdepappersföretag, även marknadsoperatörer driva en <NOBR>OTF-plattform</NOBR> (artikel 5.2 i MiFID II).</P>
<P class="p385 ft2">I flera avseenden gäller samma regler för drift av <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR> enligt MiFID II, men på några punkter skiljer sig reglerna åt för de olika plattformarna. Reglerna för drift av handelsplatt- formar i MiFID II motsvarar i flera avseenden reglerna för <NOBR>MTF-platt-</NOBR> formar i MiFID I. De nya reglerna i MiFID II är dock mer detaljerade.</P>
<P class="p1113 ft2">I MiFID II (artikel 18.4) finns t.ex. en särskild regel om de intressekon- flikter som kan uppstå mellan plattformen och den som driver platt- formen eller dess ägare. Regeln innebär i korthet att den som driver en handelsplattform ska identifiera och hantera de negativa följder som intressekonflikterna kan få för driften av handelsplattformen eller för deltagarna på plattformen. Den generella regeln om hanteringen av intressekonflikter i MiFID II handlar framför allt om intressekonflikter mellan värdepappersföretaget och dess kunder och intressekonflikter mellan olika kunder (artikel 23). De särskilda reglerna för handelsplatt- formar avser, enligt sin lydelse, i stället intressekonflikter mellan handelsplattformen, dess ägare och den som driver den (artikel 18.4). I de fall ett värdepappersföretag driver en handelsplattform kan det t.ex. vara fråga om intressen i företagets verksamhet att utföra kundorder eller handla för egen räkning som kan komma i konflikt med företagets skyldighet att i driften av plattformen behandla deltagarna likvärdigt. För</P>
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<DIV>
<DIV id="id_1">
<P class="p116 ft4">svensk del blir dock situationen att handelsplattformen, dvs. ett system, har intressekonflikter i förhållande till någon annan inte tillämplig. Det värdepappersinstitut eller den börs som driver handelsplattformen är för svensk del också handelsplattformens ägare.</P>
<P class="p150 ft2">De särskilda intressekonflikter som ska identifieras och hanteras kan inte sägas omfattas av den generella regeln om intressekonflikter, som för övrigt inte gäller marknadsoperatörer (vilka också kan driva en handelsplattform). För en börs drift av en reglerad marknad gäller emellertid enligt lagen om värdepappersmarknaden (13 kap. 1 § andra stycket 3) särskilda regler om hantering av intressekonflikter. En mot- svarande regel när det gäller ett värdepappersinstituts eller en börs drift av en handelsplattform bör därför tas in i den lagen.</P>
<P class="p622 ft2">Enligt MiFID II (artikel 18.5) ska de regler i direktivet som gäller bl.a. en reglerad marknads handelssystem (artiklarna 48 och 49, se avsnitt 7.4.4) också gälla för ett värdepappersföretag eller en marknadsoperatör som driver en handelsplattform. På motsvarande sätt bör de bestämmel- ser i lagen om värdepappersmarknaden som genomför de reglerna i MiFID II (artiklarna 48 och 49) gälla även när ett värdepappersinstitut eller en börs driver en handelsplattform.</P>
<P class="p623 ft2">Ett värdepappersföretag eller en marknadsoperatör som driver en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> ska enligt MiFID II (artikel 18.6) tydligt informera sina deltagare om deras respektive skyldigheter vid avveckling av transaktioner som utförts i plattformens system. Den som driver en handelsplattform ska dessutom ha infört de funktioner som krävs för att underlätta effektiv avveckling av de transaktioner som genomförs enligt handelsplattformens system. Motsvarande regler av- seende <NOBR>MTF-plattformar</NOBR> finns i MiFID I (artikel 14.5). De reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden (11 kap. 4 §). De särskilda bestämmelserna i lagen som gäller för drift av handelsplattformar gäller inte bara värdepappersinstitut utan även börser som driver en handelsplattform (se 13 kap. 12 tredje stycket). Förslaget i avsnitt 7.3.1 att termen handelsplattform i den lagen ska omfatta både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR> innebär att det krav som nu gäller <NOBR>MTF-plattformar</NOBR> kommer att gälla alla handelsplattformar. Det krävs därför inte någon ytterligare lagstiftningsåtgärd med anledning av dessa krav i MiFID II (artikel 18.6).</P>
<P class="p1043 ft2">Om ett överlåtbart värdepapper som har tagits upp till handel på en reglerad marknad också handlas på en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-platt-</NOBR> form utan emittentens samtycke, ska emittenten inte omfattas av någon skyldighet att offentliggöra finansiell information, inför emissionen, fort- löpande eller separat vid särskilda tillfällen, som gäller den <NOBR>MTF-platt-</NOBR> formen eller <NOBR>OTF-plattformen</NOBR> (artikel 18.8 i MiFID II). Motsvarande regler avseende <NOBR>MTF-plattformar</NOBR> finns i MiFID I (artikel 14.6). De reglerna har genomfört i svensk rätt indirekt genom bestämmelserna om utgivarens informationsplikt i lagen om värdepappersmarknaden (11 kap. 6 §). Förslaget att termen handelsplattform ska omfatta både <NOBR>MTF-platt-</NOBR> formar och <NOBR>OTF-plattformar</NOBR> innebär att även detta krav som nu gäller <NOBR>MTF-plattformar</NOBR> kommer att gälla alla handelsplattformar. Inte heller det kravet i MiFID II (artikel 18.8) kräver någon lagstiftningsåtgärd.</P>
<P class="p1043 ft42">Ett värdepappersföretag eller en marknadsoperatör som driver en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> ska följa alla uppmaningar från</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">301</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_302">
<P class="p727 ft4">Prop. 2016/17:162 den behöriga myndigheten om att tillfälligt eller definitivt stoppa handeln med ett finansiellt instrument (artikel 18.9 i MiFID II). Frågan om möj- ligheten för Finansinspektionen att ingripa med handelsstopp behandlas i avsnitt 13.3.13.</P>
<P class="p575 ft2">I MiFID II (artikel 50.1) finns också ett krav på att alla handelsplatser och deras medlemmar eller deltagare ska synkronisera de klockor som används för att registrera datum och tid för händelser som ska rapporteras t.ex. skyldigheten att rapportera transaktioner (se artikel 26 i MiFIR). Någon motsvarighet till detta krav finns varken i MiFID I eller i svensk rätt. Reglerna i MiFID II om synkronisering av klockor bör genomföras i en motsvarande bestämmelse i lagen om värdepappersmarknaden.</P>
<P class="p576 ft2">Bland de regler i MiFID II som gäller båda typerna av handelsplatt- formar kan slutligen nämnas att den som driver plattformen ska till- handahålla viss information till den behöriga myndigheten (artikel 18.10). Myndigheten ska få en detaljerad beskrivning av plattformens funktion, kopplingar till andra handelsplatser, och dess deltagare. Denna information ska sedan kunna lämnas över från den behöriga myndigheten till Esma. Därutöver finns en liknande regel som dock enbart gäller OTF- plattformar och som bl.a. innebär att den som driver en sådan plattform ska lämna information om varför plattformen inte kan fungera som en reglerad marknad, <NOBR>MTF-plattform</NOBR> eller systematisk internhandlare och hur den diskretionära bedömningen av orderhanteringen går till (artikel 20.7). Dessa regler i direktivet (artiklarna 18.10 och 20.7) kräver dock inte någon lagstiftningsåtgärd, eftersom Finansinspektionen med stöd av de nuvarande tillsynsbefogenheterna kan få sådan information (23 kap. 2 och 3 §§ lagen om värdepappersmarknaden). I kommissionens genom- förandeförordning (EU) 2016/824 om fastställande av tekniska standard- er för genomförande med avseende på innehållet och formatet vad gäller beskrivningen av multilaterala handelsplattformars och organiserade handelsplattformars funktionssätt och anmälan till Europeiska värde- pappers- och marknadsmyndigheten finns ytterligare regler om innehållet i och formatet för den beskrivning och anmälan om handelsplattformar som ska lämnas enligt MiFID II (artikel 18.10).</P>
<P class="p807 ft2">I MiFID II (artikel 19) ställs det även upp särskilda krav på <NOBR>MTF-platt-</NOBR> formar, som alltså inte gäller vid drift av <NOBR>OTF-plattformar</NOBR> (artikel 19). De kraven (artikel 19.1 och 19.2 i MiFID II) motsvarar delvis det som gäller enligt MiFID I (artikel 14.1 och 14.4). I MiFID II (artikel 19.3) ställs det dock även upp mer detaljerade krav som saknar uttrycklig mot- svarighet i MiFID I. Den som driver en <NOBR>MTF-plattform</NOBR> ska ha förut- sättningar för att hantera de risker plattformen är exponerad för och vidta lämpliga åtgärder och införa system för att identifiera alla betydande risker samt vidta effektiva åtgärder för att reducera riskerna (artikel 19.3 a). Det är alltså en adekvat riskidentifiering och riskhantering det är fråga om. Krav på värdepappersinstitut och börser i dessa avseenden finns visserligen redan i gällande rätt, men för att åstadkomma ett direktivnära genomförande i svensk rätt bör det enligt regeringens upp- fattning tas in ett motsvarande uttryckligt krav i lagen om värdepappers- marknaden. Regeringen gör samma bedömning när det gäller kraven på att vidta åtgärder för att underlätta effektivt avslut av transaktioner på plattformen, och kraven på att vidmakthålla tillräckliga finansiella</P>
<P class="p1114 ft2">302</P>
</DIV>
<DIV id="page_303">
<DIV id="dimg1">
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<P class="p186 ft42">resurser för att <NOBR>MTF-plattformen</NOBR> ska ha goda förutsättningar att fungera Prop. 2016/17:162 korrekt.</P>
<P class="p1091 ft129"><SPAN class="ft127">7.5.2</SPAN><SPAN class="ft132">Regler för handel på en handelsplattform</SPAN></P>
<P class="p1079 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Det ska finnas ändamålsenliga och tydliga regler för handeln på en handelsplattform.</P>
<P class="p1058 ft2">Reglerna för transaktioner på handelsplattformar ska inte vara skönsmässiga. Reglerna för transaktioner på en <NOBR>OTF-plattform</NOBR> ska innebära att order i vissa situationer utförs diskretionärt.</P>
<P class="p1058 ft4">Ett värdepappersinstitut som driver en <NOBR>MTF-plattform</NOBR> ska på plattformen inte få utföra kundorder med utnyttjande av egna tillgångar eller genom matchad principalhandel.</P>
<P class="p1058 ft2">Ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> ska ha arrangemang som förhindrar att kundorder utförs med utnyttjande av egna tillgångar hos institutet eller hos ett företag som ingår i samma koncern som institutet.</P>
<P class="p1058 ft4">Ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> ska på platt- formen få</P>
<P class="p1115 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">bedriva matchad principalhandel i obligationer, strukturerade finansiella produkter, utsläppsrätter och derivatinstrument bara om kunden har gett sitt samtycke till det, och</SPAN></P>
<P class="p1115 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">bedriva annan handel för egen räkning än matchad principal- handel bara i statspapper för vilka det saknas en likvid marknad.</SPAN></P>
<P class="p1058 ft2">Ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> ska på platt- formen inte få bedriva matchad principalhandel för att utföra kundorder med derivatinstrument som omfattas av clearingkravet i artikel 5 i Europaparlamentets och rådets förordning (EU) nr 648/2012.</P>
<P class="p1116 ft4">Ett värdepappersinstitut eller en börs som driver en <NOBR>OTF-plattform</NOBR> ska inte få vara systematisk internhandlare i finansiella instrument som handlas på plattformen.</P>
<P class="p1058 ft2">För ett värdepappersinstitut eller en börs som driver en <NOBR>OTF-platt-</NOBR> form införs krav på de system som matchar kundorder och möjlighet för institutet att underlätta förhandlingar kunder emellan för att sammanföra köp- och säljintressen i en transaktion.</P>
<P class="p1058 ft2">Ett värdepappersinstitut som agerar marknadsgarant på en OTF- plattform ska agera oberoende av det värdepappersinstitut eller den börs som driver plattformen och får inte ha nära relationer till det företaget.</P>
<P class="p1117 ft4">På transaktioner som genomförs mellan deltagarna på en <NOBR>MTF-platt-</NOBR> form enligt de regler som gäller för plattformen ska vissa kundskydds- regler inte tillämpas. På transaktioner som genomförs på en OTF- plattform ska kundskyddsreglerna tillämpas.</P>
<P class="p1028 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p147 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II ska den som driver</P>
<P class="p19 ft145">en handelsplattform ha transparenta regler för hur handeln ska gå till och</P>
<P class="p596 ft2">303</P>
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<DIV id="page_304">
<P class="p994 ft4">Prop. 2016/17:162 hur avslut ska hanteras på handelsplatsen (artikel 18.1). Det motsvarar det som enligt MiFID I (artikel 14.1) gäller för <NOBR>MTF-plattformar.</NOBR> Enligt</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">det direktivet ska handelsreglerna på en <NOBR>MTF-plattform</NOBR> vara icke sköns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mässiga. Detsamma gäller för en <NOBR>MTF-plattform</NOBR> enligt MiFID II men för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">en <NOBR>OTF-plattform</NOBR> finns det inte något sådant krav. Skillnaden får förstås</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">så att en <NOBR>MTF-plattform</NOBR> ska vara en, i förhållande till deltagarna, obero-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ende handelsplats där handeln sker enligt i förväg fastställda <NOBR>icke-diskre-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tionära regler. Order kan t.ex. prioriteras efter pris och efter tidpunkt när</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">de kom in, och en köp- och en säljorder som matchar varandra i pris och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">volym ska leda till avslut oavsett vad operatören tycker i det enskilda</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">fallet. En <NOBR>OTF-plattform</NOBR> har mer karaktären av ett internt ordermatch-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningssystem där den som driver det diskretionärt, från fall till fall, kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avgöra om två order ska matchas mot varandra. Att det finns ett sådant</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">diskretionärt inslag ska dock framgå av reglerna. Detta följer av kravet i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II på att reglerna ska vara transparenta (artikel 18.1). Samtidigt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som det, både när det gäller <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">(artikel 18.1), anges att det ska vara transparenta regler för handel på lika</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">villkor anges det att order på en <NOBR>OTF-plattform</NOBR> ska utföras på diskre-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tionär grund (artikel 20.6 första stycket). Det anges dock att den som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">driver en <NOBR>OTF-plattform</NOBR> ska handla diskretionärt endast i två avseenden</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 20.6 andra stycket). Ett värdepappersinstitut eller en börs som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">driver <NOBR>OTF-plattformen</NOBR> får agera diskretionärt när denne bestämmer om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">en order ska läggas in eller dras bort från <NOBR>OTF-plattformen</NOBR> (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">el 20.6 andra stycket a) och om en viss order ska matchas, förutsatt att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kundens specifika instruktioner följs och företaget fullgör skyldigheten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att utföra order på de villkor som är mest förmånliga för kunden (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">el 20.6 andra stycket b).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Den som driver en <NOBR>OTF-plattform</NOBR> i form av ett system som matchar</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kundorder får besluta om och i så fall när och hur mycket av två eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">flera order som ska matchas inom systemet. Den som driver en OTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">plattform i form av ett system som anordnar transaktioner med icke</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">aktieliknande finansiella instrument får underlätta förhandlingar kunder</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">emellan för att sammanföra två eller flera potentiellt kompatibla köp- och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">säljintressen i en transaktion (artikel 20.6 tredje stycket). Den skyldig-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">heten ska inte påverka tillämpningen av de allmänna reglerna om handel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på handelsplattformar eller reglerna om skyldighet att utföra order på de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">villkor som är mest förmånliga för kunden (artikel 20.6 fjärde stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Reglerna i MiFID I (artikel 14.1) har genomförts i svensk rätt i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om värdepappersmarknaden (11 kap. 1 § och 4 § 1, 2 och 4). Förslaget i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avsnitt 7.3.1 att termen handelsplattform i den lagen ska omfatta både</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2"><NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR> innebär att det krav som nu gäller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><NOBR>MTF-plattformar</NOBR> kommer att gälla alla handelsplattformar och det krävs</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">därför inte någon ytterligare lagstiftningsåtgärd för att genomföra dessa</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">krav i MiFID II (artikel 18.1). De särskilda reglerna i MiFID II om ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förande av order på en <NOBR>MTF-plattform</NOBR> (artikel 19.1) respektive på en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><NOBR>OTF-plattform</NOBR> (artikel 20.6 första och andra styckena) bör genomföras</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">på motsvarande sätt i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">För en <NOBR>MTF-plattform</NOBR> gäller att det värdepappersföretag eller den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsoperatör som driver plattformen inte själv får utföra order för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">egen räkning på plattformen (artikel 19.5 i MiFID II). Detta gäller som</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">304</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">huvudregel även för en <NOBR>OTF-plattform</NOBR> (artikel 20.1). Det finns dock</P></TD>
</TR>
</TABLE>
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<P class="p796 ft2">undantag. Den som driver en <NOBR>OTF-plattform</NOBR> får på plattformen genom- föra order genom handel för egen räkning genom s.k. matchad principal- handel (artikel 20.2). Detta innebär att den som driver plattformen, om denne köper ett finansiellt instrument, omedelbart säljer samma instru- ment till någon annan till samma pris. För att det ska vara fråga om matchad principalhandel ska den som driver plattformen aldrig vara utsatt för någon marknadsrisk, dvs. köp- och säljtransaktionerna måste utföras simultant eller så simultant som det är tekniskt möjligt (se defini- tionen i artikel 4.1.38 i MiFID II). Denna möjlighet finns dock bara när det gäller obligationer, strukturerade finansiella produkter, utsläppsrätter och sådana derivat som inte ska clearas hos en central motpart enligt förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions- register. Det förutsätter även att kunden har gett sitt samtycke till den ordningen. Den som driver en <NOBR>OTF-plattform</NOBR> ska inrätta arrangemang som säkerställer att definitionen av handel genom matchad principal- handel följs (artikel 20.2 tredje stycket). Det följer av definitionen vad som avses med matchad principalhandel och det finns därför inte behov att införa ett sådant krav i lag. Ytterligare ett undantag från förbudet mot att genomföra order genom handel för egen räkning gäller handel i statspapper för vilka det inte finns någon likvid marknad (artikel 20.3, se definitionen av likvid marknad i artikel 4.1.25).</P>
<P class="p979 ft27">Den som driver en <NOBR>OTF-plattform</NOBR> får inte också ägna sig åt syste- matisk internhandel i de finansiella instrument som handlas på platt- formen (artikel 20.4), se avsnitt 7.11.2. Ett värdepappersinstitut får således inte samtidigt driva en <NOBR>OTF-plattform</NOBR> och vara systematisk internhandlare. En <NOBR>OTF-plattform</NOBR> får inte anslutas till en systematisk internhandlare eller till en annan <NOBR>OTF-plattform</NOBR> så att order på plattformen kan interagera med order och bud hos en systematisk internhandlare eller med order på den andra <NOBR>OTF-plattformen.</NOBR> Däremot finns det inte något hinder mot att ett värdepappersinstitut är systematisk internhandlare för t.ex. aktier samtidigt som institutet driver en <NOBR>OTF-plattform</NOBR> för räntederivat.</P>
<P class="p196 ft2">Medlemsstaterna ska inte hindra ett värdepappersföretag eller en mark- nadsoperatör som driver en <NOBR>OTF-plattform</NOBR> från att anlita ett annat värde- pappersföretag för att på oberoende grund bedriva verksamhet som mark- nadsgarant på den <NOBR>OTF-plattformen</NOBR> (artikel 20.5 första stycket). Det finns inte några regler i svensk rätt som förhindrar detta och det krävs därför inte någon åtgärd för att genomföra de reglerna. Vidare kan ett annat värdepappersföretag vara marknadsgarant, dvs. åta sig att ställa priser, för att upprätthålla likviditeten på en <NOBR>OTF-plattform.</NOBR> Detta måste dock ske på oberoende grund, och marknadsgaranten får inte ha någon nära relation till det företag som driver <NOBR>OTF-plattformen</NOBR> (artikel 20.5 andra stycket). Begränsningarna när det gäller operatörens handel för egen räkning finns inte i MiFID I.</P>
<P class="p269 ft2">Reglerna i MIFID II (artikel 19.5) om förbud för det värdepappersföre- tag eller den marknadsoperatör som driver en <NOBR>MTF-plattform</NOBR> att utföra order genom handel för egen räkning på plattformen och de särskilda reglerna om <NOBR>OTF-plattformar</NOBR> (artiklarna 19.1, 20.1, 20.2 första och andra styckena, 20.3, 20.4, 20.5 andra stycket och 20.6 <NOBR>första–tredje</NOBR> styckena), bör genomföras på motsvarande sätt i lagen om värdepappersmarknaden.</P>
<P class="p269 ft42">För transaktioner på en <NOBR>MTF-plattform</NOBR> gäller att vissa av kundskydds- reglerna i MiFID II (artikel 19.4, för relevanta kundskyddsregler se artik-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">305</P>
</DIV>
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<P class="p727 ft2">Prop. 2016/17:162 larna 24, 25, 27 och 28) inte ska tillämpas på transaktioner som utförs på plattformen mellan deltagarna och mellan plattformen och dess deltagare beträffande användningen av plattformen. I förhållandet mellan deltag- arna och deras kunder ska dock dessa regler fortfarande gälla. På transak- tioner som genomförs på en <NOBR>OTF-plattform</NOBR> gäller dock alla kundskydds- regler i direktivet oavsett om transaktioner utförs mellan deltagarna eller mellan <NOBR>OTF-plattformen</NOBR> och deltagarna (artikel 20.8). Att det är en skillnad avseende kundskyddsreglerna för <NOBR>MTF-plattform</NOBR> och <NOBR>OTF-platt-</NOBR> form är en konsekvens av de grundläggande skillnaderna mellan en OTF- plattform och reglerad marknad eller <NOBR>MTF-plattform.</NOBR> Den som driver en <NOBR>OTF-plattform</NOBR> har en viss handlingsfrihet i förhållande till användarna som gör att det är rimligt att tillämpa investerarskyddsregler. På en regle- rad marknad eller <NOBR>MTF-plattform</NOBR> verkställs i stället order alltid på ett icke skönsmässigt sätt. En motsvarande regel bör tas in i lagen om värde- pappersmarknaden.</P>
<P class="p1118 ft131"><SPAN class="ft127">7.5.3</SPAN><SPAN class="ft150">Regler om vilka finansiella instrument som får handlas på en handelsplattform</SPAN></P>
<P class="p1119 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd för att genomföra reglerna i MiFID II om vilka finansiella instrument som får handlas på en handelsplattform.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">För både </SPAN><NOBR><SPAN class="ft2">MTF-plattformar</SPAN></NOBR><SPAN class="ft2"> och </SPAN><NOBR><SPAN class="ft2">OTF-plattformar</SPAN></NOBR><SPAN class="ft2"> gäller enligt MiFID II att det ska finnas transparenta regler för vilka kriterier som ska användas för att avgöra vilka finansiella instrument som kan handlas på handelsplattformen (artikel 18.2 första stycket). Det värdepappersföretag eller den marknadsoperatör som driver handelsplattformen ska också se till att det finns tillgång till tillräcklig information om de finansiella instrument som handlas på den, så att de som handlar på plattformen ska kunna fatta beslut om huruvida de ska investera i ett visst instrument (artikel 18.2 andra stycket). Vad som avses med tillräcklig information beror dels på vilken typ av finansiellt instrument det är fråga om, dels på vilka som handlar på handelsplatt- formen. Motsvarande regel för </SPAN><NOBR><SPAN class="ft2">MTF-plattformar</SPAN></NOBR><SPAN class="ft2"> finns i MiFID I (artikel 14.2). De reglerna har i svensk rätt genomförts i lagen om värdepappers- marknaden (11 kap. 4 § 3 och 5 §). Förslaget i avsnitt 7.3.1 att termen handelsplattform i den lagen ska omfatta både </SPAN><NOBR><SPAN class="ft2">MTF-plattformar</SPAN></NOBR><SPAN class="ft2"> och </SPAN><NOBR><SPAN class="ft2">OTF-plattformar</SPAN></NOBR><SPAN class="ft2"> innebär att det krav som nu gäller </SPAN><NOBR><SPAN class="ft2">MTF-plattformar</SPAN></NOBR><SPAN class="ft2"> kommer att gälla alla handelsplattformar. Det krävs därför inte någon ytterligare lagstiftningsåtgärd för att genomföra dessa krav i MiFID II.</SPAN></P>
<P class="p1120 ft2">306</P>
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<P class="p1121 ft131"><SPAN class="ft127">7.5.4</SPAN><SPAN class="ft130">Avförande av finansiella instrument från handel och handelsstopp</SPAN></P>
<P class="p1097 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut eller en börs som driver en handelsplattform ska få avbryta handeln med ett finansiellt instrument (handelsstopp) eller avföra ett finansiellt instrument från handel som inte längre uppfyller kraven för att vara upptaget till handel, om det inte är sannolikt att handelsstoppet eller avförandet orsakar väsentlig skada för investerarna eller marknadens funktion. Värde- pappersinstitutet eller börsen ska få avbryta handeln med ett finansiellt instrument eller avföra ett finansiellt instrument från handel på en handelsplattform även i andra fall, om det inte är sannolikt att handels- stoppet eller avförandet orsakar väsentlig skada för investerarna eller marknadens funktion.</P>
<P class="p1122 ft2">Om ett värdepapperinstitut eller en börs beslutar om handelsstopp på en handelsplattform eller avförande av ett finansiellt instrument, ska institutet eller börsen även avbryta handeln eller avföra finansiella derivatinstrument relaterade till det finansiella instrumentet när det är nödvändigt med hänsyn till syftet med handelsstoppet eller avförandet.</P>
<P class="p1123 ft4">Ett värdepappersinstitut eller en börs ska offentliggöra beslut om handelsstopp eller avförande från handel på en handelsplattform och underrätta Finansinspektionen om beslutet.</P>
<P class="p624 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att det i utredningens förslag inte finns någon uttrycklig möjlighet för ett värdepappersinstitut eller en börs att stoppa handeln med ett finansiellt instrument på en handelsplattform även i andra fall än när instrumentet inte längre uppfyller kraven för att vara upptaget till handel. Enligt utred- ningens förslag införs det inte heller något uttryckligt krav på att ett värdepappersinstitut eller en börs ska stoppa handeln även med finan- siella derivatinstrument relaterade till ett finansiellt instrument när det är nödvändigt med hänsyn till syftet med handelsstoppet.</P>
<P class="p1124 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p622 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Om ett finansiellt instrument inte längre uppfyller de krav som ställs för att handlas på en handelsplatt- form, ska ett värdepappersföretag eller en marknadsoperatör som driver handelsplattformen tillfälligt stoppa handeln med instrumentet eller av- föra instrumentet från handel (artikel 32.1 i MiFID II). Handeln får avbrytas eller instrumentet avföras från handel, om detta inte allvarligt skulle kunna skada investerarnas intressen eller hindra marknaden från att fungera korrekt. Om handeln avbryts med ett finansiellt instrument eller instrumentet avförs från handel, ska värdepappersföretaget eller marknadsoperatören även vara skyldig att avbryta handeln med derivat- instrument som avser eller hänför sig till det finansiella instrumentet respektive avföra sådana derivatinstrument från handel (artikel 32.2 första stycket i MiFID II). Motsvarande regler finns när det gäller handelsstopp och avförande av finansiella instrument på reglerade mark- nader, se avsnitt 7.4.6.</P>
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<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">307</P>
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<P class="p727 ft4">Prop. 2016/17:162 Ett värdepappersföretag eller en marknadsoperatör som driver en handelsplattform ska offentliggöra ett beslut om avförande av ett finan- siellt instrument från handel och underrätta den behöriga myndigheten (artikel 32.2 första stycket).</P>
<P class="p575 ft2">I MiFID I finns regler om att handeln med ett finansiellt instrument på en <NOBR>MTF-plattform</NOBR> ska stoppas eller instrumentet avföras från handel om den behöriga myndigheten begär det (artikel 14.7). Reglerna om handelsstopp i MiFID I har genomförts i svensk rätt i lagen om värde- pappersmarknaden (22 kap. 2, 3 och 6 §§). I MiFID I finns det dock inte några regler om hur värdepappersföretaget eller marknadsoperatören ska gå till väga när denne själv beslutar om att avbryta handeln eller avföra ett finansiellt instrument. Reglerna i MiFID II (artikel 32.1 och 32.2 första stycket) om handelsstopp på <NOBR>MTF-plattformar</NOBR> och OTF- plattformar bör därför genomföras på motsvarande sätt i lagen om värde- pappersmarknaden. Ett värdepappersinstitut eller en börs får även avbryta handeln med ett finansiellt instrument eller avföra ett finansiellt instrument från handel på en handelsplattform i andra fall, om det inte är sannolikt att handelsstoppet eller avförandet orsakar väsentlig skada för investerarna eller marknadens funktion (se motsvarande regler för reglerade marknader i avsnitt 7.4.6). Som en konsekvens av detta bör reglerna om handelsstopp i lagen justeras så att Finansinspektionen får besluta att ett handelsstopp som har beslutats av ett värdepappersinstitut eller en börs som driver en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> ska bestå, se avsnitt 13.3.13. För en börs som driver en handelsplattform ska de regler om avförande av finansiella instrument från handel och handels- stopp som gäller för ett värdepappersinstitut när det driver en handels- plattform gälla.</P>
<P class="p1029 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 25 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p1017 ft129"><SPAN class="ft127">7.5.5</SPAN><SPAN class="ft158">Tillträde till en handelsplattform</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>De nuvarande krav som ställs på den som får delta i handeln på en handelsplattform ska bara gälla för handeln på en <NOBR>MTF-plattform.</NOBR></P>
<P class="p1090 ft4">På en handelsplattform ska det finnas minst tre väsentligen aktiva deltagare som var och en har möjlighet att interagera med alla andra deltagare när det gäller prisbildningen.</P>
<P class="p1019 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>För både <NOBR>MTF-plattformar</NOBR> och OTF- plattformar gäller enligt MiFID II att det värdepappersföretag eller den marknadsoperatör som driver handelsplattformen ska ha transparenta och</P>
<P class="p535 ft5"><NOBR>icke-diskriminerande</NOBR> regler, baserade på objektiva kriterier för vilka som</P>
<P class="p19 ft2">308</P>
</DIV>
<DIV id="page_309">
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<P class="p186 ft4">får delta i handeln på handelsplattformen (artikel 18.3). För en MTF- Prop. 2016/17:162 plattform gäller därutöver att kraven på dem som ska delta i handeln är</P>
<P class="p113 ft2">desamma som för dem som ska delta i handeln på en reglerad marknad (artikel 19.2). Det är i första hand fråga om värdepappersföretag och kreditinstitut, men även andra med tillräckligt gott anseende, tillräckliga resurser, kompetens och erfarenhet samt en ändamålsenlig organisation (artikel 53.3, se avsnitt 7.4.7). I direktivet ställs det inte några sådana krav på dem som ska delta i handeln på en <NOBR>OTF-plattform.</NOBR></P>
<P class="p264 ft2">Kraven i MiFID II på dem som ska delta i handeln på en <NOBR>MTF-platt-</NOBR> form motsvarar det som gäller enligt MiFID I (artikel 14.4). De reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappersmarknaden (11 kap. 1 § andra stycket och 3 §). I enlighet med MiFID II (artikel 18.3) bör de nuvarande särskilda kraven i lagen om värdepappersmark- naden (11 kap. 3 §) på dem som får delta i handeln på en handelsplatt- form gälla bara för deltagande i handeln på en <NOBR>MTF-plattform.</NOBR></P>
<P class="p429 ft2">Att ett värdepappersinstitut eller en börs som driver en handelsplatt- form ska tillämpa principen om fritt tillträde, som innebär att den som uppfyller de krav som ställs i lagen om värdepappersmarknaden (11 kap. 1 §) och av institutet eller börsen får delta i handel, får även anses omfatta de krav som ställs enligt MiFID II (artikel 18.3) på att den som driver en handelsplattform ska offentliggöra och genomföra transparenta regler för tillgång till dess system.</P>
<P class="p944 ft4">På en handelsplattform ska det enligt MiFID II finnas minst tre väsentligen aktiva medlemmar eller användare som var och en har möjlighet att interagera med alla andra deltagare eller användare när det gäller prisbildningen (artikel 18.7). Kravet syftar till att säkerställa viss likvi- ditet och att denna inte enbart tillhandahålls av en enda part. Något så- dant krav finns inte i gällande svensk rätt och det bör därför tas in i lagen om värdepappersmarknaden.</P>
<P class="p1102 ft129"><SPAN class="ft127">7.5.6</SPAN><SPAN class="ft132">Regler för marknadsövervakning</SPAN></P>
<P class="p1125 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut eller en börs som driver en handelsplattform ska</P>
<P class="p1046 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">kunna upptäcka systemavbrott,</SPAN></P>
<P class="p1115 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">på begäran av Finansinspektionen ge inspektionen åtkomst till sitt system för övervakningen av handeln och kursbildningen, och</SPAN></P>
<P class="p1115 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">omgående till Finansinspektionen rapportera betydande över- trädelser av handelsreglerna, otillbörliga marknadsförhållanden, miss- tänkt marknadsmissbruk och systemavbrott.</SPAN></P>
<P class="p1126 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om övervakning av handeln och kursbildningen bör kvarstå.</P>
<P class="p1127 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att utredningens förslag inte innehåller något krav på att den som driver en handelsplattform ska kunna upptäcka systemavbrott. Enligt utredningens förslag utmönstras bemyndigandet för regeringen eller den myndighet</P>
<P class="p1128 ft2">309</P>
</DIV>
<DIV id="page_310">
<P class="p621 ft2">Prop. 2016/17:162 som regeringen bestämmer att meddela föreskrifter om övervakning av</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">handel och kursbildning.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att bemyndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">andet att meddela föreskrifter om övervakning av handeln och kursbild-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningen vid en handelsplattform bör kvarstå.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt MiFID II ska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">medlemsstaterna kräva att värdepappersföretag och marknadsoperatörer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">som driver en handelsplattform har effektiva system och förfaranden för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">regelbunden övervakning av att medlemmarna eller deltagarna följer</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">handelsplattformens regler (artikel 31).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Övervakningen ska kunna upptäcka otillbörliga marknadsförhållanden</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">(i den engelska språkversionen anges disorderly trading conditions) och</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">transaktioner eller uppförande som kan innebära marknadsmissbruk samt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">identifiera systemavbrott som rör ett finansiellt instrument (artikel 31.1).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Reglerna i MiFID II motsvaras av regler i MiFID I (artikel 26.1). De</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">marknaden (8 kap. 13 §) som ett krav på värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">tillstånd att driva en handelsplattform. Förslaget i avsnitt 7.3.1 att termen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">handelsplattform i den lagen ska omfatta både <NOBR>MTF-plattformar</NOBR> och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><NOBR>OTF-plattformar</NOBR> innebär att det krav som nu gäller <NOBR>MTF-plattformar</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kommer att gälla alla handelsplattformar. Det krävs därför inte någon</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ytterligare lagstiftningsåtgärd för att genomföra dessa krav i MiFID II</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 31.1).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I likhet med det som föreslås om marknadsövervakning i avsnitt 7.4.8</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">bör det i lagen om värdepappersmarknaden införas ett uttryckligt krav på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">att ett värdepappersinstitut som driver en handelsplattform ska kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">upptäcka systemavbrott.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">MiFID II innehåller också en skyldighet för det värdepappersföretag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">eller den marknadsoperatör som driver en handelsplattform att omedel-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bart underrätta den behöriga myndigheten vid betydande överträdelser av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">handelsreglerna, otillbörliga marknadsförhållanden, ageranden som kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">tyda på beteenden som är förbjudna enligt marknadsmissbruksförordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">samt vid systemavbrott (artikel 31.2 första stycket). Även denna skyldighet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">finns i MiFID I (artikel 26.2). Något motsvarande uttryckligt krav på att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">ett värdepappersinstitut eller en börs som driver en handelsplattform ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">underrätta Finansinspektionen finns dock inte i lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">pappersmarknaden. Enligt regeringens uppfattning bör ett krav mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">svarande det i MiFID II tas in i lagen. Även i marknadsmissbruks-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">förordningen finns krav på att den som driver en handelsplats i vissa fall</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ska underrätta den behöriga myndigheten, se avsnitt 7.4.8.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I MiFID II finns även krav på att den behöriga myndigheten ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">underrätta Esma och de behöriga myndigheterna i andra medlemsstater</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">om den information som myndigheten får från värdepappersföretag eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">marknadsoperatörer som driver en handelsplattform (artikel 31.2 andra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">och tredje styckena). De kraven föranleder inte någon lagstiftningsåtgärd,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">eftersom de omfattas av den skyldighet Finansinspektionen har att sam-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">arbeta och utbyta information med Esma och behöriga myndigheter i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra länder inom EES (23 kap. 5 § lagen om värdepappersmarknaden).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Kravet på att värdepappersföretag och marknadsoperatörer som driver</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">310</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> ska förse den behöriga myn-</P></TD>
</TR>
</TABLE>
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<P class="p1129 ft4">digheten med upplysningar (artikel 31.3) ryms inom Finansinspektionens Prop. 2016/17:162 rätt att begära upplysningar enligt lagen om värdepappersmarknaden</P>
<P class="p1000 ft2">(23 kap. 2 §).</P>
<P class="p1001 ft2">Då reglerna om att ett värdepappersinstitut som driver en handels- plattform ska övervaka handeln och kursbildningen inte ändras med anledning av MiFID II saknas skäl att utmönstra bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om övervakning av handeln och kursbildningen vid en handelsplattform. Utredningen föreslår inte heller att motsvarande be- myndigande när det gäller reglerade marknader ska utmönstras ur lagen. Regeringen anser därför, i likhet med <SPAN class="ft3">Finansinspektionen</SPAN>, att nuvarande bemyndigande för regeringen eller den myndighet som regeringen be- stämmer att meddela föreskrifter om övervakning av handeln och kurs- bildningen vid en handelsplattform bör kvarstå.</P>
<P class="p1130 ft4">Ytterligare regler om vad som utlöser ett informationskrav finns i den delegerade förordningen till MiFID II (artiklarna 81 och 82).</P>
<P class="p1131 ft129"><SPAN class="ft127">7.5.7</SPAN><SPAN class="ft132">Tillväxtmarknader för små och medelstora företag</SPAN></P>
<P class="p1004 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Definitioner av vad som avses med små och medelstora företag och en tillväxtmarknad för sådana företag tas in i lagen om värdepappersmarknaden. Ett värdepappersinstitut eller en börs som driver en <NOBR>MTF-plattform</NOBR> ska få ansöka hos Finansinspek- tionen om att få plattformen registrerad som en tillväxtmarknad för små och medelstora företag, om vissa krav är uppfyllda. En <NOBR>MTF-plattform</NOBR> som har registrerats som en tillväxmarknad för små och medelstora företag ska få avregistreras om det värdepappersinstitut eller den börs som driver plattformen ansöker om avregistrering eller om kraven för registrering inte längre är uppfyllda. Särskilda regler ska gälla om en emittents finansiella instrument har tagits upp till handel på fler än en sådan tillväxtmarknad.</P>
<P class="p1132 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer delvis med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag ska registrering som tillväxtmarknad för små och medelstora företag innebära lägre krav för upptagande till handel av finansiella instrument och information om emittenterna jämfört med de krav som annars gäller för <NOBR>MTF-plattformar.</NOBR></P>
<P class="p1133 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att en MTF- plattform som registrerats som tillväxtmarknad för små och medelstora företag inte ska undantas från krav som i övrigt gäller för <NOBR>MTF-platt-</NOBR> formar, exempelvis beträffande marknadsövervakning.</P>
<P class="p1134 ft4"><SPAN class="ft103">Skälen för regeringens förslag: </SPAN>I MiFID II finns regler om att den som driver en <NOBR>MTF-plattform</NOBR> ska kunna ansöka om att få plattformen registrerad som en tillväxtmarknad för små och medelstora företag (artikel 33.1).</P>
<P class="p1001 ft2">Syftet med reglerna om tillväxtmarknader för små och medelstora företag är att göra det lättare för dessa företag att få tillgång till kapital</P>
<P class="p1000 ft159">och att främja vidareutvecklingen av specialiserade marknader som</P>
<P class="p1135 ft2">311</P>
</DIV>
<DIV id="page_312">
<P class="p994 ft4">Prop. 2016/17:162 syftar till att tillgodose behoven hos emittenter som är små och medel- stora företag (skäl 132 till MiFID II). Skapandet av en ny underkategori</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">till <NOBR>MTF-plattformar</NOBR> bör öka deras synlighet och stärka deras profil.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Syftet är vidare att göra tillväxtmarknader för små och medelstora före-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tag attraktiva för investerare och minska de administrativa bördorna för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dessa företag för att på så sätt skapa incitament för dem att få tillgång till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kapitalmarknaderna genom dessa marknader. För att inte negativt på-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">verka existerande marknader bör operatörer som driver marknader som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">är inriktade på små och medelstora emittenter ha möjlighet att välja att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fortsätta driva en sådan marknad i enlighet med kraven i MiFID II utan</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att ansöka om registrering som en tillväxtmarknad för små och medel-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stora företag (skäl 134). Det finns således inte något krav enligt direk-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tivet att den som redan driver en <NOBR>MTF-plattform</NOBR> med inriktning mot små</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">och medelstora företag ska ansöka om att plattformen registreras som en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillväxtmarknad.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Enligt MiFID II får den behöriga myndigheten registrera MTF-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">plattformen som en tillväxtmarknad för små och medelstora företag om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">myndigheten har tagit emot en ansökan och förvissat sig om att de krav</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som ställs upp är uppfyllda (artikel 33.2). På en sådan marknad ska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">majoriteten – minst 50 procent – av emittenter, vars finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ment är föremål för handel på plattformen, vara små och medelstora före-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tag (artikel 33.3 a). Med små och medelstora företag avses företag som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">har ett genomsnittligt börsvärde som understiger 200 miljoner euro</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">beräknat på slutkurser för de tre föregående kalenderåren (artikel 4.1.13).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Bedömningen ska grundas på börsvärdet de tre föregående kalenderåren,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">för att garantera en smidig övergång från en tillväxtmarknad till en ordi-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">narie handelsplats (skäl 135 till MiFID II). Kravet att minst 50 procent av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">de emittenter vars finansiella instrument är föremål för handel på platt-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">formen ska vara små och medelstora företag ska tillämpas med flexibili-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tet (skäl 135 till MiFID II). Om kravet tillfälligt inte uppfylls behöver</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">plattformen inte omedelbart avregistreras som tillväxtmarknad, om det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finns rimliga utsikter för att kravet kommer att uppfyllas från och med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">året därpå.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">På en tillväxtmarknad för små och medelstora företag ska det finnas</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lämpliga kriterier för att finansiella instrument ska tas upp till handel på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">plattformen (artikel 33.3 b). När ett finansiellt instrument tas upp till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">handel första gången, ska det finnas tillräckligt med information offent-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">liggjord för att investerare ska kunna fatta ett välgrundat investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">beslut. Informationen kan finnas i t.ex. ett prospekt, om kraven som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fastställs i prospektdirektivet är tillämpliga med avseende på ett erbjud-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ande till allmänheten som görs i anslutning till det första upptagandet till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">handel med det finansiella instrumentet på <NOBR>MTF-plattformen,</NOBR> och i annat</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fall i ett särskilt upptagandedokument (artikel 33.3 c). Vidare ställs ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">krav på ändamålsenlig, fortlöpande och regelbunden finansiell rapport-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ering, exempelvis reviderade årsrapporter (artikel 33.3 d) samt att emittent-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en och ledande befattningshavare (samt närstående) hos emittenten upp-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">fyller kraven på att rapportera transaktioner m.m. enligt marknadsmiss-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bruksförordningen (artikel 33.3 e i MiFID II). Därutöver ska tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">information som rör emittenterna lagras och spridas till allmänheten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">(artikel 33.3 f), och på handelsplatsen ska det finnas effektiva system och</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">312</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">kontroller för att förhindra och upptäcka marknadsmissbruk (artikel</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_313">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">33.3 g). Alla dessa krav i MiFID II på en <NOBR>MTF-plattform</NOBR> som är en till- växtmarknad för små och medelstora företag specificeras i den dele- gerade förordningen till MiFID II (artiklarna 78 och 79).</P>
<P class="p150 ft2">De särskilda kraven på en tillväxtmarknad inverkar inte på om det värdepappersföretag eller den marknadsoperatör som driver en MTF- plattform efterlever andra skyldigheter enligt MiFID II och som är rele- vanta för driften av <NOBR>MTF-plattformar</NOBR> (artikel 33.4, i den engelska språk- versionen anges ”the criteria in paragraph 3 are without prejudice to compliance by the investment firm or market operator operating the MTF with other obligations under this Directive relevant to the operation of MTFs”). De hindrar inte heller att den som driver en <NOBR>MTF-plattform</NOBR> in- för ytterligare krav utöver de särskilda krav som följer av direktivet.</P>
<P class="p622 ft2">Enligt utredningens förslag ska en <NOBR>MTF-plattform</NOBR> som registreras som en tillväxtmarknad för små och medelstora företag endast tillämpa de – som utredningen betecknar som – något lättare krav för upptagande till handel av finansiella instrument och information om emittenterna på en sådan marknad i stället för de krav som annars gäller för en <NOBR>MTF-platt-</NOBR> form. <SPAN class="ft3">Finansinspektionen </SPAN>menar att det som anges i direktivet (artikel 33.4) inte innebär att <NOBR>MTF-plattformar</NOBR> som registrerats som tillväxtmark- nader för små och medelstora företag inte behöver uppfylla de krav som i övrigt gäller för <NOBR>MTF-plattformar.</NOBR> Reglerna i direktivet bör enligt Finansinspektionen innebära att en operatör som redan driver en MTF- plattform får ansöka om att registrera plattformen som en tillväxtmark- nad för små och medelstora företag. Regeringen anser, i likhet med Finansinspektionen, att det som anges i direktivet (skälen <NOBR>132–135</NOBR> och artikel 33.4) bör förstås som att operatören av en <NOBR>MTF-plattform</NOBR> som är registrerad som en tillväxtmarknad för små och medelstora företag ska uppfylla dels de krav som generellt gäller för <NOBR>MTF-plattformar,</NOBR> dels de särskilda krav som gäller för tillväxtmarknader för små och medelstora företag.</P>
<P class="p1043 ft2">Om ett finansiellt instrument har tagits upp till handel på en tillväxt- marknad för små och medelstora företag, får handel med samma instru- ment ske på en annan sådan handelsplats endast om emittenten har infor- merats och inte haft några invändningar (artikel 33.7 i MiFID II). I detta avseende skiljer sig en sådan tillväxtmarknad från det som annars gäller för en handelsplattform eller en reglerad marknad. Om ett finansiellt instrument är upptaget till handel på en handelsplats som inte är en tillväxtmarknad för små och medelstora företag, får det tas upp till handel även på en annan handelsplats utan emittentens samtycke. Om ett finansiellt instrument tas upp till handel på en annan sådan tillväxt- marknad, dvs. efter information och underförstått samtycke från emit- tenten, ska dock emittenten inte behöva fullgöra några skyldigheter när det gäller bolagsstyrning eller offentliggörande av information i för- hållande till den andra tillväxtmarknaden.</P>
<P class="p979 ft4">Om det värdepappersföretag eller den marknadsoperatör som driver en <NOBR>MTF-plattform</NOBR> som är registrerad som en tillväxtmarknad för små och medelstora företag begär det eller kraven för registrering som tillväxt- marknad för små och medelstora företag inte längre är uppfyllda, ska den behöriga myndigheten avregistrera <NOBR>MTF-plattformen</NOBR> som en sådan till- växtmarknad (artikel 33.5). När en behörig myndighet registrerar eller</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">313</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_314">
<P class="p820 ft4">Prop. 2016/17:162 avregistrerar en <NOBR>MTF-plattform</NOBR> som en tillväxtmarknad för små och medelstora företag, ska den snarast möjligt meddela Esma (artikel 33.6).</P>
<P class="p576 ft4">Några regler om tillväxtmarknader för små och medelstora företag finns inte i gällande svensk rätt. Definitioner av vad som i MiFID II av- ses med små och medelstora företag och tillväxtmarknad för sådana före- tag bör därför tas in i lagen om värdepappersmarknaden. Reglerna i MiFID II om <NOBR>MTF-plattformar</NOBR> som är tillväxtmarknader för små och medelstora företag bör genomföras på motsvarande sätt i samma lag.</P>
<P class="p1136 ft21">7.6 Algoritmisk handel</P>
<P class="p1137 ft131">7.6.1 Inledande beskrivning av algoritmisk handel och algoritmisk högfrekvenshandel</P>
<P class="p1072 ft3">Inledning</P>
<P class="p936 ft2">I MiFID II finns en rad regler som rör algoritmisk handel och algoritmisk högfrekvenshandel. Reglerna syftar till att komma till rätta med de risker och problem som är förknippade med denna typ av verksamhet (se skälen <NOBR>59–68).</NOBR></P>
<P class="p576 ft2">För att underlätta förståelsen av de nya reglerna inleds detta avsnitt med en beskrivning av algoritmisk handel och högfrekvenshandel. Under- laget till beskrivningen har huvudsakligen hämtats från en rapport fram- tagen av Congressional Research Service i USA och som publicerades i juni 2014 <NOBR>(High-Frequency</NOBR> Trading: Background, Concerns, and Regula- tory Developments, June 19, 2014, Congressional Research Service, 7- 5700, R43608). Congressional Research Service är en del av den ameri- kanska kongressen och tar fram rapporter och underlag till kongressen. I den nu aktuella rapporten finns en genomgång av forskning, myndighets- rapporter, rättsfall och artiklar i ämnet. Rapporten kallas i det följande för <NOBR>CRS-rapporten.</NOBR> Det bör dock noteras att handeln, på grund av bl.a. olika marknadsförutsättningar och olika marknadsregler, i väsentliga avseen- den skiljer sig åt mellan USA och Europa. Beskrivningen av algoritmisk handel och högfrekvenshandel grundar sig därför även på en rapport från Finansinspektionen i samma ämne från 2012 (Finansinspektionens rapport, Kartläggning av högfrekvens- och algoritmhandel, februari 2012). I den rapporten är de problem som beskrivs i många delar de- samma som i <NOBR>CRS-rapporten,</NOBR> men beskrivningarna är mer kortfattade.</P>
<P class="p918 ft3">Juridiska fakultetsnämnden vid Stockholms universitet <SPAN class="ft2">efterfrågar en mera ingående, dagsfärsk analys av de tveksamheter och problem som i Sverige för närvarande är förknippade med algoritmisk handel och algoritmisk högfrekvenshandel. Beskrivningen nedan av algoritmisk handel och algoritmisk högfrekvenshandel innehåller därför även resultat</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p139 ft2">från mer aktuell akademisk forskning om den svenska marknaden.</P></TD>
</TR>
<TR>
<TD class="tr0 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td368"><P class="p139 ft3">Vad är algoritmisk handel och algoritmisk högfrekvenshandel?</P></TD>
</TR>
<TR>
<TD class="tr33 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td368"><P class="p139 ft2">Algoritmisk handel innebär handel med finansiella instrument där en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dataalgoritm automatiskt bestämmer orderparametrar, såsom om en order</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ska läggas över huvud taget, när ordern ska läggas, vilket pris som ska</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td57"><P class="p140 ft2">314</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">sättas på ordern, kvantitet finansiella instrument som ordern ska avse och</P></TD>
</TR>
<TR>
<TD class="tr67 td368"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_315">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">hur ordern ska hanteras när den väl har lagts (se s. 5 i <NOBR>CRS-rapporten</NOBR> och definitionen i artikel 4.1.39 i MiFID II). I definitionen av algoritmisk handel i MiFID II, ingår inte system som används endast för dirigeringen av order till en eller flera handelsplatser eller för expediering av order utan att några handelsparametrar fastställs. Inte heller system som används för bekräftelse av order eller bearbetning av utförda transak- tioner efter handeln utgör algoritmisk handel enligt direktivet. Algorit- misk högfrekvenshandel är en delmängd av den algoritmiska handeln. En teknik för sådan handel karakteriseras av att den är avsedd att minimera latensen, dvs. minimera svarstider mellan handlarens och handelsplatsens system. Detta kan åstadkommas genom t.ex. s.k. samlokalisering och närvärdskap – dvs. att handlarens datorer rent fysiskt placeras nära handelsplatsens datorer – och höghastighetstillträde till handelsplatsen. Ytterligare karakteristika är att systemet automatiskt, utan mänsklig med- verkan, beslutar när enskilda order ska läggas, styras (routas) eller utföras och att systemet genererar en stor mängd order, bud eller annullerade order per dag (se s. 6 i <NOBR>CRS-rapporten</NOBR> och definitionen av teknik för algoritmisk högfrekvenshandel i artikel 4.1.40 i MiFID II).</P>
<P class="p1043 ft2">Den algoritmiska handeln och högfrekvenshandeln har skapats som en del av en automatiseringsvåg inom värdepappershandel där företag auto- matiserat sin handel både när de handlar för egen räkning och när de handlar för kunders räkning. En del av automatiseringen är en följd av den fragmentering som möjliggjordes genom MiFID I och att samma finansiella instrument kan handlas på flera olika handelsplatser. En investerare kan använda strategier för att dra fördel av möjligheten att lägga och annullera order och genomföra transaktioner inom mycket korta tidsramar, millisekunder (en tusendel av en sekund) eller mikro- sekunder (en miljondel av en sekund), på olika handelsplatser för att utnyttja prisskillnader.</P>
<P class="p1043 ft2">Tekniker för algoritmisk handel och högfrekvenshandel kan användas för en mängd olika ändamål. Den som bedriver verksamhet som marknadsgarant har åtagit sig att köpa och sälja finansiella instrument och kontinuerligt tillföra möjligheten för någon annan att köpa eller sälja instrumentet i fråga. Marknadsgaranten kan använda sig av algoritmisk handel för att uppdatera och ändra sina köp- och säljbud och säkra sina risker (hedga) på olika handelsplatser. I en undersökning av den svenska marknaden stod marknadsgaranter för en majoritet av högfrekvens- handelsvolymen (Hagströmer och Nordén 2013. The Diversity of High- Frequency Traders. Journal of Financial Markets, 16(4), <NOBR>741–770).</NOBR> I undersökningen granskades handeln i 30 bolag på Nasdaqs large cap lista och det visade sig att marknadsgaranter stod för <NOBR>63–72</NOBR> procent av högfrekvenshandelsvolymen och <NOBR>81–86</NOBR> procent av antalet limitorder (en order om att handla så snart ett finansiellt instrument når ett visst pris som är gynnsammare än det aktuella priset). Vid strategier som arbitragehandel försöker handlaren göra vinster, om priset på samma finansiella instrument inte är detsamma på olika handelsplatser. Handlaren kan då t.ex. köpa instrumentet billigare på en handelsplats och sälja dyrare på en annan. Det behöver inte enbart handla om exakt samma finansiella instrument utan också om prisskillnader mellan instrumentet och derivat med instrumentet som underliggande tillgång (se om arbitragehandel på s. 11 f. i <NOBR>CRS-rapporten).</NOBR> Normalt, åtminstone</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">315</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_316">
<P class="p727 ft2">Prop. 2016/17:162 i en effektiv marknad, är priset på samma tillgång detsamma på olika handelsplatser. Under en kort tid kan dock situationen uppkomma att en prisförändring på en handelsplats inte fått genomslag på en annan handelsplats. Även om tiden är kort kan den som har tillgång till en teknik för algoritmisk högfrekvenshandel agera inom milli- och mikrosekunder och därigenom hinna handla på informationen från den första handelsplatsen innan denna information har hunnit påverka priset på den andra handelsplatsen.</P>
<P class="p1020 ft2">Investerare kan även använda tekniker för algoritmisk högfrekvens- handel för strategier som innefattar att analysera och använda infor- mation om andra marknadsaktörers agerande. Med hjälp av relativt små order på olika handelsplatser kan en handlare upptäcka order från stora institutionella investerare. Med hjälp av den informationen kan handlaren dra mer eller mindre korrekta slutsatser om den aktuella investerarens avsikter. En stor investerare som t.ex. är intresserad av att köpa en viss aktie kommer troligen att behöva dela upp sin order och lägga delar av den på olika handelsplatser. En handlare som använder sig av en teknik för högfrekvenshandel kan genom att upptäcka en av dessa delorder på en handelsplats sluta sig till att det inom någon millisekund kommer att dyka upp en liknande order på en annan handelsplats. Högfrekvens- handlaren kan då – med sitt snabbare system (t.ex. på grund av att hand- larens dator står i samma lokaler som handelsplatsens) – hinna före och köpa upp aktier till ett pris och sedan lägga in en säljorder till ett högre pris lagom till att den store investerarens köporder har nått den andra handelsplatsen (se s. 12 f. i <NOBR>CRS-rapporten).</NOBR> I Sverige erbjuder Nasdaq Stockholm samlokalisering. Sedan 2012 erbjuder Nasdaq även en ännu snabbare uppkoppling mot en extra avgift. Det är främst marknads- garanter som valt att uppgradera till den snabbare anslutningen (se s. 4 i Brogaard, Hagströmer, Nordén, et al. 2015. Trading Fast and Slow: Colocation and Liquidity).</P>
<P class="p1099 ft4">Den tekniska utvecklingen och användandet av algoritmisk högfrek- venshandel har även gett upphov till diskussioner kring mer tveksamma strategier som huvudsakligen går ut på att för andra marknadsaktörer ge intryck av viss likviditet, eller genom snabba transaktioner medvetet åstadkomma en prisförändring som handlaren sedan kan dra nytta av (se s. 12 och <NOBR>17–19</NOBR> i <NOBR>CRS-rapporten).</NOBR></P>
<P class="p1138 ft3">För- och nackdelar med algoritmisk handel och algoritmisk högfrekvenshandel</P>
<P class="p1139 ft27">Bland fördelarna med algoritmisk handel och algoritmisk högfrekvenshandel brukar ofta lyftas fram att denna verksamhet har bidragit till ökad mark- nadseffektivitet, mindre spreadar och ökad likviditet. Högfrekvenshand- larna som ägnar sig åt arbitragehandel hjälper till att snabbt korrigera prisskillnader mellan handelsplatser och mellan derivat och under- liggande tillgångar, vilket sannolikt leder till en mer korrekt prissättning och ökad marknadseffektivitet (Hendershott, Jones och Menkveld 2010. Does Algorithmic Trading Improve Liquidity? Journal of Finance, Vol. 66, pp. <NOBR>1–33).</NOBR> Detta är även något som <NOBR><SPAN class="ft26">Första–Fjärde</SPAN></NOBR><SPAN class="ft26"> </SPAN><NOBR><SPAN class="ft26">AP-fonderna</SPAN></NOBR><SPAN class="ft26"> </SPAN>påpekar. Spreaden är en term som används för att beskriva skillnaden</P>
<P class="p1140 ft2">mellan det pris köpare är beredda att betala för ett finansiellt instrument</P>
<P class="p166 ft2">316</P>
</DIV>
<DIV id="page_317">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">och det pris säljare är beredda att sälja samma instrument för. Genom att använda algoritmer för strategier som fungerar så att investeraren kan ställa priser på båda sidor av orderboken och hantera relaterade risker med en sådan ordergivning på ett acceptabelt sätt tillför investeraren likviditet och minskade spreadar (se s. 17 i <NOBR>CRS-rapporten</NOBR> och där an- givna källor). När det gäller frågan om likviditet har det dock ifrågasatts om alla order verkligen tillför likviditet. Genom att högfrekvenshandlare ofta annullerar en stor del av sina order kan den likviditet som ser ut att finnas visa sig vara en illusion (se s. 19 f. i <NOBR>CRS-rapporten).</NOBR> I en studie av den svenska marknaden visades att likviditeten förbättrades när marknadsgaranter som använder sig av högfrekvenshandel får tillgång till snabbare uppkopplingar. Studien visar även på att det främst är marknadsgaranter som väljer att uppgradera sina uppkopplingar (se s. 4 och 37 i Brogaard, Hagströmer, Nordén, et al. 2015. Trading Fast and Slow: Colocation and Liquidity). Algoritmisk handel anses av vissa också bidra till mindre prisförändringar (minskad volatilitet) helt enkelt genom att vissa handlare använder tekniker som försöker dra nytta av prisförändringar vilket i sig bidrar till en stabilisering (se s. 18 i CRS- rapporten och där angivna källor). Även på den svenska marknaden har visats på att algoritmisk handel leder till mindre prisförändringar (Hagströmer och Nordén 2013).</P>
<P class="p1141 ft2">Bland nackdelarna med algoritmisk handel och algoritmisk högfrek- venshandel brukar nämnas att teknikerna kan användas för marknads- missbruk såsom s.k. <NOBR>front-running</NOBR> (en form av insiderbrott) och mark- nadsmanipulation. När det gäller <NOBR>front-running</NOBR> har kritiken huvud- sakligen gällt misstankar om att högfrekvenshandlare har fått kännedom om kurspåverkande information, antingen om inkommande stora order eller om prisförändringar på en handelsplats, innan informationen offent- liggjorts. Högfrekvenshandlaren har därefter kunnat dra nytta av infor- mationen genom att placera sina order i marknaden före andra. Denna kritik har bemötts med att högfrekvenshandlaren inte har fått tillgång till informationen innan den offentliggjordes, men med hjälp av sitt tekniska försprång – snabbare uppkoppling m.m. – har handlaren tillgodogjort sig och kunnat agera på informationen före andra. Det har därför inte varit fråga om brottslig insiderhandel (se s. 20 f. i <NOBR>CRS-rapporten</NOBR> och där angivna källor). När det sedan gäller marknadsmanipulation kan algorit- misk högfrekvenshandel användas för s.k. layering och spoofing. Layer- ing innebär att någon lägger stora mängder order att köpa eller sälja ett visst finansiellt instrument vilket påverkar priset på instrumentet. Orderna är dock aldrig avseedda att leda till några transaktioner utan annulleras så snart de riskerar att mötas av en annan order. Det är därför fråga om en falsk likviditet som vilseleder andra aktörer. Spoofing inne- bär att handlaren lägger en stor säljorder med en limit som överstiger den aktuella köpkursen. Att ordern har en limit innebär att ordern inte kommer att gå till avslut förrän någon köpare har lagt en order där köpkursen motsvarar limiten. Om köpkursen skulle närma sig limiten annulleras säljordern. Det finns således ingen avsikt att faktiskt sälja några instrument, utan avsikten är att ge intryck av att det finns ett stort säljintresse. Detta ska i sin tur föranleda – skrämma – andra att sälja. Syftet är att detta ska leda till ett prisfall som högfrekvenshandlaren sedan kan dra nytta av (se s. 23 i <NOBR>CRS-rapporten).</NOBR></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">317</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_318">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p20 ft2">Bland nackdelarna med algoritmisk handel och algoritmisk högfrek-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">venshandel har i USA lyfts fram att verksamheten skadar andra investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">rare. När en högfrekvenshandlare kan dra nytta av t.ex. en stor institu-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">tionell investerares orderläggning behöver detta inte utgöra olaglig front-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">running för att det ska skada den institutionella investeraren. Om, som i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">exemplet ovan, högfrekvenshandlaren genom att upptäcka en delorder</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">från en institutionell investerare kan förutse, och hinna före, vid avslutet</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">av nästa delorder kommer det att innebära att den institutionella investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">raren kommer att få betala lite mer, eller få sälja lite billigare, än vad</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">investeraren hade tänkt sig. Med andra ord kommer transaktions-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">kostnaderna att öka något för den institutionella investeraren (se s. 25 f. i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2"><NOBR>CRS-rapporten).</NOBR> I regel är marknaderna likvida nog för att <NOBR>icke-profes-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">sionella investerare inte ska drabbas av <NOBR>front-running</NOBR> och högre transak-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">tionskostnader (se s. 1 i van Kervel och Menkveld 2015. High Frequency</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">Trading around Large Institutional Orders).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Som nämns ovan finns det viktiga skillnader i regelverken vilket gör</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">att problemen i USA är större än i Europa. I det regelverk i USA som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">närmast motsvarar MiFID, Reg NMS (Regulation National Market</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">System, som trädde i kraft 2007), finns det bl.a. krav på att en order alltid</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">ska skickas till marknadsplatsen med lägst pris. Det påminner om det</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">som enligt MiFID I (artikel 21) och MiFID II (artikel 27) gäller om bästa</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">orderutförande, men det finns viktiga skillnader. Enligt MiFID ska</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">värdepappersföretag inte bara ta hänsyn till priset utan även beakta</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">likviditeten, sannolikhet för utförande och avveckling, hastigheten för</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">utförandet och andra väsentliga förhållanden (såsom risken för</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">informationsläckage om kundens order). En order behöver enligt MiFID</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">således inte skickas till marknaden med lägst pris ifall det saknas</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">likviditet. En order i USA måste skickas till marknadsplatsen med lägst</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">pris, även om det inte finns tillräcklig likviditet för att fylla orden. När</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">instrumenten är slut på marknadsplatsen med lägst pris får ordern skickas</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p30 ft2">till marknadsplatsen med näst lägst pris etc. Det innebär en risk att en</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">högfrekvenshandlare kan uppfatta investerarens avsikter och ”springa</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">före” (s.k. <NOBR>front-running)</NOBR> till andra marknader.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">På den svenska marknaden har visats på att transaktionskostnaden för</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">institutionella investerare påverkas av högfrekvenshandlare. Det är dock</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">inte en ensidigt negativ påverkan. När institutionella aktörer ska avyttra</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ett större innehav brukar de dela upp det på ett antal mindre order för att</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">minska dess påverkan på marknaden. Vid avyttring genom en uppdelad</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">order som handlas över en längre tidsperiod blir kostnaden initialt lägre.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Kostnaden blir högre först ett par timmar efter att den första delorden</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">utförts. Orsaken är att högfrekvenshandlarna då börjar handla i samma</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">riktning som ordern, dvs. köper eller säljer om institutet köper eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">säljer. Detta går emot den vanliga uppfattningen om <NOBR>front-running,</NOBR> dvs.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">att högfrekvenshandlare mycket snabbt upptäcker när en större order är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">på väg till marknaden och då handlar i samma riktning (se s. 26 i van</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Kervel och Menkveld 2015, High Frequency Trading around Large</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">Institutional Orders). <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">AP-fonderna</SPAN></NOBR><SPAN class="ft3"> </SPAN>anser att algoritmisk</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">arbitragehandel är nödvändig för att säkerställa en effektiv marknad och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">för korrekt prissättning. De anser vidare att fenomenet att en högfre-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p30 ft2">kvenshandlare upptäcker en delorder från en institutionell investerare och</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">318</P></TD>
<TD class="tr27 td235"><P class="p20 ft2">kan förutse nästa delorder och därmed hinna placera en egen order innan</P></TD>
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<P class="p796 ft4">den institutionella investerarens nästa delorder varken är nytt eller specifikt för högfrekvenshandel.</P>
<P class="p150 ft2">I sammanhanget bör också beaktas att en handelsplats som en reglerad marknad för aktier primärt har till syfte att fastställa ett marknadspris på de aktier som handlas på marknaden. Genom prisbildningsmekanismen fastställs också värdet på det bolag som har gett ut aktierna. Detta i sin tur är nödvändigt för att bolaget i fråga ska kunna anskaffa mer kapital, t.ex. inför en expansion. Om prisbildningen på andrahandsmarknaden fungerar innebär det att investerarna kan avgöra om de ska investera ytterligare pengar i bolaget, dvs. om det pris som bolaget begär för aktierna vid en nyemission är rimligt eller inte. Prisbildningen fungerar genom att köpare och säljare interagerar med varandra. Dessa förutsätts ha en uppfattning om aktien är köpvärd eller inte. För att bilda sig en uppfattning om de ska köpa eller sälja analyserar de bolaget i fråga och dess framtidsutsikter. Den investerare som har mest rätt kommer att belönas antingen genom att ha köpt aktier som senare kommer att stiga i värde eller genom att undvika en förlust genom att ha sålt innan priset går ned. Genom köparnas och säljarnas agerande kommer deras analyser och kunskaper att återspeglas i kurserna. Köparna driver kursen uppåt och säljarna nedåt. Högfrekvenshandlarens roll i detta sammanhang är att skära emellan och tillgodogöra sig en del av de andra investerarnas för- tjänster. Högfrekvenshandlaren kommer t.ex. att hinna före köparna och driva upp priset lite och sedan sälja till detta högre pris. Högfrekvens- handlarnas vinster härrör dock inte från någon egen analys av bolaget eller omvärlden, utan enbart från en analys av andra investerares ageran- de och en förmåga att hinna före. Genom sitt agerande minskar högfrek- venshandlaren de analyserande investerarnas vinster och gör det mindre lönsamt att ägna sig åt analys och bedömning av bolaget i sig, dvs. det blir mindre lönsamt att ägna sig åt den typen av analys som bidrar till att åstadkomma en korrekt prissättning av aktierna (High on Speed, James Surowiecki, The New York Review of Books, July 10, 2014 issue).</P>
<P class="p1142 ft2">Slutligen brukar bland nackdelarna nämnas de systemrisker som den algoritmiska handeln och högfrekvenshandeln kan innebära. Bland dessa finns risken för självförstärkande s.k. feedback loops, vilket innebär att algoritmer interagerar med varandra och kan på mycket kort tid orsaka prisavvikelser, s.k. flash crash. Detta verkar ske slumpartat och avvikel- serna kan inte förklaras av marknadspåverkande faktorer. Prisavvikel- serna brukar snabbt korrigeras men de kan trigga tvingande försäljningar (t.ex. margin calls) som kan leda till finansiella förluster (se s. <NOBR>62–85</NOBR> i The Goverment Office for Science, London 2012. Foresight: The Future of Computer Trading in Financial Markets).</P>
<P class="p436 ft2">Tekniska problem kan få smittoeffekter då det i många fall rör sig om väldigt många order och transaktioner. Om ett stort antal order läggs av misstag kan det påverka priset och andra villkor för instrumentet i fråga, och om tekniska fel leder till stora transaktionsvolymer kan detta leda till leverans- och betalningsproblem. I ett svenskt perspektiv har dock systemriskerna bedömts vara relativt små (se om systemrisker på s. 27 f. i <NOBR>CRS-rapporten).</NOBR> Frågan om systemrisker behandlas också i den fristående rapport som togs fram i samband med Finansinspektionens kartläggning av högfrekvens- och algoritmhandeln 2012: Högfrekvent & Algoritmisk handel – en översikt, rapport till Finansinspektionen 2012-</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">319</P>
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<P class="p727 ft4">Prop. 2016/17:162 <NOBR>02-21,</NOBR> Niklas Johansson. För ett exempel på irrationellt handelsbeteende orsakat av en felande algoritm se s. 70 i The Government Office for Science, London [2012]. Foresight: The Future of Computer Trading in Financial Markets.</P>
<P class="p937 ft3">Reglerna i MiFID II</P>
<P class="p918 ft2">I MiFID II (artikel 17) finns, i förhållande till MiFID I, nya regler som rör algoritmisk handel. Reglerna riktar sig både mot värdepappers- bolagens handel för egen räkning och mot handel för kunders räkning. Reglerna är nya i den bemärkelsen att det inte tidigare har funnits bindande regler på området i någon <NOBR>EU-rättsakt.</NOBR> Sedan maj 2012 har det dock funnits riktlinjer om automatiserad handel från Esma (System och kontroller i en automatiserad handelsmiljö för handelsplattformar, värde- pappersföretag och behöriga myndigheter, Esma/2012/122). Riktlinjerna är antagna med stöd av Esmaförordningen (artikel 16) och knyter an till de organisatoriska krav som följer av MiFID I. Riktlinjerna liknar i stor utsträckning reglerna i MiFID II (artikel 17), även om de är betydligt mer detaljerade. Finansinspektionen har uttalat att inspektionen jämställer riktlinjer från Esma med allmänna råd (se Finansinspektionens prome- moria: Genomförande av de europeiska tillsynsmyndigheternas riktlinjer och rekommendationer, FI Dnr <NOBR>12-12289,</NOBR> <NOBR>2013-02-08).</NOBR> Algoritmisk handel berör även handelsplatserna. De regler som riktar sig mot handels- platserna behandlas i avsnitten 7.4 och 7.5.</P>
<P class="p1143 ft131"><SPAN class="ft127">7.6.2</SPAN><SPAN class="ft150">Värdepappersinstitut som ägnar sig åt algoritmisk handel</SPAN></P>
<P class="p1144 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>En definition av algoritmisk handel tas in i lagen om värdepappersmarknaden. Även teknik för algoritmisk hög- frekvenshandel definieras i samma lag.</P>
<P class="p1090 ft2">Ett värdepappersinstitut som ägnar sig åt algoritmisk handel ska ha effektiva system och riskkontroller som säkerställer att institutets handelssystem är motståndskraftiga och har tillräcklig kapacitet. Det ska i systemet finnas trösklar, gränser och filter som krävs för att för- hindra felaktiga order och att systemet fungerar på ett sätt som skapar oreda på marknaden.</P>
<P class="p1145 ft2">Ett värdepappersinstitut som ägnar sig åt algoritmisk handel ska också ha effektiva system och kontroller som säkerställer att den algo- ritmiska handeln inte används för marknadsmissbruk eller för att bryta mot reglerna på den handelsplats till vilken det är anslutet. Institutet ska också ha arrangemang för kontinuerlig drift av verksamheten som kan hantera systemhaverier. De system som används ska vara testade och övervakade för att säkerställa att de uppfyller dessa krav.</P>
<P class="p1146 ft4">Ett värdepappersinstitut som ägnar sig åt algoritmisk handel ska underrätta Finansinspektionen om detta.</P>
<P class="p1090 ft2">Ett värdepappersinstitut som ägnar sig åt algoritmisk handel ska bevara dokumentation avseende den handeln som gör det möjligt för Finansinspektionen att övervaka att institutet följer reglerna. Ett värde-</P>
<P class="p611 ft2">pappersinstitut som tillämpar en teknik för algoritmisk högfrekvens-</P>
<P class="p353 ft2">320</P>
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<P class="p1147 ft42">handel ska bevara korrekta och kronologiska uppgifter om alla lagda order.</P>
<P class="p1148 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p181 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Med algoritmisk handel avses enligt MiFID II handel i finansiella instrument där ett datorprogram – en algoritm – automatiskt, utan eller med endast begränsad inblandning av någon människa, bestämmer individuella parametrar för orderläggning, t.ex. om en order ska läggas över huvud taget, tidpunkten för ordern, pris eller kvantitet på det som ska köpas eller säljas eller hur ordern ska hanteras när den väl har initierats (artikel 4.1.39). Definitionen av algoritmisk handel omfattar s.k. smart order routers (SOR) som kan genomföra vissa funktioner som att dela upp en större order i mindre delorder och ändra t.ex. tidpunkten för orderläggningen. Däremot omfattas inte system som enbart används för att skicka order till olika handelsplatser och som inte kan ändra enskilda orderparametrar, s.k. automated order routers (AOR) av definitionen av algoritmisk handel.</P>
<P class="p164 ft2">I MiFID II finns även en definition av vad som avses med teknik för algoritmisk högfrekvenshandel (artikel 4.1.40). En sådan teknik känne- tecknas av att infrastrukturen är avsedd att minimera latensen genom samlokalisering, närvärdskap eller elektroniskt höghastighetstillträde, att systemet beslutar om när en order ska initieras, genereras, styras eller utföras utan mänsklig medverkan för enskilda handelstransaktioner eller enskilda order och en stor mängd intradagsmeddelanden som utgör order, bud eller annulleringar.</P>
<P class="p336 ft4">Definitioner av algoritmisk handel och teknik för algoritmisk hög- frekvenshandel som motsvarar dem i MiFID II bör tas in i lagen om värdepappersmarknaden.</P>
<P class="p181 ft2">Ett värdepappersföretag som ägnar sig åt algoritmisk handel ska enligt MiFID II ha effektiva system och riskkontroller som säkerställer att företagets handelssystem är motståndskraftiga och har tillräcklig kapacitet (artikel 17.1 första meningen). Det ska i systemet finnas trösklar, gränser och filter som krävs för att förhindra felaktiga order och för att förhindra att systemet fungerar på ett sätt som skapar oreda på marknaden.</P>
<P class="p181 ft2">Ett värdepappersföretag som ägnar sig åt algoritmisk handel ska också ha effektiva system och kontroller som säkerställer att den handeln inte används för marknadsmissbruk eller för att bryta mot reglerna för en handelsplats till vilket det är anslutet (artikel 17.1 andra meningen). Utredningen formulerar det som anges i slutledet som att ett värde- pappersföretag ska säkerställa att handeln inte används för att bryta mot handelsregler på den handelsplats där handeln sker.</P>
<P class="p164 ft4">Beträffande marknadsmissbruk finns det i MiFID II (artikel 17.1 andra meningen) en hänvisning till marknadsmissbruksförordningen. I den för- ordningen (artikel 12) anges vad som ska anses som marknadsmani- pulation. Om ett beteende anses vara marknadsmanipulation har det inte någon betydelse på vilket sätt det sker, dvs. om det sker manuellt eller på elektronisk väg såsom genom strategier för algoritm- och högfrekvens- handel (artikel 12.2 c). Med marknadsmanipulation avses bl.a. när en</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">321</P>
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<P class="p727 ft2">Prop. 2016/17:162 handling skapar eller förväntas skapa en falsk eller vilseledande bild av tillgången till, efterfrågan på eller priset på ett finansiellt instrument, särskilt genom läggandet av handelsorder för att inleda eller förstärka en trend. Genom det nya regelverket för effektivare bekämpning av mark- nadsmissbruk och Finansinspektionens utökade befogenheter när det gäller tillsynen av algoritmisk högfrekvenshandel bör förutsättningarna förbättras för att förhindra förekomsten av marknadsmanipulation i form av bl.a. s.k. layering och spoofing (se avsnitt 7.6.1).</P>
<P class="p1020 ft2">Ett värdepappersföretag som ägnar sig åt algoritmisk handel ska också ha effektiva arrangemang för kontinuerlig drift av verksamheten som kan hantera avbrott i handelssystemen (artikel 17.1 tredje meningen). De system som används ska vara testade och övervakade för att säkerställa att de uppfyller alla nämnda krav.</P>
<P class="p1149 ft27">Om ett värdepappersföretag ägnar sig åt algoritmisk handel, ska det underrätta sin behöriga myndighet (artikel 17.2 första stycket i MiFID II). Företaget ska även underrätta den behöriga myndigheten för den handelsplats där handeln sker. Som berörs i avsnitt 7.4.4 ställs särskilda krav på marknadsoperatörernas övervakning av algoritmisk handel. Den behöriga myndigheten får enligt MiFID II kräva att värde- pappersföretaget – regelbundet eller ad hoc – tillhandahåller en beskriv- ning av sina strategier för algoritmisk handel, information om vilka para- metrar och gränser som används och vilka kontroller företaget har för att säkerställa att de följer reglerna, samt detaljer om de tester som utförs (artikel 17.2 andra stycket). Den behöriga myndigheten får även begära ytterligare information om företagets algoritmiska handel. Det åligger värdepappersföretaget att bevara sådan dokumentation avseende algoritmisk handel som gör det möjligt för den behöriga myndigheten att övervaka att företaget följer reglerna (artikel 17.2 fjärde och femte styckena). Den information som den behöriga myndigheten har fått tillgång till ska på begäran och utan onödigt dröjsmål lämnas till den behöriga myndigheten för den handelsplats där handeln sker (artikel 17.2 tredje stycket).</P>
<P class="p1150 ft2">Reglerna i MiFID II (artikel 17.1 och 17.2 första och fjärde styckena) om kraven på de system och kontroller som ett värdepappersföretag som ägnar sig åt algoritmisk handel ska ha, skyldigheten att underrätta Finansinspektionen och den behöriga myndigheten för den handelsplats där handeln sker samt kraven på att bevara dokumentation bör genom- föras i svensk rätt i motsvarande bestämmelser i lagen om värdepappers- marknaden.</P>
<P class="p1020 ft2">När det gäller den rätt som den behöriga myndigheten ska ha enligt MiFID II att begära att ett värdepappersföretag lämnar information om företagets algoritmiska handel, regelbundet eller ad hoc, är det således upp till den myndigheten att avgöra hur den avser att utnyttja denna rättighet (artikel 17.2 andra stycket). Finansinspektionen har enligt gällande svensk rätt möjlighet att begära att ett värdepappersinstitut lämnar upplysningar och tillhandahåller handlingar (23 kap. 2 § och 3 § första stycket 1 lagen om värdepappersmarknaden). Inspektionen kan därigenom begära in information om t.ex. algoritmisk handel. Reglerna i MiFID II om rätt för den behöriga myndigheten att begära att ett värdepappersföretag lämnar information om företagets algoritmiska handel kräver därför inte någon lagstiftningsåtgärd. Frågan om</P>
<P class="p964 ft2">322</P>
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<P class="p186 ft4">informationsutbyte med andra behöriga myndigheter (artikel 17.2 tredje Prop. 2016/17:162 stycket i MiFID II) behandlas i avsnitt 13.4.</P>
<P class="p264 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C [2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C [2016] 3523 final).</P>
<P class="p1151 ft131"><SPAN class="ft127">7.6.3</SPAN><SPAN class="ft130">Marknadsgaranter som använder algoritmisk handel</SPAN></P>
<P class="p1107 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som bedriver algorit- misk handel ska anses bedriva en marknadsgarantstrategi om institutet handlar för egen räkning som deltagare på en eller flera handelsplatser och har en strategi som omfattar att lämna fasta, samtidiga köp- och säljbud av jämförbar storlek till konkurrenskraftiga priser avseende ett eller flera finansiella instrument på en enda handelsplats eller olika handelsplatser, så att likviditet regelbundet och löpande tillhandahålls. Ett sådant institut ska ha effektiva system och kontroller för att säkerställa att institutet kan fullgöra detta uppdrag.</P>
<P class="p1152 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II (artikel 17.3 och 17.4) finns regler om värdepappersföretag som använder algoritmisk handel när företaget bedriver marknadsgarantstrategi (artikel 17.3 och 17.4). Med marknadsgarantstrategi avses i detta sammanhang att företaget deltar i handeln på en handelsplats och handlar för egen räkning genom att simultant ställa kommersiellt betingade tvåvägspriser i jämförbara storlekar i ett eller flera finansiella instrument, antingen på en handelsplats eller på olika handelsplatser men avseende samma instrument. En ytterligare förutsättning är att verksamheten resulterar i likviditet på en regelbunden basis (artikel 17.4).</P>
<P class="p426 ft2">För att tillhandahålla likviditet regelbundet och förutsägbart ska ett värdepappersföretag som ägnar sig åt sådan verksamhet göra detta kontinuerligt under en specificerad period under handelsplatsens öppettid, med undantag för exceptionella omständigheter (artikel 17.3 a). Före- taget ska när det utför sin verksamhet ta hänsyn till sunda principer för att hantera operativa och affärsmässiga risker och även ta hänsyn till likviditeten, omfattningen och arten av handelsplatsen i fråga och det slag av finansiella instrument som är aktuella. Företaget ska ingå ett bindande skriftligt avtal med den handelsplats på vilken handeln bedrivs som åtminstone specificerar värdepappersföretagets skyldigheter att till- handahålla likviditet (artikel 17.3 b). Företaget ska slutligen ha effektiva</P>
<P class="p1153 ft2">323</P>
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<P class="p820 ft4">Prop. 2016/17:162 system och kontroller för att säkerställa att företaget ska kunna fullgöra sina skyldigheter enligt avtalet (artikel 17.3 c).</P>
<P class="p575 ft2">Syftet med dessa regler i MiFID II är att ställa krav – utöver de all- männa krav som gäller för värdepappersföretag som ägnar sig åt algo- ritmisk handel – på de värdepappersföretag som använder algoritmisk handel för sin verksamhet som marknadsgarant. Företagen ska då också se till att systemen för algoritmisk handel har tillräcklig kapacitet och att de har kontroller så att priser kan ställas i enlighet med åtagandet som marknadsgarant.</P>
<P class="p576 ft4">Reglerna i MiFID II om krav på värdepappersföretag som i egenskap av marknadsgarant använder algoritmisk handel bör genomföras i motsvarande bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p575 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C [2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C [2016] 3523 final).</P>
<P class="p916 ft129"><SPAN class="ft127">7.6.4</SPAN><SPAN class="ft128">Direkt elektroniskt tillträde</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>En definition av direkt elektroniskt tillträde tas in i lagen om värdepappersmarknaden.</P>
<P class="p1090 ft2">Ett värdepappersinstitut som tillhandahåller direkt elektroniskt till- träde ska ha effektiva system och kontroller för att säkerställa en ordentlig utvärdering av att de kunder som tjänsten tillhandahålls till är lämpliga. Det ska finnas handels- och kreditlimiter som kunderna inte ska kunna överskrida. Värdepappersinstitutet ska övervaka handeln så att institutet kan förhindra att den skapar risker för institutet självt, skapar oreda på marknaden eller strider mot marknadsmissbruksförord- ningen eller handelsreglerna på handelsplatsen.</P>
<P class="p1145 ft2">Ett värdepappersinstitut som tillhandahåller direkt elektroniskt till- träde ska ansvara för att kunder som använder tjänsten gör det i enlig- het med lagen om värdepappersmarknaden och handelsreglerna på handelsplatsen. Institutet ska övervaka och identifiera huruvida de transaktioner som genomförs strider mot handelsregler eller kan ut- göra marknadsmissbruk. Institutet ska också se till att det finns ett skriftligt avtal som klargör kundens och institutets respektive rättig- heter och skyldigheter. Av avtalet ska framgå att det är värdepappers- institutet som är ansvarigt för transaktionerna.</P>
<P class="p1154 ft4">Ett värdepappersinstitut som tillhandahåller direkt elektroniskt till- träde ska anmäla detta till Finansinspektionen och till den behöriga myndigheten för handelsplatsen.</P>
<P class="p1090 ft4">Värdepappersinstitutet ska bevara sådan dokumentation avseende information om direkt elektroniskt tillträde som gör det möjligt för Finansinspektionen att övervaka att reglerna följs.</P>
<P class="p958 ft2">324</P>
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<P class="p147 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p116 ft2">det. <SPAN class="ft3">Finansinspektionen </SPAN>anser dock att definitionen av direkt elektroniskt tillträde ger utrymme för tolkning av vilka kunder som omfattas av till- ståndsplikt för att driva värdepappersrörelse och att de rättsakter som antas av kommissionen bör lyftas fram i skälen för att ge vägledning för tolkningen av definitionen.</P>
<P class="p150 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Även om ett värdepappersföretag inte självt ägnar sig åt algoritmisk handel kan företaget ha kunder som gör det, t.ex. genom att kunderna använder s.k. direkt elektroniskt tillträde. I MiFID II finns regler om kontroller och ansvar för värdepappersföretag som tillhandahåller direkt elektroniskt tillträde (artikel 17.5).</P>
<P class="p623 ft2">I direktivet (artikel 4.1.41) definieras direkt elektroniskt tillträde som ett handelsplatsarrangemang där en medlem eller en deltagare i handeln på en handelsplats tillåter någon annan att använda medlemskapet eller deltagandet i handeln för att elektroniskt överföra order i finansiella instrument direkt till handelsplatsen (artikel 4.1.41). Definitionen om- fattar alla sådana arrangemang, oavsett om någon fysisk person är inblandad och oavsett om något system hos medlemmen eller deltagaren är inblandat för att överföra ordern. Definitionen avser tekniska lösningar där en inkommande order automatiskt förs över till handelsplatsen. Om orderläggningen görs manuellt av kunden, genom ett system som är kundens eller genom ett system som tillhandahålls av värdepappers- företaget, spelar således ingen roll.</P>
<P class="p624 ft2">I kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C [2016] 4478 final) finns detaljerade regler om direkt elektronisk tillträde. Definitionen av direkt elektroniskt tillträde är relativt vid och under arbetet med att ta fram de regler som kommissionen numera har antagit fördes en diskussion om huruvida definitionen också träffar vanliga icke- professionella kunders handel via ett värdepappersföretags internettjänster. En slutsats som drogs i de diskussionerna var att detta antagligen inte var syftet och Esma föreslog därför att det klargörs att i den mån tillträdet till handelsplatsen delas mellan många kunder genom en kollektiv kanal, utan att någon enskild kund tillhandahålls någon särskild systemkapacitet och latens (svarstid mellan kundens och handelsplatsens system), bör detta falla utanför definitionen av direkt elektroniskt tillträde (se Consultation Paper, MiFID II/MiFIR, 22 May 2014, ESMA/2014/549, s. 235 f.).</P>
<P class="p1155 ft2">I den delegerade förordningen till MiFID II anges att en person inte ska anses ha möjlighet att elektroniskt vidarebefordra order avseende ett finansiellt instrument direkt till en handelsplats när den personen inte kan handla diskretionärt vad avser den exakta bråkdelen av en sekund av orderregistrering och orderns livslängd inom denna tidsram (artikel 20.1). Vidare anges att en person inte ska anses ha möjlighet till sådan direkt elektronisk överföring om det äger rum genom arrangemang för optimering av processer för orderutförande som fastställer andra order- parametrar än platsen eller platserna där ordern bör lämnas in, om inte dessa arrangemang är inbäddade i kundsystemen och inte i de system</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">325</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_326">
<P class="p994 ft4">Prop. 2016/17:162 som tillhör medlemmen eller deltagaren på en reglerad marknad eller <NOBR>MTF-plattform</NOBR> eller kunden hos <NOBR>OTF-plattform</NOBR> (artikel 20.2 i samma</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">förordning).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">En definition av direkt elektroniskt tillträde som motsvarar den i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">MiFID II (artikel 4.1.41) bör tas in i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Regeringen anser, i likhet med <SPAN class="ft3">Finansinspektionen</SPAN>, att tolkningen av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">definitionen bör göras utifrån det som anges i den delegerade förord-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningen till direktivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Enligt MiFID II ska ett värdepappersföretag som tillhandahåller direkt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">elektroniskt tillträde ha effektiva system och kontroller för att säkerställa</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">en ordentlig utvärdering av att de kunder som tjänsten tillhandahålls åt är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">lämpliga (artikel 17.5 första stycket). Det ska finnas handels- och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kreditlimiter som kunderna inte ska kunna överskrida, och handeln ska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">övervakas så att företaget kan förhindra att handeln skapar risker för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">företaget självt, att handeln skapar oreda på marknaden eller strider mot</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsmissbruksförordningen eller handelsreglerna på handelsplatsen.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Det är det värdepappersföretag som tillhandahåller direkt elektroniskt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">tillträde som ansvarar för att kunder som använder tjänsten gör det i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">enlighet med MiFID II och handelsreglerna på handelsplatsen, och det är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">företaget som ska övervaka och identifiera huruvida de transaktioner som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">genomförs strider mot handelsregler eller kan utgöra marknadsmissbruk</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">(artikel 17.5 andra stycket). Värdepappersföretaget ska också se till att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">det finns ett skriftligt avtal som klargör kundens och företagets respektive</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">rättigheter och skyldigheter. Av avtalet ska det framgå att det är värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">pappersföretaget som är ansvarigt för transaktionerna.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Värdepappersföretaget ska bevara sådan dokumentation avseende in-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">formation om direkt elektroniskt tillträde som gör det möjligt för den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">behöriga myndigheten att övervaka att reglerna i MiFID II följs (artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">17.5 sjätte stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Ett värdepappersföretag som tillhandahåller direkt elektroniskt tillträde</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ska underrätta den behöriga myndigheten i sin hemmedlemsstat och den</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">behöriga myndigheten för handelsplatsen (artikel 17.5 tredje stycket). Den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">behöriga myndigheten i värdepappersföretagets hemmedlemsstat får</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kräva att företaget regelbundet eller ad hoc tillhandahåller en beskrivning</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">av de system och kontroller avseende direkt elektroniskt tillträde som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">företaget har (artikel 17.5 fjärde stycket). Den information som den be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">höriga myndigheten har fått tillgång till ska, på begäran av den behöriga</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">myndigheten för den handelsplats där handeln sker, lämnas över till den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">myndigheten utan onödigt dröjsmål (artikel 17.5 femte stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Reglerna i MiFID II (artikel 17.5) om krav på de system och kontroller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">som ett värdepappersföretag som tillhandahåller direkt elektroniskt till-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">träde ska ha, skyldighet att underrätta Finansinspektionen och den be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">höriga myndigheten för handelsplatsen och krav på att bevara dokumen-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">tation bör genomföras i svensk rätt i motsvarande bestämmelser i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Finansinspektionen har enligt gällande svensk rätt möjlighet att begära</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ett värdepappersinstitut lämnar upplysningar och tillhandahåller hand-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">lingar (23 kap. 2 § och 3 § första stycket 1 lagen om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">naden). Inspektionen kan därigenom begära in information om t.ex.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">direkt elektroniskt tillträde. Reglerna i MiFID II om rätt för den behöriga</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">326</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">myndigheten att begära att ett värdepappersföretag lämnar information</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_327">
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<P class="p186 ft2">om direkt elektroniskt tillträde kräver därför inte någon lagstiftnings- Prop. 2016/17:162 åtgärd.</P>
<P class="p114 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C [2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C [2016] 3523 final).</P>
<P class="p1156 ft23"><SPAN class="ft21">7.7</SPAN><SPAN class="ft22">Skyldigheten att handla derivatinstrument på en handelsplats</SPAN></P>
<P class="p1157 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFIR om derivatinstrument för- anleder ingen lagstiftningsåtgärd.</P>
<P class="p1022 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFIR (artikel 28) ska finansiella motparter, som de definieras i förordningen om </SPAN><NOBR><SPAN class="ft2">OTC-derivat,</SPAN></NOBR><SPAN class="ft2"> centrala motparter och transaktionsregister (se även artikel 11 i kommis- sionens delegerade förordning [EU] nr 149/2013), och </SPAN><NOBR><SPAN class="ft2">icke-finansiella</SPAN></NOBR><SPAN class="ft2"> motparter som uppfyller de villkor som avses i artikel 10.1 b i förord- ningen om </SPAN><NOBR><SPAN class="ft2">OTC-derivat,</SPAN></NOBR><SPAN class="ft2"> centrala motparter och transaktionsregister, genomföra sina transaktioner mot andra finansiella motparter, och vissa andra stora motparter, i vissa derivatinstrument på en handelsplats, dvs. på en reglerad marknad, en </SPAN><NOBR><SPAN class="ft2">MTF-plattform,</SPAN></NOBR><SPAN class="ft2"> en </SPAN><NOBR><SPAN class="ft2">OTF-plattform</SPAN></NOBR><SPAN class="ft2"> eller en, enligt kommissionen, likvärdig handelsplats i tredjeland. Handel i de derivatinstrument som omfattas av handelsskyldigheten får således inte ske via en systematisk internhandlare eller OTC. Detsamma gäller när sådana motparter handlar med varandra.</SPAN></P>
<P class="p426 ft2">De derivatinstrument det är fråga om är sådana som anges i kommis- sionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller direkt, väsentlig och förutsebar effekt av derivatavtal inom unionen och förhindrande av att regler och skyldigheter kringgås (C[ 2016] 3544 final).</P>
<P class="p1158 ft4">Processen för att besluta vilka derivatinstrument som ska vara föremål för handelsskyldighet följer av MiFIR (artikel 32). Det ska enligt MiFIR (artikel 32.2) vara fråga om sådana klasser av derivatinstrument som är föremål för obligatorisk clearing hos en central motpart enligt förord- ningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister (arti- kel 32.1 a i MiFIR) och som är upptagna till handel på en handelsplats</P>
<P class="p1128 ft2">327</P>
</DIV>
<DIV id="page_328">
<P class="p820 ft4">Prop. 2016/17:162 eller en, enligt kommissionen, likvärdig handelsplats i tredjeland, (artikel 28.1 d i MiFIR) och kan anses tillräckligt likvida.</P>
<P class="p575 ft2">Skyldigheten att handla derivatinstrument på en handelsplats gäller när finansiella motparter (t.ex. värdepappersinstitut och andra finansiella företag) och <NOBR>icke-finansiella</NOBR> motparter enligt ovan handlar med varandra. Kravet på att handla derivatinstrument på en handelsplats gäller generellt sett för samma parter som enligt förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister har en skyldighet att cleara sådana transaktioner genom en central motpart. Vilka derivatinstrument som omfattas av kravet på handel på en handelsplats hänger också samman med förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions- register på det sättet att det gäller bara för vissa av de instrument som är föremål för obligatorisk clearing enligt den förordningen.</P>
<P class="p654 ft2">Till skyldigheten att handla derivatinstrument på en handelsplats knyts en del andra regler i MiFIR. Den som driver en reglerad marknad ska se till att derivatinstrument som handlas på handelsplatsen också clearas hos en central motpart (artikel 29.1). Vidare ska centrala motparter, handels- platser och värdepappersföretag ha effektiva system för clearade derivat- instrument (artikel 29.2). Ytterligare regler om minimikrav för system, förfaranden och arrangemang finns i kommissionens delegerade förord- ning (EU) avseende tekniska tillsynsstandarder som närmare fastställer clearingkravet för derivat som handlas på reglerade marknader samt tidsramar för godkännande av clearing.</P>
<P class="p580 ft2">Clearing av derivatinstrument kan även ske indirekt (artikel 30 i MiFIR), och värdepappersföretag som tillhandahåller s.k. portfölj- kompression (se artikel 2.1.47 i MiFIR) ska inte tillämpa reglerna om bästa orderutförande, transparens och transaktionsrapportering på de transaktioner som genomförs inom ramen för en sådan tjänst (artikel 31.1 i MiFIR). I den delegerade förordningen till MiFIR finns ytterligare regler om vilka delar som ingår i portföljkompression och vilken infor- mation som ska offentliggöras (artiklarna 17 och 18).</P>
<P class="p654 ft2">Kommissionen har en skyldighet att tillsammans med Esma övervaka och rapportera om den internationella tillämpningen av de principer som fastställs i artiklarna 28 och 29 i MiFIR, särskilt när det gäller eventuella överlappande eller motstridiga krav på marknadsaktörerna samt rekommendera möjliga åtgärder (artikel 33 i MiFIR).</P>
<P class="p654 ft2">Slutligen ska Esma föra ett uppdaterat register över vilka derivatinstru- ment som ska handlas på en handelsplats, från vilket datum skyldigheten gäller och vilken handelsplats instrumentet är upptaget till handel på eller handlas på (artikel 34 i MiFIR).</P>
<P class="p1020 ft4">I gällande svensk rätt finns det inte några regler motsvarande dem i MiFIR (artikel 28) som innebär en skyldighet att handla vissa finansiella instrument på en handelsplats. Det finns inte heller i svensk rätt några regler som motsvarar de regler i MiFIR (artiklarna <NOBR>29–34)</NOBR> som avser denna skyldighet. Dessa regler i MiFIR, som är direkt tillämpliga, föranleder därför ingen lagstiftningsåtgärd.</P>
<P class="p396 ft2">328</P>
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<TABLE cellpadding=0 cellspacing=0 class="t104">
<TR>
<TD class="tr45 td139"><P class="p687 ft21">7.8</P></TD>
<TD class="tr45 td20"><P class="p21 ft21"><NOBR>Icke-diskriminerande</NOBR> tillträde till</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr36 td139"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td20"><P class="p21 ft21">clearingsystem</P></TD>
<TD class="tr36 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p1159 ft134"><SPAN class="ft127">7.8.1</SPAN><SPAN class="ft135">Skyldighet för en central motpart att tillhandahålla clearing på ett icke- diskriminerande sätt</SPAN></P>
<P class="p1160 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFIR om <NOBR>icke-diskriminerande</NOBR> tillträde till en central motpart föranleder ingen lagstiftningsåtgärd.</P>
<P class="p960 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">En central motpart definieras i förordningen om </SPAN><NOBR><SPAN class="ft2">OTC-derivat,</SPAN></NOBR><SPAN class="ft2"> centrala motparter och transaktions- register som en juridisk person som träder emellan motparterna i kontrakt som är föremål för handel på en eller flera finansmarknader och blir köpare till varje säljare och säljare till varje köpare (artikel 2.1). En sådan central motpart ska enligt MiFIR på en </SPAN><NOBR><SPAN class="ft2">icke-diskriminerande</SPAN></NOBR><SPAN class="ft2"> och transparent basis, acceptera att cleara finansiella instrument, oberoende av vilken handelsplats instrumenten handlas på (artikel 35). Några mot- svarande regler finns inte i gällande svensk rätt. Dessa regler i MiFIR, som är direkt tillämpliga, föranleder därför ingen lagstiftningsåtgärd.</SPAN></P>
<P class="p357 ft4">Ytterligare regler finns i kommissionens delegerade förordning (EU) av den 24 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller tillträde till handelsplatsers och centrala motparters clearingsystem.</P>
<P class="p1063 ft129"><SPAN class="ft127">7.8.2</SPAN><NOBR><SPAN class="ft132">Icke-diskriminerande</SPAN></NOBR> tillträde till en handelsplats</P>
<P class="p1161 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFIR om tillträde till en handelsplats föranleder ingen lagstiftningsåtgärd.</P>
<TABLE cellpadding=0 cellspacing=0 class="t142">
<TR>
<TD class="tr2 td359"><P class="p982 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
<TD class="tr2 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">ning.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p982 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">mot den.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFIR regleras centrala mot-</SPAN></P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p982 ft2">parters rätt att cleara transaktioner som har genomförts på en handels-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">plats (artikel 36). Det som avses är sådana centrala motparter som defini-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">eras i förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p982 ft2">register (artikel 2.1). En sådan central motpart ska på en <NOBR>icke-diskrimi-</NOBR></P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">nerande och transparent basis kunna cleara transaktioner som har ägt rum</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">på en handelsplats. Några motsvarande regler finns inte i gällande svensk</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p982 ft2">rätt. Reglerna i MiFIR, som är direkt tillämpliga, föranleder därför ingen</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">lagstiftningsåtgärd.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p982 ft2">Ytterligare regler finns i kommissionens delegerade förordning (EU)</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p982 ft2">av den 24 juni 2016 om komplettering av Europaparlamentets och rådets</P></TD>
<TD rowspan=2 class="tr1 td147"><P class="p20 ft2">329</P></TD>
</TR>
<TR>
<TD class="tr67 td359"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
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<P class="p727 ft4">Prop. 2016/17:162 förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller tillträde till handelsplatsers och centrala motparters clearingsystem.</P>
<P class="p1162 ft129"><SPAN class="ft127">7.8.3</SPAN><SPAN class="ft128">Tillgång till referensvärden</SPAN></P>
<P class="p1054 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFIR om referensvärden för- anleder ingen lagstiftningsåtgärd.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Referensvärden definieras i MiFIR som en kurs, ett index eller ett tal beräknat på underliggande till- gångar eller priser som används för att besluta vad som ska betalas enligt t.ex. ett derivatkontrakt (artikel 2.1.39). Ett s.k. börsindex beräknas t.ex. på värdet av en korg av värdepapper och kan användas för att bestämma priset på en indextermin. Enligt MiFIR ska centrala motparter och den som driver en handelsplats kunna få tillgång till relevant information om indexet på rimliga affärsmässiga villkor (artikel 37). Några motsvarande regler finns inte i gällande svensk rätt. Reglerna i MiFIR, som är direkt tillämpliga, föranleder därför ingen lagstiftningsåtgärd.</SPAN></P>
<P class="p1020 ft4">Ytterligare regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder om tillträde till referensvärden (C[2016] 3203 final).</P>
<TABLE cellpadding=0 cellspacing=0 class="t144">
<TR>
<TD class="tr47 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td75"><P class="p1163 ft21">7.9</P></TD>
<TD class="tr47 td334"><P class="p23 ft21">Värdepappersinstitut som är clearingmedlem</P></TD>
</TR>
<TR>
<TD class="tr63 td14"><P class="p23 ft139"> </P></TD>
<TD colspan=2 class="tr61 td380"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD class="tr24 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td382"><P class="p50 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som är clearingmedlem</P></TD>
</TR>
<TR>
<TD class="tr26 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td382"><P class="p50 ft2">för andra personer ska ha effektiva system och kontroller för att</P></TD>
</TR>
<TR>
<TD class="tr25 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td382"><P class="p50 ft2">säkerställa att avvecklingstjänster enbart tillämpas på personer som är</P></TD>
</TR>
<TR>
<TD class="tr26 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td382"><P class="p50 ft2">lämpliga och uppfyller tydliga kriterier. Värdepappersinstitutet ska ställa</P></TD>
</TR>
<TR>
<TD class="tr26 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td382"><P class="p50 ft2">upp lämpliga krav för dessa personer för att minska riskerna för institutet</P></TD>
</TR>
<TR>
<TD class="tr25 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td382"><P class="p50 ft2">och marknaden. Värdepappersinstitutet ska säkerställa att det finns ett</P></TD>
</TR>
<TR>
<TD class="tr26 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td382"><P class="p50 ft2">bindande skriftligt avtal mellan institutet och personen som rör de</P></TD>
</TR>
<TR>
<TD class="tr25 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td382"><P class="p50 ft2">huvudsakliga rättigheter och skyldigheter som följer av tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr27 td381"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td382"><P class="p50 ft2">hållandet av tjänster.</P></TD>
</TR>
<TR>
<TD class="tr29 td381"><P class="p23 ft13"> </P></TD>
<TD colspan=2 class="tr66 td383"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD class="tr24 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td384"><P class="p175 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td384"><P class="p175 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td75"><P class="p50 ft2">det.</P></TD>
<TD class="tr26 td334"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td384"><P class="p175 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Ett värdepappersinstitut kan vara</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td384"><P class="p50 ft2">clearingmedlem (i den engelska språkversionen av MiFID II anges gene-</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td384"><P class="p50 ft2">ral clearing member) för andra personer. Detta innebär att institutet är den</P></TD>
</TR>
<TR>
<TD class="tr26 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td384"><P class="p50 ft2">som är clearingmedlem hos en clearingorganisation och för kunders räk-</P></TD>
</TR>
<TR>
<TD class="tr25 td14"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td384"><P class="p50 ft2">ning clearar transaktioner i finansiella instrument. Om clearingen avser</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td14"><P class="p1164 ft2">330</P></TD>
<TD colspan=2 class="tr27 td384"><P class="p50 ft2">t.ex. derivatinstrument enligt förordningen om <NOBR>OTC-derivat,</NOBR> centrala</P></TD>
</TR>
<TR>
<TD class="tr29 td75"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td334"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_331">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr2 td134"><P class="p23 ft2">motparter och transaktionsregister ställs krav på säkerheter. Institutet</P></TD>
<TD class="tr2 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr30 td134"><P class="p23 ft14">kommer då att behöva ställa säkerheter till clearingorganisationen och</P></TD>
<TD class="tr30 td67"><P class="p23 ft34"> </P></TD>
</TR>
</TABLE>
<P class="p19 ft2">självt ta in motsvarande säkerheter från sina kunder.</P>
<P class="p144 ft2">Enligt MiFID II ska ett värdepappersföretag som är clearingmedlem ha effektiva system och kontroller för att säkerställa en ordentlig utvärdering av att de kunder till vilka tjänsten tillhandahålls är lämpliga (artikel 17.6). Företaget ska ha tydliga kriterier för vilka som kan god- kännas som kunder och ställa lämpliga krav, t.ex. beträffande säkerheter, för att reducera riskerna både för företaget självt och för marknaden. Företaget ska också se till att det finns ett skriftligt avtal som klargör kundens och företagets respektive rättigheter och skyldigheter.</P>
<P class="p264 ft4">Reglerna i MiFID II om värdepappersföretag som är en clearingmedlem bör genomföras i svensk rätt i motsvarande bestäm- melser i lagen om värdepappersmarknaden.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C [2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C [2016] 3523 final).</P>
<P class="p1165 ft21"><SPAN class="ft121">7.10</SPAN><SPAN class="ft160">Transparens för handelsplatser</SPAN></P>
<P class="p511 ft129">7.10.1 Inledning</P>
<TABLE cellpadding=0 cellspacing=0 class="t145">
<TR>
<TD class="tr24 td359"><P class="p23 ft2">Genom MiFIR (artiklarna <NOBR>3–13)</NOBR> förändras kraven på transparens för de</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">uppgifter som handelsplatser ska offentliggöra om bl.a. köp- och säljbud,</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">priser och utförda transaktioner före och efter handel med finansiella</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">instrument jämfört med det som gäller enligt MiFID I (artiklarna 44 och</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">45). Medan reglerna i MiFID I enbart gäller aktier som tagits upp till</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">handel på en reglerad marknad, gäller de nya transparenskraven i MiFIR</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">flera typer av finansiella instrument, oavsett på vilken handelsplats de</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">handlas. MiFID I innebär i praktiken en fullharmonisering av transpa-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">renskraven för aktier upptagna till handel på en reglerad marknad, medan</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">transparenskraven för andra finansiella instrument är en rent nationell</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">angelägenhet. De nya reglerna innebär en fullharmonisering av trans-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">parenskraven för fler typer av finansiella instrument. Eftersom transparens-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">reglerna finns i MiFIR är de direkt tillämpliga och varken ska eller får</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">genomföras i eller omvandlas till nationell rätt. Några särskilda åtgärder</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">för att införliva förordningens materiella bestämmelser med nationell rätt</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">får Sverige därför inte vidta, annat än att upphäva nuvarande regler om</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">transparens som ersätts av reglerna i MiFIR. Sådana regler i MiFIR som</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">riktar sig direkt till medlemsstaterna kan dock kräva att det införs komp-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">letterande bestämmelser i svensk rätt.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p39 ft2">Huvudregeln i MiFIR är, liksom i MiFID I, att information om bud och</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">priser m.m. ska lämnas kontinuerligt så nära realtid som möjligt. Det</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td359"><P class="p23 ft2">finns emellertid ett flertal undantag från denna regel. Ett nytt undantag</P></TD>
<TD rowspan=2 class="tr2 td147"><P class="p20 ft2">331</P></TD>
</TR>
<TR>
<TD class="tr66 td359"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
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<P class="p727 ft2">Prop. 2016/17:162 som införs genom ändringsförordningen till MiFIR (artikel 1.1 i den förordningen, artikel 1.5a i MiFIR) innebär att vissa regler i MiFIR (avdelningarna II och III) inte ska tillämpas på transaktioner för värde- pappersfinansiering. Vidare införs definitioner av byte av kontrakt mot fysiska varor, paketorder och pakettransaktion (artikel 1.2 i ändrings- förordningen till MiFIR, artikel <NOBR>2.1.48–2.1.50</NOBR> i MiFIR).</P>
<P class="p1166 ft42">I avsnitt 7.11 behandlas regler i MiFID II och MiFIR som rör eller hänför sig till transparenskrav för värdepappersföretag.</P>
<P class="p1017 ft129"><SPAN class="ft127">7.10.2</SPAN><SPAN class="ft161">Information före och efter handel</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Bestämmelserna i lagen om värdepappersmark- naden om offentliggörande av information före och efter handel på en handelsplattform och en reglerad marknad och bemyndigandena för regeringen eller den myndighet som regeringen bestämmer att med- dela föreskrifter om skyldigheten för ett värdepappersinstitut och en börs att offentliggöra sådan information utmönstras ur lagen.</P>
<P class="p1053 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p1167 ft2">det.</P>
<P class="p1168 ft25">Skälen för regeringens förslag</P>
<P class="p1169 ft3">Aktier och liknande finansiella instrument</P>
<P class="p936 ft4">I MiFIR (artiklarna <NOBR>3–7)</NOBR> regleras transparenskrav för handelsplatser när det gäller aktier, depåbevis, andelar i s.k. börshandlade fonder (se defini- tionen i artikel 4.1.46 i MiFID II), certifikat och andra liknande finan- siella instrument.</P>
<P class="p575 ft2">Huvudregeln i MiFIR är att en marknadsoperatör eller ett värdepap- persföretag som driver en handelsplats ska offentliggöra aktuella köp- och säljbud samt orderdjup vid dessa priser, dvs. antalet köpare och säljare på olika prisnivåer för aktier, depåbevis, börhandlade fonder, certifikat och andra liknande finansiella instrument (artikel 3.1). Skyldig- heten att offentliggöra sådan information före handel gäller dock enbart på handelsplatser som är reglerade marknader eller <NOBR>MTF-plattformar</NOBR> eftersom de finansiella instrument som räknas upp här inte får handlas på en <NOBR>OTF-plattform</NOBR> (se artikel 4.1.23 i MiFID II). Informationen ska göras tillgänglig för allmänheten på rimliga affärsmässiga villkor och fortlöpande under den tid handelsplatserna normalt är öppna. Förutom köp- och säljbud gäller samma regel för genomförbara intresseanmäl- ningar (i den engelska språkversionen anges actionable indication of interest), vilket enligt definitionen (artikel 2.1.33 i MiFIR) är ett med- delande, i handelssystemet, från en handelsdeltagare till en annan avseende ett handelsintresse som innehåller tillräcklig information för att en överenskommelse om en transaktion ska kunna komma till stånd.</P>
<P class="p1020 ft4">Från huvudregeln finns möjlighet för den behöriga myndigheten att ge undantag från kravet på att offentliggöra information före handel i några olika fall (artikel 4). Undantag får för det första ges för system som mat-</P>
<P class="p535 ft145">char order som är baserade på en handelsmetod där priset på det finan-</P>
<P class="p19 ft2">332</P>
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<P class="p1170 ft2">siella instrumentet härleds från en handelsplats där det finansiella instru- mentet först togs upp till handel eller den mest relevanta marknaden när det gäller likviditet, där referenspriset är allmänt tillgängligt och betrak- tas som ett tillförlitligt referenspris av marknadsdeltagare (artikel 4.1 a). För det andra får undantag ges för system som resulterar i manuella av- slut som genomförs till en kurs som faller inom det aktuella volymvägda intervallet mellan köp- och säljkurs och avser illikvida aktier, depåbevis, börshandlade fonder, certifikat eller andra liknande finansiella instrument som genomförs inom en viss procentandel av ett lämpligt referenspris som fastställs i förväg av systemoperatören (artikel 4.1 b). Undantag får för det tredje ges för order av större omfattning än normalt på marknaden (artikel 4.1 c). För det fjärde får undantag ges för order som genom en orderhanteringsfacilitet på handelsplatsen hålls dolda i avvaktan på att de senare ska visas (artikel 4.1 d).</P>
<P class="p1171 ft2">De närmare villkoren för när en behörig myndighet får medge undantag preciseras i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller krav på transparens för handelsplatser och värdepappersföretag för aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument och krav på att utföra transaktioner för vissa aktier på en handelsplats eller genom en systematisk internhandlare (C [2016] 4390 final) (artikel 4.6).</P>
<P class="p1172 ft2">En behörig myndighet som avser att medge undantag från kravet på information före handel ska enligt MiFIR underrätta Esma och övriga behöriga myndigheter i förväg och förklara hur undantaget är avsett att användas och hur det ska tillämpas (artikel 4.4).</P>
<P class="p1173 ft2">Möjligheten att ge undantag från kravet på att offentliggöra information före handel begränsas dock av några tröskelvärden (artikel 5 i MiFIR). Det finns även regler om vad som händer om ett sådant tröskelvärde över- skrids och om övervakningen av att dessa regler följs. Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder för volymtaksmekanismen och tillhandahållande av information för säkerställande av transparens samt andra beräkningar.</P>
<P class="p912 ft2">I MiFIR finns krav på offentliggörande av uppgifter om genomförda transaktioner, dvs. transparens efter handel (artiklarna 6 och 7). Den marknadsoperatör eller det värdepappersföretag som driver en MTF- plattform ska offentliggöra priser, volymer och tidpunkter för transaktioner som har genomförts i dennes system. Uppgifterna ska offentliggöras på rimliga affärsmässiga villkor och så nära realtid som möjligt.</P>
<P class="p1174 ft4">Även från kraven på transparens efter handel får den behöriga myn- digheten ge undantag genom att tillåta ett uppskjutet offentliggörande (artikel 7).</P>
<P class="p570 ft4">Vad som ska offentliggöras och förutsättningarna för att medge upp- skjutet offentliggörande preciseras i kommissionens delegerade förord- ning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstand- arder när det gäller krav på transparens för handelsplatser och värdepap- persföretag för aktier, depåbevis, börshandlade fonder, certifikat och</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">333</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">334</P>
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<P class="p486 ft4">andra liknande finansiella instrument och krav på att utföra transaktioner för vissa aktier på en handelsplats eller genom en systematisk intern- handlare (C[2016] 4390 final) (artikel 7.2).</P>
<P class="p354 ft3">Icke aktierelaterade instrument</P>
<P class="p1175 ft2">I MiFIR (artiklarna <NOBR>8–11)</NOBR> finns även transparenskraven för obligationer, strukturerade finansiella produkter (se definitionen i artikel 4.1.48 i MiFID II), utsläppsrätter, derivatinstrument samt paketorder (se definition i artikel 2.1.49 i MiFIR). Regleringen i förordningen när det gäller sådana finansiella instrument är uppbyggd på samma sätt som när det gäller aktier och aktieliknande finansiella instrument. I MiFIR (se bl.a. rubrik- erna närmast före artiklarna 8 och 9) används uttrycket icke aktierela- terade instrument som en samlingsbeteckning för de nu aktuella finan- siella instrumenten (i den engelska språkversionen anges <NOBR>non-equity</NOBR> instruments). Det framstår dock som mindre lämpligt som en beskrivning av de instrument som det är fråga om. Det är i och för sig riktigt att de flesta av instrumenten inte är relaterade till aktier men reglerna bör emellertid omfatta även sådana derivatinstrument som är relaterade till aktier. I redogörelsen för reglerna i MiFIR i denna proposition används dock av tydlighetsskäl uttrycket icke aktierelaterade instrument eftersom det anges i förordningen.</P>
<P class="p1176 ft2">Huvudregeln är enligt MiFIR att en marknadsoperatör eller ett värde- pappersföretag som driver en handelsplats ska offentliggöra dels aktuella köp- och säljbud samt orderdjup vid dessa priser före handel, dels priser, volymer och tidpunkter för transaktioner som har genomförts (artiklarna 8 och 10). Detta krav gäller alla handelsplatser, dvs. även <NOBR>OTF-platt-</NOBR> formar. Informationen ska göras tillgänglig för allmänheten på rimliga affärsmässiga villkor och fortlöpande under den tid handelsplatserna normalt är öppna.</P>
<P class="p506 ft2">Den behöriga myndigheten får medge undantag från kravet på offent- liggörandet av bud och medge uppskjutet offentliggörande av transak- tioner och aggregerad publicering av transaktioner under vissa angivna förutsättningar (artiklarna 9 och 11). Undantag får t.ex. ges för order av större omfattning än normalt på marknaden, genomförbara intresse- anmälningar gällande s.k. <NOBR>RFQ-system</NOBR> (förkortning av engelska request- for quote) och röstbaserade handelssystem som överstiger den storlek som är specifik för det finansiella instrumentet, som skulle utsätta till- handahållare av likviditet för otillbörlig risk och som tar hänsyn till huru- vida de berörda marknadsaktörerna är <NOBR>icke-professionella</NOBR> eller profes- sionella investerare och derivat som inte är föremål för handelsskyldighet (artikel 28) och andra finansiella instrument för vilka det saknas en likvid marknad. Genom ändringsförordningen till MiFIR (artikel 1.6) har det dessutom införts två ytterligare undantag för order avseende genom- förande av ett byte av kontrakt mot fysiska varor (se definitionen i artikel 2.1.48 i MiFIR) och paketorder som uppfyller något av villkor som anges (artikel 9.2 d och e i MiFIR). Behöriga myndigheter ska kunna medge undantag från det krav som anges för varje enskild komponent i en paketorder (artikel 9.2 a i MiFIR).</P>
<P class="p1177 ft4">De närmare villkoren för att medge undantag från offentliggörande av bud samt medge uppskjutet offentliggörande preciseras i kommissionens</P>
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<P class="p186 ft4">delegerade förordning (EU) av den 14 juli 2016 om komplettering av Prop. 2016/17:162 Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende</P>
<P class="p113 ft2">tekniska tillsynsstandarder när det gäller krav på transparens för handelsplatser och värdepappersföretag för obligationer, strukturerade finansiella produkter, utsläppsrätter och derivat (C [2016] 4301 final) (artiklarna 9.5 och 11.4). De närmare villkoren för att medge undantag från offentliggörande av bud samt medge uppskjutet offentliggörande preciseras i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller krav på transparens för handelsplatser och värdepappersföretag för obligationer, strukturerade finansiella produkter, utsläppsrätter och derivat (C [2016] 4301 final) (artiklarna 9.5 och 11.4).</P>
<P class="p426 ft4">I syfte att säkerställa en konsekvent tillämpning av undantaget för paketorder ska Esma utarbeta förslag till tekniska standarder för tillsyn för att fastställa en metod för att avgöra vilka paketorder som det finns en likvid marknad för.</P>
<P class="p167 ft3">Gemensamma regler om offentliggörande av information</P>
<P class="p920 ft2">I MiFIR finns även regler om att marknadsoperatörer och värdepappers- företag som driver en handelsplats ska tillhandahålla information om bud respektive transaktioner separat, att de ska tillhandahålla informationen på rimliga affärsmässiga villkor och att den ska tillhandahållas kostnadsfritt 15 minuter efter offentliggörandet (artiklarna 12 och 13).</P>
<P class="p426 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder av specificeringen av uppgifter före och efter handel och detaljnivån för uppgifterna (C[2016] 3206 final) och i den delegerade förordningen till MiFIR (artiklarna <NOBR>6–11).</NOBR></P>
<P class="p330 ft3">Ändringar i svensk rätt med anledning av MiFIR</P>
<P class="p943 ft2">Reglerna i MiFID I (artiklarna <NOBR>29–30,</NOBR> 44 och 45) om transparens före och efter handel med finansiella instrument på en reglerad marknad eller en handelsplattform <NOBR>(MTF-plattform)</NOBR> har genomförts i svensk rätt i lagen om värdepappersmarknaden (se prop. 2006/07:115 Del 2 s. 215 och 218). Det bestämmelser som berörs avser dels reglerade marknader (13 kap. 9– 11 §§), dels handelsplattformar (11 kap. <NOBR>9–11</NOBR> §§). Dessa bestämmelser bör upphävas med hänsyn till att regleringen av transparenskraven numera i stället finns i MiFIR. Som en följd av det bör även bemyndigandena för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om skyldigheten för värdepappersinstitut och en börs att offentliggöra ifrågavarande information upphävas (11 kap. 12 § och 13 kap. 17 § <NOBR>3–5).</NOBR></P>
<P class="p1178 ft2">335</P>
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<TR>
<TD class="tr43 td231"><P class="p597 ft2">Prop. 2016/17:162 <SPAN class="ft113">7.11</SPAN></P></TD>
<TD class="tr43 td94"><P class="p23 ft21">Transparens för värdepappersföretag</P></TD>
</TR>
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<TD class="tr54 td231"><P class="p823 ft129">7.11.1</P></TD>
<TD class="tr54 td94"><P class="p23 ft129">Inledning</P></TD>
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<P class="p1179 ft4">Genom MiFIR (artiklarna <NOBR>14–23)</NOBR> förändras kraven på de uppgifter som värdepappersföretag ska offentliggöra om bl.a. köp- och säljbud, priser och utförda transaktioner före och efter handel med finansiella instru- ment jämfört med det som gäller enligt MiFID I (artiklarna <NOBR>27–30).</NOBR></P>
<P class="p575 ft2">I avsnitt 7.10 behandlas reglerna i MiFIR om transparens på handels- platser. De reglerna skulle bli relativt verkningslösa om det inte också fanns regler om i vilken mån värdepappersföretag kan genomföra transak- tioner utanför handelsplatser och vad som gäller när de gör det. Utan en reglering av transparenskraven för de affärer som genomförs utanför handelsplatserna skulle endast en del av handeln bli transparent, och det bakomliggande syftet med reglerna – att främja en effektiv prisbildning genom att köpare och säljare har tillgång till information om bud och transaktioner – skulle inte kunna uppfyllas. Syftet med MiFIR är dock inte att kraven på transparens före handel ska gälla för transaktioner som utförs OTC, med undantag för de som utförs av systematiska intern- handlare (se skäl 22). Reglerna i MiFIR om transparens utanför handels- platserna handlar om skyldigheten för en systematisk internhandlare att offentliggöra fasta bud (artiklarna <NOBR>14–18),</NOBR> att offentliggöra genomförda transaktioner (artiklarna <NOBR>20–22)</NOBR> samt att genomföra transaktioner på en handelsplats eller som systematisk internhandlare (artikel 23).</P>
<P class="p1020 ft2">Genom MiFID I introducerades begreppet systematiska internhandlare (se definitionen i artikel 4.1.7). Den som är att betrakta som en systematisk internhandlare måste offentliggöra eller låta kunderna få tillgång till fasta köp- och säljbud och är tvungen att göra avslut enligt de offentliggjorda buden. Reglerna om transparens före handel är därmed i viss utsträckning tillämpliga även utanför reglerade marknader, MTF- plattformar och <NOBR>OTF-plattformar.</NOBR> Detsamma gäller offentliggörande av transaktioner efter handel. Ett värdepappersinstitut som agerar marknads- garant på den svenska penningmarknaden eller obligationsmarknaden på det sätt som anges i definitionen av systematisk internhandlare omfattas därmed av dessa regler.</P>
<P class="p975 ft4">Skyldigheten för värdepappersinstitut att offentliggöra information om transaktioner med finansiella instrument behandlas i avsnitt 7.11.4. I avsnitt 7.11.2 behandlas definitionen av systematiska internhandlare. Skyldigheten att offentliggöra fasta bud behandlas i avsnitt 7.11.3. I avsnitt 7.11.5 behandlas skyldigheten för värdepappersinstitut att genomföra transaktioner på en handelsplats.</P>
<P class="p1100 ft129"><SPAN class="ft127">7.11.2</SPAN><SPAN class="ft161">Definitionen av systematisk internhandlare</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Definitionen av systematisk internhandlare i lagen om värdepappersmarknaden ändras så att den överensstämmer med definitonen i MiFID II. Ett värdepappersinstitut som är systematisk internhandlare ska underrätta Finansinspektionen om detta.</P>
<P class="p1114 ft2">336</P>
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<P class="p150 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att utredningen inte föreslår något krav på att ett värdepappersinstitut som uppfyller kraven i definitionen för att vara en systematisk internhandlare ska underrätta Finansinspektionen om det.</P>
<P class="p622 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p150 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Med systematisk internhandlare avses ett värdepappersföretag som i en organiserad, frekvent, systematisk och väsentlig omfattning handlar för egen räkning genom att utföra kund- order utanför en reglerad marknad, en </SPAN><NOBR><SPAN class="ft2">MTF-plattform</SPAN></NOBR><SPAN class="ft2"> eller en </SPAN><NOBR><SPAN class="ft2">OTF-platt-</SPAN></NOBR><SPAN class="ft2"> form om inte transaktionerna utförs tillfälligt, ad hoc och oregelbundet (skäl 19 till MiFIR).</SPAN></P>
<P class="p622 ft2">Definitionen är i sak densamma i både MiFID II (artikel 4.1.20) och i MiFID I (artikel 4.1.7), med den skillnaden att i MiFID II nämns även <NOBR>OTF-plattform.</NOBR> I MiFID II har definitionen kompletterats när det gäller det som ska avses med frekvent och systematisk omfattning, vilket innebär en viss ändring i sak. Enligt genomförandeförordningen till MiFID I (artikel 21.1) anses ett värdepappersföretag bedriva internhandel på ett organiserat, frekvent och systematiskt sätt om internhandeln har en väsentlig affärsmässig betydelse för företaget och utförs i enlighet med fastställda regler och rutiner, om verksamheten utförs av personal eller med hjälp av ett automatiserat tekniskt system för detta ändamål samt om verksamheten är regelbundet eller fortlöpande tillgänglig för kunderna. Bedömningen av om ett företag är att betrakta som en systematisk internhandlare utgår enligt MiFID I således i stor utsträckning från före- taget självt, t.ex. den affärsmässiga betydelsen i förhållande till företagets andra verksamheter. Enligt MiFID II ska bedömningen i stället göras utifrån objektivt iakttagbara kriterier (skäl 19 till MiFIR). Det ska finnas en förutbestämd tröskel för systematisk internhandel med exakt angivelse av det som menas med ett frekvent, systematiskt och substantiellt sätt. Utgångspunkten ska vara relationen mellan antalet transaktioner som företaget gör för egen räkning utanför handelsplatser och antalet transak- tioner som företaget genomför totalt eller antalet transaktioner som totalt genomförs i det aktuella finansiella instrumentet (artikel 4.1.20 andra stycket i MiFID II). I den delegerade förordningen till MiFID II (artikel 12) preciseras definitionen av systematiska internhandlare.</P>
<P class="p1037 ft4">Även om ett värdepappersföretag inte uppfyller kriterierna i defini- tionen kan företaget frivilligt ansluta sig till den ordning som gäller för systematiska internhandlare (artikel 4.1.20 andra stycket sista meningen i MiFID II).</P>
<P class="p150 ft2">En systematisk internhandlare bör inte tillåtas att sammanföra tredje parters köp- och säljintressen. Till exempel bör en plattform med en enda handlare, där handeln alltid sker med ett enda värdepappersföretag, betraktas som en systematisk internhandlare, om den uppfyller kraven för systematisk internhandlare. En plattform med flera handlare, där flera handlare interagerar för samma finansiella instrument, bör dock inte betraktas som en systematisk internhandlare (skäl 20 till MiFIR).</P>
<P class="p623 ft4">Systematiska internhandlare bör, på grundval av sin affärspolicy och på ett objektivt <NOBR>icke-diskriminerande</NOBR> sätt, kunna besluta om vilka kunder de ger tillgång till sina bud, med åtskillnad mellan olika kundkategorier,</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">337</P>
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<P class="p727 ft2">Prop. 2016/17:162 och de bör även ha rätt att beakta skillnader mellan kunder, t.ex. när det gäller kreditrisk (skäl 21 till MiFIR). Systematiska internhandlare bör inte vara skyldiga att offentliggöra fasta bud, utföra kundorder eller ge tillgång till sina bud för aktietransaktioner som är större än den normala orderstorleken på marknaden eller icke aktierelaterade transaktioner som är större än den storlek som är specifik för det finansiella instrumentet. Syftet med MiFIR är inte att kraven på transparens före handel ska gälla för transaktioner som utförs OTC, med undantag av de som utförs av systematiska internhandlare (skäl 22 till MiFIR).</P>
<P class="p1020 ft2">Definitionen av systematisk internhandlare i MiFID I (artikel 4.1.7) har i svensk rätt genomförts i lagen om värdepappersmarknaden (1 kap. 5 § 24). Eftersom definitionen har ändrats genom MiFID II, bör även definitionen i lagen ändras så att den överensstämmer med den i MiFID II (artikel 4.1.20).</P>
<P class="p580 ft2">Enligt MiFIR ska medlemsstaterna kräva att företag som motsvarar definitionen av en systematisk internhandlare meddelar sin behöriga myndighet detta (artiklarna 15.1 andra stycket och 18.4). En EU- förordning är direkt tillämplig i medlemsstaterna men det utesluter inte att det ibland kan finnas behov av kompletterande bestämmelser i nationell rätt. De nu aktuella kraven riktar sig till medlemsstaterna och de är därför inte direkt tillämpliga för de berörda företagen. Regeringen anser därför att det bör införas en bestämmelse i lagen om värdepappers- marknaden som kompletterar MiFIR i detta avseende och som innebär att ett värdepappersinstitut som uppfyller kraven i definitionen för att vara en systematisk internhandlare ska underrätta Finansinspektionen om det. Finansinspektionen ska vidarebefordra underrättelsen till Esma, som ska upprätta en förteckning över alla systematiska internhandlare i unionen.</P>
<P class="p1180 ft129"><SPAN class="ft127">7.11.3</SPAN><SPAN class="ft161">Skyldigheten att offentliggöra fasta bud</SPAN></P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Bestämmelserna i lagen om värdepappersmark- naden om systematiska internhandlare och bemyndiganden för rege- ringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om standardstorlek för likvida aktier upptagna till handel på en reglerad marknad och villkoren för att en aktie ska anses som likvid upphävs.</P>
<P class="p1181 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID I gäller att systematiska internhandlare är skyldiga att offentliggöra fasta bud med köp- eller säljpriser i likvida aktier som är upptagna till handel på en reglerad marknad och för vilka de är systematiska internhandlare (artikel 27). Skyldigheten i det direktivet är alltså begränsad till likvida aktier upp- tagna till handel på en reglerad marknad.</P>
<P class="p1020 ft42">Enligt MiFIR är det möjligt för ett värdepappersföretag att vara systematisk internhandlare i fråga om betydligt fler finansiella instrument (se bl.a. artiklarna 14, 15, 18, 20 och 21).</P>
<P class="p964 ft2">338</P>
</DIV>
<DIV id="page_339">
<DIV>
<DIV id="id_1">
<P class="p193 ft2">En systematisk internhandlare ska enligt MiFIR offentliggöra fasta bud i sådana aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument som handlas på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> och för vilka denne är systematisk internhandlare (artikel 14). Denna skyldighet gäller dock bara om det finns en likvid marknad för instrumenten (artikel 14.1). Vad som avses med en likvid marknad definieras i MiFIR och i MiFID II (artikel 2.1.17 respektive artikel 4.1.25). Om det inte finns någon likvid marknad för instrumentet, ska den systematiska internhandlaren på begäran informera sina kunder om buden (artikel 14.1 andra stycket i MiFIR).</P>
<P class="p269 ft2">Skyldigheten för en systematisk internhandlare att informera om bud gäller bara för transaktioner som är mindre eller lika stora som standard- storleken på marknaden för den storlekskategori som instrumentet tillhör (artikel 14.2 i MiFIR). Systematiska internhandlare är således inte skyl- diga att offentliggöra fasta bud, utföra kundorder eller ge tillgång till sina bud för aktietransaktioner som är större än den normala orderstorleken på marknaden eller icke aktierelaterade transaktioner som är större än den storlek som är specifik för det finansiella instrumentet (skäl 21 till MiFIR). Vad som avses med standardstorleken för ett visst instrument preciseras i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska standarder för tillsyn när det gäller krav på transparens för handelsplatser och värdepappersföretag för aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument och krav på att utföra transaktioner för vissa aktier på en handelsplats eller genom en systematisk internhandlare (C[2016] 4390 final) (artikel 11).</P>
<P class="p1043 ft2">Systematiska internhandlare ska enligt MiFIR regelbundet och konti- nuerligt offentliggöra sina bud under den tid handelsplatserna normalt är öppna och ska som huvudregel utföra order som de får från sina kunder mot de offentliggjorda buden (artikel 15.1 och 15.2). Buden ska offentlig- göras på ett sätt som gör dem lättillgängliga för andra marknadsaktörer på rimliga affärsvillkor. De kan dock, för att uppfylla sina skyldigheter att utföra order på bästa möjliga sätt, utföra kundorder till ett bättre pris än det offentliggjorda.</P>
<P class="p912 ft2">I MiFIR finns det liknande regler för systematiska internhandlare av- seende obligationer, strukturerade finansiella produkter, utsläppsrätter och derivatinstrument (artikel 18). Liksom för aktier och aktieliknande finan- siella instrument gäller skyldigheten för sådana instrument som handlas på en handelsplats och för vilka det finns en likvid marknad. När det gäller sådana finansiella instrument ska en systematisk internhandlare offentliggöra bud om någon kund begär det och internhandlaren går med på att lämna ett bud. För finansiella instrument där det saknas en likvid marknad ska intern- handlaren för kunder offentliggöra bud på begäran. Om det är fråga om en paketorder (artikel 2.1.49 i MiFIR i lydelsen enligt artikel 1.2 i ändrings- förordingen till MiFIR), gäller skyldigheterna endast paketordern i dess helhet och inte komponenterna i den var för sig (artikel 18.11 i MiFIR i lydelsen enligt artikel 1.7 i ändringsförordningen).</P>
<P class="p436 ft42">Detaljerade regler finns i den delegerade förordningen till MiFIR (artiklarna <NOBR>6–14).</NOBR></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">339</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_340">
<P class="p966 ft2">Prop. 2016/17:162 Reglerna i MiFIR om systematiska internhandlare är i stora delar nya och innebär omfattande ändringar i förhållande till det som gäller enligt MiFID I. Reglerna om systematiska internhandlare i MiFID I (artikel 27) har i svensk rätt genomförts i lagen om värdepappersmarknaden (9 kap. <NOBR>2–8</NOBR> §§). Dessa bestämmelser bör upphävas med hänsyn till att reglering av systematiska internhandlare numera i stället finns i MiFIR. Som en följd av det bör även bemyndigandena för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om standardstorlek för likvida aktier upptagna till handel på en reglerad marknad och villkoren för att en aktie ska anses som likvid (9 kap. 10 § 2 och 4) upphävas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t147">
<TR>
<TD class="tr54 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr54 td255"><P class="p1182 ft127">7.11.4</P></TD>
<TD class="tr54 td385"><P class="p23 ft129">Skyldigheten att offentliggöra information om</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td385"><P class="p23 ft129">transaktioner med finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Bestämmelserna i lagen om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">naden om skyldighet för värdepappersinstitut att offentliggöra infor-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">mation om transaktioner med finansiella instrument och bemyndigan-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">det för regeringen eller den myndighet som regeringen bestämmer att</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">meddela föreskrifter om denna skyldighet upphävs.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Krav på transparens före handel ska</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">enligt MiFIR inte gälla för transaktioner som utförs OTC, med undantag</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">av de som utförs av systematiska internhandlare (skäl 22 till MiFIR).</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">Däremot finns krav på offentliggörande av information efter handel.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">Enligt MiFIR ska ett värdepappersföretag, oavsett om det är systematisk</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">internhandlare eller inte, offentliggöra information om genomförda</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">transaktioner i både aktier och aktieliknande finansiella instrument och</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">icke aktierelaterade finansiella instrument som handlas på en handels-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">plats både när transaktionen genomförs OTC (artiklarna 20 och 21).</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2">Informationskravet motsvarar det krav som gäller för marknadsopera-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">törer och värdepappersinstitut som driver en handelsplats (se avsnitt</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">7.10.2), och informationen ska således innehålla uppgifter om pris,</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">volym och tidpunkt för genomförda transaktioner.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Informationen ska offentliggöras genom ett s.k. godkänt publicerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">arrangemang (se definitionen i artikel 4.1.52 i MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2">På samma sätt som för transaktioner som utförs på handelsplatser, kan</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">det vara tillåtet att offentliggöra informationen med fördröjning eller i</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">aggregerad form (artiklarna 20.2 och 21.4 i MiFIR och avsnitt 7.10.2).</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2">Detaljerade regler om offentliggörande av uppgifter om transaktioner</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">finns i kommissionens delegerade förordning (EU) av den 14 juli 2016</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">om komplettering av Europaparlamentets och rådets förordning (EU) nr</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">600/2014 avseende tekniska tillsynsstandarder när det gäller krav på</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">transparens för handelsplatser och värdepappersföretag för aktier, depå-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bevis, börshandlade fonder, certifikat och andra liknande finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">instrument och krav på att utföra transaktioner för vissa aktier på en</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">handelsplats eller genom en systematisk internhandlare (C[2016] 4390</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td42"><P class="p969 ft2">340</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">final) (artiklarna 12, 13 och 15) och i kommissionens delegerade förord-</P></TD>
</TR>
<TR>
<TD class="tr67 td255"><P class="p23 ft144"> </P></TD>
<TD class="tr67 td385"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_341">
<P class="p19 ft4">ning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets Prop. 2016/17:162 och rådets förordning (EU) nr 600/2014 avseende tekniska tillsyns-</P>
<P class="p272 ft2">standarder när det gäller krav på transparens för handelsplatser och värdepappersföretag för obligationer, strukturerade finansiella produkter, utsläppsrätter och derivat (C[2016] 4301 final) (artiklarna 7, 8 och 12).</P>
<P class="p1183 ft2">I MiFID I finns regler om offentliggörande av transaktioner i aktier upptagna till handel på en reglerad marknad (artikel 28). De reglerna har i svensk rätt genomförts i lagen om värdepappersmarknaden (9 kap. 9 § första stycket). Enligt lagen ska även information om andra finansiella instrument än aktier som är upptagna till handel på en reglerad marknad offentliggöras (9 kap. 9 § andra stycket). Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om skyldigheten att offentliggöra information om sådana finansiella instrument (9 kap. 10 § 3). Kravet i gällande svensk rätt går således längre än det i MiFID I. MiFIR innebär emellertid att det införs harmoniserade krav inom EU som utvidgas väsentligt i förhållande till dem i MiFID I. Bestämmelserna i lagen om värdepappersmarknaden om skyldighet för värdepappersinstitut att offentliggöra information om transaktioner med finansiella instrument bör upphävas med hänsyn till att reglering numera i stället finns i MiFIR. Som en följd av det bör även bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om skyldigheten att offentliggöra transaktioner upphävas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t139">
<TR>
<TD class="tr54 td255"><P class="p823 ft127">7.11.5</P></TD>
<TD class="tr54 td385"><P class="p23 ft129">Skyldighet att genomföra transaktioner på en</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td385"><P class="p23 ft129">handelsplats</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
<TD class="tr67 td158"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Skyldigheten enligt MiFIR för värde-</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">pappersföretag att genomföra transaktioner på en handelsplats kräver</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td371"><P class="p57 ft2">inte någon lagstiftningsåtgärd.</P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td158"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">ning.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">mot den.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">För att mer handel ska ske på</SPAN></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">reglerade handelsplatser och via systematiska internhandlare införs det</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">genom MiFIR handelsskyldighet för värdepappersföretag avseende aktier</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">som tagits upp till handel på en reglerad marknad eller som handlas på en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">handelsplats (skäl 11 till MiFIR).</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Enligt MiFIR ska ett värdepappersföretag, när det utför transaktioner i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">aktier som är upptagna till handel eller handlas på en handelsplats, se till</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">att företaget gör transaktionerna antingen på handelsplatsen i fråga eller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">genom systematisk internhandel, utom i vissa undantagsfall om det finns</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">legitima skäl, nämligen om transaktionen är <NOBR>icke-systematisk,</NOBR> ad hoc,</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">oregelbunden och inte frekvent eller om transaktionen genomförs mellan</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">jämbördiga eller professionella motparter och inte bidrar till prisbild-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningsprocessen (artikel 23).</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Detaljerade regler om de utmärkande dragen för transaktioner med</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">aktier som inte bidrar till prisbildningsprocessen finns i kommissionens</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">delegerade förordning (EU) av den 14 juli 2016 om komplettering av</P></TD>
<TD rowspan=2 class="tr1 td158"><P class="p20 ft2">341</P></TD>
</TR>
<TR>
<TD class="tr53 td255"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td385"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_342">
<P class="p966 ft2">Prop. 2016/17:162 Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller krav på transparens för handelsplatser och värdepappersföretag för aktier, depåbevis, börs- handlade fonder, certifikat och andra liknande finansiella instrument och krav på att utföra transaktioner för vissa aktier på en handelsplats eller genom en systematisk internhandlare (C[2016] 4390 final) (artikel 2).</P>
<P class="p1184 ft2">Det finns inte något krav i gällande svensk rätt att ett värdepappers- institut när det utför transaktioner i vissa finansiella instrument ska göra det på en handelsplats eller via en systematisk internhandlare. Reglerna i MiFIR, som är direkt tillämpliga, kräver därför inte någon lagstiftnings- åtgärd.</P>
<P class="p1185 ft2">Enligt MiFID II (artikel 1.7 tredje stycket) ska alla transaktioner med finansiella instrument som varken utförs på en handelsplats eller genom systematiska internhandlare, uppfylla de relevanta bestämmelserna för sådana transaktioner i avdelning III i MiFIR (dvs. artiklarna <NOBR>14–23).</NOBR> De bestämmelser i MiFIR som avses gäller bl.a. skyldigheten för ett värde- pappersinstitut att dels genomföra transaktioner med aktier som har tagits upp till handel på en reglerad marknad eller handlas på en sådan marknad eller en <NOBR>MTF-plattform</NOBR> på en reglerad marknad eller <NOBR>MTF-plattform</NOBR> eller via en systematisk internhandlare eller på en marknadsplats i tredjeland, dels att om institutet driver ett internt matchningssystem som utför kund- order i bl.a. aktier ha tillstånd för systemet som en <NOBR>MTF-plattform.</NOBR> Det kravet i MiFID II bör enligt regeringens uppfattning anses genomfört genom Finansinspektionens möjligheter att ingripa mot den som bryter mot de berörda bestämmelserna i MiFIR.</P>
<TABLE cellpadding=0 cellspacing=0 class="t148">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td255"><P class="p298 ft121">7.12</P></TD>
<TD class="tr47 td385"><P class="p23 ft21">Dokumentation och transaktionsrapportering</P></TD>
</TR>
<TR>
<TD class="tr63 td42"><P class="p23 ft139"> </P></TD>
<TD colspan=2 class="tr61 td364"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p216 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Bestämmelserna i lagen om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">naden om dokumentation och rapportering av transaktioner med finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">siella instrument och bemyndigandena för regeringen eller den myn-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">dighet som regeringen bestämmer att meddela föreskrifter om doku-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">mentation och rapporteringsskyldighet upphävs.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">En börs eller ett värdepappersinstitut som driver en handelsplats</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">som rapporterar transaktioner för ett värdepappersinstituts räkning ska</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">ha sunda skyddsmekanismer. Skyddsmekanismerna ska vara utform-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">ade för att garantera skyddet och riktigheten vid informationsöver-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">föringen, för att minimera risken för förvanskning av data och för</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">obehörigt tillträde och för att förhindra informationsläckor och se till</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">att uppgifterna alltid behandlas konfidentiellt. Börsen och värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">persinstitutet ska även ha adekvata resurser och reservanordningar så</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">att dess tjänster alltid kan erbjudas och upprätthållas.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">utredningens förslag inte omfattar krav på att den börs eller det värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">pappersinstitut som driver en handelsplats som rapporterar transaktioner</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">för ett värdepappersinstituts räkning ska ha sunda skyddsmekanismer av-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">seende informationsöverföring och ha adekvata resurser och reservanord-</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">342</P></TD>
<TD class="tr27 td255"><P class="p23 ft2">ningar.</P></TD>
<TD class="tr27 td385"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_343">
<DIV>
<DIV id="id_1">
<P class="p181 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p1186 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p353 ft2">det.</P>
<P class="p972 ft25">Skälen för regeringens förslag</P>
<P class="p958 ft3">Gällande rätt</P>
<P class="p953 ft2">MiFID I (artikel 25) innehåller liksom MiFIR (artiklarna 25 och 26) regler om dokumentation av order och transaktioner med finansiella instrument samt om rapportering av sådana transaktioner till den behöriga myndigheten. I genomförandeförordningen till MiFID I (artik- larna <NOBR>8–16)</NOBR> finns detaljerade regler om dokumentation och transaktions- rapportering.</P>
<P class="p1187 ft4">Reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepap- persmarknaden (10 kap.). Regeringen eller den myndighet som rege- ringen bestämmer får meddela föreskrifter om dokumentation och trans- aktionsrapportering. Finansinspektionen har meddelat sådana föreskrifter (Finansinspektionens föreskrifter [FFFS 2007:16] om värdepappers- rörelse, se bl.a. 21 och 22 kap.).</P>
<P class="p330 ft3">Dokumentation</P>
<P class="p953 ft2">Enligt MiFIR ska ett värdepappersföretag under minst fem år hålla relevanta uppgifter om samtliga order och transaktioner med finansiella instrument som företaget har utfört, såväl för egen räkning som för kunds räkning, tillgängliga för den behöriga myndigheten (artikel 25.1). När det gäller transaktioner som utförts för kunders räkning ska uppgifterna innefatta alla upplysningar och identitetsuppgifter om kunden samt den information som krävs enligt Europaparlamentets och rådets direktiv 2005/60/EG av den 26 oktober 2005 om åtgärder för att förhindra att det finansiella systemet används för penningtvätt och finansiering av terrorism. Den som driver en reglerad marknad eller en handelsplattform ska under fem år bevara uppgifter om order som har hanterats i handels- systemet (artikel 25.2 i MiFIR).</P>
<P class="p164 ft2">Detaljerade regler om vad dokumentationen ska omfatta finns i kommissionens delegerade förordning (EU) av den 24 juni 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller bevarande av relevanta uppgifter om order som avser finansiella instrument (C[2016] 3821 final).</P>
<P class="p164 ft2">Reglerna om dokumentation i MiFIR (artikel 25.1) motsvarar reglerna i MiFID I (artikel 25.2). De reglerna i MiFID I har i svensk rätt genom- förts i lagen om värdepappersmarknaden (10 kap. 2 §). Bestämmelserna i lagen om värdepappersmarknaden om skyldighet för värdepappersinstitut att dokumentera och arkivera uppgifter om transaktioner med finansiella instrument bör upphävas med hänsyn till att reglering numera i stället finns i MiFIR. Som en följd av det bör även bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om sådan dokumentation (10 kap. 5 § 1) upphävas.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">343</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_344">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">344</P>
</DIV>
<DIV id="id_2">
<P class="p487 ft4">Reglerna i MiFIR (artikel 25.2) om att den som driver en reglerad marknad eller en handelsplattform ska bevara uppgifter om order som har hanterats i handelssystemet har inte någon motsvarighet i MiFID I eller i gällande svensk rätt. De reglerna, som är direkt tillämpliga, kräver därför ingen lagstiftningsåtgärd.</P>
<P class="p511 ft3">Transaktionsrapportering</P>
<P class="p1188 ft2">Enligt MiFIR ska ett värdepappersföretag som utför en transaktion med ett finansiellt instrument så snart som möjligt och senast vid slutet av följande arbetsdag, lämna fullständiga och korrekta uppgifter om transaktionen till den behöriga myndigheten (artikel 26.1). Skyldigheten gäller finansiella instrument som tagits upp till handel, eller handlas, på en handelsplats eller för vilka en ansökan om godkännande för handel har lämnats in (artikel 26.2). Skyldigheten gäller också finansiella instrument vars underliggande tillgång är ett instrument som handlas på en handels- plats eller ett index eller en korg av sådana instrument. Skyldigheten gäller oavsett om transaktionen har utförts på en handelsplats eller inte (artikel 26.2). I förordningen preciseras vilka uppgifter om som ska rapporteras (artikel 26.3).</P>
<P class="p1113 ft2">I MiFID I finns motsvarande – men mindre omfattande – regler (artikel <NOBR>25.3–25.6).</NOBR> Dessa regler innebär dock krav på rapportering endast när det gäller finansiella instrument som är upptagna till handel på en reglerad marknad och de ger utrymme för medlemsstaterna att kräva en mer omfattande rapportering. Reglerna har i svensk rätt genomförts i lagen om värdepappersmarknaden (10 kap. 3 och 4 §§). Bestämmelserna i lagen om värdepappersmarknaden om skyldighet för värdepappers- institut att rapportera uppgifter om transaktioner med finansiella instru- ment bör upphävas med hänsyn till att reglering numera i stället finns i MiFIR. Som en följd av det bör även bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om att rapporteringsskyldigheten ska gälla också i fråga om transaktioner med finansiella instrument som inte är upptagna till handel på en reglerad marknad (10 kap. 5 § 2) upphävas.</P>
<P class="p302 ft2">I MiFIR finns även regler som inte har någon motsvarighet i MiFID I. De reglerna gäller vilka åtgärder som ett värdepappersföretag som vidarebefordrar order ska vidta (artikel 26.4) och krav på att marknads- operatörer ska rapportera uppgifter om transaktioner med finansiella instrument som handlas på deras plattform och som genomförs genom deras system av ett företag som inte omfattas av MiFIR (artikel 26.5). Vid rapportering av den beteckning som identifierar kunderna ska värde- pappersföretag använda en identitetsbeteckning för juridiska personer. Esma ska utarbeta riktlinjer för att se till att tillämpningen av identitets- beteckningar för juridiska personer uppfyller internationella standarder.</P>
<P class="p302 ft2">Transaktionsrapporteringen ska enligt MiFIR (artikel 26.7 första stycket) lämnas till den behöriga myndigheten, antingen av värdepap- persföretaget självt, av en godkänd rapporteringsmekanism (ARM- leverantör, se definitionen i artikel 2.1.36 i MiFIR och avsnitt 7.15) för värdepappersföretagets räkning eller av den handelsplats genom vars system transaktionen genomfördes. Värdepappersföretagen ansvarar för att de rapporter som sänds till den behöriga myndigheten är fullständiga</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_345">
<DIV id="dimg1">
<INGENBILD zsrc="H403162345x1.jpg/" id="img1">
</DIV>
<P class="p186 ft4">och korrekta samt att de lämnas in i tid (artikel 26.7 andra stycket). När Prop. 2016/17:162 ett värdepappersföretag rapporterar uppgifter om dessa transaktioner via</P>
<P class="p113 ft2">en <NOBR>ARM-leverantör</NOBR> som agerar på en handelsplats vägnar är det ARM- leverantören som i stället för värdepappersföretaget är ansvarigt för rapporterna (artikel 26.7 tredje stycket). Värdepappersföretaget måste dock vidta rimliga åtgärder för att verifiera att de transaktionsrapporter som lämnas för deras räkning är fullständiga och korrekta samt att de lämnas in i tid (artikel 26.7 fjärde stycket).</P>
<P class="p264 ft2">Enligt MiFIR ska hemmedlemsstaten kräva att värdepappersföretag och marknadsoperatörer som driver handelsplatser som rapporterar för värdepappersföretags räkning har inrättat sunda skyddsmekanismer som är utformade för att garantera skyddet och riktigheten vid informations- överföringen, för att minimera risken för förvanskning av data och för obehörigt tillträde samt för att förhindra informationsläckor och se till att uppgifterna alltid behandlas konfidentiellt (artikel 26.7 femte stycket). Hemmedlemsstaten ska kräva att handelsplatsen upprätthåller adekvata resurser och inrättar reservanordningar så att dess tjänster alltid kan erbjudas och upprätthållas. En <NOBR>EU-förordning</NOBR> är direkt tillämplig i alla medlemsstater men det utesluter inte att det ibland kan finnas behov av kompletterande bestämmelser i nationell rätt. Det nu aktuella kravet rik- tar sig till medlemsstaterna och det är därför inte direkt tillämpligt för värdepappersföretag och marknadsoperatörer som driver en handelsplats. Regeringen anser därför att det bör införas en bestämmelse i lagen om värdepappersmarknaden som motsvarar det som anges i MiFIR.</P>
<P class="p430 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 28 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder för rapportering av transaktioner till behöriga myndigheter (C[2016] 4733 final).</P>
<P class="p1189 ft23"><SPAN class="ft121">7.13</SPAN><SPAN class="ft162">Tillhandahållande av information och referensuppgifter för finansiella instrument</SPAN></P>
<P class="p1107 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om att information och referens- uppgifter för finansiella instrument ska lämnas till Europeiska värde- pappers- och marknadsmyndigheten i stället för till Finansinspek- tionen.</P>
<P class="p1190 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Skyldigheten i MiFIR för handelsplatser och systematiska internhandlare att tillhandahålla de behöriga myn- digheterna information som möjliggör identifikation av varje finan- siellt instrument som handlas på handelsplatsen eller via den system- atiska internhandlarens system kräver inte någon lagstiftningsåtgärd.</P>
<P class="p1191 ft4"><SPAN class="ft103">Utredningen </SPAN>behandlar inte frågorna. <SPAN class="ft103">Remissinstanserna </SPAN>tar inte upp frågorna.</P>
<P class="p748 ft103">Skälen för regeringens förslag och bedömning: <SPAN class="ft4">Enligt MiFIR (artikel 22.1) får de behöriga myndigheterna begära information från</SPAN></P>
<P class="p19 ft159">handelsplatser, <NOBR>APA-leverantörer</NOBR> och <NOBR>CTP-leverantörer</NOBR> (se defini-</P>
<P class="p596 ft2">345</P>
</DIV>
<DIV id="page_346">
<P class="p994 ft4">Prop. 2016/17:162 tionerna i artikel 2.1.34 och 2.1.35 och avsnitt 7.15) för att kunna göra beräkningar för att fastställa kraven på transparens före och efter handel</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">samt reglering av handelsskyldigheter som införs genom förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och för att avgöra om ett värdepappersföretag är en systematisk intern-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">handlare. De behöriga myndigheterna ska till Esma översända sådan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">information som Esma behöver för att utarbeta de månatliga rapporter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som bl.a. innehåller information om den totala <NOBR>EU-handelsvolymen</NOBR> per</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finansiellt instrument under de föregående tolv månaderna (artikel 22.3).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Handelsplatserna ska enligt MiFIR ge de behöriga myndigheterna de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">identifikationsuppgifter som krävs för transaktionsrapporteringen när det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller finansiella instrument som har tagits upp till handel på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknad eller handlas på en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">27.1 första stycket). När det gäller andra finansiella instrument som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">omfattas av kraven på transaktionsrapportering och som handlas via en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">systematisk internhandlares system, ska den systematiska internhand-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">laren ge sin behöriga myndighet identifikationsuppgifter för dessa instru-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ment (artikel 27.1 andra stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Identifikationsuppgifter ska färdigställas för inlämning till den be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">höriga myndigheten i elektronisk och standardiserad form innan handel</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">inleds med det finansiella instrument som uppgifterna avser (artikel 27.1</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tredje stycket). Referensuppgifterna för finansiella instrument ska upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dateras varje gång uppgifterna för ett finansiellt instrument ändras. De</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">behöriga myndigheterna ska utan dröjsmål översända dessa under-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rättelser till Esma som omedelbart ska offentliggöra dem på sin webb-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">plats. Esma ska ge de behöriga myndigheterna tillgång till dessa referens-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppgifter. Dessa regler har inte någon motsvarighet i MiFID I eller i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gällande svensk rätt. De reglerna, som är direkt tillämpliga, kräver därför</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ingen lagstiftningsåtgärd.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Finansinspektionen har genom avtal med Esma uppdragit åt Esma att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ta hand om nämnda information och referensuppgifter. Avtalet har in-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gåtts bl.a. i syfte att förkorta tiden mellan anmälan och offentliggörande.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Avtalet förutsätter att det är Esma som tar emot informationen och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">referensuppgifterna. Finansinspektionen har enligt MiFID II (artikel 67.2</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra stycket) möjlighet att delegera uppgifter till andra enheter som inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">får innefatta offentlig myndighetsutövning eller befogenhet att göra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">diskretionära bedömningar. Det avtal som Finansinspektionen har ingått</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med Esma reglerar inte förhållandet mellan Finansinspektionen och de</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">företag som omfattas av skyldigheten att tillhandahålla informationen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och referensuppgifterna (se artiklarna 22.1 och 27.1 i MiFIR). För att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avtalet mellan Esma och Finansinspektionen ska kunna tillämpas krävs</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">det därför att de berörda företagen ska vara skyldiga att lämna infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mationen och referensuppgifterna till Esma i stället för till Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tionen i enlighet med det som anges i MiFIR. Eftersom skyldigheten att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tillhandahålla informationen och referensuppgifterna regleras i en direkt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämplig <NOBR>EU-förordning</NOBR> är det lämpligt att den införs med stöd i lag.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Undantaget från de berörda reglerna i MiFIR förutsätter att det även i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">fortsättningen kommer att finnas ett sådant avtal mellan Esma och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Finansinspektion om att information och referensuppgifter ska lämnas till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Esma i stället för till Finansinspektionen. Det är emellertid inte lämpligt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att i lag ställa upp ett krav som går att uppfylla endast så länge det finns</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">346</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">ett avtal mellan Esma och Finansinspektionen. Regeringen eller den</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_347">
<P class="p19 ft4">myndighet som regeringen bestämmer bör därför få meddela föreskrifter Prop. 2016/17:162 om att sådan information och referensuppgifter ska lämnas till Esma.</P>
<P class="p540 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder när det gäller datastandarder och format för referensuppgifter för finansiella instrument och tekniska åtgärder för de arrangemang som ska inrättas av Europeiska värdepappers- och marknadsmyndigheten och de behöriga myndigheterna (C[2016] 4405 final).</P>
<P class="p1192 ft23"><SPAN class="ft121">7.14</SPAN><SPAN class="ft162">Särskilda regler för råvaruderivat och utsläppsrätter</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t149">
<TR>
<TD class="tr54 td191"><P class="p76 ft127">7.14.1</P></TD>
<TD class="tr54 td386"><P class="p39 ft129">Positionslimiter och positionshantering i</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr2 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td386"><P class="p39 ft129">råvaruderivat</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr29 td364"><P class="p23 ft13"> </P></TD>
<TD class="tr68 td158"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Regeringen eller, efter regeringens bemyndig-</P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">ande, Finansinspektionen får meddela föreskrifter som fastställer</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">kvantitativa tröskelvärden (positionslimiter) för den nettoposition som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">en fysisk eller juridisk person får inneha i råvaruderivat som handlas</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">på en handelsplats i Sverige och <NOBR>OTC-kontrakt</NOBR> som ekonomiskt mot-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">svarar dessa. Positionslimiterna ska fastställas enligt de beräknings-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">metoder som Europeiska värdepappers- och marknadsmyndigheten</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">har fastställt. Vid betydande förändringar ska positionslimiterna ses</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">över och nya positionslimiter fastställas.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">En lägre positionslimit ska få fastställas endast i undantagsfall. En</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">sådan limit ska gälla högst sex månader från beslutet, med möjlighet</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">till sex månaders förlängning.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">En <NOBR>icke-finansiell</NOBR> enhet ska, efter tillstånd av Finansinspektionen,</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">inte behöva tillämpa en positionslimit på positioner som på ett</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">objektivt mätbart sätt minskar risker som står i direkt samband med</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">enhetens affärsverksamhet.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">När samma råvaruderivat som handlas på en handelsplats i Sverige</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">handlas i betydande volymer på handelsplatser i andra länder inom</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">EES ska en gemensam positionslimit fastställas, om den största</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">andelen av handeln sker på en handelsplats här i landet, fatta beslut</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">om en gemensam positionslimit. Innan en gemensam positionslimit</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">fastställs ska samråd ske med de behöriga myndigheterna för handels-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">platserna i de andra länderna inom EES där råvaruderivatet handlas i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">betydande volymer.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">Ett värdepappersinstitut eller en börs som driver en handelsplats på</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">vilken råvaruderivat handlas ska tillämpa kontroller för positions-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">hantering som ger institutet eller börsen befogenhet att övervaka</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">öppna positioner, få tillgång till information och dokumentation av-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">seende storleken på och syftet med positionen, inklusive information</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">om verklig eller indirekt ägare till positionen, få tillgång till informa-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">tion och dokumentation om överenskommelser, och till vilka till-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">gångar eller skyldigheter som positionen hänför sig. Värdepappers-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">institutet eller börsen ska också kunna tvinga fram ett avslut eller en</P></TD>
<TD rowspan=2 class="tr45 td158"><P class="p20 ft2">347</P></TD>
</TR>
<TR>
<TD class="tr60 td191"><P class="p23 ft120"> </P></TD>
<TD class="tr60 td386"><P class="p23 ft120"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_348">
<DIV id="dimg1">
<INGENBILD zsrc="H403162348x1.jpg/" id="img1">
</DIV>
<DIV class="dclr"></DIV>
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">348</P>
</DIV>
<DIV id="id_2">
<P class="p1042 ft4">minskning av en position i råvaruderivat – permanent eller tillfälligt – och även kunna tvinga den som har en stor eller dominerande position att tillhandahålla likviditet till marknaden.</P>
<P class="p1193 ft42">Positionslimiter och kontroller för positionshantering ska vara transparenta och <NOBR>icke-diskriminerande.</NOBR></P>
<P class="p912 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att det i utredningens förslag inte krävs tillstånd från Finansinspektionen för att en <NOBR>icke-finansiell</NOBR> enhet ska få undanta positioner som på ett objektivt mätbart sätt minskar risker som står i direkt samband med enhetens affärsverksamhet vid tillämpningen av positionslimiter.</P>
<P class="p623 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att företag som önskar undantag från tillämpningen av positionslimiterna ska behöva tillstånd för det. <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> </SPAN><NOBR><SPAN class="ft3">AP-fonderna</SPAN></NOBR><SPAN class="ft3"> </SPAN>anser att <NOBR>AP-fondernas</NOBR> placeringsregler bör ändras med anledning av förslagen. <SPAN class="ft3">Nordic Growth Market NGM AB </SPAN>anser att definitionen av råvaruderivat i MiFIR är alltför vid.</P>
<P class="p623 ft4"><SPAN class="ft103">Skälen för regeringens förslag: </SPAN>Reglerna i MiFID II (artikel 57) om positionslimiter och kontroller av positionshantering i råvaruderivat har inte några motsvarigheter i MiFID I. Några motsvarande regler finns inte heller i gällande svensk rätt.</P>
<P class="p150 ft2">Regler om positionslimiter i råvaruderivat och hantering av sådana positioner som har införts i MiFID II (se skälen <NOBR>125–131)</NOBR> kom till efter en överenskommelse inom G20. Syftet med införande av limiter för posi- tioner i råvaruderivat är att komma tillrätta med alltför stor volatilitet i råvarupriserna, förhindra marknadsmissbruk, främja en ordnad pris- bildning och ordnade avvecklingsförhållanden samt främja integriteten på marknaden.</P>
<P class="p150 ft2">I MiFID II (artikel 4.1.50) definieras råvaruderivat genom en hänvis- ning av definitionen av samma term i MiFIR (artikel 2.1.30). I defini- tionen i MiFIR hänvisas till sådana derivatinstrument som anges i defini- tionskatalogen i MiFID II (artikel 4.1.44 c) eller i bilaga I punkterna 5, 6, 7 och 10 i avsnitt C) till det direktivet och som hänför sig till en råvara eller en sådan faktor som anges i samma bilaga. Vad som avses med råvara definieras således inte i MiFID II eller MiFIR. Det som avses kan således vara så skilda saker som t.ex. mineraler, fossila bränslen, el, spannmål och andra livsmedel.</P>
<P class="p573 ft2">Enligt MiFID II ska den behöriga myndigheten för varje råvaru- kontrakt fastställa och tillämpa limiter – i form av kvantitativa trösklar – för hur stor nettoposition i råvaruderivat som handlas på handelsplatser som en enskild person eller ett enskilt företag kan ha under en viss tidsperiod (artikel 57.1, 57.2 och 57.4). Limiterna ska även inbegripa ekonomiskt likvärdiga <NOBR>OTC-kontrakt.</NOBR> I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns detaljerade regler om de beräkningsmetoder som de behöriga myndigheterna ska tillämpa för att fastställa positionslimiter.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_349">
<DIV>
<DIV id="id_1">
<P class="p570 ft2">Positionslimiterna ska dock inte tillämpas på positioner som innehas av <NOBR>icke-finansiella</NOBR> företag och som har ett objektivt iakttagbart samband med säkring av risker (s.k. hedging) i innehavarens kommersiella verk- samhet, t.ex. elderivat relaterat till ett företags elförbrukning (artikel 57.1 andra stycket i MiFID II). Detta kräver dock att det <NOBR>icke-finansiella</NOBR> företaget ansöker om undantag hos Finansinspektionen.</P>
<P class="p1174 ft2">Den behöriga myndigheten ska se över positionslimiterna vid betyd- ande förändringar av underliggande levererbara tillgångar, förändringar avseende öppna kontrakt eller vid andra betydande förändringar på mark- naden (artikel 57.4 andra stycket). Den behöriga myndigheten ska även anmäla till Esma vilka positionslimiter som myndigheten avser att fast- ställa (artikel 57.5). Om Esma slår fast att en positionslimit inte överens- stämmer med beräkningsmetoden, ska Esma vidta åtgärder enligt Esma- förordningen (artikel 17). I ett sådant fall anses det således att den be- höriga myndigheten har agerat på ett sätt som kan innebära en över- trädelse av unionsrätten.</P>
<P class="p912 ft27">När samma råvaruderivat handlas i betydande volymer på handelsplatser i mer än en jurisdiktion, ska den behöriga myndigheten för den handelsplats där den största handelsvolymen sker (den centrala behöriga myndigheten) fastställa en gemensam positionslimit som ska tillämpas på all handel i det kontraktet (artikel 57.6 första stycket i MiFID II). Den centrala behöriga myndigheten ska samråda och samarbeta med de behöriga myndigheterna för andra handelsplatser där detta derivat handlas i betydande volymer. Om de behöriga myndigheterna inte är överens, ska de hänskjuta frågan till Esma för tvistlösning som kan vidta åtgärder enligt Esmaförordningen (artikel 19) om s.k. bindande medling. Bindande medling behandlas i avsnitt 13.4.2. De behöriga myndigheterna ska samarbeta för att övervaka att den gemensamma positionslimiten följs (artikel 57.6 andra stycket i MiFID II). Detta krav föranleder inte någon lagstiftningsåtgärd eftersom det omfattas av den skyldighet Finansinspektionen har att samarbeta och utbyta information med Esma och behöriga myndigheter i andra länder inom EES (23 kap. 5 § lagen om värdepappersmarknaden). Esma ska åtminstone en gång per år kontrollera hur de behöriga myndigheterna har genomfört den positions- limit som fastställts i enlighet med den beräkningsmetod som Esma tagit fram tekniska standarder om (artikel 57.7).</P>
<P class="p1194 ft2">Ett värdepappersföretag eller en marknadsoperatör som driver en handelsplats där råvaruderivat handlas ska ha vissa positionshanterings- kontroller för att kunna hantera positioner i råvaruderivat (artikel 57.8). Värdepappersföretaget eller marknadsoperatören ska se till att övervaka de positioner som personer eller företag har. De ska också ha tillgång till information om syftet med positionen, inklusive information om den slutlige ägaren, och till vilka tillgångar eller skyldigheter som derivat- positionen hänför sig. De ska även kunna tvinga fram en stängning eller minskning av en position i råvaruderivat, permanent eller tillfälligt, och ska även kunna tvinga den som har en stor eller dominerande position att tillhandahålla likviditet tillbaka till marknaden. Värdepappersföretaget eller marknadsoperatören ska tillhandahålla den behöriga myndigheten detaljerade uppgifter om dess positionshanteringskontroller och den behöriga myndigheten ska lämna informationen till Esma (artikel 57.10).</P>
<P class="p1195 ft42">Både de positionslimiter som den behöriga myndigheten har beslutat om och marknadsoperatörernas mekanismer för att kunna hantera posi-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">349</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_350">
<P class="p727 ft2">Prop. 2016/17:162 tioner ska vara transparenta och <NOBR>icke-diskriminerande</NOBR> samt vara utform- ade med hänsyn tagen till olika marknadsaktörer och hur de använder sig av råvaruderivaten (artikel 57.9 i MiFID II). Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final).</P>
<P class="p1020 ft2">En behörig myndighet får i undantagsfall besluta om lägre posi- tionslimiter under förutsättning att begränsningarna är objektivt motive- rade och proportionella med beaktande av likviditeten på den specifika marknaden och ett ordnat funktionssätt på den marknaden (artikel 57.13 i MiFID II). Det bör förstås så att en behörig myndighet i sådana fall inte behöver tillämpa de kriterier som följer av rättsakter som har antagits av kommissionen. Sådana lägre positionslimiter ska offentliggöras på den behöriga myndighetens webbplats och vara giltiga högst sex månader från offentliggörandet, med möjlighet till ytterligare sex månaders förlängning åt gången. Om en behörig myndighet har fattat beslut om lägre positionslimiter, ska den underrätta Esma och motivera sitt beslut.</P>
<P class="p580 ft2">Reglerna i MiFID II (artikel 57) om gränser för positioner och posi- tionshantering i råvaruderivat bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden. I enlighet med direk- tivet ska den behöriga myndigheten fastställa positionslimiter enligt de beräkningsmetoder som Esma har fastställt. Den behöriga myndigheten ska även i undantagsfall kunna fastställa lägre positionslimiter än de som följer av de beräkningsmetoder som Esma har fastställt samt fastställa en gemensam positionslimit inom EES i vissa fall. Sådana positionslimiter bör fastställas i föreskriftsform. Regeringen eller, efter regeringens bemyndigande, Finansinspektionen bör därför få meddela föreskrifter som fastställer kvantitativa tröskelvärden (positionslimiter).</P>
<P class="p580 ft2">Regeringen instämmer med <SPAN class="ft3">Finansinspektionen </SPAN>att det i lagen bör anges ett uttryckligt krav på tillstånd för att en <NOBR>icke-finansiell</NOBR> enhet inte ska behöva tillämpa en positionsbegränsning på positioner som på ett objektivt mätbart sätt minskar risker som står i direkt samband med enhetens affärsverksamhet (artikel 57.1 andra stycket i MiFID II). Hur ansökan om ett sådant undantag ska göras preciseras i kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tek- niska tillsynsstandarder för tillämpning av positionslimiter för råvaru- derivat (C[2016] 4362 final).</P>
<P class="p1020 ft2">Beträffande synpunkten från <SPAN class="ft3">Nordic Growth Market NGM AB </SPAN>att defi- nitionen av råvaruderivat i MiFIR (artikel 2.1.30) är alltför vid konsta- terar regeringen endast att MiFIR är en direkt tillämplig <NOBR>EU-förordning</NOBR> och att det därför inte finns någon möjlighet att inom tillämpningsom- rådet för den förordningen eller MiFID II göra någon avgränsning av definitionen.</P>
<P class="p1060 ft4"><NOBR><SPAN class="ft45">Första–Fjärde</SPAN></NOBR><SPAN class="ft45"> </SPAN><NOBR><SPAN class="ft45">AP-fonderna</SPAN></NOBR><SPAN class="ft45"> </SPAN>anser att <NOBR>AP-fondernas</NOBR> placeringsregler bör ändras med anledning av förslagen. Regeringen konstaterar att AP- fondernas placeringsregler inte är en fråga som bör behandlas inom ramen för det förevarande lagstiftningsärendet.</P>
<P class="p354 ft2">350</P>
</DIV>
<DIV id="page_351">
<DIV id="dimg1">
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</DIV>
<DIV>
<DIV id="id_1">
<P class="p1196 ft131"><SPAN class="ft127">7.14.2</SPAN><SPAN class="ft163">Rapportering av positioner i råvaruderivat och utsläppsrätter</SPAN></P>
<P class="p1197 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En börs eller ett värdepappersinstitut som driver en handelsplats på vilken råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter handlas, ska varje vecka offentliggöra en rapport över positioner i de finansiella instrumenten samt skicka rapporten till Finansinspektionen och Europeiska värdepappers- och marknadsmyndigheten. Det införs krav på vad rapporten ska omfatta och när skyldigheten att offentliggöra rapporten uppstår. Vidare införs krav på daglig rapportering till Finansinspektionen. Personer som har positioner i sådana finansiella instrument ska delas in i olika kategorier.</P>
<P class="p1198 ft2">Den som deltar i handeln på handelsplats på vilken råvaruderivat, utsläppsrätter eller derivat hänförliga till utsläppsrätter handlas, ska till den börs eller det värdepappersinstitut som driver handelsplatsen, dag- ligen rapportera egna och kunders positioner.</P>
<P class="p1199 ft2">Ett värdepappersinstitut som utanför en handelsplats handlar med dessa finansiella instrument på en handelsplats i Sverige, ska dagligen till Finansinspektionen eller, i förekommande fall, den behöriga myndighet i ett annat land inom EES som har beslutat om en gemensam positionslimit för det finansiella instrumentet, lämna mer detaljerad information om institutets, kundernas och slutkundernas positioner i sådana instrument. Motsvarande krav ska gälla även när ett svenskt värdepappersinstitut som utanför en handelsplats handlar med sådana finansiella instrument som handlas på en handelsplats i ett annat land inom EES.</P>
<P class="p1200 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p406 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Ett värdepappersföretag eller en marknadsoperatör som driver en handelsplats där det handlas med råvaruderivat, utsläppsrätter eller derivatinstrument hänförliga till utsläpps- rätter, ska enligt MiFID II (artikel 58.1 a) varje vecka offentliggöra en rapport över positioner i de aktuella finansiella instrumenten. Rapporten ska innehålla uppgifter om antalet långa och korta positioner per kategori innehavare, förändringar sedan föregående rapport, procentandel av öppna intressen som innehas av en viss innehavarkategori och hur många innehavare som ingår i varje kategori (artikel 58.4 andra stycket). I rapporten ska det gå att särskilja positioner som på ett objektivt mätbart sätt minskar de risker som direkt hör samman med affärsverksamhet och andra positioner (artikel 58.4 tredje stycket). Skyldigheten att publicera en sådan rapport gäller om antalet positioner och innehavare överstiger vissa tröskelvärden (artikel 58.1 andra stycket). Rapporten ska skickas till den behöriga myndigheten och till Esma. Den som driver handelsplatsen ska även åtminstone dagligen tillhandahålla den behöriga myndigheten mer detaljerad information där positionerna per innehavare framgår (artikel 58.1 b). För denna dagliga rapportering gäller dock inga tröskelvärden.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">351</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_352">
<P class="p1201 ft2">Prop. 2016/17:162 Värdepappersföretaget eller marknadsoperatören ska enligt MiFID II dela in de personer som innehar positioner i ett råvaruderivat eller en ut- släppsrätt eller derivat hänförliga till utsläppsrätter i olika kategorier (artikel 58.4 första stycket). Indelningen av innehavare i kategorier ska utgå från om innehavaren är ett värdepappersföretag, ett kreditinstitut, en värdepappersfond, en <NOBR>AIF-förvaltare,</NOBR> ett annat finansiellt företag inklu- sive försäkringsföretag, återförsäkringsföretag och tjänstepensions- institut, ett kommersiellt företag eller operatörer med skyldighet till regelefterlevnad enligt Europaparlamentets och rådets direktiv 2003/87/EG om ett system för handel med utsläppsrätter för växthus- gaser inom gemenskapen.</P>
<P class="p1202 ft2">Ett värdepappersföretag som handlar med råvaruderivat eller utsläpps- rätter eller derivat hänförliga till utsläppsrätter utanför en handelsplats ska åtminstone dagligen lämna en fullständig redovisning av sina egna och sina kunders positioner till den behöriga myndigheten (artikel 58.2 i MiFID II). Om ett värdepappersinstitut som utanför en handelsplats handlar med råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter som handlas på en handelsplats i Sverige ska den dagliga redovisningen ske till Finansinspektionen, eller i förekommande fall, den behöriga myndigheten i ett annat land inom EES som har beslutat om en gemensam positionslimit för det finansiella instrumentet. Motsvarande skyldighet att dagligen redovisa positioner gäller för ett svenskt värde- pappersinstitut som utanför en handelsplats handlar med sådana instru- ment som handlas på en handelsplats i ett annat land inom EES. Redo- visningen ska i dessa fall ske till den behöriga myndigheten i det landet eller, i förekommande fall, den behöriga myndigheten som har beslutat om en gemensam positionslimit för det finansiella instrumentet.</P>
<P class="p1203 ft4">Den som deltar i handeln på en handelsplats ska dagligen rapportera egna och kunders positioner till värdepappersföretaget eller marknadsope- ratören. Med kunder avses i detta sammanhang slutkunder (artikel 58.3).</P>
<P class="p1204 ft2">Reglerna i MiFID II om rapportering av positioner i råvaruderivat och utsläppsrätter bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p1205 ft4">Regler om format för rapporter och åtgärder för att kräva att rapport- erna skickas till Esma varje vecka kommer att specificeras i kommis- sionens delegerade förordning (EU) avseende tekniska standarder för tillsyn. Detaljerade regler om tröskelvärden finns i den delegerade förordningen till MiFID II (artikel 83).</P>
<TABLE cellpadding=0 cellspacing=0 class="t150">
<TR>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td213"><P class="p275 ft21">7.15</P></TD>
<TD class="tr47 td334"><P class="p23 ft21">Datarapporteringstjänster</P></TD>
</TR>
<TR>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td213"><P class="p275 ft129">7.15.1</P></TD>
<TD class="tr47 td334"><P class="p23 ft129">Nya krav på tillståndsplikt för tjänster</P></TD>
</TR>
<TR>
<TD class="tr42 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td247"><P class="p275 ft2">I MiFID II (artiklarna <NOBR>59–66)</NOBR> finns det regler om tillståndsplikt för att</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">utföra vissa datarapporteringstjänster. Denna typ av tjänster är inte till-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">ståndspliktiga i dag och reglerna i direktivet har inte någon motsvarighet</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td213"><P class="p275 ft2">i MiFID I.</P></TD>
<TD class="tr26 td334"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p274 ft2">I MiFID II (artikel <NOBR>4.1.52–4.1.54)</NOBR> betecknas företag som utför sådana</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">tjänster godkänt publiceringsarrangemang eller APA (i den engelska</P></TD>
</TR>
<TR>
<TD class="tr24 td148"><P class="p20 ft2">352</P></TD>
<TD colspan=2 class="tr24 td247"><P class="p275 ft2">språkversionen anges approved publication arrangement), tillhanda-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_353">
<DIV id="dimg1">
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</DIV>
<P class="p1129 ft4">hållare av konsoliderad handelsinformation eller CTP (consolidated tape Prop. 2016/17:162 provider) eller godkänd rapporteringsmekanism eller ARM (approved</P>
<P class="p1006 ft2">reporting mechanism). I denna proposition benämns de <NOBR>APA-leverantör,</NOBR> <NOBR>CTP-leverantör</NOBR> respektive <NOBR>ARM-leverantör.</NOBR></P>
<P class="p1133 ft2">I MiFID II införs krav på tillståndsplikt och reglering av dessa datarapporteringstjänster för att säkerställa en tillräcklig kvalitetsnivå på tillhandahållandet av centrala marknadsdatatjänster (skäl 115). Sådana tjänster är av avgörande betydelse för att användare ska kunna få önskad överblick över handelsverksamhet på unionens finansmarknader, och för att behöriga myndigheter ska kunna få exakt och övergripande infor- mation om relevanta transaktioner. Införandet av <NOBR>APA-leverantörer</NOBR> syftar till att förbättra kvaliteten på information som ger handelstranspa- rens och som offentliggörs vid <NOBR>OTC-handel</NOBR> och ska bidra till att säker- ställa att sådana data offentliggörs på ett sätt som underlättar konsolide- ringen av dessa data med data som offentliggörs av handelsplatser (skäl 116). Eftersom marknadsstrukturen möjliggör konkurrens mellan flera handelsplatser införs en heltäckande lösning för konsoliderad handels- information. En kommersiell lösning för konsoliderad handelsinfor- mation för aktier och aktieliknande finansiella instrument ska bidra till skapandet av en mer integrerad europeisk marknad och göra det lättare för marknadsdeltagare att få tillgång till en konsoliderad översikt över tillgänglig information som ger handelstransparens. Krav på tillstånds- plikt för leverantörer som driver verksamhet i enlighet med fördefini- erade och övervakade parametrar som konkurrerar med varandra för att leverera i tekniskt hänseende i hög grad sofistikerade och innovativa lösningar, tjänar marknaden och säkerställer att det tillhandahålls enhet- lig och korrekt marknadsdata. Genom att kräva att alla <NOBR>CTP-leverantörer</NOBR> ska konsolidera data från alla <NOBR>APA-leverantörer</NOBR> och handelsplatser ska det säkerställas att konkurrensen sker genom kundservice och inte genom uppgifternas omfattning (skäl 117).</P>
<P class="p1206 ft129"><SPAN class="ft127">7.15.2</SPAN><SPAN class="ft161">De tillståndspliktiga tjänsterna</SPAN></P>
<P class="p1004 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Definitioner av det som avses med leverantörer av datarapporteringstjänster, godkänt publiceringsarrangemang <NOBR>(APA-leveran-</NOBR> tör), tillhandahållare av konsoliderad handelsinformation <NOBR>(CTP-leverantör)</NOBR> och godkänd rapporteringsmekanism <NOBR>(ARM-leverantör)</NOBR> tas in i lagen om värdepappersmarknaden.</P>
<P class="p1005 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p1207 ft2">det.</P>
<P class="p1208 ft25">Skälen för regeringens förslag</P>
<P class="p1209 ft3">Definition av leverantör av datarapporteringstjänster</P>
<P class="p1210 ft4">I MiFID II (artikel 4.1.63) finns det en definition av leverantör av data- rapporteringstjänster. Det som avses är <NOBR>APA-leverantörer,</NOBR> <NOBR>CTP-leveran-</NOBR> törer och <NOBR>ARM-leverantörer.</NOBR> En motsvarande definition bör införas i</P>
<P class="p1000 ft145">lagen om värdepappersmarknaden.</P>
<P class="p1135 ft2">353</P>
</DIV>
<DIV id="page_354">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">354</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft3">Tillhandahållare av ett godkänt publiceringsarrangemang</P>
<P class="p1175 ft2">Ett godkänt publiceringsarrangemang <NOBR>(APA-leverantör)</NOBR> (på engelska approved publication arrangement) definieras i MiFID II (artikel 4.1.52) som en person som har tillstånd enligt direktivet att tillhandahålla tjänst- en att för ett värdepappersföretags räkning offentliggöra transaktioner enligt MiFIR.</P>
<P class="p506 ft2">Reglerna i MiFIR (artiklarna 20 och 21) om offentliggörande av trans- aktioner behandlas i avsnitt 7.10. De innebär att ett värdepappersföretag ska offentliggöra information om transaktioner som företaget antingen för egen eller för kunders räkning genomför på en handelsplats. Infor- mationen ska tillhandahållas separat och på rimliga affärsmässiga villkor. Den som tillhandahåller datarapporteringstjänsten godkänt publicerings- arrangemang offentliggör alltså information efter handeln för ett värde- pappersinstituts räkning.</P>
<P class="p302 ft4">En definition av godkänt publiceringsarrangemang som motsvarar den i MiFID II bör föras in i lagen om värdepappersmarknaden.</P>
<P class="p354 ft3">Tillhandahållare av konsoliderad handelsinformation</P>
<P class="p1188 ft2">Redan genom MiFID I blev det möjligt att handla samma finansiella instrument på flera olika handelsplatser. En aktie som är upptagen till handel på en reglerad marknad kan således handlas på en annan reglerad marknad och på en <NOBR>MTF-plattform.</NOBR> Det finns inget som hindrar att de olika handelsplatserna finns i olika länder inom EES. Denna möjlighet har lett till en fragmentisering av handeln och för att få en korrekt bild av pris, tillgång och efterfrågan måste en investerare ha tillgång till informa- tion om transaktioner på flera olika handelsplatser. En tillhandahållare av konsoliderad handelsinformation <NOBR>(CTP-leverantör)</NOBR> (på engelska consoli- dated tape provider) tillhandahåller en samlad bild av transaktioner från flera olika handelsplatser, vilket underlättar för marknadsaktörer att få tillgång till relevant information (se skäl 117 till MiFID II).</P>
<P class="p1113 ft2">Med tillhandahållare av konsoliderad handelsinformation <NOBR>(CTP-leve-</NOBR> rantör) avses i MiFID II (artikel 4.1.53) en person som har tillstånd enligt direktivet att samla in rapporter om handeln med de finansiella instru- ment som ska lämnas enligt MiFIR (artiklarna 6, 7, 10, 12, 13, 20 och 21) från reglerade marknader, <NOBR>MTF-plattformar,</NOBR> <NOBR>OTF-plattformar</NOBR> och <NOBR>APA-leverantör</NOBR> samt konsolidera dem till ett kontinuerligt elektroniskt informationsflöde med uppgifter om priser och volym per finansiellt instrument.</P>
<P class="p1113 ft4">En definition av tillhandahållare av konsoliderad handelsinformation som motsvarar den i MiFID II bör föras in i lagen om värdepappers- marknaden.</P>
<P class="p354 ft3">Tillhandahållare av en godkänd rapporteringsmekanism</P>
<P class="p1211 ft4">Med en godkänd rapporteringsmekanism <NOBR>(ARM-leverantör)</NOBR> (på engelska approved reporting mechanism) avses i MiFID II (artikel 4.1.54) en person som har tillstånd enligt direktivet att tillhandahålla tjänsten att för ett värdepappersföretags räkning rapportera uppgifter om transaktioner till behöriga myndigheter eller Esma. Den rapportering som avses är huvud- sakligen transaktionsrapportering enligt MiFIR (se avsnitt 7.10).</P>
</DIV>
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<P class="p747 ft42">En definition av godkänd rapporteringsmekanism som motsvarar den i Prop. 2016/17:162 MiFID II bör föras in i lagen om värdepappersmarknaden.</P>
<P class="p1091 ft129"><SPAN class="ft127">7.15.3</SPAN><SPAN class="ft161">Tillstånd – gemensamma krav</SPAN></P>
<P class="p1125 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska ge ett svenskt aktiebolag tillstånd att tillhandahålla datarapporteringstjänster, om</P>
<P class="p1115 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">det finns skäl att anta att verksamheten kommer att drivas enligt bestämmelserna i lagen om värdepappersmarknaden och andra författ- ningar som reglerar bolagets verksamhet,</SPAN></P>
<P class="p1115 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">den som ska vara verkställande direktör och ingå i styrelsen för bolaget samt styrelsen i dess helhet har tillräcklig insikt och erfarenhet för att delta i ledningen av bolaget och även i övrigt är lämplig för en sådan uppgift, och</SPAN></P>
<P class="p1212 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft48">bolaget uppfyller de villkor i övrigt som anges i lagen om värde- pappersmarknaden.</SPAN></P>
<P class="p1213 ft4">Ett tillstånd får avse en eller flera datarapporteringstjänster. Tillstånd behövs dock inte för en börs eller ett svenskt värdepap-</P>
<P class="p1214 ft2">persinstitut som har tillstånd att driva en handelsplats om börsen eller institutet uppfyller kraven för tillstånd att utföra datarapporterings- tjänster.</P>
<P class="p1215 ft2">En ansökan ska innehålla en verksamhetsplan. Tillståndet ska återkallas om bolaget</P>
<P class="p1115 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft48">har fått tillståndet genom att lämna falska uppgifter eller på något annat otillbörligt sätt,</SPAN></P>
<P class="p1115 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft40">inte inom ett år från det att tillstånd beviljades har börjat driva sådan verksamhet som tillståndet avser,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft40">har förklarat sig avstå från tillståndet,</SPAN></P>
<P class="p1115 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft77">inte har tillhandahållit någon datarapporteringstjänst under de före- gående sex månaderna,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft40">inte längre uppfyller kraven för tillståndet, eller</SPAN></P>
<P class="p1115 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft40">allvarligt och systematiskt har brutit mot bestämmelser i lagen om värdepappersmarknaden.</SPAN></P>
<P class="p1126 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Kravet att behöriga myndigheter ska föra register över leverantörer av datarapporteringstjänster och anmäla till- stånd till Europeiska värdepappers- och marknadsmyndigheten bör tillgodoses genom föreskrifter på förordningsnivå.</P>
<P class="p1022 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer delvis med regeringens förslag och bedömning. Utredningens förslag avviker från regeringens förslag genom att utredningens förslag innebär att endast värdepappersbolag med tillstånd att driva en handelsplats kan få tillstånd att utföra data- rapporteringstjänster. Utredningen föreslår inte heller något undantag från kravet på tillstånd för en börs eller ett svenskt värdepappersinstitut som har tillstånd att driva en handelsplats. Utredningen gör inte någon bedömning när det gäller skyldigheten för behöriga myndigheter att föra register över leverantörer av datarapporteringstjänster och anmäla till- stånd till Esma.</P>
<P class="p369 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft14">det.</P>
<P class="p596 ft2">355</P>
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<P class="p727 ft2">Prop. 2016/17:162 <SPAN class="ft25">Promemorians förslag och bedömning </SPAN>överensstämmer delvis med regeringens förslag och bedömning. I promemorian föreslås att regeringen eller den myndighet som regeringen bestämmer ska få med- dela föreskrifter om vilka krav som ska ställas på styrelsen för en leve- rantör av datarapporteringstjänster och på den som ska ingå i styrelsen eller vara dess verkställande direktör, eller ersättare för någon av dem.</P>
<P class="p580 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har inget att invända mot dem. <SPAN class="ft45">Nasdaq Stockholm AB </SPAN>framhåller att det är viktigt att värdepappersbolag har samma möjlighet som motsvarande bolag i andra länder inom EES att utföra datarapporteringstjänster. <SPAN class="ft45">Fond- bolagens förening </SPAN>anser att det inte är lämpligt att ge generella bemyn- diganden att införa Esmas riktlinjer i bindande föreskrifter.</P>
<P class="p1140 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1169 ft3">Tillstånd för och register över leverantörer av datarapporteringstjänster</P>
<P class="p936 ft2">För alla tre datarapporteringstjänster som regleras i MiFID II gäller att den som tillhandahåller tjänsten som en regelmässig verksamhet måste ha tillstånd för verksamheten och stå under tillsyn av den behöriga myndigheten i sin hemmedlemsstat (artikel 59.1 och 59.4). För samtliga datarapporteringstjänster bör det därför krävas att den som tillhandahåller tjänsten som en regelmässig verksamhet måste ha tillstånd från Finans- inspektionen för sådan verksamhet. Tillstånd bör få ges endast till juridiska personer. På motsvarande sätt som när det gäller tillstånd att driva värdepappersrörelse bör tillstånd få ges bara till aktiebolag.</P>
<P class="p1020 ft2">Enligt MiFID II ska medlemsstaterna dock tillåta att ett värdepappers- företag eller en marknadsoperatör som driver en handelsplats utför data- rapporteringstjänster utan något krav på tillstånd, förutsatt att det först kontrolleras att företaget uppfyller de krav som ställs upp i direktivet för sådan verksamhet (artikel 59.2). En sådan tjänst ska i så fall inkluderas i företagets tillstånd som värdepappersföretag eller marknadsoperatör.</P>
<P class="p654 ft4">Ett tillstånd för att tillhandahålla datarapporteringstjänster gäller inom hela EES utan något särskilt underrättelseförfarande (artikel 60).</P>
<P class="p576 ft2">Utredningens förslag innebär att endast värdepappersbolag med till- stånd att driva en handelsplats ska kunna få tillstånd att som sidoverk- samhet utföra datarapporteringstjänster. Förutsättningen att ett värdepap- persbolag ska driva en handelsplats för att få utföra datarapporterings- tjänster bör enligt regeringens uppfattning gälla enbart beträffande undantaget i MiFID II från krav på särskilt tillstånd (artikel 59.2). Det bör således vara möjligt för alla värdepappersbolag att få tillstånd att ut- föra datarapporteringstjänster. För en börs eller för ett värdepappers- institut som har tillstånd att driva en handelsplats bör det dock inte kräv- as något särskilt tillstånd, om Finansinspektionen först har kontrollerat att företaget uppfyller kraven för att utföra sådana tjänster. Enligt gällande svensk rätt kan en börs antingen vara ett aktiebolag eller en ekonomisk förening (12 kap. 2 § lagen om värdepappersmarknaden). Ovan föreslås att tillstånd att tillhandahålla datarapporteringstjänster ska få ges bara till aktiebolag. En börs som uppfyller kraven för att utföra sådana tjänster utan något särskilt tillstånd bör dock få göra det oavsett om den är ett aktiebolag eller en ekonomisk förening.</P>
<P class="p946 ft2">356</P>
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<P class="p181 ft2">Medlemsstaterna ska föra ett register över alla som har fått tillstånd att tillhandahålla datarapporteringstjänster och underrätta Esma, som i sin tur ska föra en motsvarande förteckning över alla leverantörer av data- rapporteringstjänster i unionen (artikel 59.3 i MiFID II). När en behörig myndighet har återkallat ett tillstånd, ska denna återkallelse synas i för- teckningen i fem år. Regeringen anser att reglerna om att den behöriga myndigheten ska föra register över leverantörer av datarapporterings- tjänster och underrätta Esma om tillstånd och återkallelser av tillstånd bör genomföras i svensk rätt genom föreskrifter på förordningsnivå.</P>
<P class="p432 ft4">Reglerna i MiFID II om krav på tillstånd och undantag från krav på tillstånd bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden (artiklarna 59 och 60).</P>
<P class="p354 ft3">Processen för att bevilja eller återkalla tillstånd</P>
<P class="p1216 ft2">Tillstånd för att tillhandahålla datarapporteringstjänster ska enligt MiFID II beviljas bara om den behöriga myndigheten anser att sökanden uppfyller kraven för tillstånd (artikel 61.1). Förutsättningarna för tillstånd är att det finns skäl att anta att verksamheten kommer att drivas enligt bestämmelserna i lagen om värdepappersmarknaden och andra författ- ningar som reglerar bolagets verksamhet, att den som ska vara verk- ställande direktör och ingå i styrelsen för bolaget samt styrelsen i dess helhet har tillräcklig insikt och erfarenhet för att delta i ledningen av bolaget och även i övrigt är lämplig för en sådan uppgift och att bolaget uppfyller de villkor i övrigt som anges i lagen om värdepappersmark- naden. Sökanden måste tillhandahålla den information om sin verk- samhet och sin organisatoriska struktur som krävs för att den behöriga myndigheten ska kunna bedöma huruvida kraven är uppfyllda (artikel 61.2). En ansökan ska innehålla en verksamhetsplan. Sökanden ska inom sex månader efter det att en fullständig ansökan har lämnats in underrättas om tillstånd har beviljats eller inte (artikel 61.3).</P>
<P class="p1094 ft2">Detaljerade regler om vilken information som ska lämnas i en ansökan om tillstånd finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller auktori- sation, organisatoriska krav och publicering av transaktioner för leveran- törer av datarapporteringstjänster (C[2016] 3201 final).</P>
<P class="p164 ft2">Ett tillstånd att tillhandahålla datarapporteringstjänster ska återkallas om ett bolag inte utnyttjar det inom tolv månader, uttryckligen avstår från det eller inte har tillhandahållit några datarapporteringstjänster under de föregående sex månaderna (artikel 62 a). Att ett bolag inte utnyttjar tillståndet inom tolv månader får förstås så att tiden i dessa fall räknas från det att bolaget fick tillstånd. När det gäller återkallelse av tillstånd för att bolaget inte har tillhandahållit några tjänster under sex månader har denna tidsfrist inget samband med den tidpunkt när tillståndet bevil- jades utan kan inträffa när som helst. Medlemsstaterna får, i stället för regler om återkallelse, reglera detta så att tillståndet förfaller i dessa fall. Tillståndet ska också återkallas om bolaget har fått det genom att lämna falska uppgifter eller på något annat otillbörligt sätt, om bolaget inte längre uppfyller kraven för tillstånd eller om bolaget allvarligt och syste-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">357</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_358">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">358</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">matiskt har brutit mot bestämmelser i MiFID II eller MiFIR (artikel 62 <NOBR>b–d</NOBR> i MiFID II).</P>
<P class="p332 ft4">Reglerna i MiFID II (artiklarna 61 och 62) om ansökan om tillstånd, beviljande av tillstånd och om återkallelse av tillstånd bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmark- naden.</P>
<P class="p167 ft3">Lämplighetskrav för ledningsorganet</P>
<P class="p1175 ft2">Enligt MiFID II ska medlemmarna i ledningsorganet i ett bolag som till- handahåller datarapporteringstjänster och ledningsorganet som helhet ha tillräckligt god vandel och tillräckliga kunskaper, färdigheter och erfaren- heter samt avsätta tillräckligt med tid för att leda bolaget i fråga (artikel 63.1 första och andra styckena). Medlemmarna i ledningsorganet ska också agera hederligt, med integritet och oberoende så att de kan ifråga- sätta beslut av personer i ledande befattning och övervaka ledningens beslutsfattande (artikel 63.1 andra stycket). Om en marknadsoperatör ansöker om auktorisation att tillhandahålla datarapporteringstjänster, ska medlemmarna i ledningsorganet anses uppfylla kraven om det är samma personer som är medlemmar i ledningsorganet i den reglerade marknaden (artikel 63.1 tredje stycket).</P>
<P class="p1113 ft2">Termen ledningsorgan förekommer på flera ställen i MiFID II. I den definition som finns i direktivet anges att ett ledningsorgan är ett eller flera organ i ett värdepappersföretag eller hos en marknadsoperatör eller en leverantör av datarapporteringstjänster som utses enligt nationell rätt och som har bemyndigats att fastställa enhetens strategi, mål och all- männa inriktning samt som kontrollerar och övervakar ledningens be- slutsfattande och omfattar de personer som i praktiken leder enhetens verksamhet (artikel 4.1.36). Definitionen av ledningsorgan ska också ses i ljuset av det som i direktivet definieras som personer i ledande befatt- ning (artikel 4.1.37). Med personer i ledande befattning avses de fysiska personer som utövar verkställande uppgifter i ett värdepappersföretag, hos en marknadsoperatör eller en leverantör av datarapporteringstjänster och som är ansvariga och kan ställas till svars inför ledningsorganet för den dagliga ledningen av enheten, inbegripet genomförandet av strategier avseende företagets och dess personals distribution av tjänster och produkter. Där det i den svenska språkversionen av MiFID II anges marknadsplatsaktör anges det i den engelska språkversionen market operator (artikel 4.1.36 och 4.1.37). Det som avses bör således i den svenska språkversionen rätteligen vara marknadsoperatör.</P>
<P class="p1177 ft2">Den i MiFID II angivna personkretsen är beskriven på samma sätt som i reglerna om ledningsprövning i flera andra <NOBR>EU-rättsakter</NOBR> på finans- marknadsområdet och det är därför rimligt att utgå från samma krets. Frågan om vilken personkrets som är föremål för ledningsprövning har behandlats i flera tidigare lagstiftningsärenden (se t.ex. prop. 2013/14:228 s. 166 f.). Där anges att enligt 8 kap. 27 och 29 §§ aktie- bolagslagen (2005:551) ska den verkställande direktören utses av styrel- sen och sköta den löpande förvaltningen enligt styrelsens riktlinjer och anvisningar. Den verkställande direktören är med andra ord underställd styrelsen. Med ledningsorgan bör primärt avses styrelsen. Emellertid är <NOBR>EU-rättsakter</NOBR> utformade för att tillämpas inom hela EU och således i</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_359">
<P class="p186 ft4">länder med mycket skiftande bolagsrättsliga traditioner, vilket innebär att Prop. 2016/17:162 reglerna om ledningsorgan i vissa fall får anses ta sikte på såväl styrelsen</P>
<P class="p113 ft2">som den verkställande direktören. I enlighet med svensk lagstiftnings- tradition bör det därför i varje särskilt fall anges om det är styrelsen eller styrelsen och verkställande direktören som omfattas av respektive be- stämmelse. Likaså avses med styrelsen respektive verkställande direktör inte ersättare för dessa, om det inte särskilt anges (se t.ex. 3 kap. 2 § lagen om bank- och finansieringsrörelse). I svensk kontext kan således den personkrets som kan träffas av nu aktuella bestämmelser utgöras av ledamöterna i styrelsen, den verkställande direktören och ersättare för dessa. Det bör i svensk rätt för varje särskilt fall uttryckligen framgå vilka kategorier som avses (se även avsnitt 12.2.1).</P>
<P class="p429 ft2">Reglerna i MiFID II (artikel 63) om lämplighetskrav på lednings- organet i en leverantör av datarapporteringstjänster bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmark- naden. Begreppet ledningsorgan bör i detta sammanhang avse den som ska vara verkställande direktör och ingå i styrelsen för bolaget samt styrelsen i dess helhet.</P>
<P class="p429 ft4">Den behöriga myndigheten ska vägra att bevilja tillstånd, och även återkalla tillstånd, om kraven på ledningsorganet inte är uppfyllda.</P>
<P class="p264 ft2">Esma ska utarbeta riktlinjer för bedömningen av lämpligheten hos medlemmarna i ledningsorganet (se artikel 63.2 i MiFID II). I promemorian föreslås ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om bedömningen av lämpligheten av styrelsen i leverantörer av data- rapporteringstjänster samt styrelseledamöterna och verkställande direktören, och ersättare för någon av dem. <SPAN class="ft3">Fondbolagens förening </SPAN>anser att det inte är lämpligt att ge generella bemyndiganden i lag till behörig myndighet att införa Esmas riktlinjer i bindande föreskrifter. Regeringen anser att det ibland finns skäl som motiverar att Esmas riktlinjer införs i bindande föreskrifter (se avsnitt 5.1). Det är emellertid en bedömning som måste göras i det enskilda fallet. Enligt regeringens uppfattning har det inte framkommit tillräckliga skäl att införa de nu aktuella riktlinjerna i bindande föreskrifter.</P>
<P class="p1217 ft3">Övriga krav på ledningsorganet</P>
<P class="p943 ft2">Ett bolag som tillhandahåller datarapporteringstjänster ska informera den behöriga myndigheten om ändringar i ledningsorganets sammansättning och tillhandahålla information så att myndigheten kan bedöma om kraven på ledningsorganet fortfarande är uppfyllda (artikel 63.3 i MiFID II). Ledningsorganet i en leverantör av datarapporteringstjänster ska fastställa och övervaka bolagets styrningssystem och organisation och säkerställa en effektiv och ansvarsfull ledning av bolaget, att åtskill- naden mellan olika funktioner är tillräcklig och att intressekonflikter kan förhindras (artikel 63.4). Dessa krav behandlas i avsnitten 12.2.4 och 12.2.3).</P>
<P class="p1218 ft2">359</P>
</DIV>
<DIV id="page_360">
<TABLE cellpadding=0 cellspacing=0 class="t151">
<TR>
<TD class="tr54 td42"><P class="p96 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr54 td132"><P class="p687 ft127">7.15.4</P></TD>
<TD class="tr54 td317"><P class="p73 ft129">Tillhandahållare av ett godkänt</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td132"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td317"><P class="p73 ft129">publiceringsarrangemang <NOBR>(APA-leverantör)</NOBR></P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En <NOBR>APA-leverantör</NOBR> ska ha adekvata strategier</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">och arrangemang för att kunna säkerställa att information offentlig-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">görs så nära realtid som möjligt på affärsmässigt rimliga villkor. Infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">mationen ska vara tillgänglig kostnadsfritt 15 minuter efter det att den</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">har offentliggjorts första gången. Informationen ska tillhandahållas i</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">ett format som underlättar en sammanföring av informationen.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">En <NOBR>APA-leverantör</NOBR> ska ha system som kan kontrollera att</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">handelsrapporter är fullständiga och som kan identifiera brister och</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">uppenbara fel. Finns det sådana fel och brister i informationen, ska</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2"><NOBR>APA-leverantören</NOBR> kunna begära korrigeringar.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">En <NOBR>APA-leverantör</NOBR> ska ha effektiva arrangemang för att förhindra</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">intressekonflikter.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">En <NOBR>APA-leverantör</NOBR> ska ha sunda skyddsmekanismer för att kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">garantera informationssäkerheten vid överföring av information samt</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">ha tillräckliga resurser för att ha reservanordningar och kapacitet för</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">att kunna tillhandahålla tjänsterna även vid systemstörningar.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td132"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td317"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p894 ft25">Skälen för regeringens förslag: <SPAN class="ft2">En </SPAN><NOBR><SPAN class="ft2">APA-leverantör</SPAN></NOBR><SPAN class="ft2"> ska enligt</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">MiFID II ha adekvata strategier och arrangemang för att kunna säker-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ställa att informationen offentliggörs så nära realtid som möjligt på</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">affärsmässigt rimliga villkor (artikel 64.1). Informationen ska vara till-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">gänglig kostnadsfritt 15 minuter efter det att den har offentliggjorts första</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">gången. Det betyder att informationen får tillhandahållas i realtid mot</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">betalning, men 15 minuter efteråt måste den tillhandahållas kostnadsfritt.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">Informationen ska spridas effektivt så att tillgång till informationen på</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2"><NOBR>icke-diskriminerande</NOBR> basis säkerställs. Informationen ska tillhandahållas</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">i ett format som underlättar konsolidering med motsvarande information</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">från andra källor. En tillhandahållare av konsoliderad handelsinformation</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2"><NOBR>(CTP-leverantör)</NOBR> ska t.ex. kunna sammanställa informationen, se nedan.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2">Detaljerade regler om i vilka format som informationen ska tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">hållas anges i kommissionens delegerade förordning (EU) av den 2 juni</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">2016 om komplettering av Europaparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">2014/65/EU avseende tekniska tillsynsstandarder när det gäller aukto-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">risation, organisatoriska krav och publicering av transaktioner för</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">leverantörer av datarapporteringstjänster (C[2016] 3201 final).</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2">En <NOBR>APA-leverantör</NOBR> ska ha effektiva administrativa arrangemang för att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förhindra intressekonflikter i förhållande till sina kunder (artikel 64.3). Den</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ska också ha sunda skyddsmekanismer för att kunna garantera infor-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">mationssäkerheten vid överföring av information, dvs. både när informa-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tionen överförs från värdepappersföretagen och när informationen offent-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">liggörs. Dessa arrangemang ska minska riskerna både för att informa-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tionen förvrängs och för att information läcker innan den offentliggörs.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2">En <NOBR>APA-leverantör</NOBR> ska även ha tillräckliga resurser för att ha reserv-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">anordningar och kapacitet för att kunna tillhandahålla informations-</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p969 ft2">360</P></TD>
<TD class="tr24 td132"><P class="p23 ft2">tjänsterna</P></TD>
<TD class="tr24 td317"><P class="p23 ft2">även vid systemstörningar (artikel 64.4). Den ska även ha</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_361">
<P class="p19 ft4">system som kan övervaka att informationen från värdepappersföretagen Prop. 2016/17:162 är komplett och som kan identifiera brister och uppenbara fel. Finns det</P>
<P class="p272 ft2">sådana fel och brister i informationen ska <NOBR>APA-leverantören</NOBR> kunna begära korrigeringar av avsändaren (artikel 64.5).</P>
<P class="p197 ft2">Reglerna i MiFID II (artikel 64) om organisatoriska krav på en APA- leverantör bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p1219 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t152">
<TR>
<TD class="tr54 td255"><P class="p823 ft127">7.15.5</P></TD>
<TD class="tr54 td385"><P class="p23 ft129">Tillhandahållare av konsoliderad</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td385"><P class="p23 ft129">handelsinformation <NOBR>(CTP-leverantör)</NOBR></P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
<TD class="tr67 td158"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En <NOBR>CTP-leverantör</NOBR> ska ha adekvata strategier</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">och arrangemang för att efter handel kunna samla ihop information</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">om finansiella instrument, konsolidera informationen i en samman-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">hållen dataström och göra informationen tillgänglig för allmänheten så</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">nära realtid som möjligt på rimliga affärsmässiga villkor.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">Informationen ska vara tillgänglig kostnadsfritt 15 minuter efter det att</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">den har offentliggjorts första gången och spridas effektivt.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">Informationen ska innehålla uppgifter som identifierar det finan-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">siella instrumentet i fråga, priset, transaktionsvolymen, tidpunkten för</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">transaktionen i sig och tidpunkten för när den rapporterades, pris-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">notering och uppgift om på vilken handelsplats transaktionen genom-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">fördes eller om transaktionen genomfördes av en systematisk intern-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">handlare, uppgift om detta. Det ska också framgå om en transaktion</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">har varit föremål för särskilda villkor eller fördröjt offentliggörande.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">En <NOBR>CTP-leverantör</NOBR> ska även säkerställa att de data som den till-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">handahåller har sammanställts från alla reglerade marknader, MTF-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">plattformar, <NOBR>OTF-plattformar</NOBR> och <NOBR>APA-leverantörer.</NOBR></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">En <NOBR>CTP-leverantör</NOBR> ska ha effektiva arrangemang för att förhindra</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">intressekonflikter.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">En <NOBR>CTP-leverantör</NOBR> ska ha arrangemang för att kunna garantera</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">informationssäkerheten vid överföring av information och ska ha till-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">räckliga resurser för att ha reservanordningar och kapacitet för att</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">kunna tillhandahålla tjänsterna även vid systemstörningar.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p30 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p30 ft25">Skälen för regeringens förslag: <SPAN class="ft2">En </SPAN><NOBR><SPAN class="ft2">CTP-leverantör</SPAN></NOBR><SPAN class="ft2"> ska enligt</SPAN></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">MiFID II (artikel 65.1 och 65.2) ha adekvata strategier och arrangemang</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">för att efter handel kunna samla ihop information som lämnas enligt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">MiFIR (artiklarna 6, 10, 20 och 21 i MiFIR), konsolidera informationen i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">en sammanhållen dataström och göra informationen tillgänglig för all-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">mänheten så nära realtid som möjligt på rimliga affärsmässiga villkor.</P></TD>
<TD rowspan=2 class="tr1 td158"><P class="p20 ft2">361</P></TD>
</TR>
<TR>
<TD class="tr53 td255"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td385"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_362">
<P class="p727 ft2">Prop. 2016/17:162 När det har gått 15 minuter från det att informationen har offentliggjorts första gången ska den tillhandahållas kostnadsfritt och spridas effektivt så att tillgång till informationen på <NOBR>icke-diskriminerande</NOBR> basis säker- ställs. Informationen ska innehålla uppgifter som identifierar det finan- siella instrumentet i fråga, priset, transaktionsvolymen, tidpunkten för transaktionen i sig och tidpunkten för när den rapporterades, prisnotering och uppgift om på vilken handelsplats transaktionen genomfördes (eller om transaktionen genomfördes av en systematisk internhandlare, uppgift om detta). Det ska också framgå om en transaktion varit föremål för sär- skilda villkor och om transaktionen varit föremål för fördröjt offentlig- görande.</P>
<P class="p580 ft2">Esma ska enligt MiFID II (artikel 65.8 c) sammanställa en lista över de handelsplatser och de finansiella instrument för vilka det ska finnas konsoliderad information, och en <NOBR>CTP-leverantör</NOBR> ska se till att tillhanda- hålla konsoliderad information, åtminstone avseende handelsplatser och instrument som finns på den listan (artikel 65.3).</P>
<P class="p576 ft2">En <NOBR>CTP-leverantör</NOBR> ska, liksom en <NOBR>APA-leverantör,</NOBR> ha effektiva arrange- mang för att förhindra intressekonflikter (artikel 65.4). I synnerhet en marknadsoperatör eller en <NOBR>APA-leverantör,</NOBR> som också agerar som CTP- leverantör, ska behandla all information som samlas på ett <NOBR>icke-diskrimi-</NOBR> nerande sätt och hålla sin verksamhet avseende konsoliderad handels- information åtskild från övrig verksamhet. En marknadsoperatör eller en <NOBR>APA-leverantör</NOBR> kommer ju att leverera information till sig själv om samma bolag även agerar som <NOBR>CTP-leverantör.</NOBR> Verksamheterna ska i sådana fall hållas åtskilda så att den del av bolaget som levererar in infor- mation betraktas som vilken informationsleverantör som helst.</P>
<P class="p580 ft2">En <NOBR>CTP-leverantör</NOBR> ska också ha sunda skyddsmekanismer för att kunna garantera informationssäkerheten vid överföring av information, dvs. när informationen överförs från värdepappersföretag, från en <NOBR>APA-leverantör</NOBR> och från marknadsoperatörer samt när informationen offentliggörs (artik- el 65.5). Dessa arrangemang ska minska riskerna både för att informa- tionen förvrängs och för att information läcker. En <NOBR>CTP-leverantör</NOBR> ska också ha tillräckliga resurser för att ha reservlösningar och ha kapacitet för att kunna tillhandahålla informationstjänsterna även vid system- störningar.</P>
<P class="p1020 ft4">Reglerna i MiFID II (artikel 65) om organisatoriska krav på en CTP- leverantör bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p575 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p1220 ft2">362</P>
</DIV>
<DIV id="page_363">
<DIV id="dimg1">
<INGENBILD zsrc="H403162363x1.jpg/" id="img1">
</DIV>
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<P class="p1221 ft131">7.15.6 Tillhandahållare av en godkänd rapporteringsmekanism <NOBR>(ARM-leverantör)</NOBR></P>
<P class="p1197 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En <NOBR>ARM-leverantör</NOBR> ska ha adekvata strategier och arrangemang för att kunna rapportera transaktioner med finan- siella instrument så snart som möjligt och senast vid slutet av arbets- dagen efter den dag då transaktionen ägt rum. <NOBR>ARM-leverantören</NOBR> ska ha system som kan identifiera brister och uppenbara fel. Finns det sådana fel och brister i informationen, ska de åtgärdas av avsändaren eller av <NOBR>ARM-leverantören</NOBR> själv.</P>
<P class="p1199 ft4">En <NOBR>ARM-leverantör</NOBR> ska ha effektiva arrangemang för att förhindra intressekonflikter.</P>
<P class="p1222 ft4">En <NOBR>ARM-leverantör</NOBR> ska ha arrangemang för att kunna garantera informationssäkerheten vid överföring av information och tillräckliga resurser för att ha reservanordningar och kapacitet för att kunna till- handahålla tjänsterna även vid systemstörningar.</P>
<P class="p1223 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p181 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>En <NOBR>ARM-leverantör</NOBR> ska enlig MiFID II ha adekvata strategier och arrangemang för att kunna rapportera transak- tioner med finansiella instrument enligt MiFIR (artikel 26 i MiFIR) så snart som möjligt och senast vid slutet av arbetsdagen efter transaktions- dagen (artikel 66.1). En <NOBR>ARM-leverantör</NOBR> ska, liksom tillhandahållare av andra datarapporteringstjänster, ha effektiva arrangemang för att för- hindra intressekonflikter i förhållande till sina kunder (artikel 66.2).</P>
<P class="p277 ft2">En <NOBR>ARM-leverantör</NOBR> ska också ha sunda skyddsmekanismer för att kunna garantera informationssäkerheten vid överföring av information, dvs. när informationen överförs från värdepappersföretag och när informationen överförs till behöriga myndigheter och Esma (artikel 66.3). Dessa arrangemang ska minska riskerna både för att informationen för- vrängs och för att information läcker. En <NOBR>ARM-leverantör</NOBR> ska också ha tillräckliga resurser för att ha reservanordningar och kapacitet för att kunna tillhandahålla rapporteringstjänsterna även vid systemstörningar.</P>
<P class="p336 ft2">En <NOBR>ARM-leverantör</NOBR> ska ha system som kan övervaka att informationen från värdepappersföretagen och även den information som skickas från tillhandahållaren själv är komplett (artikel 66.4). Systemet ska också kunna identifiera brister och uppenbara fel. Finns det sådana fel och brister i informationen ska tillhandahållaren kunna begära korrigeringar av avsändaren eller, i den mån felet härrör från tillhandahållaren själv, korrigera informationen.</P>
<P class="p313 ft4">Reglerna i MiFID II (artikel 66) om organisatoriska krav på en ARM- leverantör bör genomföras i svensk rätt i motsvarande bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p181 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final).</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">363</P>
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<TD class="tr58 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft125">8</SPAN></P></TD>
<TD class="tr58 td294"><P class="p23 ft1">Investerarskydds- och rörelseregler</P></TD>
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<P class="p652 ft21"><SPAN class="ft21">8.1</SPAN><SPAN class="ft126">Inledning</SPAN></P>
<P class="p957 ft2">MiFID II innebär vissa förändringar och nyheter i fråga om de regler som gäller för värdepappersinstituts rörelse och de regler som syftar till att skydda investerare. Det gäller frågor om information till kunder (avsnitt 8.2), vissa informationskrav vid investeringsrådgivning (avsnitt 8.3), kompetens- krav (avsnitt 8.4), lämplighetsbedömning (avsnitt 8.5), rapport till kund och lämplighetsförklaring (avsnitt 8.6), korsförsäljning (avsnitt 8.7), passande- bedömning (avsnitt 8.8), bästa utförande av kundorder (avsnitt 8.9), hantering av kundorder (avsnitt 8.10), produktion och distribution av finansiella instrument (avsnitt 8.11), dokumentation av order m.m. (avsnitt 8.12), undantag för vissa bostadslåneavtal (avsnitt 8.13), skydd av kunders finansiella instrument och medel (avsnitt 8.14) och transaktioner med jämbördiga motparter (avsnitt 8.15). På de angivna områdena bör vissa ändringar och tillägg göras i lagen om värdepappersmarknaden. Dessa frågor behandlas i avsnitt 8. Regler om värdepappersinstitutens organisation och andra kundskyddsregler som rör intressekonflikter och tredjepartsersättningar behandlas i avsnitt 9. Frågor om tillämpningen av nämnda regler även på andra aktörer än värdepappersinstitut behandlas i huvudsak i avsnitt 10.</P>
<P class="p949 ft21"><SPAN class="ft21">8.2</SPAN><SPAN class="ft126">Information till kunder</SPAN></P>
<P class="p1035 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Den information som ett värdepappersinstut ska lämna till kunder ska lämnas i god tid innan en investeringstjänst eller sidotjänst tillhandahålls. Kraven på information i fråga om finansiella instrument och föreslagna investeringsstrategier samt kostnader och avgifter preciseras i lagen om värdepappersmarknaden. Information ska lämnas om de platser där institutet utför order avseende finansiella instrument. Information om kostnader och avgifter ska lämnas regel- bundet, åtminstone årligen, under investeringens varaktighet.</P>
<P class="p1154 ft4">Om ett värdepappersinstitut inte lämnar den information till kunder som krävs enligt lagen om värdepappersmarknaden ska även mark- nadsföringslagen tillämpas.</P>
<P class="p1090 ft4">Bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om den information som ett värde- pappersinstitut ska lämna till kunder utmönstras ur lagen om värde- pappersmarknaden.</P>
<P class="p985 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag ska ett värdepappersinstitut lämna informa- tion endast om handelsplatser, inte om alla utförandeplatser. Utredning- ens förslag behandlar inte frågan om marknadsföringslagen ska tillämpas om ett värdepappersinstitut inte lämnar den information till kunder som krävs enligt lagen om värdepappersmarknaden.</P>
<P class="p942 ft2">364</P>
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<P class="p181 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft45">Konsumentverket </SPAN>tar upp frågan om det bör införas en hänvisning till marknadsföringslagen (2008:486) för den situationen att ett värde- pappersinstitut inte lämnar nödvändig information till sina kunder. Enligt Konsumentverket möjliggör en sådan hänvisning en marknadsrättslig tillsyn med tillhörande sanktionsmöjligheter, vilket skulle bidra till stark- are konsumentskydd.</P>
<P class="p384 ft25">Skälen för regeringens förslag</P>
<P class="p1086 ft3">Generella informationskrav enligt MiFID II</P>
<P class="p1216 ft2">MiFID II innehåller generella krav på den information som ett värde- pappersföretag ska lämna till kunder och presumtiva kunder (artikel 24.3, 24.4 och 24.5, se dock nedan angående artikel 24.4 första stycket a). I huvudsak motsvarar kraven de krav som gäller enligt MiFID I (artikel 19.2 och 19.3). MiFID II innebär dock jämfört med det tidigare direktivet mer preciserade krav avseende informationen, såväl genom reglerna i direktivet som genom regler i de rättsakter som antas av kommissionen.</P>
<P class="p336 ft2">Reglerna i MiFID II (artikel 24.4 första stycket) innebär liksom regler- na i MiFID I bl.a. att kunder och presumtiva kunder ska tillhandahållas lämplig information om värdepappersföretaget och dess tjänster, finan- siella instrument och föreslagna placeringsstrategier (varmed avses det- samma som ”investeringsstrategier”, jfr artikel 19.2 i MiFID I), ut- förandeplatser samt kostnader och tillhörande avgifter. På samma sätt som i MiFID I krävs vidare bl.a. att informationen ska tillhandahållas i begriplig form så att kunder eller presumtiva kunder har rimlig möjlighet att förstå arten av en investeringstjänst och de finansiella instrument som erbjuds liksom den risk som är förknippad med tjänsten eller instru- mentet, så att de därigenom är väl informerade inför ett investerings- beslut (artikel 24.5). I MiFID II anges även att denna information ska tillhandahållas i god tid (artikel 24.4 första stycket första meningen).</P>
<P class="p164 ft2">Beträffande finansiella instrument och föreslagna placeringsstrategier gäller enligt MiFID I att den information som lämnas <SPAN class="ft3">bör </SPAN>innefatta lämplig vägledning och varningar rörande de risker som dessa är förknippade med (artikel 19.3 andra strecksatsen). Enligt MiFID II <SPAN class="ft3">ska </SPAN>informationen inbegripa sådan vägledning och sådana varningar (artikel 24.4 första stycket b). I MiFID II tillkommer också ett krav på att ange om ett finansiellt instrument är avsett för professionella eller icke- professionella kunder, varvid den målgrupp som fastställts i processen för produktgodkännande ska beaktas (artikel 24.4 första stycket b, se även avsnitt 8.11).</P>
<P class="p432 ft2">När det gäller information om kostnader och avgifter innehåller MiFID II (artikel 24.4 första stycket c och andra stycket) mer preciserade krav än MiFID I (artikel 19.3 fjärde strecksatsen). Ett värdepappers- företag ska informera kunder och presumtiva kunder om alla kostnader och tillhörande avgifter. Den informationen ska innehålla information om kostnader och avgifter avseende både investeringstjänster och sido- tjänster, inbegripet information om kostnader för rådgivning, det finan- siella instrument som rekommenderas eller marknadsförs till kunden och hur kunden får betala för det. Uppgifter om betalningar från tredjepart ska inkluderas. Det som anges i direktivet beträffande information om</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">365</P>
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<P class="p727 ft2">Prop. 2016/17:162 hur kunden får betala bör enligt regeringens uppfattning förstås som att kravet tar sikte på betalning av alla kostnader och avgifter för en tjänst, inklusive villkoren för betalning eller annat fullgörande med avseende på finansiella instrument som erbjuds (se skäl 83 till och artikel 50.3 i den delegerade förordningen till MiFID II och jfr artikel 33 d i genom- förandedirektivet till MiFID I). Kravet på att tredjepartsbetalningar ska inkluderas bör enligt regeringens bedömning förstås som att det tar sikte på informationen om alla kostnader och avgifter och omfattar alla betal- ningar som värdepappersföretaget tar emot från tredjepart (se artikel 50.2 i den delegerade förordningen till MiFID II).</P>
<P class="p580 ft2">Enligt MiFID II gäller vidare att informationen om alla kostnader och avgifter – inklusive de som har samband med investeringstjänsten och det finansiella instrumentet – som inte orsakas av förekomsten av under- liggande marknadsrisk, ska räknas samman så att kunden kan förstå den totala kostnaden såväl som den kumulativa effekten på avkastningen av investeringen (artikel 24.4 andra stycket). Om kunden begär det, ska en uppdelning per post lämnas. Sådan information ska i förekommande fall lämnas till kunden regelbundet, åtminstone årligen, under investeringens varaktighet.</P>
<P class="p711 ft42">Reglerna i MiFID II kompletteras av detaljerade regler i den dele- gerade förordningen till MiFID II (se bl.a. artiklarna <NOBR>44–51).</NOBR></P>
<P class="p937 ft3">Genomförande i svensk rätt</P>
<P class="p1179 ft2">Reglerna om information till kunder och presumtiva kunder i MiFID I har genomförts i lagen om värdepappersmarknaden (8 kap. 22 §). Vidare har Finansinspektionen meddelat föreskrifter avseende de komplett- erande reglerna i genomförandedirektivet till MiFID I (se 14 kap. Finans- inspektionens föreskrifter [FFFS 2007:16] om värdepappersrörelse och genomförandedirektivet till MiFID I). Regeringen anser att de mer preciserade reglerna i MiFID II om krav på den information som ett värdepappersinstitut ska lämna till kunder bör genomföras i svensk rätt genom att motsvarande ändringar görs i bestämmelserna i lagen om värdepappersmarknaden.</P>
<P class="p580 ft2">Enligt regeringens uppfattning framstår det som anges om information om handelsplatser för utförande i den svenska språkversionen av MiFID II (artikel 24.4) som felaktigt, eftersom det i den engelska språkversionen anges att det som avses är ”execution venues” (angående detta och innebörden av termen utförandeplats eller ”execution venue”, se avsnitt 8.9). När reglerna genomförs i svensk rätt bör det därför anges i lagen att ett värdepappersinstitut ska lämna information om utförande- platser, och inte endast om handelsplatser (8 kap. 22 § första stycket 3 lagen om värdepappersmarknaden).</P>
<P class="p580 ft4"><SPAN class="ft45">Konsumentverket </SPAN>tar upp frågan om det i lagen om värdepappers- marknaden bör anges att marknadsföringslagen ska gälla om ett värde- pappersinstitut inte lämnar nödvändig information till sina kunder. Som Konsumentverket framhåller finns sådana hänvisningar om tillsyn över bestämmelser om information i flera andra lagar på finansmarknads- området, bl.a. lagen (2004:46) om värdepappersfonder (4 kap. 20 § tredje stycket), lagen (2005:405) om försäkringsförmedling (6 kap. 8 §) och</P>
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<P class="p186 ft4">lagen (2013:561) om förvaltare av alternativa investeringsfonder (10 kap. Prop. 2016/17:162 3 § tredje stycket).</P>
<P class="p144 ft2">I lagen om värdepappersmarknaden finns i dag en hänvisning till bestämmelserna i marknadsföringslagen (se 8 kap. 22 § fjärde stycket). Enligt regeringens uppfattning bör det dock, så som Konsumentverket framhåller, även anges i den lagen att marknadsföringslagen ska tilläm- pas om ett värdepappersinstitut inte lämnar den information som det är skyldigt att göra till kunder och presumtiva kunder. Det förhållandet att även marknadsföringslagen ska tillämpas i ett sådant fall innebär dock inte något hinder mot att Finansinspektionen ingriper mot värdepappers- institutet med stöd av lagen om värdepappersmarknaden.</P>
<P class="p426 ft4">Eftersom kompletterande bestämmelser om den information som ska lämnas har antagits av kommissionen i form av direkt tillämplig för- ordning finns det inte längre något behov av det bemyndigande som i dag finns för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter i detta avseende (8 kap. 42 § 12 lagen om värde- pappersmarknaden). Bemyndigandet bör därför utmönstras ur lagen.</P>
<P class="p924 ft21"><SPAN class="ft21">8.3</SPAN><SPAN class="ft153">Informationskrav vid investeringsrådgivning</SPAN></P>
<P class="p1224 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska i god tid informera sina kunder om huruvida rådgivningen tillhandahålls på oberoende grund eller inte, om analysen och urvalet av finansiella instrument på vilka rådgivningen grundas samt om institutet regelbundet kommer att bedöma lämpligheten för kunden av de finansiella instrument som det rekommenderar.</P>
<P class="p960 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att det enligt utredningens förslag inte ställs något uttryckligt krav på ett värdepappersinstitut att informera kunden om att rådgivningen inte tillhandahålls på oberoende grund när så är fallet. Enligt utredningens förslag omfattar kravet på information om analys och urval av finansiella instrument endast om rådgivningen baseras på en bred analys av finan- siella instrument utgivna eller tillhandahållna av andra än institutet självt eller företag som institutet har nära förbindelser med.</P>
<P class="p960 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att det bör komma till uttryck i lag att ett företag måste informera om huruvida rådgivning tillhandahålls på oberoende grund eller inte. Finansinspektionen anser vidare att det i lag bör vara tydligt att ett företag inte enbart ska ange om rådgivningen baseras på en allmän (bred) analys av finansiella instrument utan även om urvalet av finansiella instrument i analysen är begränsat. Finans- inspektionen framhåller i detta sammanhang att direktivet hänvisar till begränsningar i urvalet med avseende på emittenter och leverantörer av finansiella instrument.</P>
<P class="p1225 ft2">367</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">368</P>
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<P class="p19 ft25">Skälen för regeringens förslag</P>
<P class="p958 ft3">Vissa informationskrav vid investeringsrådgivning</P>
<P class="p1188 ft2">Utöver de generella kraven på information till kunder som behandlas i avsnitt 8.2 gäller enligt MiFID II vissa särskilda informationskrav när ett värdepappersföretag tillhandahåller investeringsrådgivning (artikel 24.4 första stycket a). Kraven är nya i förhållande till MiFID I. Enligt de nya kraven ska ett värdepappersföretag i god tid informera sina kunder i vissa avseenden.</P>
<P class="p506 ft2">För det första ska ett värdepappersföretag innan det tillhandahåller investeringsrådgivning informera sina kunder om huruvida rådgivningen tillhandahålls på oberoende grund eller inte (artikel 24.4 första stycket a i). Vidare ska värdepappersföretaget informera om huruvida rådet är grundat på en allmän eller en mer begränsad analys av olika typer av finansiella instrument, och i synnerhet huruvida urvalet är begränsat till finansiella instrument som emitteras eller tillhandahålls av enheter med nära anknytning till företaget eller med rättsliga eller ekonomiska förbindelser, t.ex. ett kontraktsförhållande, som är så nära att det kan äventyra förutsättningarna för rådgivning på oberoende grund (artikel 24.4 första stycket a ii). I dessa delar har kraven ett nära samband med de krav som ställs på ett värdepappersföretag när det informerat kunden om att det tillhandahåller investeringsrådgivning på oberoende grund (se avsnitt 9.3.4).</P>
<P class="p1113 ft4">Enligt MiFID II (artikel 24.4 första stycket a iii) ska värdepappers- företaget dessutom informera kunden om huruvida företaget regelbundet kommer att bedöma lämpligheten för kunden av de finansiella instrument som det rekommenderar.</P>
<P class="p487 ft4">I den delegerade förordningen till MiFID II finns detaljerade regler om dessa informationskrav (se artiklarna 52 och 53).</P>
<P class="p354 ft3">Genomförande i svensk rätt</P>
<P class="p1188 ft2">Det finns i gällande svensk rätt inte några bestämmelser som motsvarar de nya kraven i MiFID II om information vid investeringsrådgivning. För att genomföra reglerna i svensk rätt bör det enligt regeringens uppfatt- ning därför införas motsvarande bestämmelser för värdepappersinstitut i lagen om värdepappersmarknaden.</P>
<P class="p332 ft2">Regeringen instämmer med <SPAN class="ft3">Finansinspektionen </SPAN>om att det bör krävas att ett värdepappersinstitut ska informera inte bara om att rådgivning till- handahålls på oberoende grund när så är fallet, utan att institutet alltid ska lämna information om huruvida rådgivningen lämnas på oberoende grund eller inte. Enligt regeringens uppfattning bör kravet anges i lagen.</P>
<P class="p506 ft2">När det gäller analysen och urvalet av finansiella instrument ska kunden enligt direktivet få information om analysen är allmän eller mer begränsad (artikel 24.4 första stycket a ii). I synnerhet ska värdepappers- institutet lämna information om begränsningar i urvalet till finansiella instrument emitterade eller tillhandahållna av företag som har en nära anknytning till institutet eller vissa andra nära förbindelser med det. Regeringen instämmer med <SPAN class="ft3">Finansinspektionen </SPAN>om att även det kravet bör anges i lagen.</P>
<P class="p302 ft4">Som nämns ovan har reglerna i MiFID II om information vid investe- ringsrådgivning samband med vissa av de särskilda krav som ställs upp i</P>
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<P class="p186 ft4">direktivet för ett värdepappersinstitut som tillhandahåller investerings- Prop. 2016/17:162 rådgivning på oberoende grund (se artikel 24.7 a). Enligt regeringens</P>
<P class="p1226 ft2">uppfattning bör reglerna om information därför tolkas i ljuset av de kraven. Som framgår i avsnitt 9.3.4 föreslås att finansiella instrument emitterade eller tillhandahållna av företag som har en nära anknytning till institutet eller vissa andra nära förbindelser med det över huvud taget inte ska få ingå i urvalet när ett värdepappersinstitut tillhandahåller investe- ringsrådgivning på oberoende grund. Information om att urvalet är begränsat till sådana instrument är därför relevant vid investerings- rådgivning som inte tillhandahålls på oberoende grund. Uttrycket ”nära anknytning” bör enligt regeringens uppfattning förstås som ”nära förbindelser” i enlighet med det som anges i den engelska språkversionen av direktivet (”close links”, se definitionen i artikel 4.1.35). När det gäller företag med andra nära förbindelser bör uttrycket ”rättsliga eller ekonomiska förbindelser … som är så nära att det kan äventyra förut- sättningarna för rådgivning på oberoende grund” enligt regeringens uppfattning förstås som att det omfattar företag som står i ett sådant förhållande till institutet att det kan försämra förutsättningarna för detta att lämna ett oberoende investeringsråd till kunden (jfr artikel 24.4 första stycket a ii och 24.7 ii i den engelska språkversionen av direktivet). I enlighet med de krav som enligt direktivet gäller investeringsrådgivning på oberoende grund, bör informationen om begränsningar i urvalet av finansiella instrument inbegripa uppgifter även om begränsningar till värdepappersinstitutets egna finansiella instrument och inte endast begränsningar till instrument från företag med vilka det har nära förbindelser eller står i sådant förhållande att det kan försämra förut- sättningarna att lämna ett oberoende investeringsråd (se artikel 24.7 a, se även bl.a. artikel 52.4 i den delegerade förordningen till MiFID II). I den svenska språkversionen av direktivet används två olika uttryck för utgivning av finansiella instrument i reglerna om information och i de om krav vid investeringsrådgivning på oberoende grund (”emitteras eller tillhandahålls” i artikel 24.4 första stycket a ii respektive ”utfärdats eller tillhandahållits” i artikel 27.7 a). Enligt regeringens uppfattning bör dessa regler i direktivet därför förstås som att de omfattar samtliga finansiella instrument som härrör från närstående företag oavsett om de utges, utfärdas eller tillhandahålls.</P>
<P class="p1227 ft21"><SPAN class="ft21">8.4</SPAN><SPAN class="ft153">Kompetenskrav</SPAN></P>
<P class="p1228 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska säkerställa och på begäran av Finansinspektionen kunna visa att de personer som lämnar investeringsrådgivning eller information om finansiella instrument, investeringstjänster eller sidotjänster har den kunskap och kompetens som krävs för att uppfylla institutets skyldigheter gentemot sina kunder.</P>
<P class="p1092 ft4">Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om kraven på kunskap och kompetens hos per- soner som lämnar investeringsrådgivning eller information om finan-</P>
<P class="p1229 ft159">siella instrument, investeringstjänster eller sidotjänster.</P>
<P class="p596 ft2">369</P>
</DIV>
<DIV id="page_370">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=11 class="tr24 td235"><P class="p20 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">det enligt utredningens förslag inte ställs upp ett krav i lag att ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">pappersinstitut ska kunna visa att kunskaps- och kompetenskraven upp-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft2">fylls.</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">har inget att invända mot det. <SPAN class="ft3">Finansförbundet </SPAN>anser att förslaget är bra</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">så länge som de anställdas intressen, kunskaper och åsikter tas tillvara av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">Finansinspektionen. Finansförbundet framhåller dock att det måste</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">ställas krav på Finansinspektionen att samverka med alla berörda parter</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">inklusive de anställda. Finansförbundet menar att det är nödvändigt att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">Finansförbundet och andra fackförbund i branschen, relevanta utbild-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">ningsanordnare samt konsumenter i ett tidigt skede får föra dialog med</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft26"><SPAN class="ft27">Finansinspektionen. </SPAN>Fackförbundet försäkring och finans <SPAN class="ft27">(</SPAN>FTF) <SPAN class="ft27">anser att</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">ansvaret för arbetstagares kompetens vilar på värdepappersinstitutet och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">att det kan finnas ett behov att i lämpliga delar reglera kompetenskrav i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">myndighetsföreskrifter. FTF uttrycker dock oro över hur Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">tionen praktiskt ska hantera föreskrifter om kompetenskrav och anser att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">inspektionen bör verka för att träffa företrädare för intressegrupper,</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">tillsammans och i dialogform. Förbundet anser att en sådan ordning ökar</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=9 class="tr26 td10"><P class="p23 ft2">bl.a. förutsättningarna för väl avvägda föreskrifter.</P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>MiFID II (artikel 25.1) innehåller i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">förhållande till MiFID I ett nytt krav beträffande kunskapen och kompe-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">tensen hos de fysiska personer som lämnar investeringsrådgivning eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">information om finansiella instrument, investeringstjänster eller sido-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td73"><P class="p23 ft2">tjänster.</P></TD>
<TD class="tr25 td21"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td196"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">Enligt MiFID II ska värdepappersföretagen säkerställa och vid begäran</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">från en behörig myndighet kunna visa att dessa personer har den kunskap</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">och kompetens som krävs för att uppfylla skyldigheterna enligt de regler</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">om investerarskydd som rör allmänna principer och krav på information</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">till kunder (artikel 24) samt lämplighetsbedömningar och passande</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">rapportering till kunder (artikel 25). De kriterier som används för att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">bedöma kunskap och kompetens ska offentliggöras av medlemsstaterna.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">Esma har i enlighet med MiFID II (artikel 25.9) antagit riktlinjer som</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">specificerar kriterierna för bedömning av kunskap och kompetens (se</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td174"><P class="p23 ft2">Riktlinjer</P></TD>
<TD class="tr26 td196"><P class="p86 ft2">för</P></TD>
<TD colspan=3 class="tr26 td153"><P class="p88 ft2">bedömning</P></TD>
<TD class="tr26 td65"><P class="p23 ft2">av</P></TD>
<TD colspan=2 class="tr26 td147"><P class="p23 ft2">kunskap</P></TD>
<TD class="tr26 td52"><P class="p23 ft2">och</P></TD>
<TD class="tr26 td150"><P class="p20 ft2">kompetens</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td194"><P class="p23 ft2">[ESMA/2015/1886]).</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td189"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">I gällande svensk rätt finns bestämmelser som till viss del motsvarar</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td73"><P class="p23 ft2">kraven</P></TD>
<TD class="tr26 td21"><P class="p59 ft2">i</P></TD>
<TD colspan=2 class="tr26 td87"><P class="p23 ft2">MiFID II</P></TD>
<TD class="tr26 td115"><P class="p23 ft2">i</P></TD>
<TD colspan=3 class="tr26 td110"><P class="p88 ft2">Finansinspektionens</P></TD>
<TD colspan=2 class="tr26 td37"><P class="p23 ft2">föreskrifter</P></TD>
<TD class="tr26 td150"><P class="p20 ft2">om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">pappersrörelse (se 6 kap. 1 § 4 och 16 kap. <NOBR>2–8</NOBR> §§). Några bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">som motsvarar det som anges i direktivet finns dock inte i lag. För att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">åstadkomma ett direktivnära genomförande anser regeringen att de nu</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">aktuella reglerna i MiFID II om kompetenskrav bör genomföras i lag.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">Enligt regeringens uppfattning bör det uttryckligen anges i lagen att ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft27">värdepappersinstitut på begäran av Finansinspektionen ska kunna visa att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">personer som lämnar investeringsrådgivning eller information uppfyller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=6 class="tr25 td303"><P class="p23 ft2">kunskaps- och kompetenskraven.</P></TD>
<TD class="tr25 td65"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td52"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td150"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">Som nämns ovan finns i dag i Finansinspektionens föreskrifter detalj-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr26 td235"><P class="p20 ft2">erade krav om kunskap och kompetens hos de personer som lämnar</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=11 class="tr25 td235"><P class="p20 ft2">investeringsrådgivning. Enligt regeringens uppfattning finns det fort-</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">370</P></TD>
<TD class="tr27 td73"><P class="p23 ft2">farande</P></TD>
<TD class="tr27 td21"><P class="p23 ft2">ett</P></TD>
<TD class="tr27 td196"><P class="p82 ft27">behov</P></TD>
<TD class="tr27 td71"><P class="p23 ft2">att</P></TD>
<TD class="tr27 td115"><P class="p59 ft2">i</P></TD>
<TD colspan=3 class="tr27 td110"><P class="p23 ft2">myndighetsföreskrifter</P></TD>
<TD colspan=2 class="tr27 td37"><P class="p70 ft2">kunna ange</P></TD>
<TD class="tr27 td150"><P class="p20 ft2">detaljerade</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_371">
<P class="p19 ft4">krav om kunskap och kompetens i myndighetsföreskrifter. Att kraven på Prop. 2016/17:162 kunskap och kompetens tas in i sådana föreskrifter är i linje med kravet i</P>
<P class="p272 ft2">MiFID II (artikel 25.1 andra meningen) att offentliggöra de kriterier som används för att bedöma kunskap och kompetens, vilket alltså fullgörs genom sådana föreskrifter (jfr punkterna <NOBR>21–23</NOBR> i Esmas riktlinjer för bedömning av kunskap och kompetens). Kraven bör, i enlighet med direktivet, kunna omfatta även personer som för ett värdepappersinstituts räkning lämnar information om finansiella instrument, investerings- tjänster eller sidotjänster. Med hänsyn till att en bestämmelse om kunskap och kompetens bör tas in i lagen om värdepappersmarknaden, bör det i lagen även tas in ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om kraven på kunskap och kompetens hos personer som lämnar investerings- rådgivning eller information om finansiella instrument, investerings- tjänster eller sidotjänster. Vid utformning av föreskrifterna har Finans- inspektionen att beakta Esmas riktlinjer för bedömning av kunskap och kompetens (se avsnitt 5.1).</P>
<P class="p1082 ft4">När det gäller det som <SPAN class="ft45">Finansförbundet </SPAN>och <SPAN class="ft45">FTF </SPAN>framför angående Finansinspektionens arbete med föreskrifter om kunskaps- och kompe- tenskrav hänvisar regeringen till att Finansinspektionen i sitt föreskrifts- arbete regelmässigt inhämtar synpunkter från dem som berörs av före- skrifterna; i det nu aktuella fallet exempelvis arbetstagarorganisationer och branschorganisationer på finansmarknadsområdet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t154">
<TR>
<TD class="tr50 td255"><P class="p1230 ft21">8.5</P></TD>
<TD colspan=2 class="tr50 td387"><P class="p23 ft21">Lämplighetsbedömning</P></TD>
<TD class="tr50 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr61 td235"><P class="p23 ft136"> </P></TD>
<TD class="tr61 td55"><P class="p23 ft136"> </P></TD>
<TD class="tr61 td147"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td370"><P class="p75 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Den information som ett värdepappersinstitut</P></TD>
<TD class="tr33 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">ska inhämta om kundens ekonomiska situation för att kunna göra en</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">lämplighetsbedömning ska inbegripa kundens förmåga att bära för-</P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">luster. Vidare ska den information som institutet ska inhämta när det</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">gäller kundens mål med investeringen inbegripa kundens risktolerans.</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">Lämpligheten ska bedömas särskilt i förhållande till dessa omstän-</P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td388"><P class="p57 ft2">digheter.</P></TD>
<TD class="tr26 td389"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p1231 ft2">Vid korsförsäljning ska värdepappersinstituten bedöma om överens-</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">kommelsen eller paketet som helhet är lämpligt.</P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Bemyndigandet för regeringen eller den myndighet som regeringen</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">bestämmer att meddela föreskrifter om vad ett värdepappersinstitut i</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">fråga om lämplighetsbedömningar ska iaktta vid inhämtande av upp-</P></TD>
<TD class="tr25 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">gifter från kund och prövning utmönstras ur lagen om värdepappers-</P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">marknaden.</P></TD>
<TD class="tr27 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td55"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td147"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr24 td359"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i sak med regeringens förslag.</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p1232 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p1232 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID I finns regler om hur värde-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p23 ft2">pappersföretagen ska gå till väga när de tillhandahåller investerings-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">rådgivning eller portföljförvaltning (artikel 19.4). Reglerna innebär att</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr26 td359"><P class="p23 ft2">företagen ska inhämta information om kundens eller den presumtive kundens</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr25 td359"><P class="p23 ft2">kunskaper och erfarenhet av investeringar på de för den relevanta</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td359"><P class="p23 ft2">produkten eller tjänsten relevanta området samt om kundens finansiella</P></TD>
<TD class="tr27 td147"><P class="p20 ft2">371</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_372">
<P class="p727 ft4">Prop. 2016/17:162 ställning och mål med investeringen. Med hjälp av den inhämtade informationen ska företagen sedan kunna lämna ett lämpligt råd om investeringstjänster eller finansiella instrument.</P>
<P class="p575 ft2">Reglerna i MiFID I har i svensk rätt genomförts i bestämmelser i lagen om värdepappersmarknaden (8 kap. 23 §). De detaljerade regler som finns i genomförandedirektivet till MiFID I (artikel 35) har genomförts i Finansinspektionens föreskrifter om värdepappersrörelse. Enligt Finans- inspektionens föreskrifter ska ett värdepappersinstitut ha rimlig grund för att anta att den transaktion som rekommenderas eller ingås uppfyller kundens mål med investeringen och är av sådant slag att kunden finan- siellt kan bära de risker som är förenliga med målen med investeringen (se 15 kap. 2 § 1 och 2). Den information som ska inhämtas om kundens mål med investeringen ska, när det är relevant, innefatta bl.a. information om dennes riskvilja och riskprofil (se 15 kap. 5 §).</P>
<P class="p654 ft2">Motsvarande regler finns även i MiFID II (artikel 25.2). I jämförelse med MiFID I har de utvecklats något när det gäller kundens finansiella ställning och investeringsmål. Informationen om kundens finansiella ställning ska enligt MiFID II innefatta kundens förmåga att bära förluster. Vidare ska informationen om kundens mål med investeringen innefatta kundens risktolerans. Enligt MiFID II ska dessutom lämplig- heten bedömas särskilt i förhållande till dessa två omständigheter. Enligt MiFID II ska företag som lämnar rekommendationer om ett paket av kombinerade tjänster eller produkter enligt reglerna om korsförsäljning göra en lämplighetsbedömning av paketet som helhet (angående korsförsäljning, se vidare avsnitt 8.7). När det gäller MiFID II finns detaljerade regler om bl.a. de uppgifter som ska inhämtas från kund och vad som ska beaktas vid lämplighetsbedömningar i den delegerade förordningen till direktivet (se artiklarna 54 och 55).</P>
<P class="p580 ft2">För att i svensk rätt genomföra de ändringar av reglerna som har gjorts genom MiFID II (artikel 25.2) bör motsvarande ändringar göras i lagen om värdepappersmarknaden. Lagens nuvarande bestämmelser om lämp- lighetsbedömningar bör därför kompletteras så att det anges att ett värde- pappersinstitut även ska hämta in information om kundens förmåga att bära förluster och dennes risktolerans samt att lämpligheten av en investeringstjänst eller ett finansiellt instrument ska bedömas särskilt i förhållande till dessa omständigheter. Reglerna i MiFID II (artikel 25.2 andra stycket) om lämplighetsbedömning av ett paket av kombinerade tjänster eller produkter som avses i reglerna om korsförsäljning bör genomföras i en motsvarande bestämmelse i lagen. Enligt regeringens uppfattning får kraven i MiFID II förstås som att de gäller i alla de fall när reglerna om korsförsäljning (artikel 24.11) är tillämpliga på kombi- nationen av produkter eller tjänster.</P>
<P class="p807 ft4">I den delegerade förordningen till MiFID II finns detaljerade regler om den information som ett värdepappersinstitut ska hämta in från kund och vad ett institut ska iaktta vid lämplighetsbedömning. De nuvarande bemyndigandena för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter i dessa avseende bör därför ut- mönstras ur lagen om värdepappersmarknaden (8 kap. 42 § 14 och 15).</P>
<P class="p1233 ft2">372</P>
</DIV>
<DIV id="page_373">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr47 td191"><P class="p1234 ft21">8.6</P></TD>
<TD colspan=6 class="tr47 td16"><P class="p39 ft21">Rapport till kund och lämplighetsförklaring</P></TD>
<TD class="tr47 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td158"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=8 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska på ett varaktigt</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td371"><P class="p57 ft2">medium lämna en rapport till kunden om de tjänster som institutet har</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td390"><P class="p57 ft2">utfört. Rapporteringen ska, i förekommande fall, ske regelbundet.</P></TD>
<TD class="tr26 td391"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p295 ft2">När ett värdepappersinstitut tillhandahåller investeringsrådgivning</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td371"><P class="p57 ft2">till <NOBR>icke-professionella</NOBR> kunder ska det lämna en lämplighetsförklaring</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">till kunden. Lämplighetsförklaringen, som ska lämnas på varaktigt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">medium före en eventuell transaktion, ska innehålla tillfredsställande</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td371"><P class="p57 ft2">dokumentation som detaljerat anger det råd som kunden fått och hur</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">detta svarar mot kundens önskemål, mål med investeringen och andra</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">egenskaper. Om ett avtal om att köpa eller sälja ett finansiellt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td371"><P class="p57 ft2">instrument ingås på distans, får institutet under vissa förutsättningar i</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">stället tillhandahålla lämplighetsförklaringen efter det att avtalet har</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td392"><P class="p57 ft2">ingåtts.</P></TD>
<TD class="tr26 td122"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td15"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td391"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td371"><P class="p295 ft2">Bemyndigandet för regeringen eller den myndighet som regeringen</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td371"><P class="p57 ft2">bestämmer att meddela föreskrifter om rapporter till kunder ut-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr27 td393"><P class="p57 ft2">mönstras ur lagen om värdepappersmarknaden.</P></TD>
<TD class="tr27 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td391"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr2 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">utredningens förslag inte innehåller något krav på regelbunden</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">rapportering till kunder. Enligt utredningens förslag finns det inte heller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td191"><P class="p23 ft2">något</P></TD>
<TD class="tr26 td122"><P class="p23 ft2">uttryckligt</P></TD>
<TD class="tr26 td15"><P class="p23 ft2">krav</P></TD>
<TD class="tr26 td124"><P class="p23 ft2">på</P></TD>
<TD class="tr26 td129"><P class="p23 ft2">att</P></TD>
<TD class="tr26 td116"><P class="p23 ft2">den</P></TD>
<TD class="tr26 td131"><P class="p23 ft2">dokumentation</P></TD>
<TD class="tr26 td13"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=7 class="tr26 td66"><P class="p23 ft2">lämplighetsförklaringen ska innehålla ska vara tillfredsställande.</P></TD>
<TD class="tr26 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">det. <SPAN class="ft3">Konsumentverket </SPAN>anser att förslaget gynnar konsumentskyddet men</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">framhåller att det, för att syftet med regleringen ska uppnås, måste säker-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">ställas att informationen är tillräckligt tydlig och utförlig för att en</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">genomsnittskonsument ska kunna förstå den och fatta ett välgrundat</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">affärsbeslut med informationen som underlag. Konsumentverket utgår</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">vidare från att om rådgivaren inte tillhandahåller denna information så</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">utgör det ett sådant agerande som kan motivera rätt till skadestånd enligt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">lagen (2003:862) om finansiell rådgivning till konsumenter alternativt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">den nya lagen om skadestånd vid finansiell rådgivning till konsumenter</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">som utredningen om konsumentskydd vid finansiell rådgivning föreslår i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">betänkandet Det måste gå att lita på konsumentskyddet (SOU 2014:4).</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2"><SPAN class="ft3">Finansförbundet </SPAN>är positivt till förslaget men ser gärna att det för avtal på</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">distans formuleras om så att det framgår att värdepappersinstitutet ska</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=3 class="tr27 td213"><P class="p23 ft2">tillhandahålla uppgifterna.</P></TD>
<TD class="tr27 td124"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=4 class="tr52 td240"><P class="p23 ft25">Skälen för regeringens förslag</P></TD>
<TD class="tr52 td129"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td116"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=6 class="tr33 td343"><P class="p23 ft3">Rapport till kund om tjänster som tillhandahållits</P></TD>
<TD class="tr33 td131"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td13"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr24 td235"><P class="p23 ft2">Reglerna i MiFID II om ett värdepappersföretags rapportering till kund</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">om de tjänster som företaget tillhandahållit överensstämmer i huvudsak</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">med reglerna i MiFID I (artikel 25.6 första stycket respektive artikel</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">19.8). I MiFID II har kraven dock utvecklats något och det anges att</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr25 td235"><P class="p23 ft2">rapporterna ska lämnas på ett varaktigt medium och att de ska inkludera</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr26 td235"><P class="p23 ft2">regelbundna meddelanden till kunder, med beaktande av typen och</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=8 class="tr24 td235"><P class="p23 ft2">komplexiteten hos de aktuella finansiella instrumenten och arten av den</P></TD>
<TD class="tr24 td158"><P class="p20 ft2">373</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_374">
<P class="p727 ft4">Prop. 2016/17:162 tjänst som tillhandahålls. Kravet om rapportering på ett varaktigt medium finns emellertid redan i dag i genomförandedirektivet till MiFID I. Det genomförandedirektivet innehåller även krav på regelbundna med- delanden vid portföljförvaltning (se artiklarna 40 och 41).</P>
<P class="p575 ft2">Reglerna i MiFID I om skyldighet för värdepappersinstitut att rapport- era till sina kunder om de tjänster som de har utfört har i svensk rätt genomförts i bestämmelser i lagen om värdepappersmarknaden (8 kap. 27 §). Bestämmelserna i lagen kompletteras av Finansinspektionens föreskrifter om värdepappersrörelse, som genomför regler i genom- förandedirektivet till MiFID I (se 17 kap. respektive artiklarna <NOBR>40–43).</NOBR></P>
<P class="p575 ft2">För att i svensk rätt genomföra de ändringar av reglerna om rapport- ering till kund som har gjorts genom MiFID II (artikel 25.6) bör mot- svarande ändringar göras i lagen om värdepappersmarknaden. De nuvarande bestämmelserna bör därför kompletteras så att det anges att rapporteringen ska göras på ett varaktigt medium.</P>
<P class="p654 ft2">Regeringen anser, till skillnad från utredningen, att bestämmelserna i lagen bör kompletteras med kravet i MiFID II (artikel 25.6 första stycket) att rapporterna ska innehålla regelbundna meddelanden till kunderna. Ett skäl för det är de detaljerade regler om rapportering till kunder som finns i den delegerade förordningen till MiFID II. I den delegerade förordningen preciseras bl.a. i vilka fall och med vilken frekvens ett värdepappersinstitut ska tillhandahålla kunderna den regelbundna informationen och vilka krav den ska uppfylla (se artiklarna <NOBR>59–63).</NOBR></P>
<P class="p711 ft4">Med hänsyn till att detaljerade regler om de rapporter som ett värde- pappersinstitut ska lämna till sina kunder finns i den delegerade förordningen till MiFID II, bör det nuvarande bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om sådana rapporter utmönstras ur lagen om värde- pappersmarknaden (8 kap. 42 § 17).</P>
<P class="p1076 ft3">Lämplighetsförklaring till kund</P>
<P class="p936 ft2">MiFID II innehåller en ny regel om att ett värdepappersföretag som till- handahåller investeringsrådgivning till kunden ska lämna en bedömning om lämpligheten av en transaktion, en lämplighetsförklaring (artikel 25.6 andra stycket). Lämplighetsförklaringen ska lämnas på ett varaktigt medium innan transaktionen görs och specificera vilken rådgivning som getts och hur denna motsvarar den <NOBR>icke-professionella</NOBR> kundens prefe- renser, mål och andra egenskaper. Reglerna om lämplighetsförklaringar tar alltså, till skillnad från de om lämplighetsbedömningar (artikel 25.2), endast sikte på investeringsrådgivning som lämnas till <NOBR>icke-professio-</NOBR> nella kunder.</P>
<P class="p711 ft2">Om ett avtal om att köpa eller sälja ett finansiellt instrument ingås med hjälp av ett medel för distanskommunikation, t.ex. per telefon, som hindrar att en lämplighetsförklaring lämnas i förväg, får värdepappers- företaget tillhandahålla den skriftliga förklaringen på ett varaktigt medium omedelbart efter det att kunden bundits av ett avtal (artikel 25.6 tredje stycket). För att värdepappersföretaget ska få göra det krävs vidare att kunden har gett sitt samtycke till att få lämplighetsförklaringen utan onödigt dröjsmål efter det att transaktionen har genomförts och att före-</P>
<P class="p352 ft2">374</P>
</DIV>
<DIV id="page_375">
<DIV>
<DIV id="id_1">
<P class="p796 ft4">taget har erbjudit kunden möjligheten att senarelägga transaktionen så att den först kan få lämplighetsförklaringen.</P>
<P class="p193 ft2">Ordalydelsen av dessa regler i MiFID II skulle kunna tolkas som att en lämplighetsförklaring måste lämnas endast om investeringsrådgivningen följs av en transaktion. Enligt regeringens uppfattning bör dock direktivet förstås som att det alltid krävs en lämplighetsförklaring när ett värde- pappersinstitut har tillhandahållit en kund investeringsrådgivning. Insti- tutet ska således tillhandahålla en lämplighetsförklaring även om kunden inte köper eller säljer något finansiellt instrument eller får rådet att inte vidta någon transaktion.</P>
<P class="p195 ft2">En ytterligare ny regel i MiFID II i förhållande till MiFID I innebär att ett värdepappersföretag, vid portföljförvaltning eller då det har infor- merat kunden om att det kommer att utföra en regelbunden lämplighets- bedömning, ska inkludera en uppdaterad lämplighetsförklaring i de regelbundna rapporterna till kunden (artikel 25.6 fjärde stycket, beträff- ande information om regelbunden lämplighetsbedömning, se avsnitt 8.3).</P>
<P class="p1235 ft4">I den delegerade förordningen till MiFID II finns ytterligare regler om lämplighetsförklaringar (se artikel 54.12).</P>
<P class="p193 ft2">I gällande svensk rätt finns det inte några bestämmelser om lämplig- hetsförklaring som motsvarar reglerna i MiFID II. I Finansinspektionens föreskrifter om värdepappersrörelse (16 kap.) finns det dock särskilda bestämmelser om investeringsrådgivning till konsumenter som i vissa avseenden liknar reglerna i direktivet.</P>
<P class="p195 ft4">Reglerna i MiFID II om lämplighetsförklaring bör genomföras i svensk rätt i bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p150 ft27">När det gäller möjligheten att lämna en lämplighetsförklaring i efter- hand i vissa fall då avtal ingås med hjälp av ett medel för distanskommu- nikation anges i MiFID II att förklaringen får lämnas omedelbart efter det att kunden har bundits av ett avtal (artikel 25.6 tredje stycket). En på liknande sätt utformad undantagsregel om att information får lämnas i efterhand finns i direktivet om distansförsäljning av finansiella tjänster till konsumenter (artikel 5.2 i Europaparlamentets och rådets direktiv 2002/65/EG av den 23 september 2002 om distansförsäljning av finan- siella tjänster till konsumenter och om ändring av rådets direktiv 90/619/EEG samt direktiven 97/7/EG och 98/27/EG). I lagen (2005:59) om distansavtal och avtal utanför affärslokaler har undantagsregeln i det direktivet i fråga om tidpunkten för lämnande av informationen till kund genomförts på det sätt att informationen ska lämnas snarast efter det att avtalet har ingåtts (se 3 kap. 3 och 4 §§ och prop. 2004/05:13 s. 53, 158 och 160). Enligt regeringens uppfattning bör tidpunkten för att lämna en lämplighetsförklaring i efterhand bestämmas på samma sätt när reglerna i MiFID II genomförs i svensk rätt. Om förutsättningarna är uppfyllda för att ett värdepappersinstitut i den nu aktuella situationen inte behöver lämna en lämplighetsförklaring i förväg, ska förklaringen således lämnas snarast efter det att ett avtal har ingåtts. Regeringen konstaterar med an- ledning av <SPAN class="ft26">Finansförbundets </SPAN>synpunkter att ett värdepappersinstitut alltid är skyldigt att lämna en <NOBR>icke-professionell</NOBR> kund en lämplighetsförklaring. Det som det nu aktuella undantaget avser är endast kravet enligt huvud- regeln att förklaringen ska lämnas innan en transaktion genomförs.</P>
<P class="p1236 ft42">Regeringen instämmer med <SPAN class="ft51">Konsumentverket </SPAN>att det, för att en lämplighetsförklaring ska tjäna sitt syfte, krävs att den information som</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">375</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_376">
<P class="p966 ft2">Prop. 2016/17:162 lämnas är tillräckligt tydlig och utförlig för att kunden ska kunna fatta ett välgrundat beslut. Det bör därför, liksom i bestämmelserna i lagen om värdepappersmarknaden (8 kap. 27 §) om rapportering till kunder, uttryckligen anges i lagen att den dokumentation som lämnas ska vara tillfredsställande. Mer preciserade krav på dokumentationen finns i den delegerade förordningen till MiFID II (se artikel 54.12).</P>
<P class="p1185 ft4"><SPAN class="ft45">Konsumentverket </SPAN>tar även upp en fråga om skadestånd vid finansiell rådgivning till konsumenter. Regeringen konstaterar att frågan om en finansiell rådgivare har agerat vårdslöst får avgöras vid en helhetsbedöm- ning av samtliga relevanta omständigheter i det enskilda fallet. Några ändringar i reglerna om skadestånd vid finansiell rådgivning till konsu- menter föreslås inte i detta lagstiftningsärende.</P>
<TABLE cellpadding=0 cellspacing=0 class="t155">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td255"><P class="p1230 ft121">8.7</P></TD>
<TD class="tr47 td385"><P class="p23 ft21">Korsförsäljning</P></TD>
</TR>
<TR>
<TD class="tr60 td42"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som tillhandahåller en</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">investeringstjänst tillsammans med en annan tjänst eller produkt som</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">en del av ett paket eller som ett villkor för samma överenskommelse</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">eller paket (korsförsäljning), ska informera kunden om huruvida det är</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">möjligt att köpa de olika komponenterna i paketet var för sig och om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">kostnaderna och avgifterna för var och en av komponenterna. Om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">riskerna med en sådan överenskommelse eller ett sådant paket som</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">erbjuds en <NOBR>icke-professionell</NOBR> kund sannolikt skiljer sig från riskerna</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">som uppstår om komponenterna tillhandahålls var för sig, ska institutet</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">lämna en beskrivning av de olika komponenterna i överenskommelsen</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">eller paketet och hur förhållandet mellan dem förändrar risknivån.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p175 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det bör i detta sammanhang inte införas</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">något bemyndigande för regeringen eller den myndighet som</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">regeringen bestämmer att meddela föreskrifter om vad ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">pappersinstitut ska iaktta för att uppfylla sina skyldigheter vid kors-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">försäljning. Finansinspektionen kan med stöd av befintligt bemyn-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">digande meddela föreskrifter som situationer där korsförsäljning inte</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">är förenlig med de allmänna principerna som gäller när ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">persinstitut tillhandahåller investeringstjänster eller sidotjänster.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag och bedömning. Utredningens förslag behandlar inte frågan om</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bemyndigande att meddela föreskrifter om vad ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ska iaktta för att uppfylla sina skyldigheter vid korsförsäljning.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft25">Promemorians förslag och bedömning <SPAN class="ft2">avviker från regeringens</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag och bedömning genom att enligt promemorians förslag ska</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">regeringen eller den myndighet som regeringen bestämmer få meddela</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">föreskrifter om vad ett värdepappersinstitut ska iaktta för att uppfylla</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">sina skyldigheter vid korsförsäljning.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har inget att invända mot det. Som framgår i avsnitt 5.1 är ett antal</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">remissinstanser kritiska till att införa Esmas riktlinjer i myndighetsföre-</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">376</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft3"><SPAN class="ft2">skrifter. </SPAN>Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_377">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">anser att bemyndigandet att meddela föreskrifter som inför Esmas rikt- linjer om korsförsäljning i princip ger Finansinspektionen möjlighet att avvika från riktlinjernas ordalydelse, vilket föreningarna är kritiska till. Föreningarna ifrågasätter även om Esmas riktlinjer om korsförsäljning, som innehåller ett stort antal illustrativa exempel, i alla delar lämpar sig för att införas i myndighetsföreskrifter. Om endast delar av riktlinjerna införs i myndighetsföreskrifter, anser föreningarna att regelverket blir svårt att överblicka och därmed förenat med viss rättsosäkerhet.</P>
<P class="p912 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">MiFID II (artikel 24.11) innehåller, till skillnad från MiFID I, regler om s.k. korsförsälj- ning. I MiFID II avses med korsförsäljning att en investeringstjänst erbjuds kunden tillsammans med en annan tjänst eller produkt som en del av ett paket eller som ett villkor för samma överenskommelse eller paket (artikel 4.1.42). Korsförsäljning är en vanlig strategi för leverantörer av finansiella tjänster till privatpersoner inom EU och kan ge icke- professionella kunder fördelar men kan också leda till att kundens intresse inte beaktas på ett tillfredsställande sätt (skäl 81).</SPAN></P>
<P class="p912 ft2">Förutsättningen att det ska vara fråga om ”ett villkor för samma överenskommelse eller paket” (artikel 24.11 första stycket) får enligt regeringens uppfattning förstås som att det avser en situation där till- handahållandet av investeringstjänsten är ett villkor för värdepappers- företagets erbjudande om att tillhandahålla en annan tjänst, produkt eller paket av produkter eller tjänster.</P>
<P class="p623 ft2">Vid korsförsäljning ska värdepappersföretaget informera kunden om huruvida det är möjligt att köpa de olika komponenterna var för sig och om kostnaderna och avgifterna för var och en av komponenterna. I för- hållande till <NOBR>icke-professionella</NOBR> kunder ska värdepappersföretaget, för det fall riskerna med en överenskommelse eller ett paket som erbjuds sannolikt skiljer sig från risken som uppstår om de olika komponenterna tillhandahålls var för sig, lämna en adekvat beskrivning av de olika komponenterna och hur deras samverkan förändrar riskerna (artikel 24.11 andra stycket i MiFID II).</P>
<P class="p912 ft2">Det finns i gällande svensk rätt inte några regler om värdepappers- instituts korsförsäljning. Reglerna i MiFID II om korsförsäljning bör därför genomföras i svensk rätt i bestämmelser i lagen om värdepappers- marknaden.</P>
<P class="p622 ft2">Esma har utarbetat riktlinjer för bedömning och tillsyn över korsför- säljning (i enlighet med artikel 24.11 tredje stycket i MiFID II). Rikt- linjerna tar sikte dels på ett företags skyldigheter vid korsförsäljning, dels på situationer där metoder för korsförsäljning inte är förenliga med de allmänna principerna i MiFID II för tillhandahållande av investerings- tjänster och sidotjänster (Esmas riktlinjer för korsförsäljning [ESMA/2016/574]).</P>
<P class="p624 ft2">Promemorians förslag innebär att det i lagen om värdepappersmark- naden tas in ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vad ett värdepappers- institut ska iaktta för att uppfylla sina skyldigheter vid korsförsäljning. I promemorian görs vidare bedömningen att Finansinspektionen med stöd av befintligt bemyndigande i samma lag kan meddela föreskrifter som inför Esmas riktlinjer med avseende på situationer där metoder för korsförsäljning inte är förenliga med de allmänna principerna som gäller</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">377</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_378">
<P class="p966 ft2">Prop. 2016/17:162 när ett värdepappersinstitut tillhandahåller investeringstjänster eller sido- tjänster (se 8 kap. 1 § och 42 § 1 lagen om värdepappersmarknaden och 6 kap. 1 § 8 förordningen om värdepappersmarknaden). Som framgår ovan är flera remissinstanser kritiska till att införa Esmas riktlinjer i myndighetsföreskrifter (se avsnitt 5.1). <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlarföreningen </SPAN>framför synpunkter när det gäller att införa riktlinjerna för korsförsäljning i myndighetsföreskrifter. Regeringen anser att en bedömning av behovet av att införa Esmas rikt- linjer om korsförsäljning i bindande föreskrifter bör göras vid ett senare tillfälle när Finansinspektionen har haft möjlighet att bl.a. kontrollera hur de bestämmelser om korsförsäljning som föreslås i denna proposition tillämpas av berörda företag. Det bör därför inte i detta sammanhang införas något bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vad ett värdepappers- institut ska iaktta för att uppfylla sina skyldigheter vid korsförsäljning. Nuvarande bemyndigande att meddela föreskrifter om vad ett värdepappersinstitut ska iaktta för att uppfylla sina skyldigheter enligt de allmänna principer som gäller när ett värdepappersinstitut tillhandahåller investeringstjänster eller sidotjänster bedöms dock ge utrymme för föreskrifter med avseende på situationer där metoder för korsförsäljning inte är förenliga med dessa principer.</P>
<TABLE cellpadding=0 cellspacing=0 class="t156">
<TR>
<TD class="tr47 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td87"><P class="p1163 ft21">8.8</P></TD>
<TD class="tr47 td385"><P class="p23 ft21">Passandebedömning</P></TD>
</TR>
<TR>
<TD class="tr60 td152"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td376"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td377"><P class="p44 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Vid korsförsäljning ska ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">göra en passandebedömning av överenskommelsen eller paketet som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td394"><P class="p44 ft2">helhet.</P></TD>
<TD class="tr26 td389"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p21 ft2">Ett värdepappersinstitut ska få utnyttja ett undantag från kravet på</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">passandebedömning om tjänsten avser</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p21 ft2">1. aktier, förutom aktier i företag för kollektiva investeringar som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">inte är värdepappersfonder eller motsvarande utländska fonder eller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">sådana som omfattar derivat, som är upptagna till handel på en regle-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">rad marknad, en motsvarande marknad utanför EES som enligt beslut</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">av Europeiska kommissionen bedömts vara likvärdig med en reglerad</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">marknad eller en <NOBR>MTF-plattform,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p21 ft2">2. obligationer och skuldförbindelser, förutom sådana omfattar deri-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">vat eller har en struktur som gör det svårt för kunden att förstå risken</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">med instrumentet, som är upptagna till handel på en reglerad marknad,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">en motsvarande marknad utanför EES som enligt beslut av Europeiska</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">kommissionen bedömts vara likvärdig med en reglerad marknad eller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">en <NOBR>MTF-plattform,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p21 ft2">3. penningmarknadsinstrument, förutom sådana som omfattar deri-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">vat eller har en struktur som gör det svårt för kunden att förstå risken</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p44 ft2">med instrumentet,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p21 ft2">4. andelar i värdepappersfonder och motsvarande utländska fonder,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">förutom sådana som är s.k. strukturerade fondföretag, och</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td377"><P class="p21 ft2">5. strukturerade insättningar, förutom sådana vars struktur gör det</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">svårt för kunden att förstå risken med avseende på avkastning och</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr50 td152"><P class="p151 ft2">378</P></TD>
<TD colspan=2 class="tr26 td377"><P class="p44 ft2">kostnader för att avsluta insättningen i förtid.</P></TD>
</TR>
<TR>
<TD class="tr48 td87"><P class="p23 ft61"> </P></TD>
<TD class="tr48 td385"><P class="p23 ft61"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_379">
<DIV id="dimg1">
<INGENBILD zsrc="H403162379x1.jpg/" id="img1">
</DIV>
<DIV>
<DIV id="id_1">
<P class="p1237 ft4">Finansinspektionen får hos Europeiska kommissionen begära ett beslut om likvärdighet för en marknad utanför EES.</P>
<P class="p1237 ft2">Undantaget från kravet på passandebedömning får inte tillämpas om ett värdepappersinstitut i samband med investeringstjänsten beviljar kunden en kredit för att genomföra transaktionen.</P>
<P class="p1237 ft2">Bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vilka finansiella instrument som ska anses som okomplicerade utmönstras ur lagen om värde- pappersmarknaden.</P>
<P class="p1238 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Det bör i detta sammanhang inte införas något bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vilka finansiella instrument och insättningar som omfattar derivat eller har en struktur som gör det svårt för kunden att förstå relevanta risker.</P>
<P class="p573 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag behandlar inte frågan om ändring av förutsättningarna för när en marknad i tredjeland ska anses likvärdig med en reglerad marknad. Utredningens förslag behandlar inte heller frågan om bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vilka finansiella instrument och insättningar som omfattar derivat eller har en struktur som gör det svårt för kunden att förstå relevanta risker.</P>
<P class="p912 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>anför att utredningens tolkning av vad som gäller för komplicerade finansiella instrument skiljer sig från den analys som Esma redovisat i sina tekniska råd till kommissionen. Föreningarna understryker att det är av stor praktisk betydelse att frågan klargörs. De noterar att de flesta special- fonder i dag är att anse som okomplicerade enligt kriterierna i genom- förandedirektivet till MiFID I och anser att de bör anses vara det även i fortsättningen.</P>
<P class="p912 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer delvis med regeringens förslag. Enligt promemorians förslag ska regeringen eller den myndighet som regeringen bestämmer få meddela föreskrifter om vilka finansiella instrument och insättningar som omfattar derivat eller har en struktur som gör det svårt för kunden att förstå relevanta risker.</P>
<P class="p623 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. Som framgår i avsnitt 5.1 är ett antal remissinstanser dock kritiska till att införa Esmas riktlinjer i myndighets- föreskrifter. <SPAN class="ft3">Fondbolagens förening</SPAN>, <SPAN class="ft3">Svenska Bankföreningen </SPAN>och</P>
<P class="p1239 ft2"><SPAN class="ft3">Svenska Fondhandlarföreningen </SPAN>betonar att andelar i fonder som inte är värdepappersfonder alltjämt kan vara att betrakta som okomplicerade finansiella instrument om de uppfyller kraven för detta enligt den dele- gerade förordningen till MiFID II (artikel 57). Bankföreningen och Fond- handlareföreningen anser vidare att bemyndigandet att meddela före- skrifter som avser Esmas riktlinjer om komplexa skuldinstrument och strukturerade insättningar i princip ger Finansinspektionen möjlighet att avvika från riktlinjernas ordalydelse, vilket föreningarna är kritiska till. Föreningarna ifrågasätter även om Esmas riktlinjer i alla delar lämpar sig för att tas in i myndighetsföreskrifter. Om endast delar av riktlinjerna tas</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">379</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_380">
<P class="p820 ft42">Prop. 2016/17:162 in i myndighetsföreskrifter, anser föreningarna att regelverket blir svårt att överblicka och därmed förenat med viss rättsosäkerhet.</P>
<P class="p1240 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1169 ft3">Passandebedömning vid korsförsäljning</P>
<P class="p936 ft2">När ett värdepappersföretag tillhandahåller andra investeringstjänster till en kund än investeringsrådgivning eller portföljförvaltning är huvud- regeln i MiFID II att företaget ska inhämta information om kundens kunskaper och erfarenheter för att bedöma om tjänsten eller produkten i fråga passar för kunden (artikel 25.3). Det är i dessa fall fråga om en mindre omfattande bedömning än den lämplighetsbedömning som ska göras vid investeringsrådgivning eller portföljförvaltning (om lämplig- hetsbedömning, se avsnitt 8.5). Kravet på passandebedömning i sig är oförändrat i förhållande till det som gäller enligt MiFID I (artikel 19.5). Reglerna i MiFID I har i svensk rätt genomförts i lagen om värdepap- persmarknaden (8 kap. 24 §).</P>
<P class="p711 ft2">I MiFID II finns dock en ny regel som tar sikte på passandebedömning när det är fråga om korsförsäljning, dvs. när det är fråga om ett paket av kombinerade tjänster eller produkter enligt reglerna om korsförsäljning (artikel 25.3 första stycket andra meningen). Passandebedömningen ska i sådana fall avse hela det kombinerade paketet (angående korsförsäljning, se vidare avsnitt 8.7). För att i svensk rätt genomföra den ändring av reg- lerna om passandebedömning som har gjorts genom MiFID II bör mot- svarande ändringar göras i lagen om värdepappersmarknaden. De nu- varande bestämmelserna i lagen bör därför kompletteras så att det anges att vid korsförsäljning ska ett värdepappersinstitut göra en passande- bedömning avseende överenskommelsen eller paketet som helhet.</P>
<P class="p948 ft3">Undantag från passandebedömning</P>
<P class="p1179 ft2">I MiFID II finns det flera undantag från kravet på passandebedömning (artikel 25.4). Dessa gäller när ett värdepappersföretag endast tillhanda- håller investeringstjänster som omfattar utförande av kundorder eller mottagande och vidarebefordran av kundorder. I huvudsak är reglerna oförändrade i förhållande till de i MiFID I (artikel 19.6). Även enligt MiFID II krävs för att undantaget ska vara tillämpligt att tjänsten avser ett s.k. okomplicerat finansiellt instrument (artikel 25.4 a första stycket), att kunden ska själv ta initiativ till tjänsten (artikel 25.4 b) och att kunden ska ha fått information om att värdepappersföretaget inte kommer att göra någon passandebedömning (artikel 25.4 c). Vidare krävs att värde- pappersföretaget uppfyller de krav som gäller för hantering av intresse- konflikter (artikel 25.4 d). Även i detta avseende motsvarar MiFID II det som gäller enligt MiFID I (artikel 19.6 fjärde strecksatsen). Reglerna i MiFID I har i svensk rätt genomförts i bestämmelser i lagen om värde- pappersmarknaden (8 kap. 25 §).</P>
<P class="p711 ft4">Liksom i MiFID I räknas i MiFID II upp ett antal finansiella instru- ment som ska betraktas som okomplicerade. Enligt båda direktiven kan som okomplicerade instrument betraktas bl.a. aktier upptagna till handel på en reglerad marknad eller en likvärdig marknad utanför EES samt</P>
<P class="p535 ft145">obligationer och andra skuldförbindelser, förutom sådana som omfattar</P>
<P class="p19 ft2">380</P>
</DIV>
<DIV id="page_381">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">derivat. Beträffande tjänster som avser obligationer och andra skuld- förbindelser tillkommer bl.a. ett krav på att instrumenten ska ha tagits upp till handel på en reglerad marknad, en likvärdig marknad utanför EES eller en <NOBR>MTF-plattform.</NOBR></P>
<P class="p150 ft2">När det gäller aktier ska även aktier som handlas på en <NOBR>MTF-plattform</NOBR> betraktas som okomplicerade enligt MiFID II (artikel 25.4 a första stycket i). I MiFID II tillkommer dock i fråga om aktier ett krav på att de inte får omfatta derivat. Aktier i ett svenskt aktiebolag kan dock knappast innehålla ett derivatinstrument. I ett europeiskt perspektiv kan emellertid begreppet aktier (i den engelska språkversionen ”shares”) ha en något vidare innebörd och omfatta andelar eller delägarrätter som är konstru- erade så att de omfattar derivat. Som aktier som är okomplicerade instru- ment betraktas enligt MiFID II inte aktier i företag för kollektiva investe- ringar som inte är värdepappersfonder (t.ex. andelar i alternativa investe- ringsfonder). Som framgår nedan (med avseende på artikel 25.4 a första stycket vi) kan dock finansiella instrument, t.ex. sådana aktier, ändå vara att betrakta som okomplicerade finansiella instrument under de förutsätt- ningar som anges i den delegerade förordningen till MiFID II.</P>
<P class="p912 ft2">För obligationer och skuldförbindelser (artikel 25.4 a första stycket ii i MiFID II) gäller även enligt MiFID I (artikel 19.6 första strecksatsen) att sådana instrument som omfattar derivat inte betraktas som okompli- cerade. Det innebär att t.ex. s.k. aktieindexobligationer, dvs. obligationer där avkastningen och ibland även delar av kapitalbeloppet, är beroende av utvecklingen av ett underliggande index eller ett finansiellt instru- ment, inte kan betraktas som okomplicerade. Enligt MiFID II tillkommer beträffande tjänster som avser obligationer och andra skuldförbindelser även ett krav på att instrumenten ska ha tagits upp till handel på en reglerad marknad, en likvärdig marknad i tredjeland eller en <NOBR>MTF-platt-</NOBR> form. Vidare tillkommer ett krav på att instrumenten inte får innehålla en struktur som gör det svårt för kunden att förstå risken de är förbundna med.</P>
<P class="p624 ft2">I likhet med det som gäller i fråga om aktier, obligationer och andra skuldförbindelser kan motsvarande instrument som tagits upp till handel på en marknad utanför EES, som är likvärdig med en reglerad marknad, anses okomplicerade. I detta avseende innebär ändringsdirektivet vissa förändringar i förhållande till den ursprungliga lydelsen av direktivet (artikel 1.2 i ändringsdirektivet). Enligt MiFID II i dess lydelse enligt ändringsdirektivet gäller att kravet på likvärdighet anses uppfyllt om kommissionen har fattat beslut om det. Ett sådant beslut fattas på begäran av en behörig myndighet och förutsätter att regelverket för och tillsynen över marknaden uppfyller närmare angivna krav (artikel 25.4 a andra stycket).</P>
<P class="p624 ft2">I fråga om penningmarknadsinstrument tillkommer i MiFID II, för att instrumenten ska anses som okomplicerade, dels ett krav att de inte får omfatta derivat, dels ett krav att de inte får innehålla en struktur som gör det svårt för kunden att förstå risken instrumenten är förbundna med (artikel 25.4 a första stycket iii).</P>
<P class="p624 ft4">Ytterligare en ändring i MiFID II jämfört med MiFID I gäller de aktier eller andelar i värdepappersfonder som ska anses som okomplicerade instrument (artikel 25.4 a första stycket iv i MiFID II). Ändringen inne- bär att andelar i strukturerade fondföretag enligt kommissionens genom-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">381</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_382">
<P class="p994 ft4">Prop. 2016/17:162 förandeförordning till <NOBR>UCITS-direktivet</NOBR> (kommissionens förordning [EU] nr 583/2010 av den 1 juli 2010 om genomförande av Europaparlamentets</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">och rådets direktiv 2009/65/EG rörande basfakta för investerare eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">prospekt som tillhandahålls på annat varaktigt medium än papper eller på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">en webbplats) inte ingår i uppräkningen av okomplicerade finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">instrument. Med strukturerade fondföretag avses fondföretag som – vid</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">vissa förutbestämda tidpunkter – ger investerare algoritmbaserade vinster</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som är relaterade till resultat eller till realiserade prisförändringar eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra villkor med avseende på finansiella tillgångar, index eller referens-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">portföljer eller fondföretag med liknande egenskaper (se artikel 36.1 i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">nämnda förordning).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Enligt MiFID II (artikel 25.4 a första stycket v) gäller undantaget från</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">passandebedömning vidare i förhållande till tjänster som omfattar</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">strukturerade insättningar, vilket även det är en ändring jämfört med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID I. Undantaget omfattar tjänster som avser strukturerade insätt-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningar under förutsättning att insättningen inte innehåller en struktur som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gör det svårt för kunden att förstå risken avseende avkastningen eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kostnaden för att avsluta produkten i förtid.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">I likhet med det som gäller enligt MiFID I (artikel 19.6 första streck-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">satsen) kan enligt MiFID II (artikel 25.4 första stycket a vi) även andra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finansiella instrument än de som räknas upp i direktivet vara att betrakta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som okomplicerade. I detta avseende kompletteras MiFID II av detalje-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rade regler i den delegerade förordningen till MiFID II (artikel 57) om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">när ett instrument i annat fall kan betraktas som okomplicerat. För</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID I finns motsvarande regler i genomförandedirektivet (artikel 38).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Esma får enligt MiFID II (artikel 25.11) utarbeta riktlinjer för bedömning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">av finansiella instrument som klassificeras som <NOBR>icke-komplexa.</NOBR> Detta har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">emellertid inte gjorts ännu. Esma har utarbetat riktlinjer om när skuld-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">instrument och strukturerade insättningar innehåller en struktur som gör</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">det svårt för kunden att förstå de relevanta riskerna (se Esmas riktlinjer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om komplexa skuldinstrument och strukturerade insättningar</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">[ESMA/2015/1787]). I sistnämnda riktlinjer finns även vissa klargöran-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">den i fråga om när obligationer och skuldförbindelser samt penning-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsinstrument omfattar derivat.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Ytterligare en ändring i MiFID II i förhållande till MiFID I är att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">undantaget från kravet på passandebedömning inte får tillämpas om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">värdepappersföretaget samtidigt tillhandahåller kunden en sidotjänst i form</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">av beviljande av kredit eller lån för att genomföra transaktionen (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">25.4 första meningen i MiFID II). Oavsett om övriga förutsättningar för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">undantag är uppfyllda så ska värdepappersföretaget göra en passande-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">bedömning i ett sådant fall. Detta gäller dock enbart om en ny kredit</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">beviljas. Om kunden redan har en kreditlimit eller en kontokredit krävs</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ingen passandebedömning förutsatt att kundens transaktion ryms inom</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ramen för befintlig limit eller kredit. Enligt den aktuella artikeln i direk-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tivet gäller begränsningen av undantaget endast en kredit som lämnas av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ett värdepappersföretag som en sidotjänst. Eftersom reglerna om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">undantag från passandebedömning gäller även för kreditinstitut som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">driver värdepappersrörelse får direktivet dock förstås som att detsamma</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gäller om ett kreditinstitut lämnar en motsvarande kredit, vilket inte är en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sidotjänst (se artikel 1.3). Att undantaget från passandebedömning inte</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">382</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">bör tillämpas i samband med att en kredit beviljas för att kunden ska</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_383">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">kunna genomföra en transaktion motiveras av att komplexiteten i transaktionen ökar och det blir svårare för kunden att förstå riskerna med transaktionen (se skäl 80). Detta gäller oavsett om krediten lämnas av ett värdepappersföretag som en sidotjänst eller av ett kreditinstitut. Begräns- ningen av undantaget bör enligt regeringens uppfattning utformas med hänsyn till detta när reglerna i direktivet genomför i svensk rätt. Det bör därför göras en justering i lagtexten i förhållande till lagrådsremissens förslag så att hänvisningen till värdepappersbolag tas bort (9 kap. 25 § tredje stycket lagen om värdepappersmarknaden).</P>
<P class="p912 ft3">Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">framför när det gäller utredningens tolkning av vad som är okomplicerade finan- siella instrument att den skiljer sig från den tolkning som Esma redovisat i sina tekniska råd till kommissionen. Föreningarna hänvisar till vad som i dag gäller enligt genomförandedirektivet till MiFID I. Regeringen konstaterar att vid den tidpunkt när utredningen gjorde sin bedömning hade den delegerade förordningen till MiFID II ännu inte antagits. De båda föreningarna och </SPAN>Fondbolagens förening <SPAN class="ft2">betonar i sina yttranden över promemorians förslag vikten av att finansiella instrument, t.ex. andelar i specialfonder, kan betraktas som okomplicerade i enlighet med reglerna i den delegerade förordningen till MiFID II (artikel 57). Regeringen konstaterar att när MiFID II börjar tillämpas, bör bedöm- ningen av vad som ska anses som okomplicerade finansiella instrument göras i enlighet med den delegerade förordningen. Således kan t.ex. andelar i specialfonder vara att anse som okomplicerade finansiella instrument, förutsatt att kraven i den delegerade förordningen till MiFID II (artikel 57) är uppfyllda.</SPAN></P>
<P class="p1043 ft2">För att i svensk rätt genomföra de ändringar av reglerna om passande- bedömning och undantag från kravet på passandebedömning som har gjorts genom MiFID II, bör motsvarande ändringar göras i lagen om värdepappersmarknaden. De nuvarande bestämmelserna i lagen (8 kap. 25 §) bör därför justeras på motsvarande sätt som reglerna i direktivet.</P>
<P class="p622 ft2">När det gäller bedömningen av andra finansiella instrument än de som särskilt räknas upp som okomplicerade (artikel 25.4 första stycket a vi i MiFID II) finns regler i den delegerade förordningen till MiFID II. Regeringen anser mot den bakgrunden att det inte finns skäl att behålla nuvarande bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vilka finansiella instrument som ska anses som okomplicerade (jfr 15 kap. 11 § Finans- inspektionens föreskrifter om värdepappersrörelse). Bemyndigandet bör därför utmönstras ur lagen om värdepappersmarknaden.</P>
<P class="p573 ft2">Promemorians förslag innebär att det i lagen om värdepappersmark- naden tas in ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter i vilka Esmas riktlinjer om komplexa skuldinstrument och strukturerade insättningar kan införas. Flera remissinstanser är kritiska till att införa Esmas riktlinjer i myndig- hetsföreskrifter (se avsnitt 5.1). <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>framför synpunkter när det gäller att i myndig- hetsföreskrifter införa Esmas riktlinjer om komplexa skuldinstrument och strukturerade insättningar. Regeringen anser att en bedömning av behovet av att införa dessa riktlinjer i bindande föreskrifter bör göras vid ett senare tillfälle när Finansinspektionen har haft möjlighet att bl.a.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">383</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_384">
<P class="p966 ft4">Prop. 2016/17:162 kontrollera hur de bestämmelser om undantag från passandebedömningar som föreslås i denna proposition tillämpas av berörda företag. Det bör därför inte i detta sammanhang införas något bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om vilka finansiella instrument och insättningar som omfattar derivat eller har en struktur som gör det svårt för kunden att förstå relevanta risker.</P>
<TABLE cellpadding=0 cellspacing=0 class="t155">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td139"><P class="p687 ft121">8.9</P></TD>
<TD class="tr47 td363"><P class="p21 ft21">Bästa utförande av kundorder</P></TD>
</TR>
<TR>
<TD class="tr60 td42"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>När ett värdepappersinstitut utför en kunds order</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft27">ska det vidta alla åtgärder som behövs för att uppnå bästa möjliga resultat</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft27">för kunden. När institutet utför en <NOBR>icke-professionell</NOBR> kunds order, ska det</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">fastställa bästa möjliga resultat med hänsyn till den totala ersättningen</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">som kunden får betala.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">Ett värdepappersinstituts riktlinjer för utförande av kundorder ska</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">omfatta de platser som institutet använder för att utföra kundorder.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">Institutets kunder ska få lämplig information om riktlinjerna för</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">utförande av order som förklarar tydligt, tillräckligt detaljerat och på</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">ett sätt som är lätt att förstå för kunder hur order kommer att utföras.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">Kunder med vilka institutet har en fortlöpande relation ska informeras</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">om väsentliga förändringar i system och riktlinjer för utförande av</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">kundorder.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">Ett värdepappersinstitut som utfört en kunds order ska informera</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">kunden om var ordern utförts.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2">Ett värdepappersinstitut ska åtminstone en gång per år offentliggöra</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">uppgifter om de fem utförandeplatser som under det föregående året</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">använts mest för olika instrumentklasser och om kvaliteten på ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">förande av transaktioner. Den som driver en reglerad marknad, MTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">plattform eller <NOBR>OTF-plattform</NOBR> och systematiska internhandlare, mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">nadsgaranter och andra tillhandahållare av likviditet ska åtminstone en</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">gång per år offentliggöra information om kvaliteten på utförandet av</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">order. Ett värdepappersinstitut ska beakta den information som offent-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">liggörs när det utvärderar sina system och riktlinjer för utförande av</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">kunders order.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">Ett värdepappersinstitut ska på Finansinspektionens begäran kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">visa att det uppfyller kraven enligt reglerna om bästa orderutförande.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2">Bemyndigandet för regeringen eller den myndighet som regeringen</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">bestämmer att meddela föreskrifter om hantering av kunders order</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">utmönstras ur lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p894 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Förslaget i avsnitt 9.3.5 om förbud mot</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">ersättningar från tredjepart genomför även förbudet för ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">pappersföretag att ta emot en ersättning, rabatt eller <NOBR>icke-monetär</NOBR> för-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">mån för att styra en order till en viss handelsplats som skulle vara en</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">överträdelse av kraven avseende intressekonflikter och incitament.</P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag och bedömning. Utredningens förslag avviker från regeringens</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">förslag genom att enligt utredningens förslag ska reglerna om bästa</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">384</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">orderutförande gälla endast de handelsplatser som ett värdepappers-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_385">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">institut använder för att utföra kundorder. Utredningens förslag innebär inte någon ändring i fråga om de allmänna krav på åtgärder som ett värdepappersinstitut ska vidta för att uppnå bästa möjliga resultat, inte någon skyldighet för marknadsgaranter och andra tillhandahållare av likviditet att offentliggöra information om kvalitet på utförande av order eller något uttryckligt krav på att ett institut ska kunna visa för Finans- inspektionen att kraven på bästa orderutförande uppfylls.</P>
<P class="p432 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att begreppet avgifter behöver klargöras i fråga om den bestämmelse som utredningen föreslår för genomförande av kravet på beaktande av värdepappersföretagets egna provisioner och kostnader för utförandet av order (artikel 27.1 tredje stycket i MiFID II). Enligt inspektionens uppfattning bör begreppet provisioner användas även i lagen om ingen skillnad i förhållande till MiFID II är avsedd. Vidare anser Finansinspektionen att det tydligt bör framgå om det i detta fall är ersättning som värdepappersföretaget tar emot eller som det betalar eller om det är båda delarna som avses.</P>
<P class="p930 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p958 ft3">Regler i MiFID II om bästa utförande av kundorder</P>
<P class="p953 ft2">I MiFID II (artikel 27) finns regler om skyldighet för värdepappers- företag att utföra order på de villkor som är mest förmånliga för kunden. I huvudsak motsvaras dessa regler av reglerna i MiFID I (se artikel 21). Reglerna i MiFID I har genomförts i svensk rätt i bestämmelser i lagen om värdepappersmarknaden (8 kap. 22 och <NOBR>28–32</NOBR> §§). I MiFID II har det dock införts vissa nya krav och gjorts vissa justeringar av reglerna i förhållande till de i MiFID I. Vidare finns det i MiFID II även vissa regler som motsvarar regler i genomförandedirektivet till MiFID I. I huvudsak motsvaras dock reglerna i det genomförandedirektivet av regler i den delegerade förordningen till MiFID II.</P>
<P class="p432 ft2">Det ska inledningsvis konstateras att användningen av termen handels- plats i den svenska språkversionen av MiFID II i vissa fall är miss- visande. Termen handelsplats eller handelsplats för utförande används i flera fall där det i den engelska språkversionen av direktivet anges ”exe- cution venue” (se t.ex. artikel 27.1 andra och tredje styckena, 27.5 första stycket, 27.6 och 27.7). I MiFID II anges det dock även utförandeplats i den svenska språkversionen där det anges ”execution venue” i den engelska (se artikel 27.3). I den delegerade förordningen till MiFID II anges handelsplats för utförande (se t.ex. artikel 64). I defini- tionskatalogen i MiFID II finns en definition av termen handelsplats (i den engelska språkversionen ”trading venue”) som avser en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> i den svenska språk- versionen (artikel 4.1.24). I den engelska språkversionen av direktivet finns det inte någon definition av termen ”execution venue”. I rättsakter som har antagits av kommissionen framgår det emellertid att det som avses med den termen är handelsplatser, systematiska internhandlare, marknadsgaranter och andra tillhandahållare av likviditet (se artikel 1 i kommissionens delegerade förordning [EU] av den 8 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU om marknader för finansiella instrument avseende tekniska standarder för</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">385</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_386">
<P class="p994 ft4">Prop. 2016/17:162 tillsyn när det gäller data som ska offentliggöras av handelsplatser om kvaliteten på utförandet av transaktioner (C[2016] 3333 final) och</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">artikel 1 i kommissionens delegerade förordning [EU] av den 8 juni 2016</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">om marknader för finansiella instrument avseende tekniska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillsynsstandarder när det gäller värdepappersföretags årliga offentlig-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">görande av information om handelsplatser och utförandets kvalitet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">(C[2016] 3337 final] samt artikel 64 i den delegerade förordningen till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II). Användningen av termen är dock inte enhetlig i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">När det gäller reglerna om bästa orderutförande inbegriper termen som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">huvudregel även enheter som i tredjeland utför motsvarande funktioner</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(se artikel 1 i kommissionens delegerade förordning C[2016] 3337 final</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och artikel 64 i den delegerade förordningen till MiFID II) men det gör</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">den dock inte när det gäller kraven för utförandeplatser att offentliggöra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">information om kvalitet på utförande (se artikel 1 i kommissionens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">delegerade förordning C[2016] 3333 final). Regeringen anser att när</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">MiFID II genomförs i svensk rätt är det lämpligt att använda termen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utförandeplats för det som i den engelska språkversionen av MiFID II</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">benämns ”execution venue”, eftersom det är en term av vilken det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">framgår att det som avses inte endast är handelsplatser.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Såväl enligt MiFID I (artikel 21.1) som enligt MiFID II (artikel 27.1</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">första stycket) innebär reglerna om bästa orderutförande att ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">persföretag, när det utför kunders order, ska vidta åtgärder för att uppnå</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bästa möjliga resultat med beaktande av olika faktorer, såsom pris,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kostnad och skyndsamhet. I den mån kunden har gett företaget specifika</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">instruktioner ska dessa dock följas. Enligt MiFID II krävs att företagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska vidta alla åtgärder som behövs, medan i MiFID I anges att företagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska vidta alla rimliga åtgärder. Reglerna i MiFID II om bästa orderutför-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ande kompletteras av detaljerade regler i den delegerade förordningen till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">direktivet (se särskilt artikel 64).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">När det gäller de bedömningar som ska göras i fråga om bästa möjliga</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">resultat finns i MiFID II (artikel 27.1 andra och tredje styckena) två reg-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ler som är nya i förhållande till MiFID I. De reglerna har dock mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">svarigheter i genomförandedirektivet till MiFID I (artikel 44.3). Det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller för det första regeln om hur bästa möjliga resultat för en icke-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">professionell kund ska fastställas (artikel 27.1 andra stycket i MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Enligt regeln är den totala ersättningen avgörande. Den totala ersätt-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningen utgörs enligt direktivet av priset för instrumentet i fråga samt alla</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utgifter som är direkt hänförliga till orderns utförande, inklusive en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utförandeplats avgifter, clearing- och avvecklingsavgifter och alla andra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">avgifter som betalats till tredje parter som deltagit i utförandet av ordern.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">För det andra har det i MiFID II (artikel 27.1 tredje stycket) tagits in en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">regel från genomförandedirektivet till MiFID I som gäller när det finns</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">mer än en utförandeplats som kan utföra en order. Värdepappersföretaget</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska i den situationen, vid bedömningen och jämförelsen av de resultat för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kunden som skulle uppnås på utförandeplatser som finns upptagna i före-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tagets riktlinjer för utförande av order, beakta sina egna provisioner och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kostnader för utförandet på de handelsplatser som kan komma i fråga.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">När det gäller bästa orderutförande innehåller MiFID II även en ny</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">regel som förbjuder värdepappersföretag att ta emot ersättningar, rabatter</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">386</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">och <NOBR>icke-monetära</NOBR> förmåner (artikel 27.2). Sådana får inte tas emot för</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_387">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">att styra order till en viss handels- eller utförandeplats som skulle vara en överträdelse av de krav avseende intressekonflikter eller incitament som gäller enligt de regler som behandlas i inledningen av förevarande avsnitt (artikel 27.1) eller andra regler i direktivet (artiklarna 16.3, 23 och 24). Ytterligare regler finns i den delegerade förordningen till MiFID II (se artikel 66).</P>
<P class="p623 ft2">Liksom enligt MiFID I (artikel 21.2) ska ett värdepappersföretag enligt MiFID II (artikel 27.4) upprätta och genomföra effektiva förfaranden för att uppnå bästa möjliga resultat. Ett företag ska särskilt anta riktlinjer för utförande av order. I riktlinjerna ska för varje klass av finansiella instrument anges de olika utförandeplatser där värdepappersföretaget utför sina kundorder och vilka faktorer som påverkar valet av utförandeplats när en enskild order ska utföras. Riktlinjerna ska omfatta åtminstone de utförandeplatser som gör det möjligt för värdepappers- företaget att stadigvarande uppnå bästa möjliga resultat vid utförande av kundorder (artikel 27.5). Värdepappersföretaget ska också förse sina kunder med lämplig information om sina riktlinjer för utförande av order och i förväg inhämta kundernas godkännande av riktlinjerna (artikel 27.5 andra stycket). I MiFID II har det i förhållande till MiFID I preciserats att informationen om riktlinjerna ska tydligt förklara hur order kommer att utföras för kundens räkning, med tillräckligt detaljerade uppgifter och på ett sätt som är lätt att förstå för kunden. Detaljerade regler om bl.a. riktlinjer för utförande av order och information som ska lämnas till kunder finns i den delegerade förordningen till MiFID II (artikel 66).</P>
<P class="p1043 ft2">En nyhet i MiFID II är ett krav på att handelsplatser, systematiska internhandlare och övriga utförandeplatser åtminstone en gång per år ska offentliggöra information om kvaliteten på utförande av transaktioner (artikel 27.3). Informationen ska innehålla uppgifter om priser, kostnader, hastighet och sannolikheten för utförande för enskilda finansiella instru- ment. Detaljerade regler om offentliggörande av information om kvalitet- en finns i kommissionens delegerade förordning C[2016] 3333 final. I fråga om aktier och derivat som omfattas av reglerna om handelsskyl- dighet i MiFIR (enligt artiklarna 23 och 28) gäller kravet för handels- platser och systematiska internhandlare. I fråga om övriga finansiella instrument gäller kravet för alla utförandeplatser.</P>
<P class="p624 ft2">Med utförandeplats avses i detta sammanhang handelsplatser (regle- rade marknader, <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar),</NOBR> systematiska internhandlare, marknadsgaranter och andra tillhandahållare av likviditet (se artikel 1 i samma delegerade förordning). Uttrycket ”andra tillhanda- hållare av likviditet” inbegriper företag som utger sig för att vara villiga att handla för egen räkning och som tillhandahåller likviditet som en del av deras vanliga verksamhet, oavsett om de har avtal om detta eller har åtagit sig att fortlöpande tillhandahålla likviditet (se skäl 7 till den dele- gerade förordningen).</P>
<P class="p573 ft2">Enheter som i tredjeland utför funktioner som motsvarar de nyss nämnda omfattas inte av kravet på offentliggörande av information om kvaliteten på utförande av transaktioner (se artikel 1 i samma delegerade förordning). Om ett företag i tredjeland tillhandahåller investerings- tjänster eller utför investeringsverksamhet från filial i en medlemsstat omfattas det dock av vissa regler i MiFID II, bl.a. den som innebär skyldighet att offentliggöra information om kvaliteten på utförande av</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">387</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_388">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">388</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">transaktioner (se artiklarna 1.2 b och 41.2). Direktivet bör därför tolkas som att kraven för handelsplatser, systematiska internhandlare och övriga utförandeplatser träffar även ett företag utanför EES om det tillhanda- håller investeringstjänster eller utför investeringsverksamhet från filial i en medlemsstat.</P>
<P class="p506 ft2">För värdepappersföretag som utför en order för en kunds räkning finns i MiFID II också ett nytt krav som avser att kunden ska informeras om var en order utförts (artikel 27.3). Vidare ställs det för sådana värdepap- persföretag upp ett krav på att årligen sammanfatta och offentliggöra uppgifter om de fem utförandeplatser som, i fråga om handelsvolym, använts mest under det föregående året för olika kategorier av finansiella instrument och kvaliteten på utförandet (artikel 27.6). Detaljerade regler om denna rapportering finns i kommissionens delegerade förordning (EU) (C[2016] 3337 final).</P>
<P class="p385 ft2">I likhet med det som gäller enligt MiFID I (artikel 21.4) ska ett värde- pappersföretag enligt MiFID II (artikel 27.7) också övervaka hur systemen och riktlinjerna fungerar i praktiken så att eventuella brister kan identifieras och korrigeras. I den mån väsentliga förändringar görs i riktlinjerna eller systemen, ska ett värdepappersföretag också underrätta sina kunder om dessa förändringar. Enligt MiFID II har det sistnämnda kravet preciserats till att avse kunder med vilka företaget har en fortlöpande relation. I fråga om övervakning av hur system och riktlinjer fungerar i praktiken ska ett värdepappersföretag, liksom enligt MiFID I, särskilt göra regelbundna bedömningar av om de utförandeplatser som anges i riktlinjerna erbjuder det för kunderna bästa möjliga resultatet. I MiFID II anges dessutom att det i denna bedömning ska beaktas bl.a. den informa- tion om kvalitet på utförande av transaktioner som årligen ska offentlig- göras av handelsplatser m.fl. och av värdepappersföretaget självt (enligt artikel 27.3 och 27.6). Detaljerade regler om översynen av värdepappers- företagens system för utförande m.m. finns i den delegerade förordningen till MiFID II (se artikel 66).</P>
<P class="p302 ft2">Enligt MiFID II (artikel 27.8), liksom MiFID I (artikel 21.5), ska ett värdepappersföretag på kundens begäran kunna visa att kundens order utförts i enlighet med företagets riktlinjer. Enligt MiFID II gäller dess- utom att värdepappersföretaget, på den behöriga myndighetens begäran, ska kunna visa för myndigheten att det uppfyller kraven på bästa order- utförande.</P>
<P class="p1113 ft4">I den delegerade förordningen till MiFID II (artikel 65), liksom i genomförandedirektivet till MiFID I, anges att kraven på bästa order- utförande gäller även vid portföljförvaltning och mottagande och vidare- befordran av order.</P>
<P class="p167 ft3">Genomförande i svensk rätt</P>
<P class="p1188 ft2">Reglerna i MiFID I om bästa utförande av kundorder har genomförts i svensk rätt i bestämmelser i lagen om värdepappersmarknaden (8 kap. 22 och <NOBR>28–32</NOBR> §§). Regeringen anser att ändringarna i och tilläggen till de reglerna som har gjorts genom MiFID II bör genomföras genom att mot- svarade ändringar görs i lagen.</P>
<P class="p1113 ft4">I fråga om åtgärder för att uppnå bästa möjliga resultat för kunden bör nuvarande bestämmelser (8 kap. 28 §) ändras så att det, i enlighet med</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_389">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">MiFID II (artikel 27.1 första stycket), krävs att ett värdepappersinstitut vidtar alla åtgärder som behövs för att uppnå bästa möjliga resultat.</P>
<P class="p150 ft2">Bestämmelser om bedömning av bästa möjliga resultat för icke- professionella kunder och om beaktande av värdepappersföretagets egna kommissioner och kostnaderna för utförande av order vid val av utförandeplats finns i dag i myndighetsföreskrifter (se 18 kap. 4 § Finansinspektionens föreskrifter om värdepappersrörelse). På mot- svarande sätt som i MiFID II (artikel 27.1 andra och tredje styckena) där regler från genomförandedirektivet till MiFID I har införts, bör de bestämmelserna i stället införas i lagen om värdepappersmarknaden.</P>
<P class="p622 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>efterfrågar ett klargörande när det gäller utred- ningens förslag att ett värdepappersinstituts egna avgifter och kostnader för utförande ska beaktas vid val av utförandeplats. Finansinspektionen anser att termen provisioner i stället för avgifter bör användas i enlighet med den svenska språkversionen av MiFID II (artikel 27.1 tredje stycket). Regeringen konstaterar att kraven är desamma som enligt genomförandedirektivet till MiFID I, vilket har genomförts i myndighets- föreskrifter (artikel 44.3 och 18 kap. 4 § Finansinspektionens föreskrifter om värdepappersrörelse). I genomförandedirektivet och Finansinspek- tionens föreskrifter beskrivs kravet som att företaget ska beakta egna kommissioner och kostnader. Enligt regeringens uppfattning avser det aktuella kravet i MiFID II inte provisioner i betydelsen ersättningar eller förmåner från tredjepart (jfr artikel 27.2 och <NOBR>24.7–24.9,</NOBR> se nedan och avsnitt 9.3.3). Som framgår av skälen till MiFID II är det i stället fråga om egna provisioner eller avgifter som värdepappersinstitutet debiterar en kund för utförandet av en order (skäl 93). Det nu aktuella kravet i direktivet syftar alltså till att alla egna ersättningar och avgifter som ett värdepappersinstitut debiterar kunden för utförande av en order, i förekommande fall, ska vägas in i bedömningen av bästa resultat.</P>
<P class="p979 ft2">Som behandlas i avsnitt 9.3.5 gäller enligt MiFID II en generell be- gränsning för ett värdepappersföretag att i samband med investerings- tjänster och sidotjänster ta emot ersättningar och förmåner från tredje- part, vilken föreslås genomföras i lag (artikel 24.9). Den generella be- gränsningen omfattar enligt regeringens uppfattning det mer specifika förbudet för ett värdepappersföretag att ta emot ersättningar, rabatter eller <NOBR>icke-monetära</NOBR> förmåner för att styra en order till viss handels- eller utförandeplats som skulle vara en överträdelse av kraven avseende intressekonflikter och incitament enligt andra regler i direktivet (artikel 27.2). Regeringen anser därför, i likhet med utredningen, att de be- stämmelser i lag som i svensk rätt genomför den generella begränsningen för tredjepartsersättningar också genomför det mer specifika förbudet som finns i direktivets regler om bästa orderutförande.</P>
<P class="p1043 ft2">De gällande bestämmelserna i lagen om värdepappersmarknaden om system och riktlinjer för att uppnå bästa möjliga resultat när en kunds order utförs omfattar i dag handelsplatser där ett värdepappersinstitut utför kundorder (8 kap. 29 §). Bestämmelserna kompletteras av Finans- inspektionens föreskrifter om värdepappersrörelse, vilka i svensk rätt genomför regler i genomförandedirektivet till MiFID I. Föreskrifterna omfattar – i likhet med reglerna i genomförandedirektivet – reglerade marknader, handelsplattformar, systematiska internhandlare, marknads- garanter eller någon annan person som tillhandahåller likvidititet inom</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">389</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_390">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p57 ft2">EES. Även motsvarande enheter utanför EES omfattas (18 kap. 2 §</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">respektive artikel 44.1). Som framgår ovan omfattar kraven på riktlinjer</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">enligt MiFID II (artikel 27.5 första stycket) motsvarande platser för</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">utförande av kundorder. Som framgår ovan anser regeringen att de nu</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">nämnda enheterna bör benämnas utförandeplatser för att tydliggöra att</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">det inte endast är handelsplatser (dvs. reglerade marknader, <NOBR>MTF-platt-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">formar och <NOBR>OTF-plattformar)</NOBR> som avses. Bestämmelserna i lagen om</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">värdepappersmarknaden bör därför justeras i enlighet med detta.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">De preciseringar som har gjorts i MiFID II (artikel 27.5 andra stycket,</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">jfr artikel 21.3 andra stycket i MiFID I) av kraven på den information om</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">riktlinjer för orderutförande som ett värdepappersinstitut ska lämna till</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">sina kunder, bör enligt regeringens uppfattning komma till uttryck i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">om värdepappersmarknaden genom ett uttryckligt krav på att informa-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tionen ska vara lämplig och förklara hur order kommer att utföras på ett</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">sätt som är tydligt, tillräckligt detaljerat och lätt att förstå för kunder. De</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">nuvarande bestämmelserna i lagen (8 kap. 22 § första stycket 5) bör</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">därför justeras.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Det nya krav som har införts i MiFID II (artikel 27.3) på att offentlig-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">göra information om kvalitet på utförande av transaktioner bör införas i</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">en motsvarande bestämmelse i lagen om värdepappersmarknaden. Kravet</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">i direktivet gäller för handelsplatser och systematiska internhandlare i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">fråga om aktier och derivat som omfattas av handelsskyldighet enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">MiFIR samt för alla utförandeplatser i fråga om andra finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">instrument. Beträffande handelsplatser bör kravet gälla för den börs eller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">det värdepappersinstitut som driver handelsplatsen. Utredningens förslag</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">omfattar inte marknadsgaranter och andra tillhandahållare av likviditet.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">Enligt regeringens uppfattning kräver ett korrekt genomförande av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">MiFID II emellertid att kravet gäller även värdepappersinstitut som är</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">marknadsgaranter eller andra tillhandahållare av likviditet. Som framgår</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ovan ska kravet gälla även företag som hör hemma utanför EES och som</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">driver värdepappersrörelse från filial i Sverige.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Nuvarande bestämmelser om rapportering till kunder i lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">pappersmarknaden (8 kap. 27 §) och Finansinspektionens föreskrifter om</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">värdepappersrörelse (17 kap. 6 §) innebär att ett värdepappersinstitut ska</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">informera kunden om var dennes order utförts. Regeringen delar dock</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">utredningens uppfattning att en särskild bestämmelse bör tas in i lag när</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">det gäller kraven i MiFID II på ett värdepappersinstitut som utför order</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">för kunds räkning att informera kunden om var en order utförts (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">27.3).</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Regeringen anser vidare att skyldigheten att göra en sammanfattning</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">av och offentliggöra uppgifter om de fem utförandeplatser som ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">pappersinstitut har använt mest under föregående år för att utföra kund-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">order och om kvaliteten på utförandet (artikel 27.6) bör införas i bestäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">melser i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">När det gäller de ändringar som har gjorts i MiFID II (artikel 27.7) i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">förhållande till MiFID I (artikel 21.4) av de krav som ställs på värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">pappersinstituten att övervaka system och riktlinjer för bästa order-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">utförande (artikel 27.7), bör motsvarande ändringar göras i bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">melserna i lagen om värdepappersmarknaden (8 kap. 29 §). Dels bör</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">skyldigheten att underrätta kunder om väsentliga förändringar justeras så</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">390</P></TD>
<TD class="tr27 td64"><P class="p57 ft2">att den avser kunder med vilka värdepappersinstitutet har en fortlöpande</P></TD>
</TR>
</TABLE>
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<P class="p186 ft4">relation, dels bör det anges att institutet ska beakta bl.a. den information Prop. 2016/17:162 som ska offentliggöras av utförandeplatser och av institutet självt.</P>
<P class="p264 ft4">Regeringen anser slutligen att även den nya regel, som har införts i MiFID II (artikel 27.8), om att ett värdepappersinstitut på begäran av den behöriga myndigheten ska kunna visa att det uppfyller de krav som gäller för bästa utförande av kundorder, bör införas i en uttrycklig bestämmelse i lagen om värdepappersmarknaden.</P>
<P class="p924 ft21"><SPAN class="ft121">8.10</SPAN><SPAN class="ft160">Hantering av kundorder</SPAN></P>
<P class="p1228 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstituts skyldighet att offent- liggöra en limitorder avseende aktier som inte utförs omedelbart under rådande marknadsförhållande ska gälla även för aktier som omsätts på en annan handelsplats än en reglerad marknad.</P>
<P class="p1058 ft2">Bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om hantering av kunders order utmönstras ur lagen om värdepappersmarknaden.</P>
<P class="p1058 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Regeringen eller den myndighet som regeringen bestämmer bör fortfarande få meddela föreskrifter om undantag från skyldigheten att offentliggöra en limitorder.</P>
<P class="p429 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>avviker från regeringens förslag och bedöm- ning. Utredningens förslag innebär endast att bemyndigandena för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om hanteringen av kunders order och föreskrifter om undan- tag från skyldigheten att offentliggöra en limitorder utmönstras ur lagen.</P>
<P class="p168 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P>
<P class="p264 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Reglerna i MiFID II (artikel 28) om hantering av kundorder motsvarar i huvudsak de som gäller enligt MiFID I (artikel 22). Reglerna i MiFID I har genomförts i svensk rätt i bestämmelser i lagen om värdepappersmarknaden (8 kap. 33 § och 9 kap. 1 §).</SPAN></P>
<P class="p426 ft2">MiFID II innebär dock en ändring i förhållande till MiFID I när det gäller ett värdepappersföretags skyldighet att offentliggöra en limitorder avseende aktier som inte utförs omedelbart under rådande marknads- förhållanden på ett sätt som gör den lätt tillgänglig för andra aktörer på marknaden. Enligt MiFID II utvidgas nämligen skyldigheten från att endast gälla aktier som är upptagna till handel på en reglerad marknad till att gälla även aktier som omsätts på en annan handelsplats än en reglerad marknad (artikel 28.2). Med handelsplatser avses i MiFID II, förutom reglerade marknader, <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR> Aktier får emellertid inte omsättas på en <NOBR>OTF-plattform</NOBR> (se avsnitt 7.3.1). Utred- ningen föreslår inte någon ändring när det gäller skyldigheten att offent- liggöra en limitorder avseende aktier som omsätts på en annan handels- plats än en reglerad marknad (nuvarande 9 kap. 1 § lagen om värdepap- persmarknaden och nya 9 kap. 35 § i utredningens lagförslag). Enligt regeringens uppfattning bör dock ändringen i MiFID II komma till ut- tryck genom en motsvarande ändring i lagen om värdepappersmark- naden.</P>
<P class="p1241 ft2">391</P>
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<P class="p727 ft2">Prop. 2016/17:162 Liksom enligt MiFID I gäller inte heller enligt MiFID II skyldigheten att offentliggöra en order om kunden har gett andra instruktioner. Vidare får medlemsstaterna även enligt MiFID II besluta att värdepappersföretag fullgör den skyldigheten genom att vidarebefordra ordern till en handels- plats. Att så är fallet följer även av den delegerande förordningen till MiFID II (artikel 70), enligt vilken en order ska anses vara tillgänglig för marknaden om den vidarebefordrats för utförande till en reglerad mark- nad eller en <NOBR>MTF-plattform,</NOBR> eller om ordern har offentliggjorts av en leverantör av datarapporteringstjänster belägen i en medlemsstat och lätt kan utföras när marknadsförhållandena medger det. När det gäller vidare- befordran av order till en reglerad marknad eller <NOBR>MTF-plattform</NOBR> innebär detta ingen ändring jämfört med de regler som gäller enligt genomför- andeförordningen till MiFID I (artikel 31, se prop. 2006/07:115 s. 595).</P>
<P class="p580 ft2">Även enligt MiFID II ska de behöriga myndigheterna ha möjlighet att medge undantag från kravet om offentliggörande när det gäller order som är betydande jämfört med den normala orderstorleken på marknaden. Förutsättningarna för undantaget regleras dock numera i MiFIR (se vidare avsnitt 7.10.2). Enligt lagen om värdepappersmarknaden (9 kap. 10 § 1) har regeringen eller den myndighet som regeringen bestämmer rätt att meddela föreskrifter om ett sådant undantag. Eftersom möjlig- heten för den behöriga myndigheten att medge undantag från kravet på offentliggörande är densamma enligt MiFID I och MiFID II bedömer regeringen – till skillnad från utredningen (se nya 9 kap. 47 § i utred- ningens lagförslag) – att bemyndigandet fortfarande behövs.</P>
<P class="p975 ft2">Reglerna i MiFID I (artikel 22) om hantering av kundorder komp- letteras av detaljerade regler i genomförandedirektivet till det direktivet. Reglerna i genomförandedirektivet har i svensk rätt genomförts i myn- dighetsföreskrifter (20 kap. Finansinspektionens föreskrifter om värde- pappersrörelse). För MiFID II (artikel 28) finns sådana kompletterande regler i stället i den delegerade förordningen till direktivet (artiklarna 67– 70). Nuvarande bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om hantering av kund- order bör därför utmönstras ur lagen om värdepappersmarknaden.</P>
<P class="p1242 ft23"><SPAN class="ft21">8.11</SPAN><SPAN class="ft162">Produktion och distribution av finansiella instrument</SPAN></P>
<P class="p1243 ft129"><SPAN class="ft127">8.11.1</SPAN><SPAN class="ft161">Produktgodkännande och översyn</SPAN></P>
<P class="p1089 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som producerar finan- siella instrument för försäljning till kunder ska ha en process för godkännande av instrumenten och varje betydande förändring av dem innan de marknadsförs eller distribueras till kunder (produktgodkänn- ande). I processen för produktgodkännande ska det ingå att specificera en fastställd målgrupp av slutkunder och säkerställa att alla relevanta risker för målgruppen bedöms och att den avsedda distributions- strategin är förenlig med målgruppen.</P>
<P class="p1244 ft2">Ett värdepappersinstitut som producerar finansiella instrument ska</P>
<P class="p611 ft14">säkerställa att instrumenten är utformade för att uppfylla behoven hos</P>
<P class="p19 ft2">392</P>
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<P class="p1245 ft4">en fastställd målgrupp, att strategin för distribution av instrumenten är lämplig med hänsyn till den fastställda målgruppen och att institutet vidtar rimliga åtgärder för att säkerställa att instrumenten distribueras till målgruppen.</P>
<P class="p1237 ft2">Värdepappersinstitutet ska regelbundet se över de finansiella instru- ment som det erbjuder eller marknadsför för att bedöma om de fort- farande är förenliga med behoven hos den fastställda målgruppen och om den avsedda distributionsstrategin fortfarande är lämplig.</P>
<P class="p1246 ft4">Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om processerna för produktgodkännande och översyn av finansiella instrument.</P>
<P class="p1043 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag behandlar inte frågan om genomförande av det delegerade direktivet till MiFID II.</P>
<P class="p150 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>påpekar att i utredningens lagförslag blandas bestämmelser som rör investerarskydd (artikel 24 i MiFID II) med be- stämmelser som rör krav på organisationen av verksamheten (artikel 16 i direktivet). Enligt Finansinspektionens uppfattning låter detta i och för sig göras, men samma tillvägagångssätt bör enligt inspektionen i så fall användas konsekvent. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fond- handlareföreningen </SPAN>anser att det bör klargöras i förarbetena hur be- greppet målgrupp ska tolkas, med beaktande av de ställningstaganden som görs i delegerade rättsakter som antas av kommissionen. Till exem- pel bör det, enligt föreningarna, framgå att målgruppen för en enkel pro- dukt såsom alla typer av värdepappersfonder och specialfonder, aktier och företagsobligationer kan vara en bredare grupp, t.ex. konsumenter eller <NOBR>icke-professionella</NOBR> kunder. Föreningarna framhåller även att fond- bolag kommer att påverkas av reglerna om produktgodkännande- processen (artikel 10.2 tredje stycket i det delegerade direktivet till MiFID II).</P>
<P class="p401 ft4"><SPAN class="ft103">Promemorians förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p116 ft2">det. <SPAN class="ft3">Finansinspektionen </SPAN>anför att det kan finnas skäl att införa i vart fall delar av de riktlinjer som Esma kommer att anta avseende tillämpningen av reglerna om produktgodkännande genom bindande föreskrifter och att bemyndigandet därför bör utformas på ett sätt som möjliggör att även sådana regler införs i föreskrifterna. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>framhåller att de tolkar förslaget som att det föreslagna bemyndigandet att meddela föreskrifter om produkt- godkännande och översyn av finansiella instrument omfattar den pro- cessen oavsett om ett värdepappersinstitut har rollen som producent eller distributör. Det innebär enligt föreningarnas mening att termen ”produkt- godkännande” i detta hänseende får tolkas som att det omfattar såväl processen vid framtagande av nya produkter som processen vid urval av produkter som ska erbjudas kunder.</P>
<P class="p573 ft4"><SPAN class="ft103">Skälen för regeringens förslag: </SPAN>I MiFID II ställs särskilda krav på organisationen av verksamheten hos ett värdepappersföretag som producerar finansiella instrument för försäljning till kunder (artikel 16.3). Dessa krav saknar motsvarighet i MiFID I. Kraven innebär att sådana</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">393</P>
</DIV>
</DIV>
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<P class="p994 ft4">Prop. 2016/17:162 värdepappersföretag ska fastställa, tillämpa och se över en process för godkännande av instrumenten innan de marknadsförs eller distribueras</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">(artikel 16.3 andra stycket). Även varje betydande förändring av existe-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rande instrument ska godkännas innan de marknadsförs eller distribueras</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">till kunder. Denna process för produktgodkännande ska vara utformad så</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att företaget för varje instrument ska specificera en fastställd målgrupp</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">av slutkunder inom den relevanta kundkategorin (artikel 16.3 tredje</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">stycket). Processen ska säkerställa att alla relevanta risker för mål-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gruppen bedöms och att den avsedda distributionsstrategin är förenlig</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med målgruppen.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">När ett finansiellt instrument har gått igenom godkännandeprocessen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och utgör en del av det utbud som värdepappersföretaget erbjuder eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknadsför ska företaget regelbundet utvärdera instrumentet (artikel 16.3</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft27">fjärde stycket). Denna översyn ska göras åtminstone för att bedöma om det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finansiella instrumentet – med beaktande av alla händelser som väsentligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skulle kunna påverka den potentiella risken för målgruppen – fortfarande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">är förenligt med behoven hos målgruppen och om distributionsstrategin</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fortfarande är lämplig.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">I MiFID II finns även regler om kundskydd som tar sikte på värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">pappersföretag som producerar finansiella instrument för försäljning till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kunder (artikel 24.2 första stycket). De reglerna innebär att värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">företagen ska säkerställa att de finansiella instrumenten är utformade för att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppfylla behoven hos en fastställd målgrupp av slutkunder inom den rele-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">vanta kundkategorin, att distributionsstrategin är förenlig med målgruppen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och att företagen vidtar rimliga åtgärder för att säkerställa att instrumenten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">distribueras till målgruppen.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Reglerna i MiFID II om produktgodkännande saknar motsvarighet i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID I. Det finns inte heller i gällande svensk rätt några uttryckliga regler</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft27">som tar sikte på finansiella instrument som ett värdepappersinstitut produ-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">cerar. Reglerna i MiFID II om produktgodkännande bör enligt regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uppfattning genomföras i bestämmelser i lagen om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">naden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Regeringen konstaterar att utredningens lagförslag – så som <SPAN class="ft3">Finans-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">inspektionen </SPAN>påpekar – innebär att reglerna i MiFID II om organisatoriska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">krav respektive kundskydd sammanförs när de införs i bestämmelser i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lagen om värdepappersmarknaden. Enligt regeringens uppfattning talar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">visserligen det förhållandet att reglerna om krav på rörelsen (artikel 16.3)</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">respektive om kundskydd (artikel 24.2) är samverkande och till synes</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">delvis överlappar varandra för en sådan lagteknisk lösning. Regeringen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">anser dock att det när det gäller reglerna om finansiella instrument som ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">värdepappersinstitut producerar finns skäl att i lagen hålla isär bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">melserna om organisationen från de om kundskydd. För det första blir</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">systematiken i lagen i så fall densamma som i direktivet, vilket bl.a. kan ha</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">betydelse för tillämpning av regler i delegerade rättsakter som antas av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kommissionen. För det andra får reglerna om rörelsen förstås som att de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">ställer upp krav på de arrangemang som ett värdepappersinstitut ska ha när</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft27">det gäller produktgodkännande och översyn av finansiella instrument som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">det producerar medan kundskyddsreglerna anger hur institutet ska handla i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förhållande till sina kunder. Enligt regeringens uppfattning bör reglerna i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">MiFID II därför genomföras i bestämmelser i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">394</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">marknaden som både tar sikte på rörelsen och på kundskyddsregler.</P></TD>
</TR>
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<DIV id="page_395">
<DIV>
<DIV id="id_1">
<P class="p150 ft2">Enligt den svenska språkversionen av MiFID II finns både när det gäller produktgodkännandeprocessen (artikel 16.3 tredje stycket) och kund- skyddsreglerna (artikel 24.2 första stycket) krav på att säkerställa att distributionsstrategin för ett finansiellt instrument är förenlig med den fastställda målgruppen. (jfr den engelska språkversionen som använder termerna ”consistent” respektive ”compatible”). Kravet enligt kundskydds- reglerna (artikel 24.2) bör enligt regeringens uppfattning dock förstås som ett krav på att säkerställa att distributionsstrategin för instrumentet är lämplig i förhållande till målgruppen. Denna tolkning vinner stöd i det förhållandet att ett värdepappersinstitut i sin översyn av de finansiella instrument som det erbjuder eller marknadsför ska bedöma om den valda distributionsstrategin fortfarande är lämplig i förhållande till målgruppen (artikel 16.3 fjärde stycket, jfr den engelska språkversionen, där termen ”appropriate” används).</P>
<P class="p573 ft2">I det delegerade direktivet till MiFID II finns detaljerade regler om produktstyrning. Det finns för det första regler som gäller för ett värde- pappersinstitut när det producerar finansiella instrument (artikel 9). Dessa regler bör genomföras i svensk rätt genom myndighetsföreskrifter. Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela föreskrifter som rör produktgodkännande och översyn av finansiella instrument. Med anledning av det som <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>anför finns det anledning att förtydliga att avsikten med förslaget är att föreskrifterna ska omfatta processen vid produktion av finansiella instrument. Reglerna i det delegerade direktivet till MiFID II om distribution av finansiella instru- ment (artikel 10), som gäller såväl när ett värdepappersinstitut distri- buerar finansiella instrument som det själv producerat som när det distri- buerar finansiella instrument producerade av ett annat företag, behandlas nedan (avsnitt 8.11.2).</P>
<P class="p573 ft2">Svenska Bankföreningen och Svenska Fondhandlareföreningen anser att det bör förtydligas vad som avses med målgrupp och att det bör fram- gå att målgruppen kan vara bredare för enkla finansiella instrument. Regeringen konstaterar att det i det delegerade direktivet till MiFID II anges att målgruppen ska specificeras på en tillräckligt detaljerad nivå (artikel 9.9). Med hänsyn till det som anges i det direktivet (skälen 18 och 19) bör målgruppen enligt regeringens uppfattning därför kunna vara bredare, dvs. specificerad i mindre detalj, för enkla instrument än för mer komplicerade sådana. Det kan dock konstateras att risken även i enklare produkter kan variera avsevärt. Det går därför inte att generellt säga att t.ex. alla typer av värdepappersfonder lämpar sig för alla typer av konsu- menter.</P>
<P class="p573 ft4"><SPAN class="ft45">Finansinspektionen </SPAN>anför att det kan finnas skäl att i bindande före- skrifter införa kommande riktlinjer från Esma som ytterligare preciserar kraven på produktstyrning. Regeringen konstaterar att ett förslag till sådana riktlinjer för närvarande är under beredning av Esma (se Consul- tation Paper, Draft guidelines on MiFID II product governance require- ments [ESMA/2016/1436]) och att Finansinspektionen ska beakta dessa riktlinjer sedan de antagits av Esma (se avsnitt 5.1). Enligt regeringens uppfattning finns det därför ännu inte tillräckligt underlag för att i detta sammanhang kunna göra en bedömning om huruvida det finns något</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">395</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_396">
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<P class="p820 ft42">Prop. 2016/17:162 behov av ytterligare bemyndiganden att meddela föreskrifter utöver de bemyndiganden som föreslås i detta avsnitt och i avsnitt 8.11.2.</P>
<P class="p1017 ft129"><SPAN class="ft127">8.11.2</SPAN><SPAN class="ft161">Distribution av finansiella instrument</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut som producerar ett finansiellt instrument ska förse distributörer med all lämplig infor- mation om det finansiella instrumentet och processen för produktgod- kännande, inbegripet den fastställda målgruppen för instrumentet.</P>
<P class="p1090 ft2">Ett värdepappersinstitut som erbjuder eller rekommenderar finan- siella instrument som institutet inte självt producerar ska ha adekvata arrangemang för att få sådan information och för att förstå egen- skaperna och den fastställda målgruppen för instrumenten.</P>
<P class="p1090 ft2">Ett värdepappersinstitut ska förstå de finansiella instrument som det erbjuder eller rekommenderar, bedöma – med beaktande av den mål- grupp som instrumenten är avsedda för – förenligheten av instru- menten med behoven hos de kunder till vilka institutet tillhandahåller investeringstjänster och säkerställa att instrumenten erbjuds eller rekommenderas endast när detta ligger i kundens intresse.</P>
<P class="p1145 ft4">Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om</P>
<P class="p1090 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">den information ett värdepappersinstitut som producerar finansiella instrument ska lämna till distributörer,</SPAN></P>
<P class="p1090 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">de arrangemang ett värdepappersinstitut som erbjuder eller rekommenderar finansiella instrument som institutet inte producerar ska ha för att få information från företaget som producerar instru- menten och för att förstå egenskaperna och den fastställda målgruppen för instrumenten, och</SPAN></P>
<P class="p1154 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft71">de arrangemang ett värdepappersinstitut som distribuerar finansiella instrument ska ha för urvalet av finansiella instrument och tjänster som erbjuds eller rekommenderas till kunder.</SPAN></P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag behandlar inte frågan om genomförande av det delegerade direktivet till MiFID II.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>gör samma påpekande som när det gäller avsnitt 8.11.1.</P>
<P class="p575 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Promemorians förslag avviker från regeringens förslag genom att promemorians förslag inte innehåller något bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om de arrangemang som ett värdepappersinstitut som distribuerar finan- siella instrument ska ha för urvalet av finansiella instrument och tjänster som erbjuds eller rekommenderas till kunder.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft45">Finansinspektionen </SPAN>anför att det delegerade direktivet till MiFID II innebär att också distributörer ska ha produktstyrningsarrangemang och fastställa en målmarknad för finansiella instrument som de erbjuder, även</P>
<P class="p535 ft159">om en målmarknad redan fastställts av producenten. Inspektionen be-</P>
<P class="p19 ft2">396</P>
</DIV>
<DIV id="page_397">
<DIV>
<DIV id="id_1">
<P class="p1170 ft2">dömer att de föreslagna bemyndigandena visserligen överensstämmer med MiFID II men att de inte medger att inspektionen meddelar de före- skrifter som behövs för att genomföra det delegerade direktivet till MiFID II. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlare- föreningen </SPAN>framhåller att de tolkar förslaget som att de föreslagna bemyndigandena – dvs. att meddela föreskrifter om information som en producent ska förse distributörer med och en distributörs arrangemang för att få sådan information och för att förstå egenskaperna och den fast- ställda målgruppen för finansiella instrument som den inte producerar ska ha adekvata arrangemang för att få denna information och för att förstå egenskaperna och den fastställda målgruppen för instrumenten – som att de endast avser sådan information som producenter ska lämna till distributörer och de arrangemang som distributörer ska ha för att ta emot sådan information från producenter.</P>
<P class="p1247 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II finns regler om organisa- tionen av värdepappersföretag som tar sikte på den information ett före- tag som producerar finansiella instrument ska förse distributörer med (artikel 16.3 femte stycket). Producenten ska förse eventuella distribu- törer med lämplig information om det finansiella instrumentet och pro- cessen för produktgodkännande, inbegripet den fastställda målgruppen för instrumentet. Omvänt ska det värdepappersföretag som distribuerar finansiella instrument som produceras av någon annan ha adekvata arrangemang för att få denna information och för att förstå egenskaperna och den fastställda målgruppen för instrumentet i fråga (artikel 16.3 sjätte stycket).</P>
<P class="p912 ft27">För det värdepappersföretag som distribuerar finansiella instrument gäller enligt MiFID II också vissa kundskyddsregler (artikel 24.2 andra stycket). Dessa gäller såväl när ett värdepappersföretag distribuerar finansiella instrument som det själv producerat som när det distribuerar instrument producerade av någon annan. Distributören ska förstå de finansiella instrument som den erbjuder eller rekommenderar, bedöma förenligheten av de instrumenten med behoven hos de kunder till vilka den tillhandahåller investeringstjänster och säkerställa att de instrumenten endast erbjuds eller rekommenderas när det ligger i kundens intresse. Vid bedömningen av om de finansiella instrumenten är förenliga med behoven hos kunder till vilka investeringstjänster tillhandahålls, ska den fastställda målgruppen beaktas.</P>
<P class="p269 ft2">Reglerna i MiFID II om distribution av finansiella instrument har inte någon motsvarighet i MiFID I. Det finns inte heller i gällande svensk rätt några uttryckliga regler om distribution av finansiella instrument som motsvarar de i MiFID II. Reglerna om distribution av finansiella instrument bör enligt regeringens uppfattning genomföras i bestämmelser i lagen om värdepappersmarknaden. Regeringen anser att dessa regler i MiFID II, i likhet med reglerna om produktgodkännande (avsnitt 8.11.1), bör hållas isär och införas i lagen i bestämmelser som reglerar organisation respektive kundskydd.</P>
<P class="p1171 ft4">Ytterligare regler om den information som ett värdepappersinstitut som producerar finansiella instrument ska lämna till distributörer finns i det delegerade direktivet till MiFID II (artikel 9.13). Dessa regler bör enligt regeringens uppfattning genomföras i svensk rätt genom myndighets- föreskrifter. Regeringen eller den myndighet som regeringen bestämmer</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">397</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_398">
<P class="p820 ft4">Prop. 2016/17:162 bör därför få meddela föreskrifter om den information ett värdepappers- institut som producerar finansiella instrument ska lämna till distributörer.</P>
<P class="p575 ft2">I det delegerade direktivet till MiFID II finns det även detaljerade regler som gäller för ett värdepappersinstitut när det distribuerar finan- siella instrument (artikel 10). Reglerna gäller såväl när ett värdepappers- institut distribuerar instrument som det själv producerar som när ett värdepappersinstitut distribuerar instrument som produceras av ett annat företag. De avser de arrangemang som ett värdepappersinstitut som erbjuder eller rekommenderar finansiella instrument som det inte själv producerar ska ha för att få information om dessa från producenten och för att förstå egenskaperna och den fastställda målgruppen för instru- menten. De inbegriper även krav som rör processen vid urvalet av finan- siella instrument som värdepappersinstitutet avser erbjuda eller rekom- mendera (jfr artikel 24.2 andra stycket i MiFID II). Reglerna anger bl.a. att en målgrupp ska fastställas för varje finansiellt instrument, att insti- tutet ska säkerställa att de produkter och tjänster som det avser erbjuda eller rekommendera är förenliga med behoven, egenskaperna och målen hos målguppen, säkerställa att den avsedda distributionsstrategin är för- enlig med målgruppen samt att regelbunden översyn ska göras av de produkter som erbjuds eller rekommenderas och de tjänster som till- handahålls. Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela föreskrifter som rör de ifrågavarande kraven i det delegerade direktivet om distribution av finansiella instrument.</P>
<P class="p975 ft2">Som <SPAN class="ft3">Finansinspektionen </SPAN>anför har reglerna i det delegerade direktivet om distribution av finansiella instrument en vidare innebörd än de krav som framgår enbart av ordalydelsen av rörelsereglerna i MiFID II (artikel 16.3). De bemyndiganden som föreslås i promemorian är utformade efter rörelsereglerna om produktstyrning i MiFID II. Enligt Finansinspek- tionens bedömning medger emellertid inte dessa bemyndiganden att reglerna i det delegerade direktivet genomförs fullt ut.</P>
<P class="p654 ft2">Regeringen instämmer med Finansinspektionen att bemyndigandena bör justeras i förhållande till promemorians förslag så att de ger utrymme för att i sin helhet genomföra reglerna om distribution av finansiella instrument i det delegerade direktivet till MiFID II (artikel 10) i myndighetsföreskrifter. Föreskriftsrätten bör för det första omfatta de arrangemang som ett värdepappersinstitut som erbjuder eller rekommen- derar finansiella instrument som institutet inte producerar ska ha för att få denna information och för att förstå egenskaperna och den fastställda målgruppen för instrumenten. Den bör vidare omfatta de arrangemang som ett värdepappersinstitut som distribuerar finansiella instrument och tjänster – såväl när de finansiella instrumenten produceras av institutet självt som när de produceras av ett annat företag – ska ha för urvalet av finansiella instrument och tjänster som erbjuds eller rekommenderas till kunder. Detta inbegriper arrangemang för fastställande av en målgrupp för dem och säkerställande av att de och distributionsstrategin för dem är förenliga med den fastställda målgruppen.</P>
<P class="p711 ft4">Det anförda innebär således att de bemyndiganden som föreslås i denna proposition är mer omfattande än de bemyndiganden som föreslås i promemorian och som <SPAN class="ft45">Svenska Bankföreningen </SPAN>och <SPAN class="ft45">Svenska Fond- handlareföreningen </SPAN>redovisar sin tolkning av.</P>
<P class="p19 ft2">398</P>
</DIV>
<DIV id="page_399">
<P class="p292 ft4">Som nämns i avsnitt 8.11.1 bereder Esma för närvarande ett förslag till Prop. 2016/17:162 riktlinjer som ytterligare preciserar kraven på produktstyrning (se</P>
<P class="p1248 ft42">Consultation Paper, Draft guidelines on MiFID II product governance requirements [ESMA/2016/1436]).</P>
<TABLE cellpadding=0 cellspacing=0 class="t154">
<TR>
<TD class="tr47 td255"><P class="p597 ft121">8.12</P></TD>
<TD class="tr47 td385"><P class="p23 ft21">Dokumentation av order m.m.</P></TD>
<TD class="tr47 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska dokumentera all</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">verksamhet som det driver. Dokumentationen ska göras så att</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">Finansinspektionen har möjlighet att övervaka att institutet även har</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">uppfyllt kraven i MiFIR och att marknadsmissbruksförordningen följs.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">Ett värdepappersinstitut ska</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– spela in telefonsamtal och bevara elektronisk kommunikation som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">avser transaktioner som genomförts vid handel för egen räkning eller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">tillhandahållande av investeringstjänster som rör mottagande och</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">vidarebefordran eller utförande av order, eller som är avsedda att leda</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">till sådana transaktioner eller investeringstjänster,</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– vidta alla rimliga åtgärder för att spela in telefonsamtal och bevara</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">elektronisk kommunikation genom utrustning som används av</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">anställda eller underleverantörer samt för att förhindra att anställda</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">eller underleverantörer använder privat utrustning som institutet inte</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">kan dokumentera eller kopiera för telefonsamtal och elektronisk</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">kommunikation som ska spelas in eller bevaras,</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">– informera sina kunder om att telefonsamtal kommer att spelas in</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">och elektronisk kommunikation bevaras och institutet får inte per tele-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">fon eller genom elektronisk kommunikation tillhandahålla investe-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">ringstjänster som rör mottagande och vidarebefordran eller utförande</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">av order innan kunden har fått den informationen,</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">– ta emot order som lämnas på annat sätt än per telefon eller genom</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">elektronisk kommunikation om ordern dokumenteras på ett varaktigt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td388"><P class="p57 ft2">medium.</P></TD>
<TD class="tr26 td389"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p21 ft2">Dokumentation av telefonsamtal och elektronisk kommunikation</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">som avser transaktioner vid handel för egen räkning eller investerings-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">tjänster som rör mottagande, vidarebefordran och utförande av order</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">ska sparas i fem år – eller den längre tid som regeringen eller den</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">myndighet som regeringen bestämmer föreskriver, dock längst sju år –</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">och lämnas ut till kunder på begäran. Detsamma ska gälla dokumen-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">tation av order som lämnas på annat sätt än per telefon eller genom</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">elektronisk kommunikation. Regeringen eller den myndighet som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">regeringen bestämmer får meddela föreskrifter om den tid som sådan</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">dokumentation ska bevaras.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Regeringen eller den myndighet som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">regeringen bestämmer bör även i fortsättningen få meddela före-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td371"><P class="p57 ft2">skrifter om dokumentation.</P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td158"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag och</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bedömning genom att utredningen inte föreslår någon ändring av den</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">allmänna dokumentationsskyldigheten till att omfatta all verksamhet som</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">ett värdepappersinstitut driver. Enligt utredningens förslag omfattar</P></TD>
<TD class="tr27 td158"><P class="p20 ft2">399</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_400">
<P class="p727 ft2">Prop. 2016/17:162 kraven på inspelning av telefonsamtal och bevarande av elektronisk kommunikation vid tillhandhållande av investeringstjänster som rör mottagande och vidarebefordran eller utförande av kundorder endast samtal eller kommunikation som avser en transaktion som genomförts eller är avsedd att leda till en transaktion. Enligt utredningens förslag ska bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om dokumentation utmönstras ur lagen om värdepappersmarknaden.</P>
<P class="p711 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Konsumentverket </SPAN>anser att en skyldighet för rådgivare att spela in alla rådgivningssamtal skulle vara mycket bra och leda till ett väsentligt starkare konsumentskydd. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fond- handlareföreningen </SPAN>anser att det vore av stor vikt om det fördes ett resonemang kring vilka typer av samtal som kan ”anses leda till trans- aktion”.</P>
<P class="p1249 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1169 ft3">Allmän dokumentationsskyldighet</P>
<P class="p936 ft2">Enligt MiFID II ska ett värdepappersföretag se till att alla tjänster och transaktioner det genomför och all verksamhet det bedriver dokumen- teras (artikel 16.6). Dokumentationen ska göras på ett sådant sätt att informationen är tillräcklig för att den behöriga myndigheten ska kunna utföra sina tillsynsuppgifter och vidta åtgärder för att kontrollera att det direktivet, MiFIR, marknadsmissbruksdirektivet och marknadsmiss- bruksförordningen följs. Detta gäller särskilt för kontrollen av att värde- pappersföretaget har uppfyllt alla sina förpliktelser, även i förhållande till sina kunder och presumtiva kunder och till marknadens integritet. Krav- en på dokumentation i MiFID II preciseras genom detaljerade regler i den delegerade förordningen till direktivet (artiklarna 21, 35, 72, 74 och 75).</P>
<P class="p1060 ft2">Regler om dokumentation finns även i MiFID I (artikel 13.6). Enligt de reglerna ska ett värdepappersföretag dokumentera tjänster och transak- tioner som det genomför. Den information som dokumenteras ska vara tillräcklig för att den behöriga myndigheten ska kunna övervaka att kraven i direktivet iakttas. Detta gäller särskilt för kontrollen av att värdepappersföretaget har uppfyllt sina förpliktelser i förhållande till sina kunder och presumtiva kunder. Kraven på dokumentation i MiFID I preciseras genom detaljerade regler i genomförandedirektivet till det direktivet (artiklarna 5, 23 och 51).</P>
<P class="p1020 ft4">Reglerna i MiFID I har genomförts i svensk rätt i bestämmelser i lagen om värdepappersmarknaden (8 kap. 12 §). Reglerna i genomförande- direktivet har genomförts i myndighetsföreskrifter (6 kap. <NOBR>1–5</NOBR> §§, 11 kap. 7 § och 21 kap. Finansinspektionens föreskrifter om värdepap- persrörelse).</P>
<P class="p1026 ft2">Enligt lagen om värdepappersmarknaden (8 kap. 12 §) ska ett värde- pappersinstitut dokumentera samtliga investeringstjänster, sidotjänster och transaktioner som det har genomfört. Dokumentationen ska göras på ett sådant sätt att Finansinspektionen har möjlighet att övervaka att institutet har iakttagit kraven i den lagen, i genomförandeförordningen</P>
<P class="p942 ft2">400</P>
</DIV>
<DIV id="page_401">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">till MiFID I samt i föreskrifter som har meddelats med stöd av samma lag.</P>
<P class="p1250 ft2">Utredningen föreslår inte någon ändring i den nuvarande bestämmelsen i lagen om värdepappersmarknaden (8 kap. 12 §) om skyldighet för ett värdepappersinstitut att dokumentera utförda tjänster. Enligt regeringens uppfattning kräver ett korrekt genomförande av MiFID II emellertid att denna dokumentationsskyldighet utvidgas.</P>
<P class="p623 ft2">För det första bör dokumentationsskyldigheten utvidgas med anledning av att dokumentationen enligt MiFID II ska omfatta ”all verksamhet”. Vid genomförandet i svensk rätt av MiFID I har uttrycket ”alla tjänster” ansetts motsvara samtliga investeringstjänster och sidotjänster (prop. 2006/07:115 s. 369 f. och 579). Enligt regeringens uppfattning bör ut- trycket ”all verksamhet” i MiFID II på motsvarande sätt förstås som att det avser all verksamhet som institutet driver (jfr även den engelska språkversionen av direktivet där det anges ”all services, activities and transactions”).</P>
<P class="p912 ft2">För det andra bör kraven i lagen om värdepappersmarknaden i likhet med de i MiFID II utvidgas så att dokumentationen även ska tillgodose Finansinspektionens möjligheter att utföra tillsynsuppgifter och vidta åt- gärder för att övervaka att värdepappersinstitutet har uppfyllt kraven i MiFIR och att marknadsmissbruksförordningen följs.</P>
<P class="p623 ft2">Enligt den delegerade förordningen till MiFID II (artikel 70.3 andra stycket) finns det fortfarande ett utrymme för behöriga myndigheter att precisera vissa ytterligare krav när det gäller dokumentationsskyldig- heten. Regeringen anser därför att nuvarande bemyndigande för regering- en eller den myndighet som regeringen bestämmer att meddela före- skrifter om dokumentation bör behållas (se 8 kap. 42 § 7 lagen om värde- pappersmarknaden). Det möjliggör att vissa krav i Finansinspektionens föreskrifter om värdepappersrörelse som saknar direkta motsvarigheter i den delegerade förordningen kan behållas (se t.ex. 21 kap. 4 §). Det gör det även möjligt för Finansinspektionen att i fortsättningen meddela föreskrifter om den tid som information ska bevaras (21 kap. 1 § samma föreskrifter).</P>
<P class="p1043 ft2">I genomförandedirektivet till MiFID I (artikel 51.1) finns regler om den tid som information generellt ska bevaras. Några sådana regler finns inte i MiFID II eller i de delegerade rättsakter som kommissionen har antagit till det direktivet (se dock nedan beträffande artikel 16.7 i MiFID II). Enligt regeringens uppfattning bör det även i fortsättningen vara möjligt för medlemsstaterna att införa nationella regler i detta avseende.</P>
<P class="p1251 ft45">Vissa dokumentationskrav vid handel för egen räkning, mottagande och vidarebefordran av kundorder eller utförande av kundorder</P>
<P class="p1239 ft2">I MiFID II (artikel 16.7, se även skäl 57) finns det i förhållande till MiFID I (artikel 13.6) mer preciserade regler om dokumentation av kommunikation som avser transaktioner som genomförs vid handel för egen räkning och tillhandahållande av kundordertjänster som rör mot- tagande och vidarebefordran eller utförande av kundorder. Dokumen- tationen ska innefatta inspelning av telefonsamtal och bevarande av elektronisk kommunikation som avser sådana transaktioner eller investe-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">401</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_402">
<P class="p994 ft4">Prop. 2016/17:162 ringstjänster (artikel 16.7 första stycket). Detsamma gäller samtal och kommunikation som är avsedda att leda till en sådan transaktion eller till-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">handahållandet av en sådan investeringstjänst, även om de inte resulterar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i detta (artikel 16.7 andra stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Nya och befintliga kunder ska informeras om att telefonkommuni-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kation och telefonsamtal som leder eller kan leda till transaktioner spelas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">in (artikel 16.7 fjärde stycket). Om den informationen inte lämnats till</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kunden i förväg får värdepappersföretaget inte per telefon tillhandahålla</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">denne några investeringstjänster eller någon investeringsverksamhet som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rör mottagande och vidarebefordran eller utförande av kundorder (artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">16.7 sjätte stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Ett värdepappersföretag ska vidta alla rimliga åtgärder för att spela in</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">relevanta telefonsamtal och bevara relevant elektronisk kommunikation</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">när en anställd eller underleverantör använder utrustning som institutet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillhandahåller eller tillåter dem att använda (artikel 16.7 tredje stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Värdepappersföretaget ska också vidta alla rimliga åtgärder för att för-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">hindra att anställda eller underleverantörer använder privat utrustning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som företaget inte kan dokumentera eller kopiera för relevanta telefon-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samtal eller relevant elektronisk kommunikation (artikel 16.7 åttonde</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">I fråga om order som läggs via andra kanaler krävs att det görs på ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">varaktigt medium som brev, fax, <NOBR>e-post</NOBR> eller dokumentation av order</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som läggs vid möten (artikel 16.7 sjunde stycket). Innehållet i relevanta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samtal vid personliga möten får dokumenteras i protokoll eller anteck-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningar.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Dokumentationen ska lämnas ut till berörda kunder på begäran och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sparas i fem år, eller om det begärs av den behöriga myndigheten, upp till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sju år (artikel 16.7 nionde stycket). Även när det gäller de mer precise-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rade reglerna om dokumentation avseende transaktioner vid handel för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">egen räkning och tillhandahållande av kundordertjänster finns komplette-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rande regler i den delegerade förordningen till MiFID II (artikel 76).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">De preciserade reglerna om dokumentationsskyldighet i MiFID II bör</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt regeringens uppfattning genomföras i svensk rätt i bestämmelser i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lagen om värdepappersmarknaden. Regeringen eller den myndighet som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">regeringen bestämmer bör få meddela föreskrifter om att dokumentation</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska sparas längre än fem år, dock högst sju år.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Som framgår ovan innebär reglerna i MiFID II krav på inspelning av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">telefonsamtal och bevarande av elektronisk kommunikation när ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersföretag tillhandahåller investeringstjänster som rör mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tagande och vidarebefordran eller utförande av order eller när samtalet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">eller kommunikationen är avsedd att resultera i tillhandahållandet av en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sådan investeringstjänst. Enligt utredningens förslag uppkommer skyl-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">digheten för ett värdepappersföretag att spela in telefonsamtal och bevara</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">elektronisk kommunikation när det tillhandhåller sådana investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tjänster eller utför handel för egen räkning om en transaktion genomförts</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">eller samtalet eller kommunikationen är avsedd att leda till en transak-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tion. I direktivet anges dock inte bara transaktioner utan även tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hållande av kundordertjänster som rör mottagande, vidarebefordran och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utförande av kundorder. Enligt regeringens uppfattning framstår det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">därför inte som tillräckligt för att genomföra reglerna i direktivet om</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">402</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">skyldigheten skulle avse endast transaktioner. Ett värdepappersinstitut</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_403">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">bör därför vara skyldigt att spela in telefonsamtal och bevara elektronisk kommunikation som avser transaktioner som genomförts vid handel för egen räkning eller tillhandahållande av investeringstjänster som rör mottagande och vidarebefordran eller utförande av order, eller som är avsedda att leda till sådana transaktioner eller investeringstjänster.</P>
<P class="p623 ft3">Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">efter- frågar ett resonemang kring vilka samtal som kan anses leda till transak- tioner. Regeringen konstaterar att enligt MiFID II krävs att ett värdepap- persföretag spelar in alla samtal som avser transaktioner som genomförts vid handel för egen räkning och alla samtal som avser tillhandahållande av investeringstjänster i form av mottagande och vidarebefordran eller utförande av kundorder. Av skälen till direktivet framgår vidare att samtal där företrädare för företaget har för avsikt att handla för dess egen räkning omfattas av inspelningsskyldigheten (skäl 57).</SPAN></P>
<P class="p912 ft2">Enligt MiFID II ska ett värdepappersföretag informera nya och befint- liga kunder om att telefonkommunikation och telefonsamtal som leder till eller kan leda till transaktioner spelas in (artikel 16.7 fjärde stycket). Värdepappersföretaget får inte per telefon tillhandahålla investerings- tjänster som rör mottagande och vidarebefordran eller utförande av kund- order innan sådan information har lämnats (artikel 16.7 sjätte stycket). Det framstår därför som att informationsskyldigheten och förbudet enligt det som anges i direktivet inte gäller även i förhållande till bevarandet av elektronisk kommunikation eller tillhandahållande av investeringstjänster på annat sätt än per telefon. Enligt utredningens förslag ska ett värde- pappersinstitut emellertid informera sina kunder om att inspelning görs och att elektronisk dokumentation bevaras. Innan kunden har fått den informationen får institutet inte ta emot order per telefon eller elektron- iskt. I den delegerade förordningen till MiFID II (artikel 76.8) ställs det även upp krav för informationsskyldigheten som inte är begränsade till inspelningen av telefonsamtal eller tillhandahållande av tjänster per telefon. Regeringen anser därför i likhet med utredningen att informa- tionsskyldigheten bör omfatta även bevarandet av elektronisk kommu- nikation och att ett värdepappersinstitut vare sig per telefon eller genom elektronisk kommunikation bör få tillhandahålla de nu aktuella investe- ringstjänsterna innan det lämnat nödvändig information till kunden.</P>
<P class="p1141 ft2">Genomförandet i svensk rätt av de nu aktuella reglerna i MiFID II innebär en betydande utvidgning av de krav som ställs upp i förhållande till dem i gällande svensk rätt. I dag krävs endast att telefonsamtal vid mäklarbord, i lokaler med tillgång till handelssystemet hos en reglerad marknad och i lokaler som inrättats särskilt för handel med finansiella instrument ska spelas in (21 kap. 3 § Finansinspektionens föreskrifter om värdepappersrörelse). <SPAN class="ft3">Konsumentverket </SPAN>förordar att det införs krav även på inspelning av alla rådgivningssamtal. Ett förslag om inspelning vid finansiell rådgivning har också lämnats av Utredningen om konsument- skydd vid finansiell rådgivning (SOU 2014:4). När det gäller frågan om ytterligare krav på inspelning konstaterar regeringen emellertid att kraven på inspelning av telefonsamtal och bevarande av kommunikation utvidgas avsevärt redan med anledning av reglerna i MiFID II. Kraven gäller alla samtal och annan kommunikation som leder till eller är avsedd att leda till investeringstjänster som rör mottagande och vidarebefordran eller utförande av kundorder. Regeringen anser därför att det i före-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">403</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_404">
<P class="p1252 ft42">Prop. 2016/17:162 varande lagstiftningsärende inte finns tillräckliga skäl för att överväga några krav på inspelning av samtal som går utöver kraven i MiFID II.</P>
<TABLE cellpadding=0 cellspacing=0 class="t157">
<TR>
<TD class="tr50 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td255"><P class="p298 ft121">8.13</P></TD>
<TD class="tr50 td385"><P class="p23 ft21">Undantag för vissa bostadslåneavtal</P></TD>
</TR>
<TR>
<TD class="tr60 td42"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Undantaget från vissa investerarskyddsbestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">melser i lagen om värdepappersmarknaden när ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">utför en investeringstjänst som bara är en del av en finansiell produkt</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">för vilken det finns andra regler i <NOBR>EU-rätten</NOBR> ska gälla endast för vissa</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">krav på information till kund.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p175 ft2">Om det för att betala ut, lägga om eller lösa in ett bostadslåneavtal</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">som omfattas av bolånedirektivet krävs tillhandahållande av en</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">investeringstjänst avseende obligationer utfärdade specifikt i syfte att</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">säkra finansieringen av låneavtalet och som har identiska villkor med</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">det, ska bestämmelserna i lagen om värdepappersmarknaden om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">kunskap och kompetens hos de personer som lämnar investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">rådgivning, lämplighets- och passandebedömning, dokumentation av</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">parternas överenskommelse, rapportering till kund och lämplighets-</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">förklaring inte behöva tillämpas.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utredningens förslag inte omfattar någon inskränkning av undantaget från</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">investerarskyddsbestämmelser i lagen om värdepappersmarknaden när</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">det finns andra regler i <NOBR>EU-rätten.</NOBR> Enligt utredningens förslag omfattar</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">undantaget vid tillhandahållande av vissa investeringstjänster som krävs</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">för att betala ut, lägga om eller lösa in ett bostadslåneavtal inte be-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">stämmelserna om kunskap och kompetens hos de personer som lämnar</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">investeringsrådgivning, dokumentation av parternas överenskommelse</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">och rapportering till kund.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Enligt MiFID I ska reglerna om</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">lämplighets- och passandebedömningar, dokumentation av överenskom-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">melser, rapportering till kunder och informationskrav inte tillämpas när</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ett värdepappersföretag utför en investeringstjänst som bara är en del av</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">en finansiell produkt för vilken det finns andra regler i <NOBR>EU-rätten</NOBR> om</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">kreditinstitut och konsumentkrediter avseende riskbedömning av kunder</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">eller informationskrav (artikel 19.9). Det undantaget har genomförts i</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">svensk rätt i en bestämmelse i lagen om värdepappersmarknaden (8 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">40 §). Undantaget är tillämpligt om en investeringstjänst ingår som en</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">nödvändig del av en finansiell produkt, exempelvis om en obligation</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utfärdas för att möjliggöra belåning av en fastighet, såsom inom systemet</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">med danska bostadsobligationer (se prop. 2006/07:115 s. 447).</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">I MiFID II finns ett motsvarande undantag (artikel 24.6). Det undan-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">taget gäller till skillnad från det i MiFID I endast informationskrav. I</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">MiFID II finns emellertid ett särskilt undantag som rör obligationer som</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utfärdas för finansiering av bostadslån (artikel 25.7). Det undantaget</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">gäller när betalning, refinansiering eller inlösen av ett bostadslåneavtal</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">404</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">förutsätter tillhandahållande av en investeringstjänst som avser obliga-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_405">
<DIV id="dimg1">
<INGENBILD zsrc="H403162405x1.jpg/" id="img1">
</DIV>
<P class="p186 ft4">tioner utfärdade specifikt i syfte att säkra finansieringen av ett bostads- Prop. 2016/17:162 låneavtal och som har identiska villkor med bostadslåneavtalet. Termerna</P>
<P class="p113 ft2">betalning och refinansiering bör enligt regeringens uppfattning förstås som utbetalning av lånet och omläggning av det. Termen inlösen omfattar enligt regeringens uppfattning såväl att lånet löses i sin helhet som avbetalningar av det. Undantaget gäller för kreditavtal som omfattas av det s.k. bolånedirektivet (Europaparlamentets och rådets direktiv 2014/17/EU av den 4 februari 2014 om konsumentkreditavtal som avser bostadsfastighet och om ändring av direktiven 2008/48/EG och 2013/36/EU och förordning [EU] nr 1093/2010), för vilka det finns särskilda kundskyddsregler (se vidare prop. 2015/16:197). Detta särskilda undantag omfattar både de investerarskyddsregler som i MiFID I omfattas av det allmänna undantaget som nämns ovan och de nya reglerna i MiFID II om kompetens hos de personer som lämnar investeringsrådgivning och om lämplighetsförklaring.</P>
<P class="p960 ft2">Regeringen anser att de ändringar som har gjorts i dessa undantags- regler i MiFID II i förhållande till MiFID I bör genomföras i svensk rätt genom motsvarande ändringar i bestämmelserna i lagen om värdepap- persmarknaden. Det innebär att det nuvarande allmänna undantaget från vissa investerarskyddsbestämmelser om det finns särskilda regler i EU- rätten bör gälla endast för vissa krav på information till kund. Det bör också tas in en särskild undantagsbestämmelse för nu aktuella bostads- låneavtal, även om det på den svenska bolånemarknaden i dagsläget inte förekommer sådana kombinationer av bostadslåneavtal och investerings- tjänster som avses i det särskilda undantaget i MiFID II.</P>
<P class="p1253 ft23"><SPAN class="ft121">8.14</SPAN><SPAN class="ft162">Skydd av kunders finansiella instrument och medel</SPAN></P>
<P class="p1254 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska inte få ingå avtal om säkerhetsöverlåtelse (återköpsavtal) med <NOBR>icke-professionella</NOBR> kunder i syfte att säkra eller täcka kunders aktuella eller framtida, faktiska eller villkorade eller presumtiva förpliktelser. Förbudet gäller säker- hetsöverlåtelser av finansiella instrument, valuta eller fordringar som uppkommit på grund av att ett kreditinstitut har beviljat ett penninglån.</P>
<P class="p1092 ft4">Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om vilka åtgärder ett värdepappersinstitut ska vidta för att säkerställa att det följer förbudet mot att ingå avtal om säkerhetsöverlåtelse.</P>
<P class="p1058 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i det delegerade direktivet till MiFID II om skydd av kunders finansiella instrument och medel bör genomföras genom föreskrifter på lägre nivå än lag.</P>
<P class="p357 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag utgör medel på konto eller medel som tas emot med redovisningsskyldighet den egendom som – utöver finansiella instrument – ett avtal om säkerhetsöverlåtelse inte får omfatta. Utred-</P>
<P class="p19 ft2">ningens förslag omfattar inte avtal i syfte att täcka presumtiva förplikt-</P>
<P class="p596 ft2">405</P>
</DIV>
<DIV id="page_406">
<P class="p727 ft2">Prop. 2016/17:162 elser. Enligt utredningens förslag utmönstras bemyndigandena i lagen om värdepappersmarknaden för regeringen eller den myndighet som rege- ringen bestämmer att meddela föreskrifter om företagens hantering av kunders finansiella instrument och medel. Utredningens förslag behand- lar inte frågan om genomförande av det delegerade direktivet till MiFID II.</P>
<P class="p1255 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p886 ft25">Promemorians förslag och bedömning <SPAN class="ft2">överensstämmer med regeringens förslag och bedömning.</SPAN></P>
<P class="p576 ft42"><SPAN class="ft141">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har inget att invända mot dem.</P>
<P class="p1240 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1169 ft3">Hantering av kunders finansiella instrument och medel</P>
<P class="p936 ft2">MiFID II innehåller motsvarande krav som MiFID I när det gäller skyl- digheter för ett värdepappersföretag som innehar finansiella instrument och penningmedel som tillhör kunder att sörja för kundernas rättigheter (artikel 16.8 och 16.9 i MiFID II och artikel 13.7 och 13.8 i MiFID I). Reglerna i MiFID I har genomförts i svensk rätt i lagen om värdepap- persmarknaden (8 kap. 34 § och 35 § första stycket). Reglerna i MiFID I kompletteras av detaljerade regler i genomförandedirektivet till MiFID I, som har genomförts i svensk rätt genom Finansinspektionens föreskrifter om värdepappersrörelse (10 kap.). Reglerna i MiFID II kompletteras även av detaljerade regler i det delegerade direktivet till MiFID II (artik- larna <NOBR>2–8).</NOBR> I huvudsak motsvarar reglerna i det delegerade direktivet dem i genomförandedirektivet till MiFID I (artiklarna <NOBR>16–20).</NOBR> Det delegerade direktivet till MiFID II innehåller dock ytterligare regler, bl.a. när det gäller användning av finansiell äganderättsöverföring (det som i svensk rätt brukar betecknas som säkerhetsöverlåtelse, se nedan) och styrnings- arrangemang för skyddet av kundernas tillgångar (artiklarna 6 och 7). MiFID II tillåter uttryckligen medlemsstaterna att i undantagsfall införa krav för värdepappersföretag avseende säkrandet av kunders tillgångar utöver de krav som följer av direktivet och delegerade akter från kommissionen (artikel 16.11 andra stycket).</P>
<P class="p1099 ft2">Reglerna i det delegerade direktivet till MiFID II bör genomföras i svensk rätt på motsvarande sätt som reglerna i genomförandedirektivet till MiFID I, dvs. genom myndighetsföreskrifter. Finansinspektionen får med stöd av gällande bemyndiganden meddela föreskrifter om hantering av kunders finansiella instrument och hantering av kunders medel (8 kap. 42 § 21 och 22 lagen om värdepappersmarknaden och 6 kap. 1 § 29 och 30 förordningen [2007:572] om värdepappersmarknaden). Dessa bemyndiganden innebär att reglerna i det delegerade direktivet till MiFID II om skydd av kunders finansiella instrument och medel kan genomföras genom myndighetsföreskrifter. Regeringen bedömer därför att bemyndigandena bör finnas kvar. Det har inte framkommit några skäl som gör att det finns anledning att i svensk rätt ta in bestämmelser av- seende säkrandet av kunders tillgångar som går utöver de krav som gäller enligt MiFID II och det delegerade direktivet till MiFID II.</P>
<P class="p964 ft2">406</P>
</DIV>
<DIV id="page_407">
<DIV>
<DIV id="id_1">
<P class="p1256 ft3">Förbudet mot säkerhetsöverlåtelser i förhållande till <NOBR>icke-professionella</NOBR> kunder</P>
<P class="p189 ft2">I MiFID II (artikel 16.10) finns en ny regel när det gäller skyddet för kunders finansiella instrument och medel som saknar motsvarighet i MiFID I. Enligt den regeln får ett värdepappersföretag i förhållande till <NOBR>icke-professionella</NOBR> kunder inte ingå avtal om finansiell äganderätts- överföring i syfte att säkra eller täcka kundens förpliktelser. I den svenska språkversionen av direktivet anges att syftet med avtalet inte får vara att täcka kundens ”aktuella eller framtida, faktiska eller villkorade eller framtida förpliktelser”. En jämförelse med den engelska språkver- sionen (där det anges ”present or future, actual or contingent or prospec- tive obligations”) gör, enligt regeringens uppfattning, att det finns anled- ning att förstå att det som avses är säkrande eller täckande av aktuella eller framtida, faktiska eller villkorade eller presumtiva förpliktelser.</P>
<P class="p624 ft2">Av skälen till MiFID II (skäl 52) framgår att förbudet är avsett att träffa avtal om finansiell äganderättsöverföring enligt definitionen i det s.k. säkerhetsdirektivet (Europaparlamentets och rådets direktiv 2002/47/EG av den 6 juni 2002 om ställande av finansiell säkerhet). Avtal om finansiell äganderättsöverföring definieras i säkerhetsdirektivet, i dess nu gällande lydelse, som ”avtal (inklusive återköpsavtal) enligt vilka en säkerhetsställare överför full äganderätt till, eller full rätt att utnyttja, en finansiell säkerhet till en säkerhetstagare för att säkerställa eller på annat sätt täcka fullgörandet av de relevanta ekonomiska förpliktelserna” (artikel 2.1 b). Definitionen omfattade enligt direktivets ursprungliga lydelse inte överföring av ”full rätt att utnyttja” en finansiell säkerhet.</P>
<P class="p624 ft2">Regeringen har i tidigare lagstiftningsärenden bedömt att såväl säker- hetsdirektivets ursprungliga som justerade definition överensstämmer med den typ av avtal som i svensk rätt brukar gå under benämningen säkerhetsöverlåtelse (se t.ex. prop. 2004/05:30 s. <NOBR>28–32,</NOBR> prop. 2010/11:95 s. 34 och 37 samt prop. 2013/14:111 s. 40). Termen säker- hetsöverlåtelse förekommer i svensk lag (se 5 kap. 2 a § lagen om handel med finansiella instrument, 13 a § lagen [1999:1309] om system för avveckling av förpliktelser på finansmarknaden och 3 kap. 6 § lagen om värdepappersfonder). Det har dock inte i lag tagits in någon uttrycklig definition av termen.</P>
<P class="p573 ft2">En säkerhetsöverlåtelse innebär att den som ställer säkerheten säljer egendomen till den som tar emot säkerheten. Den närmare utformningen av överlåtelseavtalet kan variera, men allmänt sett finns en skyldighet för förvärvaren att sälja tillbaka egendomen till den ursprungliga ägaren. Utgångspunkten för en säkerhetsöverlåtelse är att viss egendom överlåts till säkerhetstagaren i syfte att säkra ett anspråk och inte i syfte att säker- heten ska användas av säkerhetstagaren. Genom ett avtal om säkerhets- överlåtelse kan säkerhetsinnehavaren dock få rätt att fritt förfoga över säkerheten. Detta kan ha särskild betydelse när det gäller fungibel, dvs. utbytbar, egendom eftersom säkerhetsinnehavaren på så sätt kan åter- lämna annan egendom av samma typ. Det som är utmärkande för säkerhetsöverlåtelsen är syftet att tillhandahålla en säkerhet. Ett återköps- avtal eller en s.k. repa som används i ett sådant syfte är att beteckna som en säkerhetsöverlåtelse (se vidare bl.a. prop. 2004/05:30 s. <NOBR>26–32</NOBR> och 41 samt prop. 2013/14:111 s. 39 f.).</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">407</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_408">
<P class="p727 ft2">Prop. 2016/17:162 Säkerhetsdirektivets definition av säkerhetsöverlåtelse gäller ”finan- siell säkerhet”. I direktivets ursprungliga lydelse avsågs med det betal- ningsmedel eller finansiella instrument (artikel 1.4 a). När säkerhets- direktivet genomfördes i svensk rätt uttalade regeringen att direktivets definition av finansiella instrument (artikel 2.1 e) är allmänt hållen och omfattar i stort sett alla finansiella instrument på finansmarknaden (se prop. 2004/05:30 s. <NOBR>32–35).</NOBR> Regeringen bedömde att den dåvarande definitionen av finansiella instrument i lagen om handel med finansiella instrument täckte säkerhetsdirektivs definition och kunde användas vid genomförandet. I den lagen (1 kap. 1 §) avses med finansiella instrument numera detsamma som i lagen om värdepappersmarknaden. I fråga om betalningsmedel (artikel 2.1 d) ansåg regeringen att säkerhetsdirektivet för svenskt vidkommande omfattar betalningsmedel i form av pengar som krediterats på konto och andra liknande fordringar. Av förarbetena framgår vidare att säkerhetsdirektivet inte gör någon skillnad mellan medel som lånas in och redovisningsmedel som avskilts.</P>
<P class="p711 ft2">I senare lagstiftningsärenden har regeringen gjort bedömningen att säkerhetsdirektivets definition av betalningsmedel i svensk rätt motsvaras av begreppet valuta, vilket också är ett begrepp som använts i lag när direktivets uttryck betalningsmedel avses (se prop. 2010/11:95 s. 36 och prop. 2013/14:111 s. 74 och 89 samt 8 kap. 10 § andra stycket konkurs- lagen [1987:672] och 2 kap. 20 § lagen [1996:764] om företagsrekon- struktion). Med finansiell säkerhet avses i säkerhetsdirektivet numera också det som där benämns kreditfordringar (artikel 1.4 a). Regeringen har vid genomförande av den ändringen i direktivet bedömt att dess defi- nition av kreditfordringar (artikel 2.1 o) enligt svenskt juridiskt språk- bruk motsvarar fordringar som uppkommit på grund av att ett kredit- institut, eller ett motsvarande utländskt institut, har beviljat ett penning- lån (se prop. 2010/11:95 s. 36 f. och 49 och bl.a. 8 kap. 10 § andra stycket konkurslagen).</P>
<P class="p711 ft2">Det finns i gällande svensk rätt inte något sådant förbud mot avtal om säkerhetsöverlåtelser som det i MiFID II. Regeringen anser därför att reglerna om förbud i direktivet bör genomföras i svensk rätt i en bestäm- melse i lagen om värdepappersmarknaden. Förbudet bör, i enlighet med direktivet, endast gälla i förhållande till <NOBR>icke-professionella</NOBR> kunder och endast avtal om säkerhetsöverlåtelser, inklusive återköpsavtal, som syftar till att säkra eller täcka kundens aktuella eller framtida, faktiska eller villkorade förpliktelser. Till skillnad från utredningens förslag bör förbudet, liksom enligt direktivet, även omfatta avtal som syftar till att säkra eller täcka kundens presumtiva förpliktelser.</P>
<P class="p1020 ft2">När det gäller säkerhetsobjektet anser regeringen att bestämmelsen, med avvikelse från utredningens förslag, bör utformas efter förebild av de bestämmelser som i dag beaktar säkerhetsdirektivets definition av finansiella säkerheter. När det gäller finansiell säkerhet i form av finan- siella instrument är, som framgår ovan, säkerhetsdirektivets definition allmänt hållen. Det nu aktuella förbudet mot säkerhetsöverlåtelser i MiFID II bör enligt regeringens uppfattning omfatta samtliga finansiella instrument. Förbudet bör således omfatta säkerhetsöverlåtelser som avser finansiella instrument, valuta och sådana fordringar som uppkommit på grund av att ett kreditinstitut har beviljat ett penninglån.</P>
<P class="p964 ft2">408</P>
</DIV>
<DIV id="page_409">
<P class="p292 ft4">I det delegerade direktivet till MiFID II (artiklarna 7 och 8) finns regler Prop. 2016/17:162 som berör förbudet om säkerhetsöverlåtelser i förhållande till icke-</P>
<P class="p540 ft4">professionella kunder i MiFID II (artikel 16.10). De reglerna bör genom- föras i svensk rätt genom myndighetsföreskrifter. Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela föreskrifter om vilka åtgärder ett värdepappersinstitut ska vidta för att säkerställa att det följer förbudet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t154">
<TR>
<TD class="tr47 td255"><P class="p597 ft121">8.15</P></TD>
<TD class="tr47 td385"><P class="p1257 ft21">Transaktioner med jämbördiga motparter</P></TD>
<TD class="tr47 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p178 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska inte längre få</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">behandla följande enheter som jämbördiga motparter:</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">– vissa företag vars huvudsakliga verksamhet utgörs av handel för</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">egen räkning med råvaror eller råvaruderivat, och</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">– vissa företag som uteslutande bedriver handel för egen räkning på</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">marknader för derivatinstrument och på avistamarknader bara i syfte</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">att skydda derivatpositioner eller som dels handlar på uppdrag av</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">andra medlemmar på sådana marknader eller ställer priser för dem,</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">dels garanteras av clearingdeltagare på dessa marknader.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p295 ft2">Vissa bestämmelser i lagen om värdepappersmarknaden om vilka</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">företag som får behandlas som jämbördiga motparter ersätts av en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">hänvisning till det som gäller enligt den delegerade förordningen till</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td388"><P class="p50 ft2">MiFID II.</P></TD>
<TD class="tr25 td389"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Vid transaktioner med jämbördiga motparter ska, om motparten inte</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">begär annat, ett värdepappersinstitut inte vara skyldigt att tillvarata</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">kundens intressen eller tillämpa de nya kundskyddsreglerna om</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">produktion och distribution av finansiella instrument, ersättningar till</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">eller från tredjepart, belöningssystem och korsförsäljning.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p295 ft2">Ett värdepappersinstitut ska även i förhållande till en jämbördig</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">motpart uppfylla krav som gäller information som ska lämnas kunder</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">och presumtiva kunder, rapporter till kunder om de tjänster som ut-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">förts och om att information ska vara rättvisande, tydlig och inte</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">vilseledande.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Vissa bestämmelser om hur ett värdepappersinstitut ska behandla en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">motpart som begär att kundskyddsregler ska tillämpas utmönstras ur</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">lagen om värdepappersmarknaden.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utredningens förslag inte innebär någon ändring av vilka enheter som får</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">behandlas som jämbördiga motparter eller det som gäller om en sådan</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">enhet begär att inte bli behandlad som jämbördig motpart. Enligt utred-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningens förslag ska ett värdepappersinstitut i förhållande till jämbördiga</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">motparter inte heller behöva fullgöra skyldigheten att handla så att all-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">mänhetens förtroende för värdepappersmarknaden upprätthålls, offentlig-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">göra information om kvaliteten på utförandet av transaktioner och</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utförandeplatser samt uppfylla krav på produktstyrning och kompetens</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">hos den personal som lämnar investeringsrådgivning eller information.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att det är oklart hur reglerna om förbud</P></TD>
<TD class="tr27 td158"><P class="p20 ft2">409</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_410">
<P class="p820 ft42">Prop. 2016/17:162 mot att ta emot och behålla ersättningar vid investeringsrådgivning och portföljförvaltning bör tillämpas med avseende på jämbördiga motparter.</P>
<P class="p1240 ft25">Skälen för regeringens förslag</P>
<P class="p1169 ft3">Undantag från kundskyddsregler</P>
<P class="p918 ft2">Liksom i MiFID I (artikel 24) finns i MiFID II (artikel 30) ett undantag som ger möjlighet för ett värdepappersföretag att inte tillämpa kund- skyddsregler vid transaktioner i förhållande till s.k. jämbördiga mot- parter. Den term som används i de svenska språkversionerna av MiFID I och MiFID II är godtagbara motparter. När MiFID I genomfördes i svensk rätt gjordes dock bedömningen att termen jämbördiga motparter skulle användas i stället för godtagbara motparter (prop. 2006/07:115 s. 297 f.). Undantaget gäller för ett värdepappersföretag som har tillstånd att utföra order för kunds räkning, handla för egen räkning eller ta emot och vidarebefordra order för kunds räkning när det medverkar till eller inleder en sådan transaktion med en jämbördig motpart (artikel 30.1 första stycket i MiFID II och artikel 24.1 i MiFID I). Undantaget om- fattar även sidotjänster som är direkt knutna till transaktionen.</P>
<P class="p948 ft3">Enheter som får behandlas som jämbördiga motparter</P>
<P class="p1179 ft2">Det finns två kategorier av jämbördiga motparter, dels sådana som ska behandlas som jämbördiga om de inte begär annat (artikel 30.2 i MiFID II och artikel 24.2 i MiFID I), dels sådana som medlemsstaterna i sin lagstiftning kan välja att behandla som jämbördiga motparter om de godkänner en sådan behandling (artikel 30.3 i MiFID II och artikel 24.3 i MiFID I). Till de enheter som ingår i den förstnämnda kategorin hör bl.a. värdepappersföretag, kreditinstitut, andra tillståndspliktiga finansiella före- tag samt nationella regeringar och därmed sammanhängande organ. I den andra kategorin ingår vissa andra enheter som uppfyller i förväg bestäm- da proportionella krav. När MiFID I genomfördes i svensk rätt utnyttja- des möjligheten att erkänna sådana företag som jämbördiga motparter (8 kap. 19 § första stycket 9, andra och tredje styckena samt prop. 2006/07:115 s. 299).</P>
<P class="p807 ft2">När det gäller enheter som ska behandlas som jämbördiga motparter överensstämmer reglerna i MiFID II i huvudsak med de i MiFID I. Tillämpningsområdet för MiFID II är inte helt detsamma som för MiFID I (se avsnitt 6.6.2). Exempelvis är vissa företag som är undan- tagna från MiFID I inte undantagna MiFID II. Som en följd av det anges sådana företag inte heller särskilt i uppräkningen i MiFID II av jämbör- diga motparter. De företag som avses är sådana vars huvudsakliga verk- samhet utgörs av handel för egen räkning med råvaror eller råvaruderivat och företag som uteslutande bedriver handel för egen räkning på mark- nader för derivatinstrument och på avistamarknader bara i syfte att skydda derivatpositioner eller som dels handlar på uppdrag av andra medlemmar på sådana marknader eller ställer priser för dem, dels garanteras av clearingdeltagare på dessa marknader (artikel 2.1 l och k i MiFID I). Regeringen anser därför att motsvarande ändring bör göras i uppräkningen i lagen om värdepappersmarknaden (8 kap. 19 § första</P>
<P class="p165 ft2">410</P>
</DIV>
<DIV id="page_411">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">stycket 7 och 2 kap. 5 § första stycket 13 och 14) av företag som får behandlas som jämbördiga motparter.</P>
<P class="p181 ft2">Kraven på de enheter som medlemsstaterna får välja att behandla som jämbördiga motparter fastställs av kommissionen. När det gäller MiFID II regleras det i den delegerade förordningen till MiFID II (artikel 71.1). När det gäller MiFID I finns motsvarande regler i genomförande- direktivet till det direktivet (artikel 50.1). De reglerna i genomförande- direktivet har genomförts i svensk rätt i bestämmelser i lagen om värde- pappersmarknaden (8 kap. 19 § första stycket 9, andra och tredje styckena). Eftersom kraven numera anges i en direkt tillämplig <NOBR>EU-för-</NOBR> ordning, bör de bestämmelser i lagen om värdepappersmarknaden som genomför reglerna i genomförandedirektivet till MiFID I utmönstras och ersättas av en hänvisning till reglerna i den delegerade förordningen till MiFID II. I den delegerade förordningen finns även ytterligare krav som rör godtagande att bli behandlad som jämbördig motpart (artikel 71.5).</P>
<P class="p432 ft2">I lagen om värdepappersmarknaden finns bestämmelser om behand- lingen av en jämbördig motpart som utnyttjat sin rätt att begära att ett värdepappersinstitut ska tillämpa de kundskyddsregler som inte behöver tillämpas vid transaktioner med jämbördiga motparter (8 kap. 20 § andra stycket andra och tredje meningarna). Dessa bestämmelser genomför i svensk rätt motsvarande regler i genomförandedirektivet till MiFID I (artikel 50.2). Även dessa regler finns numera i stället i den delegerade förordningen till MiFID II (artikel <NOBR>71.2–71.4).</NOBR> Bestämmelserna i lagen bör därför utmönstras.</P>
<P class="p397 ft3">Transaktioner med jämbördiga motparter</P>
<P class="p1216 ft2">När det gäller de kundskyddsregler som inte behöver tillämpas vid trans- aktioner i förhållande till jämbördiga motparter är det enligt MiFID II till stor del fråga om motsvarande kundskyddsregler som är undantagna även enligt MiFID I (artikel 30.1 första stycket i MiFID II och artikel 24.1 i MiFID I). MiFID II innehåller i förhållande till MiFID I dock ytterligare kundskyddsregler som undantas vid transaktioner med jämbördiga mot- parter. Det gäller de nya kundskyddsreglerna vid produktion och distri- bution av finansiella instrument (artikel 24.2), ersättningar till eller från tredjepart (artikel 24.9), belöningssystem (artikel 24.10) och korsförsälj- ning (artikel 24.11).</P>
<P class="p164 ft2">Reglerna i MiFID II (artikel 27) om bästa utförande av kundorder är, liksom enligt MiFID I (artikel 21), undantagna i sin helhet vid transak- tioner med jämbördiga motparter. Bland dessa regler i MiFID II finns dock sådana som rör krav på att handels- och utförandeplatser ska offent- liggöra information om kvalitet på utförande av order samt att värde- pappersföretag ska offentliggöra information om utförandeplatser och kvalitet på utförande av order (artikel 27.3 och 27.6). Dessa regler rör alltså inte transaktioner med viss motpart. Enligt regeringens mening berörs de därför inte av reglerna i MiFID II om transaktioner med jäm- bördiga motparter. Detsamma gäller för reglerna om kunskap och kom- petens hos personer som lämnar investeringsrådgivning eller informa- tion, som inte heller de rör transaktioner med viss motpart (artikel 25.1).</P>
<P class="p1094 ft4">I några avseenden är undantagen i MiFID II från kraven vid trans- aktioner i förhållande till jämbördiga motparter inte lika omfattande som</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">411</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_412">
<P class="p994 ft4">Prop. 2016/17:162 i MiFID I. Enligt MiFID II (artikel 30.1 andra stycket) ska ett värdepap- persföretag även i förhållande till jämbördiga motparter agera hederligt,</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">rättvist och professionellt och kommunicera på ett sätt som är rättvis-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ande, tydligt och inte vilseledande. Vidare undantas inte längre de gene-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rella kraven på information som ska lämnas kunder och presumtiva kunder</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 24.4 och 24.5). Dessutom undantas inte heller kravet på rapporter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">till kunder om de tjänster som tillhandahållits (artikel 25.6).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Enligt lagen om värdepappersmarknaden gäller i dag att ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">persinstitut vid transaktioner med jämbördiga motparter inte behöver</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämpa vissa bestämmelser i lagen (8 kap. 20 §). För att i svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">genomföra de ändringar som reglerna i MiFID II innebär i förhållande till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID I, bör motsvarande ändring göras i detta undantag i lagen. Undan-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">taget bör utvidgas så att det omfattar de nya kundskyddsregler som införs</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">i lagen för att genomföra MiFID II och som enligt direktivet inte behöver</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämpas i förhållande till jämbördiga motparter. Dessutom bör undan-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">taget utvidgas så att det omfattar skyldigheten att tillvarata kundens</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">intressen, eftersom det kravet motsvarar en kundskyddsregel som enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II inte behöver tillämpas i förhållande till jämbördiga motparter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(se artikel 24.1). Vidare bör undantaget vid transaktioner med jäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">bördiga motparter inskränkas så att det inte ger möjlighet till avsteg från</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">de generella bestämmelserna om den information som ska lämnas kunder</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och presumtiva kunder eller bestämmelserna om rapporter om de tjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som utförts (8 kap. 22 § första och andra styckena respektive 8 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">27 §). Undantaget bör även inskränkas så att det inte undantar värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">pappersinstitut från skyldigheten att lämna information som är rättvisan-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">de, tydlig och inte vilseledande (se 8 kap. 22 § tredje stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Värdepappersinstitut är vid transaktioner med jämbördiga motparter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i dag inte undantagna från den allmänna skyldigheten att agera hederligt,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rättvist och professionellt (8 kap. 1 §). Det behövs därför inte någon lag-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ändring för att uppfylla kravet i MiFID II att ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">även i förhållande till jämbördiga motparter ska agera hederligt, rättvist</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">och professionellt.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Utredningens förslag innebär att kravet att i övrigt handla på ett sätt så</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att allmänhetens förtroende för värdepappersmarknaden upprätthålls</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">(8 kap. 1 § andra meningen) inte ska gälla vid transaktioner med jäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bördiga motparter. Det kravet har inte någon direkt motsvarighet i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II (se prop. 2006/07:115 s. 436). Enligt regeringens uppfattning</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finns det inte skäl att undanta detta krav när det gäller transaktioner med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">jämbördiga motparter.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Utredningens förslag innebär även att det i bestämmelserna om trans-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">aktioner med jämbördiga motparter tas in undantag för bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som rör systematiska internhandlares offentliggörande av information om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kvaliteten på utförande av transaktioner och värdepappersinstituts</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">offentliggörande av information om utförandeplatser och kvalitet på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utförande av transaktioner (enligt artikel 27.3 och 27.6 i MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Utredningens förslag innebär också att det tas in undantag för reglerna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">om kunskap och kompetens hos personer som lämnar investeringsråd-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">givning eller information (artikel 25.1). Som framgår ovan är regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uppfattning att dessa bestämmelser inte berörs av reglerna om transak-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tioner med jämbördiga motparter. Det bör därför inte omfattas av det</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">412</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">undantag som gäller för transaktioner med jämbördiga motparter. Reger-</P></TD>
</TR>
</TABLE>
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<P class="p186 ft4">ingen anser vidare att det inte finns skäl att göra någon justering i be- Prop. 2016/17:162 stämmelsen om transaktioner med jämbördiga motparter när det gäller de</P>
<P class="p113 ft2">nya rörelsereglerna om produktstyrning (artikel 16.3 <NOBR>andra–sjunde</NOBR> styck- ena, se även avsnitt 8.11). Dessa regler omfattas nämligen inte heller av undantaget i direktivet för transaktioner med jämbördiga motparter.</P>
<P class="p429 ft2">Utredningens förslag innehåller vissa hänvisningar till kundskydds- bestämmelser som inte gäller utförande av order för kunds räkning, handel för egen räkning eller mottagande och vidarebefordran av order för kunds räkning. Eftersom undantaget vid transaktioner med jäm- bördiga motparter endast gäller nämnda investeringstjänster och investe- ringsverksamhet är dessa hänvisningar onödiga. Bestämmelser som gäller t.ex. investeringsrådgivning träffas inte av de nu aktuella undan- tagen vid transaktioner med jämbördiga motparter. Det gäller bl.a. den bestämmelse om ersättningar från tredjepart som <SPAN class="ft3">Finansinspektionen </SPAN>hänvisar till.</P>
<P class="p1258 ft155"><SPAN class="ft1">9</SPAN><SPAN class="ft154">Intressekonflikter och regler om ersättningar till eller från tredjepart</SPAN></P>
<P class="p1074 ft21"><SPAN class="ft21">9.1</SPAN><SPAN class="ft153">Inledning</SPAN></P>
<P class="p1064 ft2">I avsnitt 9 behandlas frågan om hur värdepappersinstitut ska hantera intressekonflikter och ersättning till eller från tredjepart. I avsnitt 9.2 be- handlas intressekonflikter i allmänhet. I avsnitt 9.3 behandlas ersätt- ningar till eller från tredjepart. I det avsnittet behandlas frågan om förbud mot ersättningar till eller från tredjepart vid investeringsrådgivning på oberoende grund och portföljförvaltning och om förbud mot sådana ersättningar vid utförande av alla investeringstjänster och sidotjänster. I samma avsnitt behandlas även frågan om Sverige bör utnyttja möjlig- heten i MiFID II att införa strängare nationella regler om tredjeparts- ersättning. Även frågan om urvalet av finansiella instrument vid investe- ringsrådgivning på oberoende grund behandlas i det avsnittet. Intresse- konflikter och tredjepartsersättning för andra än värdepappersinstitut, t.ex. försäkringsförmedlare och försäkringsföretag, behandlas i av- snitt 10.</P>
<P class="p1259 ft21"><SPAN class="ft21">9.2</SPAN><SPAN class="ft153">Intressekonflikter</SPAN></P>
<P class="p1074 ft129"><SPAN class="ft127">9.2.1</SPAN><SPAN class="ft132">Regler om organisation av verksamheten</SPAN></P>
<P class="p998 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska fastställa och tillämpa effektiva organisatoriska och administrativa förfaranden så att det vidtar alla rimliga åtgärder för att förhindra att kunderna påverkas negativt av intressekonflikter.</P>
<P class="p1260 ft2">413</P>
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<P class="p1261 ft4">Prop. 2016/17:162 Ett värdepappersinstitut ska, förutom att identifiera, också förhindra och hantera intressekonflikter, som uppstår vid tillhandhållandet av investeringstjänster och sidotjänster.</P>
<P class="p580 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i allt väsentligt med regering- ens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag tas det in ett uttryckligt krav i lag på att ett värdepappersinstitut ska dokumentera vidtagna åtgärder om hur dess organisation och arrangemang säkerställer att verksamhet där ersättning från tredjepart är tillåten inte blandas samman med verksamhet där ersättning från tredjepart är förbjuden.</P>
<P class="p580 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser dock att bestäm- melserna i lag bör utformas så att de fullt ut motsvarar det som anges i MiFID II (artikel 23). Det framgår inte tillräckligt tydligt av utredningens författningsförslag att ett värdepappersinstitut har en skyldighet att säker- ställa att verksamhet där ersättningar från tredjepart är tillåtna inte blan- das samman med verksamhet där sådana ersättningar är förbjudna. Enligt Finansinspektionen tycks kravet på dokumentation kring detta saknas helt. <SPAN class="ft3">Finansförbundet </SPAN>är positivt till förslaget men anser att det skulle kunna vara ännu mer långtgående och tydligt. Enligt förbundet bör det bl.a. förtydligas vad som minst krävs för att de åtgärder som ett värde- pappersinstitut vidtar ska anses vara rimliga.</P>
<P class="p746 ft25">Skälen för regeringens förslag</P>
<P class="p1169 ft3">Hantering av intressekonflikter</P>
<P class="p918 ft2">Enligt MiFID II (artikel 16.3 första stycket) ska ett värdepappersföretag fastställa och tillämpa effektiva organisatoriska och administrativa för- faranden så att alla rimliga mått och steg vidtas för att förhindra att kund- erna påverkas negativt av intressekonflikter. Ett värdepappersföretag ska vidare vidta alla rimliga åtgärder för att identifiera, förhindra eller hantera intressekonflikter som uppstår vid tillhandhållandet av investe- ringstjänster och sidotjänster (artikel 23.1). I den engelska språkver- sionen av direktivet används termen prevent (artiklarna 16.3 och 23.1). I den svenska språkversionen av direktivet används termerna förhindra (artikel 16.3) respektive förebygga (artikel 23.1). Regeringen anser emellertid att termen förhindra bör användas i båda dessa sammanhang. Med intressekonflikter avses dels sådana mellan företaget självt – inbegripet ledning, personal och anknutna ombud m.fl. – och kunder, dels sådana mellan olika kunder. Detta inkluderar även de intressekon- flikter som orsakas av att värdepappersföretaget tar emot ersättningar från tredjepart, företagets eget ersättningssystem eller andra incitaments- strukturer. Om de organisatoriska och administrativa förfaranden som värdepappersföretaget infört för att förhindra att kundernas intressen påverkas negativt inte räcker för att rimligen förhindra risken för att kundens intressen påverkas negativt, ska företaget klart och tydligt infor- mera kunden om den allmänna arten av eller källorna till intressekon- flikten och de steg det tagit för att förhindra dessa risker innan det åtar sig verksamhet för kundens räkning (artikel 23.2).</P>
<P class="p356 ft2">414</P>
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<DIV>
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<P class="p181 ft4">Reglerna i MiFID II (artiklarna 16.3 och 23) motsvarar i huvudsak reglerna i MiFID I (artiklarna 13.3 och 18). De reglerna har i svensk rätt genomförts i bestämmelser i lagen om värdepappersmarknaden (8 kap. 21 §, se prop. 2006/07:115 s. 584 f.).</P>
<P class="p181 ft2">Regeringen anser emellertid att det i lagen om värdepappersmark- naden, på motsvarande sätt som i MiFID II (artikel 16.3 första stycket), bör införas ett uttryckligt krav även på att ett värdepappersinstitut ska fastställa och tillämpa effektiva organisatoriska och administrativa för- faranden så att det vidtar alla rimliga åtgärder för att förhindra att kunderna påverkas negativt av intressekonflikter. På så sätt blir systema- tiken i lagen densamma som i direktivet, vilket bör underlätta tillämp- ningen av de delegerade rättsakter som har antagits av kommissionen (se nedan). Regeringen anser även att det i de nuvarande allmänna bestäm- melserna om intressekonflikter i lagen om värdepappersmarknaden (8 kap. 21 §) uttryckligen bör anges att ett värdepappersinstitut, förutom att identifiera intressekonflikter också ska förhindra eller hantera dem.</P>
<P class="p313 ft2">När det gäller <SPAN class="ft3">Finansförbundets </SPAN>synpunkter om mer långtgående krav och att det bör framgå vad som minst krävs för att åtgärderna ska anses vara rimliga, hänvisar regeringen till att det i den delegerade förord- ningen till MiFID II finns detaljerade regler om organisatoriska krav och åtgärder som ska vidtas med avseende på intressekonflikter. Där anges bl.a. att värdepappersföretag ska införa, tillämpa och upprätthålla besluts- förfaranden och en organisationsstruktur som på ett tydligt och dokumen- terat sätt specificerar rapporteringsvägar och ansvarsområden (artik- el 21). Vidare ges vägledning om hur ett värdepappersföretag kan identi- fiera intressekonflikter som påverkar kundens intresse negativt vid till- handahållande av investeringstjänster (artikel 33). I den delegerade för- ordningen beskrivs också hur ett värdepappersföretag ska fastställa, genomföra och upprätthålla en skriftlig intressekonfliktpolicy (artikel 34) och ytterligare organisatoriska krav när ett företag producerar och sprider</P>
<P class="p1262 ft2">investeringsanalyser eller marknadsföringsmaterial (artikel 37<SPAN class="ft119">)</SPAN>. Det finns även ytterligare krav på organisationen och på information i samband med garanti- och placeringsverksamhet (artikel 38) samt i samband med prissättning av erbjudanden relaterade till emittering av finansiella instru- ment (artikel 39). I förordningen specificeras också ytterligare krav för värdepappersföretag i samband med placering av finansiella instrument (artikel 40) och i samband med rådgivning, distribution och egen place- ring (artikel 41). Slutligen anges också ytterligare krav i samband med lån eller tillhandahållande av kredit när det gäller garanti- och placerings- verksamhet (artikel 42) och registerföring i samband med garanti- eller placeringsverksamhet (artikel 43).</P>
<P class="p397 ft3">Tillåtna och förbjudna ersättningar till eller från tredjepart</P>
<P class="p952 ft2">Det framgår ovan att enligt MiFID II ska ett värdepappersinstitut fast- ställa och tillämpa effektiva organisatoriska och administrativa förfaran- den så att alla rimliga mått och steg vidtas för att förhindra att dess kunders intressen påverkas negativt av intressekonflikter. Utredningen föreslår, utöver detta, ett krav på att ett värdepappersinstitut ska doku- mentera vidtagna åtgärder om hur dess organisation och arrangemang säkerställer att verksamhet där ersättning från tredjepart är tillåten inte</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">415</P>
</DIV>
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<P class="p727 ft2">Prop. 2016/17:162 blandas samman med verksamhet där ersättning från tredjepart är för- bjuden. <SPAN class="ft3">Finansinspektionen </SPAN>anser att denna skyldighet inte tillräckligt tydligt kommer till uttryck i utredningens författningsförslag och att kravet på dokumentation saknas. Regeringen konstaterar att det i lagen om värdepappersmarknaden (8 kap. 12 §) ställs upp ett krav på att ett värdepappersinstitut ska dokumentera sina tjänster och verksamheter på ett sådant sätt att informationen är tillräcklig för att den behöriga myn- digheten ska kunna utföra sina tillsynsuppgifter (se artikel 13.6 i MiFID I och artikel 16.6 i MiFID II, se även avsnitt 8.12). I den delegerade förordningen till MiFID II finns dessutom ytterligare regler om bevarande av uppgifter (artikel 72). De innebär bl.a. att uppgifterna ska bevaras på ett medium som gör det möjligt att lagra information på ett sätt som är tillgängligt för användning i framtiden för den behöriga myn- digheten (artikel 72.1). Den behöriga myndigheten ska lätt kunna komma åt uppgifterna och rekonstruera varje viktigt steg i hanteringen av alla transaktioner (artikel 72.1 a). I förordningen finns även särskilda regler om krav för värdepappersföretag som tillhandahåller investeringsråd- givning på både oberoende och <NOBR>icke-oberoende</NOBR> grund (artikel 53.3). Ett sådant företag ska t.ex. i god tid före tillhandahållandet av rådgivningen på ett varaktigt medium informera kunden om huruvida rådgivningen tillhandahålls på oberoende grund eller inte. Vidare ska det inte presentera hela sin verksamhet som oberoende utan endast den del av verksamheten som utför rådgivning på oberoende grund. Det ska även ha tillräckliga organisatoriska krav och kontroller på plats för att säkerställa att båda typerna av rådgivning är tydligt separerade från varandra och att en kund inte ska bli osäker angående vilken typ av rådgivning han eller hon erhåller. Det anges också att ett värdepappersföretag inte får låta en och samma fysiska person erbjuda både rådgivning på oberoende grund och rådgivning på <NOBR>icke-oberoende</NOBR> grund. Regeringen anser att regelverket – sett i dess helhet – i själva verket innebär att ett värde- pappersinstitut måste ha en sådan organisation och sådana arrangemang som säkerställer att verksamhet där ersättningar från tredjepart är tillåtna inte blandas samman med verksamhet där ersättningar från tredjepart är förbjudna och att detta dessutom ska dokumenteras. I annat fall riskerar institutet att ersättningar tas emot trots att detta är förbjudet, vilket inte är i kundens bästa intresse.</P>
<P class="p1263 ft129"><SPAN class="ft127">9.2.2</SPAN><SPAN class="ft128">Information till kunderna om intressekonflikter</SPAN></P>
<P class="p1018 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Om de åtgärder som ett värdepappersinstitut har vidtagit och de organisatoriska och administrativa förfaranden som institutet har infört inte är tillräckliga för att förhindra att kundernas intressen kan påverkas negativt, ska institutet informera kunden. Insti- tutet ska då på ett varaktigt medium lämna information om intresse- konflikter till kunden. Informationen ska vara tillräckligt tydlig och detaljerad med hänsyn till om kunden är en professionell kund eller en <NOBR>icke-professionell</NOBR> kund, så att kunden kan fatta ett välgrundat beslut när det gäller den investeringstjänst eller sidotjänst där intresse- konflikten uppstår.</P>
<P class="p309 ft2">416</P>
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<DIV>
<DIV id="id_1">
<P class="p150 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i allt väsentligt med regering- ens förslag. Utredningens förslag avviker från regeringens förslag genom att utredningens förslag inte innehåller något uttryckligt krav på att infor- mationen ska vara tillräckligt detaljerad med hänsyn till om kunden är en professionell kund eller en <NOBR>icke-professionell</NOBR> kund. Utredningens förslag innehåller inte heller något krav på att information ska lämnas när de organisatoriska och administrativa förfaranden som ett värdepappers- institut har infört inte är tillräckliga för att säkerställa att kundens intressen inte påverkas negativt av en intressekonflikt.</P>
<P class="p912 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att det bör framgå att informationen inte bara ska vara tillräckligt tydlig utan också tillräckligt detaljerad och att hänsyn ska tas till om kunden är en professionell kund eller en icke- professionell kund. Vilken information som kan accepteras och hur den bör anpassas till den aktuella kunden bör enligt inspektionen utvecklas i förarbetena.</P>
<P class="p623 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Som framgår i avsnitt 9.2.1 ska ett värdepappersföretag, om de organisatoriska och administrativa förfaran- den som det har fastställt och tillämpar avseende intressekonflikter inte är tillräckliga för att rimligen säkerställa att risken för att kundernas intressen påverkas negativt förhindras, klart och tydligt informera kunden om den allmänna arten av eller källorna till intressekonflikten innan före- taget åtar sig verksamhet för kundens räkning (artikel 23.2 i MiFID II). Reglerna är desamma som i MiFID I (artikel 18.2), som i svensk rätt har genomförts i bestämmelser i lagen om värdepappersmarknaden (8 kap. 21 § andra stycket). Enligt MiFID II (artikel 23.3) ska värdepappers- företaget lämna informationen till kunden på ett varaktigt medium och den ska vara tillräckligt detaljerad för att kunden i fråga ska kunna fatta beslut om huruvida kunden fortfarande vill anlita företaget för tjänsten i fråga (varaktigt medium definieras i artikel 4.1.62, se avsnitt 6.8). Mot- svarande regler finns i genomförandedirektivet till MiFID I (artikel 22.4). De reglerna har i svensk rätt genomförts genom Finansinspektionens föreskrifter (11 kap. 6 § Finansinspektionens föreskrifter om värdepap- persrörelse).</P>
<P class="p1264 ft2">Med hänsyn till att kraven om att informationen ska vara tillräckligt detaljerad och ges på varaktigt medium numera finns i MiFID II, anser regeringen att de på motsvarande sätt bör tas in i lagen om värdepappers- marknaden. Enligt regeringens uppfattning bör de anges på samma sätt som de gör i dag i Finansinspektionens föreskrifter. Det innebär bl.a. att det, i enlighet med det som <SPAN class="ft3">Finansinspektionen </SPAN>anför, bör anges att infor- mationen ska vara tillräckligt tydlig och detaljerad med hänsyn till om värdepappersinstitutet har delat in kunden i kategorin professionell kund eller <NOBR>icke-professionell</NOBR> kund.</P>
<P class="p573 ft4">Av lagen om värdepappersmarknaden (8 kap. 21 § första stycket) följer att ett värdepappersinstitut ska vidta alla rimliga åtgärder för att förhindra att kundernas intressen påverkas negativt av intressekonflikter. Om de åtgärder som institutet har vidtagit inte räcker, ska institutet tydligt informera kunden om arten av eller källan till intressekonflikterna innan institutet åtar sig att utföra en investeringstjänst eller sidotjänst för kundens räkning (8 kap. 21 § andra stycket).</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">417</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_418">
<DIV id="dimg1">
<INGENBILD zsrc="H403162418x1.jpg/" id="img1">
</DIV>
<TABLE cellpadding=0 cellspacing=0 class="t82">
<TR>
<TD class="tr24 td111"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p20 ft2">Som framgår i avsnitt 9.2.1 är det i såväl MiFID II som i MiFID I</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">i stället formulerat som att informationen ska lämnas om de organisa-</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">toriska eller administrativa system som ett värdepappersföretag har infört</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">inte är tillräckliga (artikel 23.2 respektive artikel 18.2). Regeringen anser</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">i och för sig att den nuvarande bestämmelsen uppfyller det krav som</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">anges i direktivet på att information om intressekonflikter ska lämnas om</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">det inte kan rimligen säkerställas att kundernas intressen inte påverkas</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">negativt (se prop. 2006/07:115 s. 449). Med hänsyn till förslaget i avsnitt</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">9.2.1 att det i lagen ska tas in ett uttryckligt krav om organisatoriska och</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">administrativa förfaranden för att förhindra intressekonflikter, bör det</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">även anges i lagen att ett värdepappersinstitut ska lämna information om</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">intressekonflikter om institutets förfaranden inte räcker för att förhindra</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">att kundernas intressen kan komma att påverkas negativt.</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">När det gäller <SPAN class="ft3">Finansinspektionens </SPAN>synpunkt om vilken information</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">som kan accepteras och hur den bör anpassas till den aktuella kunden,</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">hänvisar regeringen till att det i den delegerade förordningen till</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">MiFID II finns detaljerade regler om den information som ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">persföretag ska lämna till kunden om intressekonflikter (artikel 34.4).</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Det framgår att informationen ska innehålla en detaljerad beskrivning av</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">intressekonflikter som uppstår under tillhandahållandet av investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">tjänster eller sidotjänster, med beaktande av den typ av kund för vilken</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">meddelandet läggs fram. I den delegerade förordningen finns även krav</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">som gäller för information som ska lämnas på ett varaktigt medium</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">(artikel 3). Det anges t.ex. vilka villkor som gäller när information på ett</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">varaktigt medium inte behöver lämnas på papper. Det anges även vilka</P></TD>
</TR>
<TR>
<TD class="tr25 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">regler som ska gälla när informationen lämnas via en webbplats och inte</P></TD>
</TR>
<TR>
<TD class="tr26 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">direkt till kunden. Dessutom anges när det är lämpligt att tillhandahålla</P></TD>
</TR>
<TR>
<TD class="tr27 td111"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td235"><P class="p23 ft2">information via elektronisk kommunikation.</P></TD>
</TR>
</TABLE>
<P class="p716 ft129">9.2.3 Regler om ersättningssystem till personal</P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska inte ersätta eller bedöma sin personal på ett sätt som kommer i konflikt med institutets skyldighet att iaktta kundernas intressen.</P>
<P class="p1055 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p646 ft3"><SPAN class="ft2">det. </SPAN>Fackförbundet försäkring och finans (FTF) <SPAN class="ft2">och </SPAN>Finansförbundet <SPAN class="ft2">på- pekar att förslaget inte bör inkräkta på parternas rätt att teckna kollektiv- avtal om ersättningssystem.</SPAN></P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II finns det särskilda regler om ersättningssystem (artikel 24.10). Dessa regler, som inte har någon motsvarighet i MiFID I, har ett nära samband med de regler om intresse- konflikter som behandlas i avsnitt 9.2. Enligt dessa särskilda regler ska ett värdepappersföretag som tillhandahåller investeringstjänster till kunder se till att det inte ersätter sina anställda eller bedömer deras prestationer på ett sätt som står i strid med företagets skyldighet att agera i kundernas bästa intresse. Utredningen använder dock termen belöna där det i direktivet anges ersätta (se avsnitt 9.5.3 i betänkandet). I den</P>
<P class="p535 ft2">engelska språkversionen används termen remunerate. Regeringen anser</P>
<P class="p19 ft2">418</P>
</DIV>
<DIV id="page_419">
<DIV>
<DIV id="id_1">
<P class="p796 ft2">emellertid, till skillnad från utredningen, att termen ersättning bör an- vändas, vilket även är en term som används i liknande regler på andra delar av finansmarknadsområdet (se t.ex. prop. 2015/16:170 s. 40). De nu aktuella reglerna i MiFID II tar framför allt sikte på ersättningssystem som kan leda till att personalen rekommenderar ett visst finansiellt instrument till en <NOBR>icke-professionell</NOBR> kund, när värdepappersföretaget borde föreslagit ett annat instrument som bättre motsvarar kundens behov. Även om det inte anges uttryckligen i direktivet torde detsamma gälla vid portföljförvaltning, dvs. ersättningssystemet får inte vara ut- format så att förvaltaren väljer att investera i ett visst finansiellt instru- ment när ett annat instrument bättre passar kunden och kundens portfölj. Enligt regeringens uppfattning innebär det att ersättningssystemen inte bör innehålla inslag som t.ex. bonusar kopplade direkt till vissa produkter och säljtävlingar avseende specifika produkter.</P>
<P class="p573 ft3">Finansförbundet <SPAN class="ft2">och </SPAN>Fackförbundet försäkring och finans (FTF) <SPAN class="ft2">fram- för att utformningen av belöningssystem och bedömning av personal i första hand är en fråga för arbetsmarknadens parter. Finansförbundet menar att förslaget riskerar att strida mot nationell lagstiftning och praxis och skulle kunna påverka framtida kollektivavtalsförhandlingar och löne- processer. När det gäller dessa synpunkter poängterar regeringen att ett krav på värdepappersinstitut som syftar till att undvika incitament för personalen att rekommendera finansiella instrument eller produkter som inte är i kundens intresse inte inkräktar på arbetsmarknadens parters rätt att teckna kollektivavtal om ersättningssystem och andra incitaments- strukturer för anställda. Liksom vid genomförandet i svensk rätt av liknande regler i </SPAN><NOBR><SPAN class="ft2">AIFM-direktivet,</SPAN></NOBR><SPAN class="ft2"> kapitaltäckningsdirektivet och </SPAN><NOBR><SPAN class="ft2">UCITS-direktivet,</SPAN></NOBR><SPAN class="ft2"> gör regeringen därför bedömningen att arbetsmark- nadens parters möjlighet att ingå kollektivavtal om bl.a. lön inte påverkas av de nu aktuella reglerna i MiFID II (se prop. 2012/13:155 s. 261, prop. 2013/14:228 s. 183 och prop. 2015/16:170 s. 42).</SPAN></P>
<P class="p1247 ft2">Reglerna om ersättningssystem i MiFID II saknar, som nämns ovan, motsvarighet i MiFID I. Det finns visserligen i dag regler i svensk rätt om rörliga ersättningar för personal i värdepappersinstitut, se Finans- inspektionens föreskrifter (FFFS 2011:1) om ersättningssystem i kredit- institut, värdepappersbolag och fondbolag med tillstånd för diskretionär portföljförvaltning. Dessa regler hänför sig till kapitaltäckningsområdet och fokuserar främst på företagens interna riskhantering. Det är dessutom regler som präglas av hög detaljeringsgrad och som därför har genom- förts i svensk rätt i föreskrifter på lägre nivå än lag (se t.ex. prop. 2013/14:228 s. <NOBR>180–185).</NOBR> De nu aktuella reglerna i MiFID II (artikel 24.10) är således utformade på ett helt annat sätt. Reglerna rör dessutom mer än rena ersättningar till de anställda och omfattar även bedömningar och utvärderingar av personalen. Regeringen anser därför att de bör genomföras i svensk rätt i bestämmelser i lagen om värdepappers- marknaden.</P>
<P class="p1265 ft4">I den delegerade förordningen till MiFID II finns även detaljerade regler om hur ett värdepappersföretag ska fastställa och genomföra en ersättningspolicy och ersättningsarrangemang i syfte att undvika intresse- konflikter (artikel 27). Det anges bl.a. att det ska finnas en lämplig balans mellan fast och variabel ersättning vilken alltid ska upprätthållas så att ersättningsstrukturen inte skapar incitament som kan få relevanta per-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">419</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_420">
<P class="p820 ft42">Prop. 2016/17:162 soner att gynna sina egna eller företagets intressen till potentiell skada för kundens intressen.</P>
<P class="p1034 ft21"><SPAN class="ft21">9.3</SPAN><SPAN class="ft126">Regler om ersättning till eller från tredjepart</SPAN></P>
<P class="p1266 ft129"><SPAN class="ft127">9.3.1</SPAN><SPAN class="ft128">Inledning</SPAN></P>
<P class="p927 ft2">I MiFID II (artikel 24.7 och 24.8) vidareutvecklas reglerna om tredje- partsersättning i förhållande till dem i MiFID I (artikel 26 i genom- förandedirektivet till MiFID I) med ett förbud mot tredjepartsersättning när ett värdepappersföretag tillhandahåller investeringsrådgivning på oberoende grund eller portföljförvaltning. Dessutom införs ytterligare krav när det gäller tredjepartsersättning vid tillhandahållande av alla investeringstjänster och sidotjänster (artikel 24.9). Medlemsstaterna får i undantagsfall införa ytterligare krav för värdepappersföretag avseende tredjepartsersättning, om de är objektivt motiverade och proportionella för att hantera specifika risker för investerarskyddet eller marknadsinte- griteten som är särskilt viktiga för den aktuella medlemsstatens mark- nadsstruktur (artikel 24.12).</P>
<P class="p580 ft4">I det delegerade direktivet till MiFID II och i den delegerade förord- ningen till MiFID II finns detaljerade regler om krav när det gäller tredje- partsersättning.</P>
<P class="p575 ft2">I avsnitt 9.3 behandlas nuvarande regler om tredjepartsersättning (av- snitt 9.3.2), det nya förbudet mot tredjepartsersättning vid investerings- rådgivning på oberoende grund och portföljförvaltning, inklusive frågan om Sverige bör utnyttja möjligheten att införa ytterligare nationella krav avseende tredjepartsersättning (avsnitt 9.3.3), urvalet av finansiella instrument vid investeringsrådgivning på oberoende grund (avsnitt 9.3.4) och den generella regeln om tredjepartsersättning vid alla investerings- tjänster och sidotjänster (avsnitt 9.3.5).</P>
<P class="p1034 ft129"><SPAN class="ft127">9.3.2</SPAN><SPAN class="ft128">Nuvarande reglering</SPAN></P>
<P class="p927 ft2">Reglerna i MiFID I (artikel 19.1) om att värdepappersinstitut ska tillvara- ta sina kunders intressen och handla hederligt, rättvist och professionellt har i svensk rätt genomförts i en bestämmelse i lagen om värdepappers- marknaden (8 kap. 1 §). Det finns också bestämmelser i den lagen om att ett värdepappersinstitut ska vidta åtgärder för att identifiera de intresse- konflikter som föreligger i verksamheten och förhindra att kundernas intressen påverkas negativt av sådana konflikter (8 kap. 21 §, se avsnitt 9.2.1). Motsvarande allmänna regler om att ett värdepappersinstitut ska iaktta kundernas bästa intressen och hantera intressekonflikter finns också i MiFID II (artiklarna 23.1 och 24.1). I MiFID II finns det dess- utom ytterligare regler om investeringsrådgivning och ersättningar. I dessa regler utvecklas det som följer av de allmänna reglerna. De innebär en reglering dels särskilt för tredjepartsersättning vid investerings- rådgivning på oberoende grund och portföljförvaltning (artikel 24.7 och 24.8), dels allmänt för tredjepartsersättning vid tillhandahållande av alla</P>
<P class="p1267 ft2">investeringstjänster och sidotjänster (artikel 24.9).</P>
<P class="p166 ft2">420</P>
</DIV>
<DIV id="page_421">
<DIV id="dimg1">
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</DIV>
<P class="p747 ft4">Regler om ersättningar från tredjepart vid tillhandahållande av investe- Prop. 2016/17:162 ringstjänster, t.ex. investeringsrådgivning, finns i gällande rätt i Finans-</P>
<P class="p1226 ft2">inspektionens föreskrifter om värdepappersrörelse. Genom de före- skrifterna har reglerna i genomförandedirektivet till MiFID I genomförts i svensk rätt. De innebär bl.a. att det är förbjudet för värdepappersinstitut att ta emot ersättning från någon annan än kunden, såvida inte kunden informeras om ersättningen samt ersättningen är utformad för att höja kvaliteten på den berörda tjänsten och inte hindrar företaget från att uppfylla sin skyldighet att tillvarata kundens intressen (12 kap. 1 §, som genomför artikel 26 i genomförandedirektivet). Förbudet gäller dock inte alla ersättningar utan clearingavgifter, depåavgifter och andra avgifter av samma karaktär är undantagna. Motsvarande allmänna regler om ersätt- ningar från tredjepart vid tillhandahållande av investeringstjänster finns även i MiFID II (artikel 24.9), se avsnitt 9.3.5.</P>
<P class="p1268 ft134"><SPAN class="ft127">9.3.3</SPAN><SPAN class="ft135">Förbud mot ersättning från tredjepart vid investeringsrådgivning på oberoende grund och portföljförvaltning</SPAN></P>
<P class="p1269 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som har informerat kunden om att institutet tillhandahåller investeringsrådgivningen på oberoende grund ska inte få ta emot och behålla ersättningar eller för- måner från tredjepart. Förbudet mot att ta emot och behålla sådana ersättningar eller förmåner ska gälla även när ett värdepappersinstitut tillhandahåller portföljförvaltning. Förbudet ska inte omfatta mindre <NOBR>icke-monetära</NOBR> förmåner som kunden har informerats om och som kan höja kvaliteten på den berörda tjänsten till kunden och som är av en sådan storlek och karaktär att de inte kan anses hindra institutet från att uppfylla sin skyldighet att tillvarata kundens intressen.</P>
<P class="p1190 ft4">Regeringen eller den myndighet som regeringen bestämmer får meddela förskrifter om</P>
<P class="p1115 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft40">tidpunkt, omfattning och strategi för återbetalning till kund av mottagna ersättningar eller förmåner ett värdepappersinstitut inte får behålla när det utför investeringsrådgivning på oberoende grund eller portföljförvaltning, och</SPAN></P>
<P class="p1105 ft4"><SPAN class="ft2">2.</SPAN><SPAN class="ft48">kriterierna för att bedöma vilka </SPAN><NOBR>icke-monetära</NOBR> förmåner ett värdepappersinstitut får ta emot och behålla när det tillhandahåller investeringsrådgivning på oberoende grund eller portföljförvaltning.</P>
<P class="p1127 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer inte med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag får ett värdepappersinstitut inte ta emot ersättningar från tredjepart när det tillhandahåller investeringsrådgivning eller port- följförvaltning till <NOBR>icke-professionella</NOBR> kunder, om ersättningen kan på- verka kundens intressen negativt. Enligt utredningens förslag får rege- ringen eller den myndighet som regeringen bestämmer meddela före- skrifter om vilka ersättningar det kan vara frågan om. Utredningens för- slag omfattar inte genomförandet i svensk rätt av det delegerade direk- tivet till MiFID II.</P>
<P class="p947 ft2">421</P>
</DIV>
<DIV id="page_422">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p20 ft3"><SPAN class="ft25">Remissinstanserna: </SPAN>Förvaltningsrätten i Stockholm<SPAN class="ft2">, </SPAN>Pensionsmyndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p30 ft3">heten<SPAN class="ft2">, </SPAN>Finansinspektionen<SPAN class="ft2">, </SPAN>Konsumentverket<SPAN class="ft2">, </SPAN>Finansförbundet<SPAN class="ft2">, </SPAN>Lands-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">organisationen i Sverige (LO)<SPAN class="ft2">, </SPAN>Sveriges Konsumenter <SPAN class="ft2">och </SPAN>Småföre-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">tagarnas Riksförbund </SPAN>stödjer förslaget om ett förbud mot tredjeparts-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">ersättning som gäller all investeringsrådgivning som tillhandahålls icke-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">professionella kunder. Finansinspektionen och Konsumentverket framför</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">att de har svårt att se vilka provisionskonstruktioner som kan vara till för-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">del för konsumenter. Finansinspektionen bedömer emellertid att utred-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ningens förslag kommer att innebära ett mindre långtgående förbud vid</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">investeringsrådgivning på oberoende grund och portföljförvaltning till</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2"><NOBR>icke-professionella</NOBR> kunder än vad som krävs enligt reglerna i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Enligt inspektionens bedömning ger reglerna i direktivet inte något ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">rymme för att tillåta provisioner enbart av den anledningen att de inte</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">anses skada kundens intresse. Finansinspektionen framhåller att om ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">provisionsförbud begränsas till den som utger sig för att tillhandahålla</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">oberoende rådgivning finns det en stor risk för att en övervägande</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">majoritet av värdepappersinstituten fortsätter att ge rådgivning på icke-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">oberoende grund för att även fortsättningsvis kunna ta emot provisioner.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Under sådana förhållanden är det svårt att se att en marknad för</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">oberoende rådgivning skulle ges möjlighet att växa fram eftersom all</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">annan rådgivning skulle framstå som kostnadsfri för kunderna. Konsu-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">mentverket anser att det kan ifrågasättas om förslaget om tillåtna provi-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">sioner är förenligt med direktivet mot bakgrund av det som anges där om</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">att endast mindre <NOBR>icke-monetära</NOBR> ersättningar ska vara tillåtna vid investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p1270 ft27">ringsrådgivning på oberoende grund.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft3">Konkurrensverket<SPAN class="ft2">, </SPAN>Fondbolagens förening<SPAN class="ft2">, </SPAN>Svensk Försäkring<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">Svenska Bankföreningen <SPAN class="ft2">tillsammans med </SPAN>Svenska Fondhandlareföre-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">ningen<SPAN class="ft2">, </SPAN>Sparbankernas Riksförbund<SPAN class="ft2">, </SPAN>Svenska försäkringsförmedlares</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft3">förening (Sfm)<SPAN class="ft2">, </SPAN>Sveriges advokatsamfund<SPAN class="ft2">, </SPAN>Facket för försäkring och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">finans (FTF)<SPAN class="ft2">, </SPAN>Svenska lärarförsäkringar AB<SPAN class="ft2">, </SPAN>Föreningen strukturerade</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">placeringar i Sverige (SPIS)<SPAN class="ft2">, </SPAN>Didner och Gerge Fonder AB<SPAN class="ft2">, </SPAN>Fidelity,</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft26">FIM Kapitalförvaltning AB<SPAN class="ft27">, </SPAN>Folksam<SPAN class="ft27">, </SPAN>Lannebo Fonder<SPAN class="ft27">, </SPAN>Max Matthiessen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft3">AB<SPAN class="ft2">, </SPAN>Odin Fonder<SPAN class="ft2">, </SPAN>Skagen Fonder <SPAN class="ft2">och </SPAN>Sparbanken Syd <SPAN class="ft2">avstyrker eller</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">framför kritik mot utredningens förslag. Många remissinstanser framför</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">att de anser att ett direktivnära genomförande av MiFID II tillgodoser</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">kundens intressen. <SPAN class="ft3">Kommerskollegium </SPAN>påpekar vikten av att krav som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">går utöver de som är nödvändiga för att genomföra MiFID II bör moti-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">veras även utifrån rent <NOBR>EU-rättsliga</NOBR> utgångspunkter. <SPAN class="ft3">Juridiska fakultets-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">nämnden vid Stockholms universitet </SPAN>anser att det i det fortsatta lagstift-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ningsarbetet borde göras en utförligare beskrivning av för- och nackdelar</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">med olika alternativa lösningar utöver minimireglerna än den som utred-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ningen gör. <SPAN class="ft3">Regelrådet </SPAN>framför att det saknas en analys av vilka effekt-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">erna kan bli för de berörda företagen. Regelrådet bedömer att vissa för-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">sök har gjorts för att beskriva vilka företag som kan påverkas av provi-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">sionsförbudet men anser att redogörelsen i betänkandet är bristfällig.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">Vidare är redovisningen av berörda företag utifrån antal, storlek och</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">bransch bristfällig. Regelrådet bedömer även att redovisningen av på-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">verkan på berörda företags kostnader, tidsåtgång och verksamhet är brist-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">fällig. <SPAN class="ft3">Sparbankernas Riksförbund </SPAN>anser att det är viktigt med ett starkt</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">konsumentskydd och att ett sådant kommer att uppnås vid ett direktiv-</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">422</P></TD>
<TD class="tr27 td235"><P class="p20 ft2">nära genomförande och de detaljerade regler som antas av kommis-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_423">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">sionen. Enligt <SPAN class="ft3">Fondbolagens förening </SPAN>saknar den förbudsregel som utredningen föreslår mervärde i förhållande till reglerna i MiFID II. Reglerna i direktivet innebär redan att det är förbjudet att ta emot ersätt- ningar som försämrar värdepappersinstitutets förutsättningar att agera i kundens intresse. Fondbolagens förening anser att grundregeln i direk- tivet väl tillgodoser behovet av att begränsa skadliga ersättningar från tredjepart. Utredningens förslag innebär därutöver att MiFID II:s regler om oberoende rådgivning – dvs. minimiregeln – enbart gäller för profes- sionella investerare, för övriga ska den nationella förbudsregeln gälla. Denna regel går emellertid inte lika långt som direktivets minimiregel och enligt föreningen innebär utredningens förslag därför inte ett korrekt genomförande. Teoretiskt skulle Finansinspektionen kunna medge en rådgivare att kalla sig oberoende och ändå ta emot ersättning från tredje- part om myndigheten anser att det inte är negativt för <NOBR>icke-professionella</NOBR> kunders intressen.</P>
<P class="p979 ft2"><SPAN class="ft3">Konkurrensverket </SPAN>ifrågasätter lämpligheten i utredningens förslag om föreskriftsrätt på området. Den omfattningen av föreskrifträtten som utredningen föreslår innebär enligt Konkurrensverket en betydande osäkerhet för marknadens aktörer. <SPAN class="ft3">Fondbolagens förening </SPAN>anser att utredningen inte ger någon närmare vägledning kring hur det föreslagna bemyndigandet är tänkt att användas. Utredningen behandlar därmed inte de svåra frågor som väcks genom förslaget, inte minst frågor om konkur- rens och utbud på den svenska sparmarknaden. Även mot bakgrund av de restriktioner som finns i MiFID II (artikel 24.12) angående möjligheten att nationellt gå utöver direktivets krav framstår det bemyndigande som utredningen föreslår enligt föreningens uppfattning som olämpligt. <SPAN class="ft3">Svensk Försäkring </SPAN>framhåller att såväl konsumenter som företag har ett befogat intresse av förutsebarhet och att ett alltför långtgående bemyn- digande som möjliggör snabba svängningar i centrala delar av regle- ringen skapar osäkerhet och bristande förutsebarhet. <SPAN class="ft3">Svenska Fondhand- lareföreningen </SPAN>anser att bemyndigandet är alldeles för ospecifikt och vittgående och att det även kan ifrågasättas om förslaget är förenligt med grundlagen. <SPAN class="ft3">Svenska Lärarförsäkringar AB </SPAN>framför att utredningens för- slag med en modell där Finansinspektionen ska avgöra om en rådgivares rådgivningsmodell ligger i spararens intresse inte kan motiveras ur vare sig konsument- eller stabilitetsperspektiv. <SPAN class="ft3">Max Matthiessen AB </SPAN>och <SPAN class="ft3">Lannebo Fonder </SPAN>anser att det bemyndigande som utredningen föreslår innebär att ett för stort ansvar läggs på Finansinspektionen. Ansvaret blir särskilt stort då bemyndigandet är brett och ingen specificering ges kring vilka hänsyn som ska tas vid utformandet av föreskrifterna. Rekvisitet ”kan påverka kundens intressen negativt” är mycket allmänt hållet och enligt de båda bolagen blir rättsosäkerheten stor då Finansinspektionen med kort varsel och utan motsvarande beredning som sker vid lag- stiftning kan komma att förbjuda tidigare tillåtna tredjepartsersättningar. <SPAN class="ft3">Söderberg & Partners </SPAN>anser att bemyndigandet till Finansinspektionen är olämpligt utformat eftersom hela frågan om provisionsförbudets omfatt- ning därigenom kommer att regleras i Finansinspektionens föreskrifter. <SPAN class="ft3">Sveriges advokatsamfund </SPAN>anser att även om utredningens slutsats må vara formellt korrekt, kan det inte råda någon tvekan om att ett utnytt- jande av ett bemyndigande kan få stor betydelse, såväl när det gäller avtal mellan enskilda som för konkurrensen på det finansiella området.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">423</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_424">
<P class="p994 ft4">Prop. 2016/17:162 Gör t.ex. Finansinspektionen bedömningen att en viss ersättningsmodell är osund, kommer dess bedömning att få inverkan på en tvist mellan en</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">kund och en näringsidkare, där ersättningsmodellen har tillämpats. Mot</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">denna bakgrund är det enligt Advokatsamfundets mening nödvändigt att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">förarbetena innehåller riktlinjer och vägledande uttalanden om hur ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sådant bemyndigande ska användas. I betänkandet saknas helt sådana</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">riktlinjer och vägledning.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förslag. Promemorians förslag avviker från regeringens förslag genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt promemorians förslag får regeringen eller den myndighet som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">regeringen bestämmer meddela föreskrifter om hur ersättningar och för-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">måner ska överföras till kund och om sådana <NOBR>icke-monetära</NOBR> ersättningar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som ett värdepappersinstitut får ta emot och behålla.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">har inget att invända mot det. <SPAN class="ft3">Finansinspektionen</SPAN>, <SPAN class="ft3">Konsumentverket </SPAN>och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Sveriges Konsumenter <SPAN class="ft2">framför kritik mot förslaget. </SPAN>Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">och <SPAN class="ft3">Konsumentverket </SPAN>noterar att det i promemorian uttalas att det inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">införs ett sådant mer långtgående provisionsförbud som föreslås av 2013</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">års värdepappersmarknadsutredning och hänvisar i denna del till sina</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">remissvar avseende utredningens förslag. <SPAN class="ft3">Finansinspektionen </SPAN>anser att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utformningen av bemyndigandet för regeringen eller den myndighet som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">regeringen bestämmer att meddela föreskrifter för att i svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">genomföra det delegerade direktivet till MiFID II bör ses över så att det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">antingen bättre motsvarar innehållet i de regler i det delegerade direktivet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som ska genomföras eller anges på ett mer generellt sätt. Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tionen föreslår att bemyndigandet ska avse dels tidpunkt, omfattning och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">riktlinjer för återbetalning till kund av mottagna avgifter, provisioner och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">monetära förmåner, dels kriterierna för att bedöma vilka <NOBR>icke-monetära</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">förmåner som ett värdepappersinstitut får ta emot och behålla när det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillhandahåller investeringsrådgivning på oberoende grund eller portfölj-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förvaltning. <SPAN class="ft3">Konsumentverket </SPAN>framhåller vikten av att det klart och</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tydligt framgår för konsumenten när rådgivningen inte är oberoende.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Verket har uppmärksammat att många konsumenter har stort förtroende</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för rådgivare och ofta utgår ifrån att rådgivarens rekommendationer är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lämpligast för dem. <SPAN class="ft3">Pensionsmyndigheten </SPAN>är positiv till den föreslagna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">regleringen och anför att förbud mot ersättning som inte är kvalitets-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">höjande, och därmed strider mot värdepappersinstitutets skyldighet att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tillvarata kundens intressen, är en rimlig åtgärd. <SPAN class="ft3">Konkurrensverket </SPAN>anför</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att mer långtgående provisionsförbud än det som föreslås i promemorian</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hade kunnat leda till färre aktörer på den finansiella marknaden, minskad</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">konkurrens när det gäller rådgivning och sparprodukter samt gynnat före-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tag som tillhandahåller placeringsprodukter och har egen distribution</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(t.ex. storbankskoncernerna och de stora försäkringsbolagen) framför</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">företag utan egen distribution (t.ex. mindre fondbolag). <SPAN class="ft3">Facket för</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">försäkring och finans (FTF) </SPAN>anser att förslaget om ett bemyndigande att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">meddela föreskrifter om vilka ersättningar som inte får tas emot och</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">behållas samt vilka <NOBR>icke-monetära</NOBR> förmåner som inte får tas emot och be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hållas är bra och anför att det är viktigt att kundens intresse tas omhand</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på ett bra sätt oavsett om rådgivningen är oberoende eller anknuten samt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">framhåller vikten av att tydliga riktlinjer tas fram för hur lagen ska följas.</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">424</P></TD>
<TD class="tr27 td368"><P class="p139 ft26">Svenska Bankföreningen<SPAN class="ft27">, </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft27">och </SPAN>Svenska</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_425">
<P class="p186 ft4"><SPAN class="ft45">försäkringsförmedlares förening </SPAN>anser att bestämmelserna i de före- Prop. 2016/17:162 skrifter som regeringen eller den myndighet som regeringen bestämmer</P>
<P class="p1226 ft2">får meddela ska motsvara reglerna i det delegerade direktivet till MiFID II. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföre- ningen </SPAN>anser att det är en brist i promemorian att den inte berör möjlig- heten enligt det delegerade direktivet (artikel 12.3 första stycket e) för medlemsstaterna att undanta fler <NOBR>icke-monetära</NOBR> förmåner än de som an- ges i direktivet (artikel 12.3 första stycket <NOBR>a–d).</NOBR> Föreningarna anser att det bör klargöras att Finansinspektionen kan acceptera även sådana icke- monetära ersättningar och förutsättningarna för det. Föreningarna anser även att det är nödvändigt att regeringen i det fortsatta lagstiftnings- arbetet analyserar sådana skattefrågor och mervärdesskattefrågor som uppstår till följd av de nya reglerna i MiFID II om ersättningar till och från tredje man, t.ex. när det gäller ersättningar som överförs till kund och en fondandelsägares byte av andelsklass.</P>
<P class="p930 ft25">Skälen för regeringens förslag</P>
<P class="p958 ft3">Reglerna i MiFID II</P>
<P class="p920 ft2">Enligt MiFID II ska ett värdepappersföretag i god tid innan tjänsten tillhandahålls informera sina kunder om huruvida den investeringsråd- givning som tillhandahålls är på oberoende grund eller inte, den utgår från en allmän eller mer begränsad analys av olika typer av finansiella instrument och urvalet är begränsat till finansiella instrument som utges, utfärdas eller tillhandahålls av företaget, företag till vilka det har nära förbindelser eller andra företag i förhållande till vilka värdepap- persföretaget har ett sådant rättsligt eller ekonomiskt förhållande att det kan äventyra förutsättningarna för rådgivning på oberoende grund (artik- el 24.4 första stycket a i och ii). Värdepappersföretaget ska även infor- mera kunden om i vilken mån det kommer att ge kunden en regelbunden bedömning av lämpligheten hos de finansiella instrument som rekom- menderas (artikel 24.4 första stycket a iii, beträffande denna informa- tionsplikt, se vidare avsnitt 8.3).</P>
<P class="p430 ft2">Om ett värdepappersföretag har informerat kunden om att rådgiv- ningen sker på oberoende grund, får företaget inte ta emot och behålla ersättning som utbetalas eller tillhandahålls av någon tredjepart eller av en person som agerar för tredjeparts räkning i fråga om tjänsten (artikel 24.7 b). Mindre <NOBR>icke-monetära</NOBR> ersättningar som är av en sådan karaktär att de kan höja kvaliteten på tjänsten och är av en sådan storlek och art att de inte kan anses påverka företagets skyldighet att agera i kundens intresse får tas emot, men de måste redovisas för kunden. Samma förbud, att inte få ta emot och behålla ersättningar från tredjepart eller av en per- son som agerar för tredjeparts räkning i fråga om tjänsten, gäller även vid portföljförvaltning (artikel 24.8). Eftersom det inte är tillåtet att ta emot och behålla ersättningen, måste ett värdepappersföretag som tillhanda- håller investeringsrådgivning på oberoende grund eller portföljförvalt- ning som tar emot ersättning från en tredjepart betala ut ersättningen till kunden. Ersättning måste lämnas vidare till kunden så snart det är möjligt och det är inte tillåtet att avräkna betalningar från tredjepart från de av- gifter som kunden ska betala till institutet (se skäl 74 till MiFID II).</P>
<P class="p1128 ft2">425</P>
</DIV>
<DIV id="page_426">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">426</P>
</DIV>
<DIV id="id_2">
<P class="p487 ft2">I MiFID II används begreppet kund, vilket innebär att detta omfattar såväl <NOBR>icke-professionella</NOBR> kunder som professionella kunder (se defini- tionerna i artikel <NOBR>4.1.9–4.1.11).</NOBR> MiFID II är som huvudregel ett fullhar- moniseringsdirektiv, dvs. medlemsstaterna får inte införa strängare reg- ler. När det gäller investerarskyddsreglerna får en medlemsstat dock i undantagsfall införa ytterligare krav, om dessa är objektivt motiverade och proportionella för att hantera specifika risker som är särskilt viktiga för medlemsstatens marknadsstruktur (artikel 24.12).</P>
<P class="p165 ft3">Reglerna i de rättsakter som kommissionen har antagit</P>
<P class="p1188 ft2">I det delegerade direktivet till MiFID II (artiklarna <NOBR>11–13)</NOBR> finns ytterlig- are regler om hur värdepappersföretag som lämnar investeringsråd på oberoende grund eller utför portföljförvaltning ska hantera att de inte får ta emot och behålla tredjepartsersättning. Enligt dessa regler (artikel 12.1 andra stycket) ska värdepappersföretag utforma och tillämpa en strategi för att se till att ersättningarna fördelas och vidarebefordras till varje enskild kund. Ett värdepappersföretag måste bl.a. betala tillbaka alla ersättningar från tredjepart till sina kunder så snart som det rimligen är möjligt efter det att de tagits emot (artikel 12.1 första stycket). Alla mottagna ersättningar från tredjepart ska föras över till kunden i sin helhet. Kunden ska även informeras om att ersättningen vidarebefordras genom t.ex. den regelbundna rapporteringen (artikel 12.1 tredje stycket). Vidare anges (artikel 12.3) vilka mindre <NOBR>icke-monetära</NOBR> ersättningar som kan godtas, t.ex. deltagande i konferenser och seminarier som gäller för- delar med ett visst finansiellt instrument, representation till ett rimligt värde eller generell information om finansiella instrument eller investe- ringstjänst. I det delegerade direktivet till MiFID II (artikel 13) finns också regler om incitament i form av investeringsanalys och vad som ska gälla i de fall ett värdepappersföretag tar emot investeringsanalystjänster från tredjeman.</P>
<P class="p1271 ft2">Utöver det delegerade direktivet finns det även regler i den delegerade förordningen till MiFID II om mer detaljerade krav och regler för rådgiv- ning på oberoende grund. I den förordningen (artikel 53.1) anges att ett värdepappersföretag som erbjuder tjänsten investeringsrådgivning på oberoende grund ska implementera en urvalsprocess för att bedöma och jämföra ett tillräckligt stort urval av finansiella instrument som är till- gängliga på marknaden. Vidare finns regler (artikel 53.2) för det fall ett värdepappersföretag fokuserar på rådgivning kring specifika produkt- kategorier. Företaget ska då marknadsföra sig på ett sätt som endast attraherar kunder med preferens för dessa produktkategorier.</P>
<P class="p397 ft3">Vilken typ av ersättning?</P>
<P class="p1272 ft2">Förbudet i MiFID II för ett värdepappersföretag att ta emot och behålla tredjepartsersättning vid investeringsrådgivning på oberoende grund och portföljförvaltning omfattar ”avgifter, provisioner eller monetära eller <NOBR>icke-monetära</NOBR> förmåner som utbetalas eller tillhandahålls av någon tredjepart eller person som agerar för tredjeparts räkning” (artikel 24.7 b och 24.8). Det generella förbudet i direktivet (artikel 24.9) mot vissa tredjepartsersättningar vid alla investeringstjänster och sidotjänster om- fattar avgifter eller provisioner som ett värdepappersföretag betalar eller</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_427">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">betalas samt <NOBR>icke-monetära</NOBR> förmåner som företaget tillhandahåller eller tillhandahålls. <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>anser att det inte finns något generellt förbud i direktivet utan att det är fråga om generella krav som gäller vid alla investeringstjänster. Enligt regeringens uppfattning bör de generella reglerna dock kunna ses som ett generellt förbud mot andra ersättningar än sådana som uppfyller de krav som ställs upp. I det generella förbudet används beträffande förmåner uttrycket ”erbjuder eller erbjuds”, vilket här får förstås som att det ska vara fråga om förmåner som företaget tillhandahåller eller tillhandahålls (jfr artikel 24.7 b och 24.8). De ersättningar och förmåner som träffas av förbuden beskrivs på motsvarande sätt även i det delegerade direktivet till MiFID II (artiklarna 11 och 12). För att beskriva de ersättningar och förmåner som träffas av förbuden mot tredjepartsersättningar används i såväl direktivet som i de rättsakter som kommissionen har antagit även termen incitament (i den engelska språkversionen inducement). Enligt regeringens uppfattning är syftet med denna beskrivning av incitament att täcka in alla de olika for- mer av ersättningar och förmåner som kan bli aktuella. Detta gäller även med avseende på förbudet mot vissa tredjepartsersättningar vid alla investeringstjänster och sidotjänster, även om direktivet i detta avseende inte uttryckligen hänvisar till monetära förmåner (se artikel 24.9). Det är ersättningar eller förmåner till eller från någon annan än kunden som inte är tillåtna. Det väsentliga är att det är fråga om en ekonomisk eller annan fördel till eller från en tredjepart som kan inverka på värdepappersinsti- tutets skyldighet att i sin investeringsrådgivning, i första hand, iaktta kundens intresse. En sådan ersättning eller förmån kan därför vara för- bjuden oavsett hur den har betecknats. När MiFID II genomförs i svensk rätt bör begreppet ersättningar eller förmåner således ges en vid innebörd och innefatta alla de exempel som räknas upp i direktivet. I det följande används för enkelhets skull dock ordet ersättning för att beskriva sådana ersättningar och förmåner som träffas av reglerna om förbud mot tredje- partsersättningar.</P>
<P class="p1273 ft3">Värdepappersmarknadsutredningens förslag</P>
<P class="p952 ft2">Utredningen föreslår att det i svensk rätt ska införas regler om tredje- partsersättningar som delvis avviker från reglerna i MiFID II (se avsnitt 8.6 i betänkandet). Utredningen gör i sitt förslag skillnad på ersättning som tas emot i samband med investeringsrådgivning till professionella kunder och investeringsrådgivning till <NOBR>icke-professionella</NOBR> kunder. Utred- ningen föreslår att ett värdepappersinstitut inte får ta emot ersättningar från tredjepart när investeringsrådgivning eller portföljförvaltning till- handahålls <NOBR>icke-professionella</NOBR> kunder, om ersättningen kan påverka kundens intressen negativt. Enligt utredningens förslag ska det gälla vid all investeringsrådgivning som tillhandahålls <NOBR>icke-professionella</NOBR> kunder, dvs. även sådan som inte tillhandahålls på oberoende grund. Regeringen eller den myndighet som regeringen bestämmer föreslås få meddela när- mare föreskrifter om vilka ersättningar det kan vara frågan om. Utred- ningen föreslår även striktare regler för att investeringsrådgivning ska få kallas för oberoende. I denna proposition behandlas det förslaget i avsnitt 9.3.4.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">427</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_428">
<P class="p727 ft2">Prop. 2016/17:162 Utredningen gör bedömningen att ett direktivnära genomförande av förbudet mot tredjepartsersättningar inte är tillräckligt för att åstad- komma ett stärkt konsumentskydd i Sverige. Utredningen menar att pro- blemen med intressekonflikter, och i synnerhet tredjepartsersättningar, är så omfattande att ett förbud mot tredjepartsersättningar för den investe- ringsrådgivning som sker till <NOBR>icke-professionella</NOBR> kunder är nödvändigt. Utredningens förslag om att reglerna ska omfatta även försäkrings- förmedlare, försäkringsföretag, fondbolag och <NOBR>AIF-förvaltare</NOBR> behandlas i avsnitt 10.</P>
<P class="p1274 ft3">MiFID II innebär ett stärkt konsumentskydd</P>
<P class="p939 ft2">MiFID II och de kompletterande reglerna i de rättsakter som kommis- sionen har antagit om hur värdepappersinstitut ska hantera intressekon- flikter och ersättningar från tredjepart utgör ett omfattande och detaljerat regelverk. Reglerna i MiFID II om tredjepartsersättning bör enligt regeringens uppfattning ses i ett vidare sammanhang, mot bakgrund av andra rörelse- och investerarskyddsregler i direktivet (se avsnitt 8). Direktivet och de delegerade rättsakter som kommissionen har antagit innehåller nya och strängare regler som enligt regeringens bedömning kommer att skärpa kraven när det gäller tredjepartsersättning vid till- handhållande av investeringsrådgivning och andra investerartjänster. Direktivet innebär exempelvis mer preciserade krav på den information om kostnader som värdepappersinstitutet ska ge till kunden och att eventuella betalningar från tredjepart ska redovisas separat för kunden (se avsnitt 8.2). I direktivet finns även krav när det gäller hur värde- pappersinstitut ersätter sin personal (se avsnitt 9.2.3). Reglerna innebär att ett värdepappersinstitut ska se till att det inte ersätter sina anställda på ett sätt som står i strid med skyldigheten att agera i kundens bästa intresse. Regelverket innebär även krav på kunskap och kompetens hos de personer som ger investeringsråd eller information om finansiella instrument (se avsnitt 8.4). Förslaget förväntas innebära att antalet personer som utför investeringsrådgivning och som omfattas av regler om krav på kunskap och kompetens ökar eftersom reglerna nu kommer att gälla investeringsrådgivning i förhållande till alla kunder. I MiFID II finns det också ytterligare krav när det gäller lämplighetsbedömningar vid investeringsrådgivning jämfört med i MiFID I (se avsnitt 8.5). Det finns dessutom detaljerade krav om produktstyrning och produktingripanden (se avsnitt 8.11). Sammanfattningsvis innebär regler- na i MiFID II ett starkare och förbättrat kundskydd jämfört med det skydd som finns i dag. Enligt regeringens bedömning bör reglerna i MiFID II om värdepappersinstitutets organisation och om investerar- skydd kraftfullt motverka de problem med intressekonflikter som har uppmärksammats när sådana institut utför investeringsrådgivning eller portföljförvaltning. Det nya regelverket, inbegripet de regler som finns i de rättsakter som kommissionen har antagit, bör innebära att sådana typer av ersättningar som inte är i kundens intresse inte får förekomma när ett värdepappersinstitut tillhandahåller investeringsrådgivning eller portfölj- förvaltning till sina kunder.</P>
<P class="p1275 ft2">428</P>
</DIV>
<DIV id="page_429">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">Utmaningar på marknaden för rådgivning</P>
<P class="p1216 ft2">Regeringen konstaterar att det finns betydande utmaningar på marknaden för rådgivning när det gäller intressekonflikter och tredjepartsersätt- ningar. <SPAN class="ft3">Finansinspektionen </SPAN>framför att man i sin tillsynsverksamhet kunnat konstatera att provisioner skapar intressekonflikter. När vissa produkter genererar högre provisioner än andra, uppstår ekonomiska incitament för vissa företag och individer att ge råd utifrån provisionens storlek snarare än utifrån vad som är bäst för kunden.</P>
<P class="p336 ft2">Finansinspektionen framhåller i detta sammanhang särskilt problem hänförliga till försäkringsförmedling i samband med rådgivning kring livförsäkringar med sparandemoment (dvs. försäkringar vars värde ba- seras på finansiella instrument, t.ex. depå- och fondförsäkringar). Finans- inspektionen har vid upprepade tillfällen framfört att dess verktyg vid tillsynen inte är tillräckliga för hantering av denna typ av problematik. Regeringen anser i likhet med Finansinspektionen att de problem som uppmärksammats när det gäller rådgivning kring livförsäkringar måste lösas. Enligt regeringens uppfattning är emellertid genomförandet i svensk rätt av MiFID II inte rätt sammanhang att göra det, utan det är en fråga som i stället bör tas omhand i samband med den översyn av regel- verket för försäkringsförmedling som pågår. Frågan om en ökad harmo- nisering av regleringen av finansiell rådgivning behandlas i avsnitt 10.</P>
<P class="p164 ft2">Finansinspektionen har även uppmärksammat att det förekommer pro- blem kring tredjepartsersättningar när värdepappersinstitut utför investe- ringsrådgivning. Regeringen anser dock att reglerna i MiFID II kommer att innebära ett starkare och förbättrat kundskydd jämfört med det skydd som finns i dag. Om man i svensk rätt skulle införa krav som går utöver dem i direktivet kan de ändra förutsättningarna för distributionen av finansiella tjänster och produkter i Sverige. Regeringen anser, i likhet med många remissinstanser, att om utredningens förslag om ett mer långtgående förbud mot ersättning till eller från tredjepart än det i MiFID II skulle införas i svensk rätt, kan det innebära att företag med egen distribution gynnas framför företag utan egen distribution. Företag utan egen distribution är beroende av att någon annan distribuerar deras produkter, vilket vanligtvis sker mot ersättning. Det finns även en risk för koncentrationsproblem i och med att små aktörer riskerar att slås ut från marknaden. Dessutom påverkas de företag som endast producerar spar- produkter, eftersom de inte längre kan ersätta dem som förmedlar pro- dukterna. Det finns också en risk att en ingripande reglering kan medföra ett minskat antal kunder som erbjuds investeringsrådgivning. En sådan utveckling har observerats i Storbritannien efter det att det för några år sedan infördes ett provisionsförbud. I en rapport som brittiska myndig- heter publicerade i mars 2016 konstateras bl.a. att konsumenter med mindre tillgångar att placera och behov av enklare rådgivning inte har råd eller är villiga att betala för rådgivning (Financial Advice Market Review</P>
<P class="p330 ft2">– Final report, Financial Conduct Authority [FCA] & HM Treasury).</P>
<P class="p384 ft3">Kan ett mer långtgående förbud motiveras?</P>
<P class="p951 ft4">För att avgöra om det i svensk rätt bör införas några ytterligare krav när det gäller tredjepartsersättningar än de som anges i direktivet anser regeringen att den grundläggande frågan att först ta ställning till är hur</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">429</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_430">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">430</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">omfattande problemen med tredjepartsersättningar är när värdepappers- institut utför investeringsrådgivning i Sverige. <SPAN class="ft3">Juridiska Fakultets- nämnden vid Stockholms universitet </SPAN>påpekar att avvikelser från reglerna i MiFID II bör motiveras ingående genom angivande av skäl – politiska, juridiska eller ekonomiska – som talar för att man i svensk rätt inför ytterligare krav. <SPAN class="ft3">Kommerskollegium </SPAN>anser generellt att om ytterligare krav (s.k. <NOBR>gold-plating)</NOBR> införs, bör det i sådana fall kunna motiveras även utifrån rent <NOBR>EU-rättsliga</NOBR> utgångspunkter, dvs. om regleringen på något sätt skulle kunna få handelshindrande effekter eller påverka den fria rörligheten på annat sätt. Regeringen anser att varken det som utred- ningen redovisar i sitt betänkande, det som remissinstanserna anför eller det som framförts i de dialoger som Finansdepartementet har haft under beredningen av lagstiftningsärendet med berörda myndigheter och aktörer på finansmarknaden innebär att det framkommit sådana särskilda skäl eller omständigheter som i dagsläget motiverar ett mer långtgående förbud när det gäller värdepappersinstitutens investeringsrådgivning.</P>
<P class="p398 ft3">Utformningen av utredningens förslag är ifrågasatt</P>
<P class="p958 ft2">Regeringen anser i likhet med <SPAN class="ft3">Finansinspektionen</SPAN>, <SPAN class="ft3">Konsumentverket </SPAN>och</P>
<P class="p1276 ft2"><SPAN class="ft3">Fondbolagens förening </SPAN>att det kan ifrågasättas om utredningens förslag till förbud mot tredjeparsersättningar innebär att reglerna i MiFID II genomförs i svensk rätt på ett korrekt sätt och om det skulle få den avsedda effekten. Finansinspektionen påpekar att utredningens förslag skulle innebära att det i svensk rätt införs ett mindre långtgående förbud mot tredjepartsersättningar när investeringsrådgivning på oberoende grund och portföljförvaltning tillhandahålls till <NOBR>icke-professionella</NOBR> kunder än det som krävs enligt reglerna i direktivet (artikel 24.7 och 24.8). Enligt Finansinspektionens bedömning ger direktivet inte något ut- rymme för en medlemsstat att tillåta provisioner enbart av den anled- ningen att de inte anses skada kundens intresse. Även Konsumentverket anser att det kan ifrågasättas om förslaget att tillåta vissa provisioner är förenligt med direktivet mot bakgrund av det som anges där om att endast mindre <NOBR>icke-monetära</NOBR> ersättningar ska vara tillåtna vid investe- ringsrådgivning på oberoende grund. Enligt Fondbolagens förening sak- nar den förbudsregel som utredningen föreslår också mervärde i förhåll- ande till reglerna i MiFID II eftersom det redan av direktivet (artikel 24.9 första stycket b) följer att det är förbjudet att ta emot ersättningar som försämrar ett värdepappersinstituts förutsättningar att agera i kundens intresse. Regeringen anser att ett korrekt genomförande av MiFID II inte ger något utrymme att, som utredningen föreslår, tillåta vissa provisioner vid investeringsrådgivning på oberoende grund. Om det skulle visa sig att det finns ett behov av en strängare reglering av tredjepartsersättningar än den i direktivet, skulle det således behövas en annan utformning av regleringen än den som utredningen föreslår.</P>
<P class="p1277 ft45">Genomförandet av reglerna i MiFID II är ett första steg som bör utvärderas</P>
<P class="p1175 ft4">Med hänsyn till det anförda anser regeringen att det finns flera skäl för att i ett första steg genomföra reglerna i MiFID II om intressekonflikter och tredjepartsersättningar i enlighet med direktivet. Enligt regeringens</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_431">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">bedömning kommer de reglerna att innebära ett stärkt investerarskydd vid den investeringsrådgivning som värdepappersinstitut utför jämfört med det skydd som finns i dag. Det är emellertid viktigt att, när de nya reglerna har tillämpats under en tid, som i ett andra steg, göra en utvärde- ring av vilken effekt reglerna har fått i syfte att avgöra om det kvarstår några problem med intressekonflikter när värdepappersinstitut utför investeringsrådgivning. Om det kvarstår problem på marknaden trots det nya regelverket, bör lagstiftaren överväga om det finns behov av ytter- ligare åtgärder och vilka åtgärder som i så fall är lämpliga för att komma till rätta med de problemen.</P>
<P class="p624 ft2">Reglerna i MiFID II bör därför genomföras på så sätt att ett värde- pappersinstitut inte ska få ta emot och behålla ersättning från tredjepart vid tillhandahållande av investeringsrådgivning på oberoende grund eller portföljförvaltning. Undantag görs för mindre <NOBR>icke-monetära</NOBR> ersättningar som kunden har informerats om, kan höja kvaliteten på tjänsten och är av en sådan storlek och art att de inte kan anses påverka institutets skyldig- het att agera i kundens intresse.</P>
<P class="p912 ft2">Reglerna i det delegerade direktivet till MiFID II (artikel 12) om över- föring till kunden av ersättningar eller förmåner ett värdepappersinstitut inte får behålla i samband med att det tillhandahåller investe- ringsrådgivning på oberoende grund eller portföljförvaltning samt om sådana mindre <NOBR>icke-monetära</NOBR> förmåner ett institut får ta emot och behålla även vid sådana investeringstjänster bör, på grund av detaljgraden, lämpligast genomföras i svensk rätt genom myndighetsföreskrifter. Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela föreskrifter i dessa avseenden. Regeringen instämmer med <SPAN class="ft3">Finansinspektionen </SPAN>att bemyndigandena bör formuleras så att de bättre motsvarar innehållet i det delegerade direktivet.</P>
<P class="p912 ft3"><SPAN class="ft2">Regeringen anser i likhet med </SPAN>Svenska Bankföreningen<SPAN class="ft2">, </SPAN>Svenska Fond- handlareföreningen <SPAN class="ft2">och </SPAN>Svenska försäkringsförmedlares förening <SPAN class="ft2">att bestämmelserna i de föreskrifter som regeringen eller den myndighet som regeringen bestämmer får meddela bör motsvara reglerna i det dele- gerade direktivet till MiFID II. Som </SPAN>Svenska Bankföreningen <SPAN class="ft2">och</SPAN></P>
<P class="p189 ft2"><SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>påpekar får medlemsstaterna även välja att godta andra mindre <NOBR>icke-monetära</NOBR> förmåner som kan förbättra kvaliteten på den tjänst som tillhandahålls en kund och som är av sådan omfattning och art att det inte är sannolikt att de skulle hindra värde- pappersföretaget från att uppfylla sin skyldighet att agera i kundens bästa intresse (artikel 12.3 första stycket e). Regeringen konstaterar att det i föreskrifterna därför kan anges även andra <NOBR>icke-monetära</NOBR> förmåner än de som i det delegerade direktivet (artikel 12.3 första stycket <NOBR>a–d)</NOBR> räknas upp som sådana som ska anses som godtagbara.</P>
<P class="p912 ft4">När det gäller <SPAN class="ft45">Konsumentverkets </SPAN>påpekande om vikten av att det klart och tydligt ska framgå för kunden när investeringsrådgivningen inte är oberoende hänvisar regeringen till förslaget i avsnitt 8.3.</P>
<P class="p150 ft45">Svenska Bankföreningen <SPAN class="ft4">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft4">efter- frågar en analys av skattefrågor till följd av de nya reglerna om ersättning till eller från tredjepart, t.ex. om mervärdesskatt ska erläggas när en ersättning förs över till kund och om en fondandelsägares byte av andels- klass utlöser kapitalvinstbeskattning. Regeringen konstaterar att det regelverk som föreslås föranleder skattefrågor, bl.a. när det gäller en</SPAN></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">431</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_432">
<DIV id="dimg1">
<INGENBILD zsrc="H403162432x1.jpg/" id="img1">
</DIV>
<P class="p727 ft2">Prop. 2016/17:162 ersättning från tredjepart som överförs till en kund. Regeringen bedömer emellertid att det ankommer på de rättstillämpande myndigheterna att bedöma de skatterättsliga konsekvenserna av transaktioner till följd av det nya regelverket (jfr prop. 2010/11:135 s. 252). När det gäller byten mellan andelsklasser i en värdepappersfond kan uppmärksammas att Skatteverket anser att andelar i olika andelsklasser inte är av samma sort och slag, vilket innebär att kapitalvinstbeskattning ska ske separat för andelsinnehavet i respektive andelsklass. Enligt Skatteverket ska kapital- vinstbeskattning ske vid byte av fondandelar mellan olika andelsklasser om det sker på andelsägarens begäran. Om bytet sker till följd av ändring i fondbestämmelserna, sammanläggning av fonder eller liknande medför det dock inte kapitalvinstbeskattning (Skatteverkets ställningstagande den 4 september 2013, dnr 131 <NOBR>529333-13/111).</NOBR></P>
<P class="p1180 ft129"><SPAN class="ft127">9.3.4</SPAN><SPAN class="ft128">Investeringsrådgivning på oberoende grund</SPAN></P>
<P class="p1089 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett värdepappersinstitut som har informerat kunden om att investeringsrådgivningen lämnas på oberoende grund ska bedöma ett tillräckligt stort och diversifierat urval av finansiella instrument som är tillgängliga på marknaden för att säkerställa att kundens investeringsmål på lämpligt sätt kan tillgodoses.</P>
<P class="p1036 ft2">Urvalet får inte omfatta finansiella instrument utgivna, utfärdade eller tillhandahållna av institutet självt, företag som institutet har nära förbindelser med eller andra företag till vilka institutet har ett sådant rättsligt eller ekonomiskt förhållande att det kan riskera förutsätt- ningarna för institutet att lämna oberoende investeringsråd.</P>
<P class="p1278 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p646 ft2">har inget att invända mot det. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>avstyrker förslaget att i svensk rätt införa en definition av vad som är att anse som oberoende rådgivning, eftersom detta kan försvåra gränsöverskridande verksamhet och även tillämp- ningen av <NOBR>EU-regleringen.</NOBR> <SPAN class="ft3">Fondbolagens förening </SPAN>anser att det som utredningen anför till stöd för införandet av längre gående krav inte är tillräckligt för att förutsättningarna i artikel 24.12 i MiFID II ska anses uppfyllda samt att utgångspunkten måste vara att <NOBR>EU-reglerna</NOBR> ska gälla om det inte råder särskilda omständigheter i en viss medlemsstat som innebär att det finns starka skäl för att just där införa ytterligare krav i den staten. <SPAN class="ft3">Sveriges Konsumenter </SPAN>anser att all rådgivning där det ingår egna produkter i utbudet ska benämnas försäljning.</P>
<P class="p654 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>För att ett värdepappersföretag ska få informera sina kunder om att det lämnar investeringsrådgivning på oberoende grund krävs enligt MiFID II att företaget ska bedöma ett tillräckligt stort urval av finansiella instrument som är tillgängliga på marknaden, vilka ska vara tillräckligt diversifierade med avseende på typ och emittenter eller produktleverantörer för att säkerställa att kundens investeringsmål på lämpligt sätt kan tillgodoses (artikel 24.7 a). Vidare får urvalet inte vara begränsat till finansiella instrument utgivna,</P>
<P class="p535 ft2">utfärdade eller tillhandahållna av företag till vilka institutet har nära för-</P>
<P class="p353 ft2">432</P>
</DIV>
<DIV id="page_433">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">bindelser eller ett sådant ekonomiskt eller rättsligt förhållande att det kan äventyra förutsättningarna för investeringsrådgivning på oberoende grund. Som redovisas i avsnitt 9.3.3 ger direktivet (artikel 24.12) en medlemsstat möjlighet att i undantagsfall införa ytterligare krav under förutsättning att dessa är objektivt motiverade och proportionella för att hantera specifika risker för investerarskyddet eller marknadsintegriteten i den staten.</P>
<P class="p912 ft4">I den delegerade förordningen till MiFID II finns mer detaljerade regler om vad urvalsprocessen ska inbegripa (artikel 53).</P>
<P class="p150 ft2">MiFID II är ett s.k. fullharmoniseringsdirektiv även om det beträffande vissa investerarskyddsregler finns en möjlighet för medlemsstaterna att i undantagsfall införa ytterligare krav för värdepappersföretag. Som konstateras i avsnitt 9.3.3 måste dock sådana krav vara objektivt motive- rade och proportionella. Flera remissinstanser, bl.a. <SPAN class="ft3">Pensionsmyndig- heten</SPAN>, <SPAN class="ft3">Kommerskollegium</SPAN>, <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>och</P>
<P class="p518 ft2"><SPAN class="ft3">Svenska Bankföreningen</SPAN>, poängterar vikten av ett direktivnära genom- förande i svensk rätt av MiFID II för att undvika att nationella regler för- svårar gränsöverskridande verksamhet och blir handelshindrande eller på annat sätt påverkar den fria rörligheten. Regeringen, som generellt sett delar den synen, är av uppfattningen att de krav som ställs upp i svensk rätt inte utan starka skäl bör gå längre än dem i direktivet (se avsnitt 5.2). I de fall direktivet ger en möjlighet för medlemsstaterna att införa mera långtgående krav, bör det således göras en bedömning av om det finns tillräckligt starka skäl att införa sådana krav.</P>
<P class="p912 ft2">Utredningen föreslår att möjligheten att införa ytterligare krav utnyttjas i Sverige och att endast värdepappersinstitut som lämnar råd om externa produkter ska få kalla sig oberoende rådgivare eller informera sina kunder om att de tillhandahåller oberoende rådgivning (se avsnitt 8.6 i betänkandet). Regeringen tolkar förslaget som att det innebär en regle- ring av tjänsten investeringsrådgivning när den tillhandahålls på obero- ende grund (i betänkandet används uttrycket oberoende rådgivning) och inte att det innebär införandet av en definition av en ny typ av aktör, en oberoende rådgivare. Regelverket i MiFID II är uppbyggt på så sätt att ett och samma värdepappersföretag ska kunna utföra investeringsrådgivning på såväl oberoende som på <NOBR>icke-oberoende</NOBR> grund. Regeringen anser i likhet med utredningen att det inte har framkommit skäl för att man i svensk rätt skulle avvika från denna ordning. Det finns enligt regeringens uppfattning anledning att i detta sammanhang erinra om de särskilda krav som gäller enligt den delegerade förordningen till MiFID II (artikel 53) om ett värdepappersföretag tillhandahåller investeringsrådgivning både på oberoende och <NOBR>icke-oberoende</NOBR> grund.</P>
<P class="p1037 ft2">Regeringen anser generellt att det vid investeringsrådgivning finns en tydlig intressekonflikt som innebär en risk för att det är värdepappers- institutets och inte kundens behov och intresse som styr vilka finansiella instrument som institutet rekommenderar. Många kunder har stort för- troende för finansiella rådgivare och utgår från att de finansiella instru- ment som en rådgivare rekommenderar är de som är mest lämpliga. Samtidigt har kunderna på sparandemarknaden ett stort informations- underläge gentemot dem som erbjuder finansiella tjänster och produkter. Vidare har Sverige en speciell sparandemarknad i förhållande till många andra medlemsstater. En stor del av hushållens finansiella tillgångar</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">433</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_434">
<P class="p994 ft4">Prop. 2016/17:162 finns i sparformer där rådgivning är vanligt, t.ex. sparande i aktier, obligationer eller andra finansiella instrument eller i fonder. Eftersom</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">behovet av finansiell rådgivning därmed är stort i Sverige är det särskilt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">viktigt att genom tydliga regler ge kunderna en möjlighet att göra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">välinformerade och medvetna val och därmed minska risken för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">intressekonflikter.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Finansinspektionen uppger att myndigheten länge sett problem på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sparandemarknaden som beror på de intressekonflikter som skapas när</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rådgivare får betalt i form av provision och anser att en oberoende råd-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">givning skulle fylla en viktig funktion på den svenska finansmarknaden,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">där konsumenter i allt större utsträckning själva får ta ansvar för sin</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">framtida ekonomi (se Finansinspektionens rapport Ett nödvändigt steg</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för en bättre sparandemarknad, den 3 februari 2016). Aktörer som inte är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lika beroende av provisioner, som t.ex. bankerna, har ofta incitament att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ge råd om sina egna produkter. Finansinspektionen lyfter även fram att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företagens egna produkter ofta ger en högre marginal som ger bättre</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">intjäning till det rådgivande företaget och att detta i princip skapar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samma incitament som finns vid provisionsdriven rådgivning, dvs. att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företagen har incitament att rekommendera de egna produkterna framför</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">andra. Det är enligt Finansinspektionen bara genom att fristående aktörer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">börjar erbjuda verkligt oberoende rådgivning som bankernas dominans</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på rådgivningsmarknaden kan utmanas. Inspektionen anger vidare att en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">oberoende rådgivning skulle minska konsumenternas informationsunder-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">läge gentemot leverantörer av sparandeprodukter och hjälpa dem att göra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kloka val.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Regeringen anser i likhet med Finansinspektionen att incitament för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersinstitut att rekommendera egna finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">riskerar att finnas i alla situationer där någon som ger råd om sparande-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lösningar också erbjuder egna produkter. Att ett värdepapperinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">under sådana förhållanden får informera om att det tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">investeringsrådgivning på oberoende grund riskerar därför att bidra till</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft27">att kunden får uppfattningen att institutet självt inte har något intresse när</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">det gäller de finansiella instrument som det rekommenderar. En begräns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ning av möjligheten att tillhandahålla investeringsrådgivning på oberoen-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">de grund genom ett förbud mot att inom ramen för sådan rådgivning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lämna råd om egna finansiella instrument skulle enligt regeringens upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fattning minska risken för intressekonflikter. På så sätt skulle förut-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sättningarna förbättras för en finansiell rådgivning som utgår enbart från</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kundernas intresse. Det skulle också innebära att konkurrensen på mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">naden för finansiell rådgivning främjas genom en möjlighet för fristående</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finansiella rådgivare att få en mer framträdande roll som någon som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utgår enbart från kundens intresse och som hjälper honom eller henne att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hitta de finansiella instrument som bäst tillgodoser hans eller hennes</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">önskemål och behov. Att det i dag i stort sett inte existerar några företag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på den svenska marknaden som erbjuder investeringsrådgivning som är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">helt oberoende är enligt regeringens uppfattning inte ett argument för att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">det inte skulle finnas tillräckliga skäl för att införa ett förbud mot att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lämna råd om egna finansiella instrument vid investeringsrådgivning på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">oberoende grund. Avsaknaden av företag som driver den typen av verk-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">samhet kan mycket väl delvis vara en följd av att det i dag inte finns</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">434</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">någon konkurrensfördel med att tillhandahålla oberoende investerings-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_435">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">rådgivning, eftersom institut inte är förhindrade att använda termen oberoende om sin rådgivningsverksamhet trots att det förekommer intressekonflikter i den verksamheten. En mer restriktiv reglering av innebörden av investeringsrådgivning på oberoende grund skulle kunna bidra till framväxten av en marknad för verkligt oberoende investerings- rådgivning. Finansinspektionen har även under senare tid sett tecken på att det börjar växa fram en marknad för oberoende rådgivning som utförs av företag som varken tar emot provisioner eller erbjuder investerings- rådgivning om egna produkter. Finansinspektionen har fått in ett antal ansökningar om tillstånd att driva värdepappersrörelse från företag som har som affärsidé att erbjuda webbaserad automatiserad investeringsråd- givning där betalning för rådgivningen tas direkt från kunden. Dessutom har det skett en ökning av företag som tillhandahåller (eller avser att tillhandahålla) rena jämförelsetjänster eller liknande tjänster som avser vara oberoende och ta betalt direkt av kunden.</P>
<P class="p573 ft2">Regeringen anser inte att ett längre gående krav i svensk rätt än det som gäller enligt MiFID II, i form av ett förbud mot att inom ramen för investeringsrådgivning på oberoende grund lämna råd om egna finan- siella instrument, i någon väsentlig mån skulle försvåra gränsöver- skridande verksamhet. För investeringsrådgivning som utländska företag utför från sitt hemland till en kund i Sverige t.ex. via telefon, <NOBR>e-post</NOBR> eller internet skulle eventuella ytterligare krav i svensk rätt inte gälla, vilket skulle kunna få till konsekvens att kunden uppfattar tjänsten investerings- rådgivning på oberoende grund i enlighet med svensk rätt och inte inser att företaget kan lämna råd även om egna produkter. Regeringen anser dock att risken för att olika nationella regler om investeringsrådgivning på oberoende grund skulle skapa oklarhet för kunder om vad som gäller vid gränsöverskridande investeringsrådgivning får betraktas som liten. Ett sådant mer långtgående krav bör inte heller medföra någon svårighet för ett utländskt företag som driver värdepappersrörelse från filial i Sverige och tillhandahåller investeringsrådgivning på oberoende grund i den verksamheten.</P>
<P class="p1043 ft2">Regeringen anser inte heller att ett sådant längre gående krav i svensk rätt skulle försvåra tillämpningen av de regler om investeringsrådgivning som finns i rättsakter som har antagits av kommissionen. Det som gäller enligt den delegerade förordningen till MiFID II när ett värdepappers- institut tillhandahåller investeringsrådgivning på oberoende grund, gäller även om sådan rådgivning enligt svensk rätt inte skulle få omfatta insti- tuts egna finansiella instrument. Det som anges i den delegerade förord- ningen innebär endast ett förtydligande av det som gäller enligt MiFID II. Om direktivet genomförs i svensk rätt på så sätt att möjlig- heten att införa ytterligare krav utnyttjas, innebär det endast att det som anges i den delegerade förordningen till MiFID II (se t.ex. artikel 53.1 c) när det gäller sådant som inte är tillåtet enligt svensk rätt inte kommer att vara relevant.</P>
<P class="p978 ft2">Regeringen anser med hänsyn till det anförda att det är motiverat att införa ytterligare krav på värdepappersinstitut när de tillhandahåller investeringsrådgivning på oberoende grund än dem som följer av MiFID II (artikel 24.7 a).</P>
<P class="p912 ft42">Ett värdepappersinstitut som har informerat kunden om att investe- ringsrådgivningen lämnas på oberoende grund ska således bedöma ett</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">435</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_436">
<DIV id="dimg1">
<INGENBILD zsrc="H403162436x1.jpg/" id="img1">
</DIV>
<P class="p727 ft2">Prop. 2016/17:162 tillräckligt stort och diversifierat urval av finansiella instrument som är tillgängliga på marknaden för att säkerställa att kundens investeringsmål på lämpligt sätt kan tillgodoses. Regeringen delar Finansinspektionens uppfattning att urvalet ska vara diversifierat inte endast med avseende på instrumenttyp utan även med avseende på emittenter och leverantörer. Urvalet av finansiella instrument bör enligt regeringens uppfattning inte få omfatta finansiella instrument som utges, utfärdas eller tillhandahålls av institutet, företag som institutet har nära förbindelser med eller vissa andra företag till vilka institutet har ett sådant rättsligt eller ekonomiskt förhållande att det kan riskera förutsättningarna för investeringsrådgiv- ning på oberoende grund.</P>
<P class="p580 ft2">Regeringen bedömer vidare att ett sådant förslag får anses vara objek- tivt motiverat och proportionerligt på det sätt som anges i MiFID II (artikel 24.12) för att hantera den specifika risk som finns med intresse- konflikter vid finansiell rådgivning där egna eller närståendes finansiella instrument ingår, särskilt med hänsyn till den speciella svenska sparande- marknaden. Vid bedömningen om förslaget är proportionerligt beaktar regeringen särskilt att värdepappersinstitutens behov av att kunna hävda att investeringsrådgivning tillhandahålls på oberoende grund inte kan anses väga tyngre än kundens intresse av att förstå rådgivningens karak- tär och därmed ha en möjlighet att göra ett välinformerat och medvetet val kring vilken form av rådgivning kunden vill ha. Den nytta för kunderna som kraven tillgodoser står således väl i proportion till den eventuella skada som åtgärden kan orsaka för de berörda företagen.</P>
<P class="p975 ft2"><SPAN class="ft3">Sveriges Konsumenter </SPAN>anser att all rådgivning där det ingår egna pro- dukter i utbudet ska benämnas som försäljning. Regeringen ställer sig först och främst tveksam till att ett sådant krav skulle kunna anses inne- bära ett sådant undantag som medlemsstaterna har möjlighet att införa enligt MiFID II (artikel 24.12), då det som anges där inte innebär någon reglering av vilka termer och uttryck som ska användas. Regeringen konstaterar därutöver att investeringsrådgivning är en tillståndspliktig investeringstjänst enligt MiFID II, där innebörden av tjänsten och hur verksamheten ska utföras regleras i direktivet (och i de rättsakter som kommissionen har antagit). Det är således knappast lämpligt, oavsett om det skulle vara möjligt enligt direktivet eller inte, att ställa upp ett krav som innebär att ett värdepappersinstitut skulle vara skyldigt att benämna det försäljning om institutet tillhandahåller en investeringstjänst som definieras investeringsrådgivning i direktivet men inom ramen för den tjänsten lämnar råd om egna finansiella instrument.</P>
<P class="p1143 ft131"><SPAN class="ft127">9.3.5</SPAN><SPAN class="ft150">Ersättningar till eller från tredjepart i förhållande till alla investeringstjänster</SPAN></P>
<P class="p1179 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska, när det utför tjänster åt kunder, bara få ta emot eller betala en ersättning, eller ta emot eller tillhandahålla en förmån, från eller till annan än kunden, om</P>
<P class="p537 ft2"><SPAN class="ft27">–</SPAN><SPAN class="ft72">kunden har informerats om ersättningen eller förmånen,</SPAN></P>
<P class="p538 ft42"><SPAN class="ft27">–</SPAN><SPAN class="ft41">ersättningen är utformad för att höja kvaliteten på den berörda tjänsten, och</SPAN></P>
<P class="p166 ft2">436</P>
</DIV>
<DIV id="page_437">
<DIV id="dimg1">
<INGENBILD zsrc="H403162437x1.jpg/" id="img1">
</DIV>
<DIV>
<DIV id="id_1">
<P class="p150 ft4">– ersättningen inte hindrar institutet från att uppfylla sin skyldighet att tillvarata kundens intressen.</P>
<P class="p150 ft2">Förbudet ska inte gälla ersättningar och förmåner som är nödvändiga för att tillhandahålla tjänsten och av sådan art att de inte kan anses stå i strid med institutets skyldighet att tillvarata kundens intressen.</P>
<P class="p150 ft4">Regeringen eller den myndighet som regeringen bestämmer får med- dela föreskrifter om</P>
<P class="p150 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft72">kriterierna för att bedöma vilka ersättningar och förmåner som ett värdepappersinstitut får lämna till eller ta emot av någon annan än kunden,</SPAN></P>
<P class="p150 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft72">vilka uppgifter som ska lämnas till kunden om ersättningar och för- måner som ett värdepappersinstitut lämnar till eller tar emot av någon annan än kunden, och</SPAN></P>
<P class="p623 ft42"><SPAN class="ft2">3.</SPAN><SPAN class="ft94">villkoren för att ett värdepappersinstitut ska få ta emot investerings- analyser från en tredjepart utan att det är att betrakta som en ersättning eller förmån.</SPAN></P>
<P class="p622 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag omfattar inte genomförandet i svensk rätt av det delegerade direktivet till MiFID II.</P>
<P class="p150 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p150 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Promemorians förslag avviker från regeringens förslag när det gäller bemyndigandet för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om ersättningar och förmåner som ett värdepappersinstitut får lämna till eller ta emot av någon annan än kunden genom att promemorians förslag omfattar föreskrifter om de förutsättningar som ska vara uppfyllda.</P>
<P class="p912 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att utformningen av det föreslagna bemyndigandet bör ses över. Såsom det är utformat i promemorian ger det intryck av att föreskrifterna ska fastställa vilka ersättningar eller förmåner som är tillåtna. Föreskrifterna bör i stället, i enlighet med det delegerade direktivet, fastställa närmare kriterier för att bedöma vilka ersättningar eller förmåner som skulle kunna vara tillåtna. Vidare anser Finansinspektionen att inspektionen bör få ett bemyn- digande att föreskriva vilka uppgifter som ska lämnas till kunden om ersättningar eller förmåner som ett värdepappersinstitut lämnar till eller tar emot från någon annan än kunden. Finansinspektionen anser även att förhållandet mellan den generella regeln i MiFID II om ersättning till eller från tredjepart (artikel 24.9) och regeln om ersättningar till eller från tredjepart vid investeringsrådgivning på oberoende grund och vid portföljförvaltning (artikel 24.7) bör analyseras vidare under det fortsatta arbetet med lagstiftningsärendet. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>understryker att den lista med exempel på när en förmån eller ersättning ska anses höja kvaliteten på tjänsten för kunden som finns det delegerade direktivet till MiFID II (artikel 11.2 a) inte är uttömmande (se skäl 21). Föreningarna anser att det bör klargöras att Finansinspektionen kan acceptera andra kvalitetshöjande åtgärder än de som exemplifieras i det delegerade direktivet och förutsättningarna för</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">437</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_438">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p23 ft2">det. Föreningarna välkomnar utgångspunkten att bestämmelserna i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">föreskrifterna bör motsvara reglerna i det delegerade direktivet och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">förutsätter att de kommer att ha samma lydelse som direktivet. <SPAN class="ft3">Svenska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2"><SPAN class="ft3">försäkringsförmedlares förening </SPAN>anser att det är viktigt att genom-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">förandet i svensk rätt görs så att föreskrifterna överensstämmer med</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">direktivets lydelse och önskar att regeringen förtydligar detta. <SPAN class="ft3">Sveriges</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2"><SPAN class="ft3">Konsumenter </SPAN>anser att det är otillräckligt att förlita sig på kraven i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">MiFID II för att stärka konsumentskyddet då kriterierna för att en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">provision ska vara tillåten är alltför svaga och lätta för branschaktörer att</P></TD>
</TR>
<TR>
<TD class="tr31 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td235"><P class="p23 ft2">uppfylla.</P></TD>
</TR>
<TR>
<TD class="tr62 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td235"><P class="p23 ft25">Skälen för regeringens förslag</P></TD>
</TR>
<TR>
<TD class="tr33 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td235"><P class="p23 ft3">Reglerna i MiFID II och det delegerade direktivet till MiFID II</P></TD>
</TR>
<TR>
<TD class="tr24 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td235"><P class="p23 ft2">Utöver reglerna i MiFID II (artikel 24.7) om ersättningar från tredjepart</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">för värdepappersföretag som tillhandahåller investeringsrådgivning på</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">oberoende grund eller portföljförvaltning, finns det generella regler i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">direktivet (artikel 24.9) om ersättningar till eller från tredjepart. De</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">reglerna gäller alla investeringstjänster och sidotjänster och innebär att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">ett värdepappersföretag inte får lämna eller ta emot ersättning till eller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">från någon annan än kunden, om inte kunden informeras om ersättningen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">och ersättningen är utformad för att höja kvaliteten på den berörda</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tjänsten samt inte hindrar företaget från att uppfylla sin skyldighet att</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">tillvarata kundens intressen. Kraven gäller dock inte ersättningar som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">möjliggör eller krävs för tillhandahållandet av en investeringstjänst –</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">såsom depåkostnader, avvecklingskostnader, börsavgifter, rättsliga</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">avgifter eller rättsligt arvode – och som är så beskaffade att de inte kan</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">stå i strid med värdepappersföretagets skyldighet att agera hederligt,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">rättvist och professionellt i enlighet med kundens intressen. De generella</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">reglerna gäller även när värdepappersföretag tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">investeringsrådgivning på oberoende grund och vid portföljförvaltning</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">(se avsnitten 9.3.3 och 9.3.4). Motsvarande regler finns även i genom-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">förandedirektivet till MiFID I (artikel 26, se avsnitt 9.3.2). Reglerna</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">i genomförandedirektivet har i svensk rätt genomförts i Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tionens föreskrifter om värdepappersrörelse (12 kap.).</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p125 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>ifrågasätter om merparten av de generella reglerna</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">i MiFID II (artikel 24.9 första och andra styckena) kan vara tillämpliga</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">vid investeringsrådgivning på oberoende grund och portföljförvaltning</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">när det finns särskilda regler (artikel 24.7 och 24.8) för sådana tjänster</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">och önskar att det förtydligas om huruvida de i någon del är tillämpliga</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">(jfr artikel 24.9 tredje stycket). Enligt regeringens uppfattning torde de</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">särskilda reglerna som gäller vid investeringsrådgivning på oberoende</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">grund och portföljförvaltning innebära att de generella reglerna får endast</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">begränsad betydelse när det gäller sådana tjänster. De generella reglerna</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">innebär dock krav på att informera kunder om en ersättning eller förmån</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">och i förekommande fall om hur den överförs till kunden, vilka har</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">betydelse även i samband med investeringsrådgivning på oberoende</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">grund eller portföljförvalt¬ning (artikel 24.9 andra stycket). De särskilda</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">reglerna gäller bara ersättningar som ett värdepappersföretag tar emot</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">från en tredjepart, medan de generella reglerna gäller ersättningar som ett</P></TD>
</TR>
<TR>
<TD class="tr31 td152"><P class="p151 ft2">438</P></TD>
<TD class="tr31 td235"><P class="p23 ft2">företag betalar eller tar emot. Om det är fråga om ersättningar som ett</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_439">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">värdepappersföretag betalar till tredjepart bör de allmänna reglerna därför vara tillämpliga även vid investeringsrådgivning på oberoende grund eller portföljförvaltning.</P>
<P class="p150 ft2">Det generella förbudet i MiFID II (artikel 24.9) för ett värdepappers- företag att ta emot vissa ersättningar från någon annan än kunden om- fattar enligt regeringens uppfattning även ersättningar, rabatter eller icke- monetära förmåner för att styra en order till viss handels- eller utförande- plats som skulle vara en överträdelse av kraven avseende intressekon- flikter och incitament enligt andra regler i direktivet (artikel 27.2, se avsnitt 8.9).</P>
<P class="p150 ft2">Reglerna i MiFID II (artikel 24.9) kompletteras av detaljerade regler i det delegerade direktivet till MiFID II (artikel 11). Den generella regeln i MiFID II innebär att ett värdepappersföretags möjligheter att ta emot eller betala ersättning från tredjepart begränsas när företaget utför investeringsrådgivning som tillhandahålls på <NOBR>icke-oberoende</NOBR> grund eller andra investeringstjänster eller sidotjänster. Om ersättningen inte är kvalitetshöjande, och därmed strider mot värdepappersföretagets skyldighet att tillvarata kundens intressen, är den förbjuden. I det delegerade direktivet till MiFID II (artikel 11.2) anges tre kumulativa kriterier för vad som är att anse att höja kvaliteten på den relevanta tjänsten, nämligen att ersättningen</P>
<P class="p1279 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft149">medför en extra eller förhöjd nivå på tjänsten till kunden som är proportionell till storleken på den mottagna ersättningen,</SPAN></P>
<P class="p1280 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft148">inte direkt gynnar det mottagande företaget, dess aktieägare eller anställda utan att detta ger en påtaglig fördel för kunden, och</SPAN></P>
<P class="p1281 ft42"><SPAN class="ft2">3.</SPAN><SPAN class="ft164">är motiverad genom tillhandahållandet av en löpande förmån till kunden i samband med ett löpande incitament.</SPAN></P>
<P class="p1282 ft2">En avgift, provision eller en <NOBR>icke-monetär</NOBR> förmån ska inte anses vara godtagbar om tillhandahållandet av de relevanta tjänsterna till kunderna påverkas eller snedvrids på grund av avgiften, provisionen eller den icke- monteära förmånen. Ett värdepappersföretag ska fortlöpande uppfylla kraven så länge det fortsätter att betala eller att ta emot ersättning (artikel 11.3). Enligt regeringens uppfattning innebär detta att ersättningar som inte fortlöpande uppfyller samtliga tre krav som anges i punkterna <NOBR>1–3</NOBR> ovan inte kan anses vara tillåtna.</P>
<P class="p573 ft2">Värdepappersföretaget ska även kunna visa belägg för att alla avgifter, provisioner eller <NOBR>icke-monetära</NOBR> förmåner som betalas till eller mottagits av företaget är utformade för att höja kvaliteten på den relevanta tjänsten (artikel 11.4). Detta ska säkerställas genom interna förteckningar över alla ersättningar som tagits emot av en tredjepart i samband med investe- ringsrådgivning eller sidotjänst (artikel 11.4 a). Dessutom ska värdepap- persföretaget registrera hur ersättningarna som betalats till eller mottagits av företaget höjer kvaliteten på den tjänst som tillhandahålls till de be- rörda kunderna. Det ska även framgå vilka åtgärder som vidtagits för att se till att företagets förutsättningar att uppfylla sina skyldigheter att agera hederligt, rättvist och professionellt i enlighet med kunden bästa intresse inte försämras (artikel 11.4 b). I det delegerade direktivet finns även regler för vilken information som ska lämnas till kunderna när det gäller ersättningar och förmåner (artikel 11.5). Dessa regler specificerar vilken information som ska lämnas innan den relevanta investeringstjänsten</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">439</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_440">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">440</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">eller sidotjänsten tillhandahålls men även villkor som gäller för löpande information och vid det fall redovisning av ersättning sker i efterhand. Det anges även att värdepappersföretagen ska ta hänsyn till de regler om information om kostnader och avgifter som anges i MiFID II (artikel 24.4 första stycket c i MiFID II).</P>
<P class="p511 ft3">Vissa problem med tredjepartsersättningar</P>
<P class="p1188 ft2">Ett av de problem som Finansinspektionen hänvisar till är att provisioner som betalas ut i samband med att en kund tecknar sig för en viss finan- siell produkt skapar incitament för ett företag som tillhandahåller råd- givning att rekommendera kunden att byta placering ofta, eftersom det generar nya provisionsintäkter. Finansinspektionen konstaterar (se Finansinspektionens rapport Ett nödvändigt steg för en bättre sparande- marknad, den 3 februari 2016) att den största delen av de totala provi- sionsutbetalningarna till försäkringsförmedlare och värdepappersbolag för finansiella produkter – inom eller utanför försäkringslösningar – kommer från försäljning av produkter där provisioner ofta utgår i sam- band med tecknande av produkten och därmed inte fortlöpande under produktens löptid.</P>
<P class="p1113 ft2">Regeringen delar den problembild som Finansinspektionen målar upp. De nya generella reglerna om tredjepartsersättningar i MiFID II (artikel 24.9 i MiFID II och artikel 11 i det delegerade direktivet) innebär emellertid att det ska gälla högt ställda krav och en strikt reglering av sådana ersättningar.</P>
<P class="p1113 ft2"><SPAN class="ft3">Sveriges Konsumenter </SPAN>anser att det är otillräckligt att förlita sig på kraven i MiFID II i syfte att stärka konsumentskyddet. Enligt organisa- tionens uppfattning är kriterierna för att en provision ska vara tillåten alltför svaga och lätta för branschaktörer att uppfylla. Regeringen gör bedömningen att genom det nya regelverket – sett i dess helhet – kommer de problem som Finansinspektionen och Sveriges Konsumenter tar upp att reduceras kraftigt. De generella reglerna innebär att även om ett värdepappersinstitut tillhandahåller investeringsrådgivning som inte lämnas på oberoende grund eller andra investeringstjänster, begränsas institutets möjligheter att ta emot och behålla tredjepartsersättning. Om ersättningen inte är utformad för att höja kvaliteten på tjänsten – och det därmed strider mot institutets skyldighet att tillvarata kundens intressen – får institutet inte ta emot den. Även om det således fortfarande finns visst utrymme för ett värdepappersinstitut att ta emot tredjepartsersättningar, gör regeringen bedömningen att reglerna, genom kravet att ersättningen inte får försämra institutets förutsättningar att uppfylla kravet att agera i enlighet med kundens bästa, bör sålla bort alla ersättningar som till sin typ eller art har som syfte eller kan skapa incitament för institutet att inte fullt ut beakta vad som är kundens bästa. I det delegerade direktivet till MiFID II anges dessutom tre kumulativa kriterier (se punkterna <NOBR>1–3</NOBR> ovan) för vad som är att anse att höja kvaliteten på en investeringstjänst, nämligen att ersättningen medför en extra eller förhöjd nivå på tjänsten som är proportionell till ersättningen, att ersättningen inte direkt utgör en förmån för värdepappersinstitutet, dess aktieägare eller anställda utan att detta ger en påtaglig fördel för kunden och att ersättningen kan rättfärdigas av en löpande förmån för kunden som är i paritet till den</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_441">
<P class="p186 ft4">löpande ersättningen. Enligt regeringens bedömning torde dessa krav Prop. 2016/17:162 innebära att sådana ersättningar vars syfte är att skapa ett incitament för</P>
<P class="p113 ft2">ett värdepappersinstitut att förorda det finansiella instrumentet eller den finansiella produkten som kopplas till en provision inte bör vara möjliga att ta emot om ett institut ska uppfylla de krav som nämns ovan.</P>
<P class="p429 ft4">Genom de krav som måste införas för att i svensk rätt genomföra MiFID II bör således de problem som Finansinspektionen har uppmärk- sammat reduceras kraftigt. De generella reglerna i MiFID II om tredje- partsersättningar bör enligt regeringens uppfattning genomföras i lag.</P>
<P class="p167 ft3">Genomförande i svensk rätt av det delegerade direktivet till MiFID II</P>
<P class="p1283 ft2">Reglerna i det delegerade direktivet till MiFID II (artikel 11) om ersätt- ningar som värdepappersinstitut betalar till tredjepart eller tar emot från tredjepart i samband med att institutet tillhandahåller en investerings- tjänst eller sidotjänst till kund bör, i likhet med de särskilda reglerna om ersättningar vid tillhandahållande av investeringsrådgivning på oberoen- de grund och portföljförvaltning (avsnitt 9.3.3), genomföras i svensk rätt genom myndighetsföreskrifter. Även reglerna i det delegerade direktivet till MiFID II (artikel 13) om när ett värdepappersinstitut får ta emot investeringsanalyser från tredjepart utan att det är att betrakta som ett incitament, dvs. som en ersättning eller förmån, bör genomföras genom myndighetsföreskrifter. Regeringen instämmer med <SPAN class="ft3">Finansinspektionen </SPAN>att bemyndigandena bör utformas så att de bättre motsvarar innehållet i det delegerade direktivet. Det innebär bl.a. att föreskrifterna om ersätt- ningar och förmåner som lämnas till eller tas emot från tredjepart bör avse kriterierna för att avgöra om ersättningen eller förmånen är tillåten. Föreskrifterna kan utformas så att även andra ersättningar och förmåner kan godtas än sådana i exemplen i det delegerade direktivet (artikel 11.2 a). Som <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlarefören- ingen </SPAN>påpekar är listan i det delegerade direktivet på tillåtna ersättningar inte uttömmande, utan andra ersättningar som uppfyller de krav som anges i det delegerade direktivet kan godtas (artikel 11.2 och skäl 21). Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela föreskrifter om kriterierna för att bedöma vilka ersättningar och förmåner som ett värdepappersinstitut får lämna till eller ta emot av någon annan än kunden, vilka uppgifter som ska lämnas till kunden om ersättningar och förmåner som ett värdepappersinstitut lämnar till eller tar emot av någon annan än kunden samt om villkoren för att ett värde- pappersinstitut ska få ta emot investeringsanalyser från en tredjepart utan att det är att betrakta som en ersättning eller förmån.</P>
<P class="p803 ft2">Regeringen gör samma bedömning när det gäller dessa föreskrifter som regeringen gör när det gäller de föreskrifter som behandlas i avsnitt 9.3.3. Regeringen anser därför i likhet med <SPAN class="ft3">Svenska Bankföreningen</SPAN>, <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>och <SPAN class="ft3">Svenska försäkringsförmedlares förening </SPAN>att bestämmelserna i de nu aktuella föreskrifter som regeringen eller den myndighet som regeringen bestämmer får meddela bör motsvara reglerna i det delegerade direktivet till MiFID II.</P>
<P class="p1284 ft2">441</P>
</DIV>
<DIV id="page_442">
<TABLE cellpadding=0 cellspacing=0 class="t158">
<TR>
<TD class="tr44 td231"><P class="p23 ft2">Prop. 2016/17:162 <SPAN class="ft125">10</SPAN></P></TD>
<TD class="tr44 td322"><P class="p23 ft1">En likartad reglering av rådgivning på</P></TD>
</TR>
<TR>
<TD class="tr50 td231"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td322"><P class="p23 ft1">finansmarknadsområdet</P></TD>
</TR>
</TABLE>
<P class="p1266 ft21"><SPAN class="ft21">10.1</SPAN><SPAN class="ft160">Inledning</SPAN></P>
<P class="p1071 ft2">Rådgivning om finansiella placeringar och investeringar regleras i dag i flera olika lagar. I uppdraget till 2013 års värdepappersmarknadsutred- ning ingick även att kartlägga, analysera och lämna förslag när det gäller en sammanhållen och överskådlig näringsrättslig reglering för finansiell rådgivning till konsumenter (se dir. 2013:55 s. 18 f.). Utredningen redo- visar det uppdraget i avsnitt 7 i betänkandet.</P>
<P class="p654 ft2">I avsnitt 10 behandlas frågan om reglerna i MiFID II när det gäller ersättningar till och från tredjepart samt om informations- och kompetenskrav bör gälla även andra aktörer utöver de företag som omfattas av direktivet. Denna fråga är inte föranledd av genomförandet i svensk rätt av MiFID II utan berör flera andra <NOBR>EU-direktiv</NOBR> och EU- förordningar.</P>
<P class="p580 ft2">I avsnitt 10.2 redovisas kortfattat nuvarande reglering av rådgivning på finansmarknadsområdet. I avsnitt 10.3 behandlas hur en sammanhållen och överskådlig näringsrättslig reglering kan uppnås på detta område och hur en stegvis anpassning mot en likartad reglering av rådgivning på finansmarknadsområdet kan ske. I avsnitt 10.4 behandlas rådgivning som tillhandahålls av fondbolag och förvaltare av alternativa investerings- fonder <NOBR>(AIF-förvaltare).</NOBR></P>
<P class="p1285 ft21"><SPAN class="ft21">10.2</SPAN><SPAN class="ft160">Nuvarande reglering</SPAN></P>
<P class="p1071 ft2">Finansiell rådgivning kan tillhandahållas av banker, försäkringsföretag, fondbolag, <NOBR>AIF-förvaltare,</NOBR> värdepappersinstitut och försäkringsförmed- lare. Det finns inte någon sammanhållen lagstiftning som reglerar dessa aktörer och den rådgivning de utför. Lagstiftningen består i dag för det första av de lagar som innehåller den näringsrättsliga regleringen av de berörda fysiska eller juridiska personerna. I lagen om värdepappersmark- naden regleras investeringsrådgivning som utförs av värdepappers- institut. Rådgivning som utförs av fondbolag, <NOBR>AIF-förvaltare</NOBR> och försäk- ringsförmedlare regleras i lagen om värdepappersfonder, lagen om för- valtare av alternativa investeringsfonder respektive lagen (2005:405) om försäkringsförmedling. Därutöver finns lagen (2003:862) om finansiell rådgivning till konsumenter (rådgivningslagen). I rådgivningslagen finns dels civilrättsliga regler om rätt till skadestånd, reklamation och preskrip- tion, dels allmänna näringsrättsliga regler om finansiell rådgivning som en näringsidkare tillhandahåller en konsument. Värdepappersinstitut, fondbolag, <NOBR>AIF-förvaltare</NOBR> och försäkringsförmedlare är dock för en viss del av sin verksamhet undantagna från den näringsrättsliga regleringen i rådgivningslagen. Skälet till det är att det i de fyra nämnda näringsrätts- liga lagarna finns särskilda bestämmelser för berörda fysiska eller jurid- iska personer. Värdepappersinstitutens investeringsrådgivning är helt</P>
<P class="p1169 ft2">undantagen från den näringsrättsliga regleringen i rådgivningslagen,</P>
<P class="p942 ft2">442</P>
</DIV>
<DIV id="page_443">
<P class="p19 ft4">eftersom den i stället regleras i lagen om värdepappersmarknaden. Fond- Prop. 2016/17:162 bolag och <NOBR>AIF-förvaltare</NOBR> kan få tillstånd att som sidoverksamhet utföra investeringsrådgivning och de ska i den verksamheten följa regler i lagen</P>
<P class="p272 ft2">om värdepappersmarknaden. På den verksamheten ska rådgivningslagens näringsrättsliga regler därmed inte heller tillämpas. När fondbolag och <NOBR>AIF-förvaltare</NOBR> lämnar råd om andelar i fonder som de själva förvaltar är detta en del av deras fondverksamhet och för sådan rådgivning krävs det därför inte något tillstånd för sidotjänster. På sådan rådgivningsverk- samhet ska rådgivningslagens näringsrättsliga regler tillämpas. Även försäkringsförmedlare kan utföra viss investeringsrådgivning efter tillstånd för sidoverksamhet. I den verksamheten gäller lagen om värdepappersmarknaden i tillämpliga delar. När en försäkringsförmedlare ger råd beträffande omplaceringar inom ramen för en försäkring så har det funnits olika tolkningar av vilket regelverk som blir tillämpligt, dvs. om den rådgivningen ska omfattas av lagen om försäkringsförmedling, lagen om värdepappersmarknaden eller rådgivningslagen. När det slutligen gäller försäkringsföretag gäller enbart rådgivningslagen när ett sådant företag lämnar finansiell rådgivning. Sammanfattningsvis ska olika regler tillämpas för verksamhet som, åtminstone ur kundens per- spektiv, är relativt likartad. En närmare beskrivning av gällande lagstift- ning finns i avsnitt 7.2 i betänkandet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t159">
<TR>
<TD class="tr47 td55"><P class="p96 ft121">10.3</P></TD>
<TD class="tr47 td349"><P class="p32 ft21">En likartad reglering</P></TD>
<TD class="tr47 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p178 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>I syfte att uppnå en konkurrensneutral</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">marknad för rådgivning på finansmarknadsområdet med ett stärkt</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">skydd för kunden, bör kraven avseende rådgivarens kompetens samt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">reglerna om lämplighetsbedömning, dokumentation och ersättnings-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">system vara likartade oavsett vilken typ av rådgivning eller produkt</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">som rådgivaren erbjuder. Även regler om intressekonflikter och ersätt-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">ningar till och från tredjepart samt regler om information och organi-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">sation av verksamheten bör harmoniseras så långt som möjligt. En</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">likartad reglering av aktörerna på den finansiella marknaden bör upp-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">nås genom att lämpliga och ändamålsenliga anpassningar görs stegvis</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">i de lagar som reglerar respektive aktör för att säkerställa att reglerna</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">är anpassade till den näringsrättsliga reglering som gäller för den verk-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">samheten.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer delvis med regeringens bedöm-</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ning. Utredningen föreslår att bestämmelserna om investeringsrådgivning</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">i lagen om värdepappersmarknaden ska tillämpas på all rådgivning som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">försäkringsföretag, försäkringsförmedlare, fondbolag och <NOBR>AIF-förvaltare</NOBR></P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utför. Försäkringsföretag och försäkringsförmedlare ska i den verksam-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">heten även tillämpa bestämmelserna i lagen om värdepappersmarknaden</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">om ersättningar till och från tredjepart, om information och organisation</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">av verksamheten och om rådgivning på oberoende grund samt reglerna</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">om strukturerade insättningar.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft3"><SPAN class="ft25">Remissinstanserna: </SPAN>Pensionsmyndigheten<SPAN class="ft2">, </SPAN>Finansinspektionen<SPAN class="ft2">, </SPAN>Kon-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft3">sumentverket<SPAN class="ft2">, </SPAN>Finansförbundet<SPAN class="ft2">, </SPAN>Landsorganisationen i Sverige (LO)<SPAN class="ft2">,</SPAN></P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft3">Sveriges Konsumenter <SPAN class="ft2">och </SPAN>Småföretagarnas Riksförbund <SPAN class="ft2">tillstyrker för-</SPAN></P></TD>
<TD class="tr27 td158"><P class="p20 ft2">443</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_444">
<P class="p994 ft4">Prop. 2016/17:162 slaget om en enhetlig reglering avseende ett nationellt mer långtgående förbud mot ersättning till eller från tredjepart som är tillämpligt på</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">försäkringsföretag, försäkringsförmedlare, fondbolag och <NOBR>AIF-förvaltare.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Pensionsmyndigheten <SPAN class="ft2">och </SPAN>Konsumentverket <SPAN class="ft2">är positiva till en enhetlig</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">reglering av investeringsrådgivning som innebär att bestämmelserna om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">investeringsrådgivning i lagen om värdepappersmarknaden ska tillämpas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på all rådgivning som försäkringsföretag, fondbolag, försäkringsförmed-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lare och <NOBR>AIF-förvaltare</NOBR> utför. Enligt Konsumentverket skulle det leda till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">konkurrensneutralitet och ett enhetligt konsumentskydd samt även för-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enkla lagtillämpningen, förbättra förutsägbarheten och höja säkerheten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">på området. <SPAN class="ft3">Finansinspektionen </SPAN>anser att det i det fortsatta lagstiftnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">arbetet är viktigt att utreda hur de olika reglerna, t.ex. reglerna om belö-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningssystem i lagen om värdepappersmarknaden och ersättningsreglerna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">i försäkringsrörelselagen, förhåller sig till varandra. Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">anser att det är önskvärt att liknande regler ska gälla för de företagstyper</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som i dag saknar denna typ av regler, men att dubbelreglering bör und-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">vikas. Finansinspektionen anser vidare att det inte finns skäl att begränsa</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämpningen av bestämmelserna för försäkringsföretag, fondbolag,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">försäkringsförmedlare och <NOBR>AIF-förvaltare</NOBR> till endast konsumenter utan att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">de bör gälla alla kunder, med motsvarande uppdelning i professionella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och <NOBR>icke-professionella</NOBR> kunder som i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">Landsorganisationen i Sverige (LO) </SPAN>stödjer förslaget om en enhetlig reg-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lering av finansiell rådgivning och investeringsrådgivning och hänvisar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">till att reglerna är mycket lika och har samma konsumentskyddande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">syfte. Enligt LO gör en enhetlig reglering det enklare för kunderna att ta</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">reda på och förstå vilket regelverk som gäller för denna typ av rådgiv-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ning. <SPAN class="ft3">Finansförbundet </SPAN>är positivt till att förslaget gör det tydligt för alla</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">parter vad som krävs vid oberoende rådgivning. <SPAN class="ft3">Sveriges Konsumenter </SPAN>är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">positiv till förslaget om ett provisionsförbud vid all finansiell rådgivning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">till <NOBR>icke-professionella</NOBR> kunder. Sveriges Konsumenter anser att åtgärder-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">na inte är tillräckliga när det gäller intressekonflikter hos de aktörer som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ger finansiella råd om egna produkter. En grundläggande åtgärd är enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">organisationen att tvinga all rådgivning där det ingår egna produkter i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utbudet att benämnas försäljning och att rådgivare i sådana fall benämns</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">försäljare.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Flertalet remissinstanser och övriga intressenter som yttrar sig av-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">styrker förslaget om en enhetlig reglering och nationella regler om ersätt-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningar från tredjepart som går längre än reglerna i MiFID II eller framför</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kritik mot det. Synpunkterna avser bl.a. att förslaget förväntas innebära</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en snedvriden konkurrens och framförs av <SPAN class="ft3">Konkurrensverket</SPAN>, <SPAN class="ft3">Fond-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft26">bolagens förening<SPAN class="ft27">, </SPAN>Sparbankernas Riksförbund<SPAN class="ft27">, </SPAN>Svenska Fondhandlare-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">föreningen<SPAN class="ft2">, </SPAN>Svenska Bankföreningen<SPAN class="ft2">, </SPAN>Sveriges advokatsamfund<SPAN class="ft2">, </SPAN>Svensk</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Försäkring<SPAN class="ft2">, </SPAN>Svenska försäkringsförmedlares förening (SFM)<SPAN class="ft2">, </SPAN>Spar-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft26">banken Syd<SPAN class="ft27">, </SPAN>InsureSec AB<SPAN class="ft27">, </SPAN>Svenska lärarförsäkringar AB<SPAN class="ft27">, </SPAN>Strukturerade</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Placeringar i Sverige (SPIS)<SPAN class="ft2">, </SPAN>Didner & Gerge Fonder<SPAN class="ft2">, </SPAN>Euro Accident</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Health & Care<SPAN class="ft2">, </SPAN>Fidelity<SPAN class="ft2">, </SPAN>FIM Kapitalförvaltning AB<SPAN class="ft2">, </SPAN>Folksam<SPAN class="ft2">, </SPAN>Hans</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft3">Trulsson <SPAN class="ft2">m.fl., </SPAN>Hjerta och Säkra<SPAN class="ft2">, </SPAN>Lannebo Fonder<SPAN class="ft2">, </SPAN>Magnus Dahlgren<SPAN class="ft2">,</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">Max Matthiessen<SPAN class="ft2">, </SPAN>Odin Fonder<SPAN class="ft2">, </SPAN>Skagen Fonder<SPAN class="ft2">, </SPAN>Skandia <SPAN class="ft2">och </SPAN>Söderberg</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3">och Partners<SPAN class="ft2">.</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft3">Konkurrensverket </SPAN>bedömer att förslaget kan innebära en minskad kon-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">444</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">kurrens på den finansiella marknaden både när det gäller rådgivning och</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_445">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">sparprodukter. Förslaget påverkar inte företag som har en egen distribu- tionskanal och kommer därför indirekt att gynna intern distribution. <SPAN class="ft3">Fondbolagens förening </SPAN>framför att de aktörer som äger de viktiga distri- butionskanalerna inte längre kommer att kunna ta emot ersättning för att erbjuda rådgivning om andras produkter. Det finns enligt föreningen där- för en risk att distributionen av fonder förvaltade av fristående fondbolag minskar, vilket har en stark negativ påverkan på konkurrensen. <SPAN class="ft3">Spar- bankernas Riksförbund </SPAN>anser att utredningen inte tillräckligt ingående analyserar konsekvenserna av förslaget för konsumenterna. Sparbanker- nas Riksförbund framför även att om lagstiftaren väljer att införa ytter- ligare regler för ersättningar, måste dessa vara konkurrensneutrala. <SPAN class="ft3">Sven- ska lärarförsäkringar AB </SPAN>framför att det pensionssystem som finns i Sverige gör att det inte går att jämföra rakt av med de regelverk som finns i andra länder och anser att ett provisionsförbud kommer att be- gränsa kundernas möjlighet att få tillgång till tjänster och göra kunderna än mer beroende av vissa aktörer på marknaden. <SPAN class="ft3">Regelrådet </SPAN>påpekar att utredningen inte redovisar vilka företag som kan komma att påverkas av förslaget om en enhetlig reglering av finansiell rådgivning och investe- ringsrådgivning. Regelrådet bedömer att utredningen gör vissa försök att beskriva vilka företag som kan påverkas av provisionsförbudet men att redogörelsen är bristfällig. Även redovisningen av berörda företag utifrån antal, storlek och bransch är bristfällig. Redovisningen av påverkan på berörda företags kostnader, tidsåtgång och verksamhet samt på kon- kurrensförhållanden är bristfällig. Dessutom saknas en redovisning av särskild hänsyn till små företag vid utformningen av reglerna.</P>
<P class="p1037 ft2"><SPAN class="ft3">Magnus Dahlgren </SPAN>anser att ett provisionsförbud blir verkningslöst om det inte innefattar ett totalt förbud för alla att ta emot ersättning från tredjepart samt att rådgivningslagen bör behållas och i stället benämnas lagen om försäkringsförsäljning och gälla all försäljning av försäkrings- produkter och försäkringstjänster till <NOBR>icke-professionella</NOBR> kunder. <SPAN class="ft3">Didner & Gerge </SPAN>är ett fondbolag och kan därför inte erbjuda direkt sparande i form av investeringssparkonto eller andra former av pensions- eller försäkringssparande. Kunder som önskar ett sådant sparande i fonder som bolaget förvaltar måste därför gå via en tredjepart (t.ex. en bank). Didner & Gerge anser att ett provisionsförbud skulle försämra både bolagets service till kunder och möjligheten för bankernas kunder att välja andra fonder än bankens egna.</P>
<P class="p624 ft45">Kommerskollegium<SPAN class="ft4">, </SPAN>Facket för försäkring och finans (FTF)<SPAN class="ft4">, </SPAN>Finans- förbundet<SPAN class="ft4">, </SPAN>Fondbolagens förening<SPAN class="ft4">, </SPAN>Svensk Försäkring<SPAN class="ft4">, </SPAN>Svenska Bank- föreningen<SPAN class="ft4">, </SPAN>Svenska Fondhandlareföreningen<SPAN class="ft4">, </SPAN>BlackRock<SPAN class="ft4">, </SPAN>Fidelity <SPAN class="ft4">och</SPAN></P>
<P class="p116 ft2"><SPAN class="ft3">Skandia </SPAN>framför att de i sak stödjer utredningens utgångspunkt med en enhetlig reglering och att lika regler och konkurrensneutralitet bör gälla för alla rådgivare oavsett vilken del av den finansiella sektorn som berörs. <SPAN class="ft3">Konkurrensverket</SPAN>, <SPAN class="ft3">Svensk Försäkring</SPAN>, <SPAN class="ft3">Euro Accident Health & Care AB</SPAN>, <SPAN class="ft3">Folksam</SPAN>, <SPAN class="ft3">Hans Trulsson </SPAN>m.fl., <SPAN class="ft3">Hjerta och Säkra</SPAN>, <SPAN class="ft3">InsureSec AB</SPAN>, <SPAN class="ft3">Lannebo Fonder</SPAN>, <SPAN class="ft3">Max Matthiessen </SPAN>och <SPAN class="ft3">Skandia </SPAN>framför att förslaget om ändrade regler för rådgivningsmarknaden inte är tillräckligt utrett och att konsekvenserna behöver analyseras ytterligare. De anser att det behövs en gedigen konsekvensutredning och bedömning innan en enhetlig regle- ring och ett eventuellt mer långtgående förbud mot tredjepartsersätt- ningar övervägs. Det går enligt dem inte att fatta beslut på de grunder</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">445</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_446">
<P class="p1286 ft2">Prop. 2016/17:162 som utredningen redovisar. De anser att det först bör bedömas hur regler- na i MiFID II påverkar marknaden, därefter kan det tas beslut om att gå längre. <SPAN class="ft3">Svensk Försäkring </SPAN>har en generellt positiv inställning till att krav- en på rådgivarnas kompetens, reglerna om lämplighets- och passande- bedömning samt dokumentation och belöningssystem ska vara lika för alla rådgivare. Enligt Svensk Försäkring bör lagstiftningen dock ske på annat sätt och föregås av ytterligare utredning som klargör de fördelar och nackdelar som en enhetlig reglering kan ge. Svensk Försäkring av- styrker förslaget att göra bestämmelser i lagen om värdepappersmark- naden tillämpliga på försäkringsföretag och försäkringsförmedlare. En- ligt Svensk Försäkring kommer det att innebära tillämpningssvårigheter och ökade kostnader för försäkringsföretagen som i slutändan drabbar konsumenterna. Reglering av försäkringsföretags och försäkringsförmed- lares rådgivning bör i stället ske samlat i respektive rörelselagstiftning för dessa företag, alternativt i en ny lag. Ett totalt provisionsförbud skulle enligt <SPAN class="ft3">Facket för försäkring och finans (FTF) </SPAN>bedömning innebära en stor risk att befolkningen som helhet över tid blir mer ointresserad av vilken roll sparande, placeringar och finansiella tjänster påverkar var- dagsekonomin. Detta skulle enligt FTF också kunna få mycket negativa konsekvenser inom pensionssystemen. <SPAN class="ft3">Svenska lärarförsäkringar AB </SPAN>be- farar att ett provisionsförbud kommer att begränsa kundernas möjligheter att få tillgång till deras tjänster och göra kunderna än mer beroende av vissa aktörer på marknaden. Svensk lärarförsäkringar AB anser även att de krav som ställs upp i MiFID II och MiFIR ökar konsumentskyddet och kraven på hur tjänster kan utformars och hur rådgivningsersättningar kan ges och tas emot. <SPAN class="ft3">Euro Accident Health & Care AB </SPAN>förordar att tredjepartsersättning vid försäkringsförmedling utreds i samband med</P>
<TABLE cellpadding=0 cellspacing=0 class="t160">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p139 ft2">genomförandet i svensk rätt av direktivet om försäkringsdistribution.</P></TD>
</TR>
<TR>
<TD class="tr57 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr57 td368"><P class="p139 ft25">Skälen för regeringens bedömning</P></TD>
</TR>
<TR>
<TD class="tr33 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td368"><P class="p139 ft3">Bakgrund</P></TD>
</TR>
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">Utredningen beskriver flera brister på den svenska rådgivningsmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">naden (se avsnitt 8.4 i betänkandet). Även i departementspromemorian</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Stärkt konsumentskydd vid försäkringsförmedling (Ds 2014:22) finns en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sådan beskrivning (se avsnitt 9 i promemorian). De allvarligaste och mest</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">omdiskuterade problemen berör förekomsten av intressekonflikter på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknaden som hänför sig till olika former av tredjepartsersättningar.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Andra problem som beskrivs är att rådgivare, som ofta ger råd om lik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">artade produkter, lyder under olika regelverk med olika konsument-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skyddsregler. I dag kan en kund få rådgivning av många olika slags</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">aktörer såsom banker, värdepappersbolag, försäkringsförmedlare och för-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">säkringsföretag. Dessa aktörer omfattas av olika krav och regler vid råd-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">givningstillfället, vilket kan vara svårt för en kund att förstå och särskilja.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Utredningen föreslår att för att uppnå en enhetlig reglering ska bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">melserna i lagen om värdepappersmarknaden om krav på rådgivarnas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kompetens, om lämplighets- och passandebedömning samt om dokumen-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tation och ersättningssystem tillämpas på all rådgivningsverksamhet som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">försäkringsföretag, försäkringsförmedlare, fondbolag och <NOBR>AIF-förvaltare</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utför. Enligt utredningens förslag ska försäkringsföretag och försäkrings-</P></TD>
</TR>
<TR>
<TD class="tr31 td57"><P class="p140 ft2">446</P></TD>
<TD class="tr31 td368"><P class="p139 ft2">förmedlare i den verksamheten även tillämpa bestämmelserna om ersätt-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_447">
<DIV>
<DIV id="id_1">
<P class="p163 ft42">ning till eller från tredjepart, om information och organisation av verk- samheten samt om oberoende rådgivning.</P>
<P class="p511 ft3">Regeringen eftersträvar en likartad reglering</P>
<P class="p953 ft2">Regeringen anser i likhet med utredningen att det finns behov av en sammanhållen och överskådlig reglering av rådgivning på finansmark- nadsområdet. Utgångspunkten är att det för en kund inte ska spela någon roll vilken typ av företag det är som utför rådgivningen eller vilken typ av distributionsmodell som används. Reglerna bör vara likartade för all typ av rådgivning av samma eller likartat slag på finansmarknads- området. Regeringens utgångspunkt är att nå en balanserad lösning som gynnar bra rådgivning till kunder samtidigt som hushållens behov av tillgång till finansiella tjänster tillgodoses. Kundskyddet ska vara likvär- digt oavsett vilken typ av rådgivare som en kund träffar. Samtidigt är det viktigt att reglerna är proportionerliga och beaktar de olikheter som finns när det gäller produkter och marknader. Regeringen anser, i likhet med många remissinstanser, att om utredningens förslag om ett mer långt- gående förbud mot ersättning till och från tredjepart än det i MiFID II skulle införas i svensk rätt och bli tillämpligt på värdepappersinstitut, försäkringsföretag, försäkringsförmedlare, fondbolag och <NOBR>AIF-förvaltare,</NOBR> kan det innebära att företag med egen distribution gynnas framför företag utan egen distribution. Företag utan egen distribution är beroende av att någon annan distribuerar deras produkter, vilket vanligtvis sker mot ersättning. Det finns även en risk för koncentrationsproblem i och med att små aktörer riskerar att slås ut från marknaden. Dessutom påverkas de företag som endast producerar sparprodukter, eftersom de inte längre kan ersätta dem som förmedlar produkterna.</P>
<P class="p1287 ft2">Som framgår av avsnitt 9 innebär det nya regelverk som följer av MiFID II ett förstärkt kundskydd jämfört med i dag. Reglerna om förbud mot ersättning till och från tredjepart bör utesluta den typ av ersättningar som inte är i kundens intresse och därmed begränsa de problem med intressekonflikter som har förekommit på den svenska marknaden i sam- band med bl.a. investeringsrådgivning. I avsnitt 9.3.4 föreslås dessutom att möjligheten i direktivet att i undantagsfall gå längre och införa ytter- ligare krav utnyttjas genom att det i svensk rätt införs högre ställda krav på dem som tillhandahåller investeringsrådgivning på oberoende grund. Det innebär att ett värdepappersinstitut som har informerat kunden om att investeringsrådgivningen lämnas på oberoende grund i den verksamheten får lämna råd enbart om finansiella instrument som är utgivna, utfärdade eller tillhandahållna av någon annan än institutet självt eller företag som institutet har nära förbindelser med. Dessutom måste institutet göra en bedömning av ett tillräckligt stort och diversifierat urval av finansiella instrument för att tillgodose kundens investeringsmål. Genom att in- skränka möjligheten till investeringsrådgivning på oberoende grund så att den tjänsten inte omfattar finansiella instrument som institutet eller ett närstående företag ger ut, minskar risken ytterligare för intressekonflikter och kundskyddet stärks i högre grad.</P>
<P class="p1287 ft4">Både reglerna om förbud mot ersättning till och från tredjepart och reglerna om rådgivarens kompetens, lämplighetsbedömning, dokumenta- tion och ersättningssystem bör vara så likartade som möjligt för alla som</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">447</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_448">
<P class="p727 ft4">Prop. 2016/17:162 utför rådgivning. Regeringen anser att det är önskvärt att liknande regler gäller för alla som tillhandahåller rådgivning på finansmarknadsområdet men att dubbelreglering bör undvikas. Detta uppnås enligt regeringens uppfattning bäst genom att lämpliga och ändamålsenliga anpassningar görs i de lagar som reglerar respektive aktör för att säkerställa att reglerna är anpassade till den näringsrättsliga reglering som gäller för verksamheten.</P>
<P class="p1288 ft45">Stegvis anpassning mot en likartad reglering av rådgivning på finansmarknadsområdet</P>
<P class="p1289 ft2">Den lagstiftning som reglerar rådgivning på finansmarknadsområdet i Sverige har sin huvudsakliga grund i <NOBR>EU-rätten.</NOBR> Under de senaste åren har det gjorts omfattande ändringar inom <NOBR>EU-rätten</NOBR> och för närvarande pågår arbete med att i svensk rätt genomföra olika <NOBR>EU-direktiv</NOBR> eller göra anpassningar med anledning av <NOBR>EU-förordningar.</NOBR></P>
<P class="p576 ft2">Förutom förevarande lagstiftningsärende pågår inom Regeringskansliet arbete med ett lagstiftningsärende som avser genomförandet i svensk rätt av Europaparlamentets och rådets direktiv (EU) 2016/97 av den 20 janu- ari 2016 om försäkringsdistribution. Direktivet om försäkringsdistri- bution har flera syften. Ett grundläggande syfte är att uppnå en harmo- niserad reglering för försäkringsdistribution inom EU. Reglerna i direk- tivet utgör emellertid i flera fall minimiregler som möjliggör för med- lemsstaterna att behålla eller införa strängare regler för att stärka konsu- mentskyddet. Enhetliga minimiregler inom EU syftar bl.a. till att främja en inre marknad för produkter och tjänster inom liv- och skadeförsäkring. I direktivet anges bl.a. vikten av utökade krav på försäkringsdistribu- törers kunskap och kompetens. Direktivet innehåller därför minimiregler för hur fortlöpande utbildning och utveckling bör säkerställas. Genom direktivet införs även krav på god vandel, som ska bidra till en mer sund och tillförlitlig försäkringsmarknad. För att öka den gränsöverskridande handeln införs genom direktivet också principer som reglerar det ömse- sidiga erkännandet av försäkringsförmedlares kunskaper och kompetens. Ett annat viktigt syfte med direktivet om försäkringsdistribution är att säkerställa att intressekonflikter inte inverkar negativt på kundens intressen. Direktivet innehåller bl.a. regler som innebär att kunder i för- väg ska få tydlig information om de personer som distribuerar försäk- ringsprodukter och vilken typ av ersättning de får. Kunderna ska få sådan information innan de ingår ett avtal. För att undvika snedvridning av konkurrensen, bör även försäkringsföretag vara skyldiga att ge kunderna information om den typ av ersättning som deras anställda får vid försälj- ning av försäkringsprodukter. Ersättning baserad på försäljningsmål får inte utgöra otillbörliga incitament att rekommendera kunden en viss pro- dukt. I direktivet anges även vissa minimiskyldigheter i fråga om den information som försäkringsdistributörer måste lämna till sina kunder. För att se till att avgifter och provisioner samt <NOBR>icke-monetära</NOBR> förmåner i samband med distributionen av en försäkringsbaserad investeringspro- dukt, som betalats till eller av någon annan part än kunden, eller av en person för kundens räkning, inte får någon negativ inverkan på kvaliteten på den berörda tjänsten gentemot kunden, ska försäkringsdistributören</P>
<P class="p1290 ft2">införa ändamålsenliga och proportionerliga åtgärder för att förebygga en</P>
<P class="p166 ft2">448</P>
</DIV>
<DIV id="page_449">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">sådan negativ inverkan. Försäkringsdistributören ska även utveckla, införa och regelbundet se över strategier och förfaranden med anknytning till intressekonflikter i syfte att förebygga varje form av negativ inverkan på kvaliteten på den berörda tjänsten gentemot kunden samt se till att kunden erhåller adekvat information om avgifter, provisioner eller för- måner.</P>
<P class="p623 ft2">Avsikten är att en departementspromemoria med förslag till hur direk- tivet om försäkringsdistribution ska genomföras i svensk rätt ska remitte- ras under våren 2017. Utgångspunkten är att direktivet ska genomföras i en ny försäkringsdistributionslag, som ska träda i kraft den 23 februari 2018. Den nya lagen ska gälla för försäkringsföretag och försäkrings- förmedlare och ersätta lagen om försäkringsförmedling. När det gäller regleringen av försäkringsdistribution är avsikten att uppnå en reglering avseende tredjepartsersättningar på marknaden för finansiell rådgivning om försäkringsbaserade investeringsprodukter som så långt som möjligt liknar den för värdepappersinstituten. Mot denna bakgrund anser regeringen, till skillnad från utredningen, att frågan om vilka regler som ska gälla för försäkringsföretag och försäkringsförmedlare vid rådgiv- ning, ska hanteras i lagstiftningsärendet om genomförandet av direktivet om försäkringsdistribution.</P>
<P class="p573 ft2">Rådgivning på finansmarknadsområdet berörs, utöver av den ändrade lagen, även av direktivet om försäkringsdistribution samt Europaparla- mentets och rådets förordning (EU) nr 1286/2014 av den 26 november 2014 om faktablad för paketerade och försäkringsbaserade investerings- produkter för <NOBR>icke-professionella</NOBR> investerare <NOBR>(Priip-produkter)</NOBR> (i det följande benämnd <NOBR>Priip-förordningen).</NOBR> Regeringen har nyligen lämnat förslag till kompletterande bestämmelser till <NOBR>Priip-förordningen</NOBR> (se prop. 2016/17:78). <NOBR>Priip-förordningen</NOBR> ska börja tillämpas den 1 januari 2018 (se Europaparlamentets och rådets förordning [EU] 2016/2340 av den 14 december 2016 om ändring av förordning [EU] nr 1286/2014 om faktablad för paketerade och försäkringsbaserade investeringsprodukter för <NOBR>icke-professionella</NOBR> investerare vad gäller förordningens tillämpnings- dag). Förordningen är tillämplig på paketerade och försäkringsbaserade investeringsprodukter och riktar sig till de aktörer som utvecklar, ger råd om eller säljer sådana produkter. Syftet är bl.a. att öka insynen och öppenheten avseende paketerade investeringsprodukter som erbjuds till <NOBR>icke-professionella</NOBR> investerare. Detta ska i sin tur öka harmoniseringen, förbättra skyddet för investerarna och förutsättningar att jämföra olika produkter.</P>
<P class="p1037 ft2">Regeringen har även nyligen lämnat förslag till hur Europaparlament- ets och rådets direktiv 2014/17/<SPAN class="ft165">Е</SPAN>U av den 4 februari 2014 om konsu- mentkreditavtal som avser bostadsfastighet och om ändring av direktiven 2008/48/EG och 2013/36/EU och förordning (EU) nr 1093/2010 (i det följande benämnt bolånedirektivet) ska genomföras i svensk rätt (prop. 2015/16:197 Stärkt konsumentskydd på bolånemarknaden). Riksdagen har antagit regeringens lagförslag, som har trätt i kraft den 1 januari 2017. Bolånedirektivet syftar till att främja en välfungerande inre marknad för bostadskrediter med ett högt konsumentskydd. Direktivet är, med ett fåtal undantag, ett minimidirektiv till skydd för konsumenten. En viktig del av direktivet gäller vilken information som ska lämnas före och efter ingående av bostadslåneavtalet. Det finns även regler om kredit-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">449</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_450">
<P class="p994 ft4">Prop. 2016/17:162 prövning av konsumenten, den effektiva räntan, tillgång till kreditupplys- ningar och rätt för konsumenten att under viss tid överväga kreditavtalet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">Direktivet innehåller vidare flera regler om rådgivning om bostads-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">krediter, bl.a. om vem som får tillhandahålla sådan rådgivning och hur</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rådgivningsverksamheten ska bedrivas. Enligt regeringens förslag till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">genomförande av direktivet i svensk rätt ska i huvudsak endast kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">givare och kreditförmedlare som har tillstånd av Finansinspektionen få</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ägna sig åt sådan rådgivning. Direktivet ställer vidare upp krav på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kunskap och kompetens hos dem som ägnar sig åt rådgivning. De interna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ersättningssystemen hos de relevanta aktörerna får inte heller vara ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">formade på ett sätt som negativt påverkar personalens förmåga att agera i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">konsumentens bästa intresse. De får exempelvis inte vara beroende av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">försäljningsmål. Det ställs vidare särskilda kvalitetskrav på den</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rådgivning som lämnas om bostadskrediter. Sådan rådgivning måste ske</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med utgångspunkt i aktuella upplysningar om konsumenten, utgå från ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillräckligt stort antal bostadskrediter och resultera i råd som är lämpliga</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">för konsumenten med beaktande av hans eller hennes förhållanden. Råd-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">givaren ska dessutom vid utformningen av sina råd ta hänsyn till risker</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som kan uppstå för konsumenten under kreditavtalets löptid. Vid genom-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">förandet av direktivet införs vidare bestämmelser i svensk rätt om vad</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som krävs för att en näringsidkare som lämnar råd om bostadskrediter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ska få kalla sig oberoende. Dessa bestämmelser innebär att en oberoende</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rådgivare inte får vara en kreditgivare eller vara en kreditförmedlare som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">har nära förbindelser med en kreditgivare. En oberoende rådgivare får</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inte heller ta emot ersättning för sin rådgivning från någon annan än</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">konsumenten. Motsvarande provisionsförbud föreslås även för den som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utger sig för att vara en oberoende kreditförmedlare.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Många av de <NOBR>EU-rättliga</NOBR> regler som redovisas ovan liknar dem som i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">denna proposition föreslås för värdepappersinstitut, vilket bidrar till en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">likartad reglering avseende rådgivning på finansmarknadsområdet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Utöver <NOBR>EU-rättslig</NOBR> reglering på området finns även lagen om finansiell</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rådgivning till konsumenter (rådgivningslagen). Rådgivningslagen är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämplig när företag ger råd till konsumenter om placering i finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">instrument eller i livförsäkringar med sparmoment. Lagen gäller exem-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">pelvis om ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> i sin fondverksamhet ger</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">råd om placeringar i finansiella instrument. I syfte att ytterligare uppnå</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en likartad reglering för de aktörer som utför rådgivning på finansmark-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">nadsområdet föreslås i denna proposition (se avsnitt 10.4) att de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">näringsrättsliga reglerna i rådgivningslagen inte längre ska gälla för fond-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bolag och <NOBR>AIF-förvaltare</NOBR> när de lämnar råd inom fondverksamheten.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Enligt förslaget ska i stället de näringsrättsliga reglerna om investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rådgivning i lagen om värdepappersmarknaden tillämpas i den verksam-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">heten.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Regeringen eftersträvar att uppnå en så likartad reglering som möjligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för de aktörer som utför rådgivning på finansmarknadsområdet. Det är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samtidigt viktigt att reglerna är proportionerliga och beaktar de olikheter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som finns när det gäller produkter och marknader. Regeringens ambition</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">är att, så långt det är möjligt, uppnå en konkurrensneutral marknad för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rådgivning på finansmarknadsområdet med ett stärkt skydd för kunden.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Kraven avseende rådgivarens kompetens, reglerna om lämplighets-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">450</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">bedömning, dokumentation och ersättningssystem bör vara likartade</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_451">
<P class="p19 ft4">oavsett vilken sorts rådgivare eller finansiell produkt som avses. Det- Prop. 2016/17:162 samma gäller reglerna om intressekonflikter och ersättningar till och från</P>
<P class="p540 ft4">tredjepart. De lagstiftningsåtgärder som nämns ovan utgör alla ett led i arbetet med att stegvis anpassa de finansiella regelverken mot en likartad reglering för alla aktörer som ger rådgivning på finansmarknadsområdet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t161">
<TR>
<TD class="tr50 td255"><P class="p597 ft121">10.4</P></TD>
<TD class="tr50 td385"><P class="p23 ft21">Fondbolag och <NOBR>AIF-förvaltare</NOBR></P></TD>
<TD class="tr50 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p178 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> som inom</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">ramen för sin fondverksamhet lämnar råd om andelar i fonder till en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p75 ft2"><NOBR>icke-professionell</NOBR> kund, ska i den verksamheten tillämpa bestämmel-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">serna i lagen om värdepappersmarknaden om intressekonflikter, om</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">kompetenskrav för den personal som tillhandahåller rådgivning, om</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">lämplighetsbedömning och regler om rapportering och lämplighets-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">förklaring till kund. Fondbolag och <NOBR>AIF-förvaltare</NOBR> ska även tillämpa</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">bestämmelserna i samma lag om ersättningssystem, information till</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">kund vid investeringsrådgivning, om ersättningar som betalas till eller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">tas emot från tredjepart och om indelning av kunder i kategorier.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">Detsamma ska gälla för förvaltningsbolag och utländska AIF-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">förvaltare som driver verksamhet från filial i Sverige.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Undantaget i rådgivningslagen för fondbolag och <NOBR>AIF-förvaltare</NOBR></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">utvidgas till att omfatta även rådgivning som utförs inom ramen för</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">fondverksamheten av sådana företag eller förvaltningsbolag.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> som har tillstånd för diskre-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">tionär portföljförvaltning och att som sidotjänst lämna investeringsråd</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">ska i den verksamheten tillämpa de bestämmelser i lagen om värde-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">pappersmarknaden som gäller när värdepappersinstitut utför sådana</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p75 ft2">tjänster. <NOBR>AIF-förvaltare</NOBR> ska även tillämpa bestämmelserna i samma lag</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">om försäljning och rådgivning i samband med strukturerade insätt-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">ningar samt reglerna om passandebedömning.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>De regler i det delegerade direktivet till</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">MiFID II som är tillämpliga på fondbolag och <NOBR>AIF-förvaltare</NOBR> när de</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">utför portföljförvaltning eller lämnar investeringsråd som sidotjänst</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">bör genomföras i svensk rätt i föreskrifter som meddelas med stöd av</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">befintliga bemyndiganden i lagen om värdepappersfonder och lagen</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">om förvaltare av alternativa investeringsfonder.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">när det gäller rådgivning inom fondverksamhet omfattar utredningens</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag inte bestämmelserna i lagen om värdepappersmarknaden om</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ersättningar som betalas till eller tas emot från tredjepart och om indel-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ning av kunder i kategorier. Utredningen behandlar inte frågan om vad</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">som ska gälla för förvaltningsbolag och utländska <NOBR>AIF-förvaltare</NOBR> som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">driver verksamhet från filial i Sverige. Utredningen behandlar inte frågan</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">om genomförandet i svensk rätt av det delegerade direktivet till</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">MiFID II.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">har inget att invända mot det. <SPAN class="ft3">Fondbolagens förening </SPAN>tillstyrker förslaget</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">att införa en regel om rådgivning i lagen om värdepappersfonder och</P></TD>
<TD class="tr27 td158"><P class="p20 ft2">451</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_452">
<P class="p994 ft4">Prop. 2016/17:162 lagen om förvaltare av alternativa investeringsfonder men förespråkar att definitionen av investeringsrådgivning i MiFID II tillämpas i stället för</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">definitionen av rådgivning i rådgivningslagen. Vidare bör samma kund-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">begrepp som i MiFID II användas, dvs. <NOBR>icke-professionell</NOBR> kund i stället</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">för konsument. Fondbolagens förening anser att det finns anledning att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">helt övergå till definitionen i MiFID II och föreslår att den föreslagna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">regeln om rådgivning i fondverksamheten i stället bör avse tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">hållande av personliga rekommendationer till en <NOBR>icke-professionell</NOBR> kund</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i fråga om en eller flera transaktioner som avser finansiella instrument.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Föreningen påpekar att ett fondbolag kan förvalta och administrera andra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">förvaltares fonder, marknadsföra sådana fonder och även ge råd om dem.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Fondbolagens förening anser också att det bör klargöras att marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">föring och information som fondbolagen ger till sina kunder, även vid</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">direktkontakt, inte per definition kan klassificeras som rådgivning. Fond-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bolagens möjlighet att marknadsföra sina produkter till fondspararna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">följer av <NOBR>UCITS-direktivet</NOBR> och kan enligt föreningen inte begränsas av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">en extensiv tolkning av rådgivningsbegreppet. <SPAN class="ft3">Svenska Fondhandlare-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">föreningen </SPAN>delar inte utredningens uppfattning att alla möten med en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">person som kallar sig privatrådgivare per automatik utgör investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rådgivning. Ett samtal som avser annat än finansiella instrument, t.ex.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">diskussion om vilken typ av betalkort kunden ska välja, är inte investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ringsrådgivning enligt MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>påpekar att om rådgivningslagen inte längre skulle</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gälla för fondbolag och <NOBR>AIF-förvaltare,</NOBR> kan inte den avrådandeskyldighet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som en näringsidkare har enligt den lagen ersättas genom en hänvisning</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">till bestämmelsen i lagen om värdepappersmarknaden om skyldighet att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">informera kunden om att tjänsten inte passar kunden eller produkten</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">eftersom den bestämmelsen inte gäller vid investeringsrådgivning.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Finansinspektionen anser att det bör framgå att det endast är råd om de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fonder som förvaltas av fondbolaget som omfattas av den nya bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">melsen om fondbolag som i sin fondverksamhet lämnar råd till konsu-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">menter och att det därför bör anges placeringar i värdepappersfonder i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stället för placeringar i finansiella instrument. Inspektionen föreslår</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">också att bestämmelsen bör gälla i förhållande till alla kunder och inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">enbart konsumenter. Finansinspektionen anser att det i det fortsatta lag-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stiftningsarbetet bör klargöras hur de hänvisningar till kundskydds-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">reglerna i lagen om värdepappersmarknaden som finns i dag för fond-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">bolag och <NOBR>AIF-förvaltare</NOBR> som utför investeringsrådgivning som sido-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tjänst eller portföljförvaltning förhåller sig till de bestämmelser i den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lagen som nu föreslås gälla i fondverksamheten.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft25">Promemorians bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ning.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker bedömningen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">eller har inget att invända mot den. <SPAN class="ft3">Svenska Fondhandlareföreningen</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">framför att hela det delegerade direktivet till MiFID II är direkt tillämp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ligt på fondbolag och <NOBR>AIF-förvaltare,</NOBR> dvs. även reglerna om skydd för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kunders finansiella instrument och reglerna om produktgodkännande för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">distributörer (artikel 1.1 i det delegerade direktivet). Fondbolagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kommer även att påverkas av reglerna om produktgodkännandeprocessen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">i egenskap av bolag som inte omfattas av MiFID II (artikel 10.2 tredje</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">452</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">stycket i delegerade direktivet). Föreningen noterar även några oklara</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_453">
<P class="p186 ft4">hänvisningar i utredningens betänkande när det gäller vilka bestämmelser Prop. 2016/17:162 i lagen om värdepappersmarknaden som ska gälla för fondbolag med</P>
<P class="p353 ft2">tillstånd för diskretionär portföljförvaltning.</P>
<P class="p398 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p958 ft3">Bakgrund</P>
<P class="p943 ft2">Fondbolagens verksamhet regleras i lagen om värdepappersfonder. I den lagen genomförs <NOBR>UCITS-direktivet</NOBR> i svensk rätt. <NOBR>AIF-förvaltares</NOBR> verk- samhet regleras i lagen om förvaltare av alternativa investeringsfonder, som genomför <NOBR>AIFM-direktivet</NOBR> i svensk rätt. Fondbolag och <NOBR>AIF-för-</NOBR> valtare får inom ramen för sin fondverksamhet utföra finansiell rådgiv- ning om andelar i fonder. Fondbolag och <NOBR>AIF-förvaltare</NOBR> som har särskilt tillstånd får som sidotjänst lämna investeringsråd även om andra finan- siella instrument. Både <NOBR>UCITS-direktivet</NOBR> och <NOBR>AIFM-direktivet</NOBR> innebär i huvudsak minimiharmonisering och medlemsstaterna får därför ställa upp högre krav i nationell rätt än de som anges i direktiven.</P>
<P class="p397 ft3">Rådgivning inom fondverksamhet</P>
<P class="p920 ft2">Ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> får, inom ramen för sin fondverk- samhet, lämna råd om investeringar i fonder som bolaget självt förvaltar. Fondbolag får även utföra sådana uppgifter som omfattas av dess till- stånd åt ett annat fondbolag eller en annan fondförvaltare (se prop. 2010/11:135 s. 262 f.). Ett fondbolag får således, som <SPAN class="ft3">Fondbolagens förening </SPAN>påpekar, därmed också förvalta och administrera andra förval- tares fonder, marknadsföra sådana fonder och även ge råd om andelarna i dem. Detsamma bör gälla för <NOBR>AIF-förvaltare</NOBR> med hänsyn till att regel- verken för fondbolag och <NOBR>AIF-förvaltare</NOBR> i stora delar bygger på samma principer. Det finns dock anledning att poängtera att en <NOBR>AIF-förvaltare</NOBR> får lämna råd till en investerare endast om den typ av fonder som förval- taren får marknadsföra till den investeraren.</P>
<P class="p426 ft2">Ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> som inom ramen för sin fond- verksamhet lämnar råd om investeringar i fonder ska i dag följa de näringsrättsliga reglerna i rådgivningslagen. I den lagen ställs krav på hur en näringsidkare ska agera vid rådgivning till en konsument. En närings- idkare som tillhandahåller finansiell rådgivning är skyldig att se till att den som utför rådgivningen har tillräcklig kompetens (4 §). De krav som ställs på rådgivaren i detta hänseende specificeras i Finansinspektionens och Konsumentverkets föreskrifter (Finansinspektionens föreskrifter och allmänna råd [FFFS 2004:4] om finansiell rådgivning till konsumenter samt Konsumentverkets föreskrifter och allmänna råd [KOVFS 2004:5] om finansiell rådgivning till konsumenter). Näringsidkaren är också skyldig att dokumentera vad som förekommit vid rådgivningstillfället och ska lämna ut denna dokumentation till konsumenten. Bestämmelser om vilka uppgifter som ska dokumenteras, vad som ska överlämnas till konsumenten och när dokumentering kan underlåtas finns också i Finansinspektionens och Konsumentverkets föreskrifter. Förutom de formella kraven på dokumentation och kompetens hos rådgivaren finns det i lagen även bestämmelser om hur rådgivningen ska utföras (5 §). En</P>
<P class="p942 ft2">näringsidkare ska i sin rådgivning iaktta god rådgivningssed och med</P>
<P class="p1069 ft2">453</P>
</DIV>
<DIV id="page_454">
<P class="p727 ft2">Prop. 2016/17:162 tillbörlig omsorg ta till vara konsumentens intressen. Det finns även regler för att åstadkomma en individuell anpassning av rådgivningen och näringsidkaren ska anpassa rådgivningen efter konsumentens önskemål och behov samt inte rekommendera andra lösningar än sådana som kan anses lämpliga för konsumenten. Rådgivaren är även skyldig att avråda konsumenten från att vidta åtgärder som inte kan anses lämpliga. Regeringen anser att i syfte att uppnå en likartad reglering för de aktörer som utför finansiell rådgivning, bör fondbolag och <NOBR>AIF-förvaltare</NOBR> som lämnar råd om andelar i fonder inom ramen för sin fondverksamhet tillämpa bestämmelserna om investeringsrådgivning i lagen om värde- pappersmarknaden. Det innebär att i huvudsak samma regelverk kommer att gälla oavsett om det är ett värdepappersinstitut, ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> som lämnar råd om andelar i fonder. Fondbolag och AIF- förvaltare ska således tillämpa reglerna i lagen om värdepappersmark- naden om intressekonflikter, kompetenskrav för rådgivare, om ersättningssystem, om lämplighetbedömning samt om information vid investeringsrådgivning, rapportering och lämplighetsförklaring till kunder. Utredningen anser att fondbolag och <NOBR>AIF-förvaltare</NOBR> inte ska tillämpa reglerna om ersättningar till eller från tredjepart. Regeringen anser dock, i likhet med <SPAN class="ft3">Fondbolagens förening</SPAN>, att fondbolag och AIF- förvaltare även ska tillämpa reglerna om ersättningar till eller från tredjepart. Anledningen till det är att fondbolag och <NOBR>AIF-förvaltare</NOBR> även kan ge råd om fonder som förvaltas av andra fondförvaltare varför tredjepartsrelationer kan uppstå.</P>
<P class="p985 ft2">Enligt utredningens förslag ska reglerna i lagen om värdepappers- marknaden tillämpas när råd lämnas till konsumenter om placeringar i finansiella instrument. <SPAN class="ft3">Finansinspektionen </SPAN>föreslår att reglerna bör gälla i förhållande till alla kunder och inte enbart konsumenter. Det skulle emellertid innebära en sådan utvidgning av tillämpningsområdet som skulle kräva överväganden som det inte finns utrymme för inom ramen för förevarande lagstiftningsärende. Regeringen instämmer med <SPAN class="ft3">Fond- bolagens förening </SPAN>om att det finns anledning att i stället utgå från de kundkategorier som används i MiFID II. Den kundkategori som till stor del, om än inte helt, överensstämmer med det som avses med konsument är <NOBR>icke-professionell</NOBR> kund. Det innebär att fondbolag och <NOBR>AIF-förvaltare</NOBR> även bör tillämpa bestämmelserna om indelning av kunder i kategorier i lagen om värdepappersmarknaden. För <NOBR>AIF-förvaltare</NOBR> finns redan i dag bestämmelser som innebär att vissa typer av fonder enbart får marknadsföras till vissa kundkategorier (i den lagen används dock termerna <NOBR>icke-professionell</NOBR> investerare respektive professionell investerare, se 1 kap. 11 § 21). För fondbolag finns det i dag inte något krav på att de ska dela in sina kunder i kategorier när det gäller fondverksamhet. Ett sådant krav gäller dock för fondbolag som har tillstånd att utföra diskretionär portföljförvaltning avseende finansiella instrument (se 2 kap. 28 § Finansinspektionens föreskrifter [FFFS 2013:9] om värdepappersfonder). Det innebär att det i dag enbart är de fondbolag som har tillstånd för diskretionär portföljförvaltning avseende finansiella instrument som berörs av reglerna om indelning av kunder i kategorier enligt MiFID, medan fondbolag som endast driver fondverksamhet inte gör det. Regeringen gör dock bedömningen att även</P>
<P class="p511 ft2">454</P>
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<DIV id="id_1">
<P class="p116 ft4">fondbolag vid rådgivning inom ramen för sin fondverksamhet bör följa bestämmelserna om indelning av kunder i kategorier.</P>
<P class="p150 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>konstaterar att det i lagen om värdepappersmark- naden inte finns någon motsvarighet till den skyldighet som gäller enligt rådgivningslagen (5 § andra stycket) att avråda konsumenten från att vidta åtgärder som inte kan anses lämpliga för denne om rådgivnings- lagen inte längre skulle vara tillämplig när fondbolag eller <NOBR>AIF-förvaltare</NOBR> utför rådgivning inom fondverksamheten. Enligt regeringens bedömning bör det inte vara nödvändigt med någon sådan regel om att fondbolag och <NOBR>AIF-förvaltare</NOBR> ska tillämpa lagen om värdepappersmarknaden med hänsyn till skyldigheten för den som utför investeringsrådgivning att göra en lämplighetsbedömning och bara rekommendera kunden finansiella instrument eller tjänster som är lämpliga för denne (8 kap. 23 §).</P>
<P class="p623 ft2">Regeringen konstaterar med anledning av <SPAN class="ft3">Finansinspektionens </SPAN>på- pekande att det inte är fråga om råd om placeringar i alla slags finansiella instrument när ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> lämnar råd inom ramen för sin fondverksamhet. Som konstateras ovan kan råden emeller- tid avse även andra fonder än de värdepappersfonder som fondbolaget förvaltar eller de specialfonder eller andra alternativa investeringsfonder som <NOBR>AIF-förvaltaren</NOBR> förvaltar. Råd som lämnas inom ramen för fond- verksamheten kan dock bara omfatta sådana fonder som ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> får förvalta, administrera eller marknadsföra enligt lagen om värdepappersfonder respektive lagen om förvaltare av alternativa investeringsfonder. Genomförandet i svensk rätt av MiFID II innebär att tillämpningsområdet för bestämmelserna i lagen om värde- pappersmarknaden om bl.a. investeringsrådgivning förändras något. Det gäller bl.a. rådgivning om s.k. strukturerade insättningar, som inte är finansiella instrument (se avsnitt 6.5). Eftersom fondbolag och <NOBR>AIF-för-</NOBR> valtare inom ramen för sin fondverksamhet inte får lämna råd om annat än andelar i fonder, är den utvidgningen av tillämpningsområdet för lagen om värdepappersmarknaden till att omfatta strukturerade insätt- ningar inte relevant för sådana företag.</P>
<P class="p979 ft2">Om utländska förvaltningsbolag och utländska <NOBR>AIF-förvaltare</NOBR> driver verksamhet från filial i Sverige, bör samma regler gälla som för fond- bolag och svenska <NOBR>AIF-förvaltare</NOBR> när de lämnar råd inom ramen för sin fondverksamhet. Det innebär att en enhetlig reglering och lika villkor kommer att gälla för samtliga fondförvaltare som i Sverige utför rådgiv- ning inom ramen för sin fondverksamhet. I dag gäller även i övrigt samma uppföranderegler för svenska fondförvaltare och utländska fond- förvaltare som driver verksamhet från filial här i landet (jfr 1 kap. 10 § andra stycket och 2 kap. 17 c § lagen om värdepappersfonder respektive 5 kap. 8 § tredje stycket och 13 § andra stycket och 8 kap. 1 § lagen om förvaltare av alternativa investeringsfonder).</P>
<P class="p912 ft4">För att undvika en dubbelreglering, bör undantaget för fondbolag och <NOBR>AIF-förvaltare</NOBR> i rådgivningslagen utvidgas så att de näringsrättsliga be- stämmelserna i den lagen (4 och 5 §§) inte är tillämpliga när sådana före- tag eller förvaltningsbolag lämnar råd inom ramen för sin fondverksamhet.</P>
<P class="p1250 ft4">De regler i MiFID II som fondbolag och <NOBR>AIF-förvaltare</NOBR> enligt förslaget i denna proposition ska följa när de utför rådgivning inom ramen för sin fondverksamhet kompletteras av detaljerade regler i det delegerade</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">455</P>
</DIV>
</DIV>
</DIV>
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<P class="p727 ft2">Prop. 2016/17:162 direktivet och den delegerade förordningen till MiFID II. Avsikten är att i den kommande departementspromemorian med förslag till genom- förande i svensk rätt av direktivet om försäkringsdistribution ska det ingå förslag till ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter som gör det möjligt att tillämpa reglerna i det delegerade direktivet och den delegerade förordningen till MiFID II på fondbolag och <NOBR>AIF-förvaltare</NOBR> även när de utför rådgivning inom fondverksamheten.</P>
<P class="p1240 ft3">Investeringsrådgivning med tillstånd som sidotjänst</P>
<P class="p936 ft2">Ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> kan även lämna råd utanför fond- verksamheten. Ett fondbolag måste då ha ett tillstånd för diskretionär portföljförvaltning avseende finansiella instrument och får efter tillstånd från Finansinspektionen, som ett led i verksamheten, lämna investerings- råd. Rådgivningen får endast avse sådana tillgångar som medel i en värdepappersfond får placeras i (s.k. tillåtna tillgångar). Ett fondbolag som har tillstånd för diskretionär portföljförvaltning kan även, efter till- stånd av Finansinspektionen, utföra vissa andra tjänster såsom ta emot fondandelar för förvaring och ta emot medel med redovisnings- skyldighet. Även <NOBR>AIF-förvaltare</NOBR> kan lämna investeringsråd som sido- tjänst och liksom för fondbolag krävs det att förvaltaren har tillstånd till diskretionär förvaltning av investeringsportföljer. Till skillnad från den investeringsrådgivning eller portföljförvaltning som ett fondbolag utför behöver dock den rådgivning eller portföljförvaltning som en <NOBR>AIF-förval-</NOBR> tare utför inte vara begränsad till finansiella instrument (7 kap. 1 § lagen om värdepappersfonder respektive 3 kap. 2 § lagen om förvaltare av alternativa investeringsfonder). En <NOBR>AIF-förvaltare</NOBR> som har tillstånd för diskretionär förvaltning av investeringsportföljer kan även, efter tillstånd av Finansinspektionen, utföra sidotjänsterna förvara och administrera andelar eller aktier i företag för kollektiva investeringar, ta emot medel med redovisningsskyldighet och ta emot och vidarebefordra order i fråga om finansiella instrument.</P>
<P class="p1099 ft2">Om ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> har tillstånd för portfölj- förvaltning och att som sidotjänst tillhandahålla investeringsrådgivning följer det av <NOBR>UCITS-direktivet</NOBR> (artikel 6.4) respektive <NOBR>AIFM-direktivet</NOBR> (artikel 6.6) att företaget ska följa vissa regler i MiFID I (artiklarna 2.2, 12, 13 och 19). Dessa regler i <NOBR>UCITS-direktivet</NOBR> och <NOBR>AIFM-direktivet</NOBR> har i svensk rätt genomförts i lagen om värdepappersfonder och lagen om förvaltare av alternativa investeringsfonder (prop. 2006/07:115 s. 385– 387, <NOBR>458–460</NOBR> och 674 respektive prop. 2012/13:155 s. 437 f.). Det innebär att ett fondbolag som utför portföljförvaltning avseende finansiella instrument eller investeringsrådgivning ska tillämpa de bestämmelser i lagen om värdepappersmarknaden som i svensk rätt genomför de berörda artiklarna i MiFID I när det utför dessa tjänster (7 kap. 3 § lagen om värdepappersfonder). På motsvarande sätt ska en <NOBR>AIF-förvaltare</NOBR> om den erbjuder och tillhandahåller diskretionär förvalt- ning av investeringsportföljer och lämnar investeringsråd tillämpa de bestämmelserna i lagen om värdepappersmarknaden (3 kap. 2 § tredje stycket lagen om förvaltare av alternativa investeringsfonder).</P>
<P class="p165 ft2">456</P>
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<DIV id="page_457">
<DIV>
<DIV id="id_1">
<P class="p150 ft2">Enligt gällande rätt ska fondbolag och <NOBR>AIF-förvaltare</NOBR> således när de har tillstånd för portföljförvaltning och tillstånd för att utföra investe- ringsrådgivning som en sidotjänst tillvarata sina kunders intressen samt handla hederligt, rättvist och professionellt (8 kap. 1 § lagen om värde- pappersmarknaden). Fondbolag och <NOBR>AIF-förvaltare</NOBR> ska även uppfylla de krav som ställs upp när det gäller interna riktlinjer, rutiner och system m.m. (8 kap. <NOBR>9–11</NOBR> §§). De ska dessutom uppfylla kraven på dokumen- tation av utförda tjänster och transaktioner (8 kap. 12 §). Ett fondbolag och en <NOBR>AIF-förvaltare</NOBR> ska även följa regler om uppdragsavtal (8 kap. 14 §). När fondbolag och <NOBR>AIF-förvaltare</NOBR> utför investeringsrådgivning ska de uppfylla de krav som gäller avseende intressekonflikter (8 kap. 21 §), andelar och aktier i alternativa investeringsfonder (8 kap. 21 a §) och om information till kund (8 kap. <NOBR>22–22</NOBR> b §§). De ska utföra lämplighets- bedömning och hämta in nödvändiga uppgifter från kunden om dennes kunskaper och erfarenheter av den specifika produkten eller tjänsten (8 kap. 23 §). Fondbolag och <NOBR>AIF-förvaltare</NOBR> ska även dokumentera vad parterna kommit överens om (8 kap. 26 §). Fondbolag och <NOBR>AIF-förvaltare</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t162">
<TR>
<TD class="tr24 td395"><P class="p23 ft2">ska också lämna en tillfredsställande rapportering till kunden</P></TD>
<TD class="tr24 td52"><P class="p20 ft2">(8 kap.</P></TD>
</TR>
<TR>
<TD class="tr30 td395"><P class="p23 ft14">27 §) och följa regler om kunders finansiella instrument och</P></TD>
<TD class="tr30 td52"><P class="p20 ft14">medel</P></TD>
</TR>
</TABLE>
<P class="p116 ft2">(8 kap. 34 och 35 §§). Utöver detta ska <NOBR>AIF-förvaltare</NOBR> även tillämpa regler om passandebedömning vid övriga investeringstjänster (8 kap. 24 och 25 §§).</P>
<P class="p622 ft2">Genomförandet i svensk rätt av MiFID II föranleder ändringar i lagen om värdepappersfonder och lagen om förvaltare av alternativa investe- ringsfonder. <NOBR>UCITS-direktivet</NOBR> har inte ändrats genom MiFID II. AIFM- direktivet har visserligen ändrats genom MiFID II (artikel 92) men den ändringen avser inte de regler som ska gälla för <NOBR>AIF-förvaltare</NOBR> som utför portföljförvaltning eller som sidotjänst lämnar investeringsråd. Ändringen i <NOBR>AIFM-direktivet</NOBR> har redan genomförts i svensk rätt (prop. 2014/15:115 och SFS 2015:397). De hänvisningar till MiFID som finns i <NOBR>UCITS-direktivet</NOBR> (artikel 6.4) och i <NOBR>AIFM-direktivet</NOBR> (artikel 6.6) avser således fortfarande MiFID I. I MiFID II (artikel 94 andra stycket) anges emellertid att hänvisningar till MiFID I ska anses som hänvisningar till MiFID II i enlighet med den jämförelsetabell som finns i bilaga IV till MiFID II. Det innebär enligt regeringens uppfattning att de bestämmelser i nationell rätt som genomför de artiklar i MiFID II som anges i jämför- elsetabellen och som motsvarar de artiklar i MiFID I som anges i nämnda hänvisningar i <NOBR>UCITS-direktivet</NOBR> och <NOBR>AIFM-direktivet,</NOBR> bör tillämpas av fondbolag och <NOBR>AIF-förvaltare</NOBR> som har tillstånd för portföljförvaltning och utför investeringsrådgivning som sidotjänst. Regeringen gör dock, till skillnad från utredningen, bedömningen att det även bör gälla beträff- ande de delar av artiklarna i MiFID II som inte har någon motsvarighet i artiklarna i MiFID I. Hänvisningarna till bestämmelser i lagen om värde- pappersmarknaden i lagen om värdepappersfonder (7 kap. 3 §) och lagen om förvaltare av alternativa investeringsfonder (3 kap. 2 § tredje stycket) bör därför omfatta även de bestämmelser i förstnämnda lag som i svensk rätt genomför de berörda artiklarna i MiFID II. Det innebär att t.ex. även reglerna om tredjepartsersättningar (artikel <NOBR>24.7–24.9</NOBR> i MiFID II) och ersättningssystem (artikel 24.10 i MiFID II) ska tillämpas av fondbolag och <NOBR>AIF-förvaltare</NOBR> när de utför investeringsrådgivning eller portföljför- valtning (se avsnitten 9.3 och 9.2.3). <SPAN class="ft3">Finansinspektionen </SPAN>önskar att det</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">457</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_458">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">458</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">klargörs hur t.ex. reglerna om ersättningssystem i lagen om värdepap- persmarknaden förhåller sig till reglerna om ersättning i lagen om värde- pappersfonder och lagen om förvaltare av alternativa investeringsfonder. Fondbolag och <NOBR>AIF-förvaltare</NOBR> ska ha ersättningssystem som främjar en sund och effektiv riskhantering (2 kap. 17 c § lagen om värdepappers- fonder respektive 8 kap. 22 § lagen om förvaltare av alternativa investe- ringsfonder). De kraven följer av <NOBR>UCITS-direktivet</NOBR> (artiklarna 14a och 14b, se prop. 2015/16:170 s. <NOBR>40–42)</NOBR> och av <NOBR>AIFM-direktivet</NOBR> (artikel 13, se prop. 2012/13:155 s. <NOBR>259–261)</NOBR> och tar främst sikte på fondförvalt- ningen och att företagen i den verksamheten ska agera i fondandels- ägarnas intressen. Reglerna om ersättningssystem i MiFID II (artikel 24.10, se avsnitt 9.2.3) tar däremot sikte på när företag tillhandahåller investeringstjänster till kunder och då i synnerhet att de inte ska ha ersätt- ningssystem som kan ge personalen incitament att rekommendera ett visst finansiellt instrument till en <NOBR>icke-professionell</NOBR> kund när företaget kan erbjuda ett annat instrument som bättre kan tillgodose den kundens behov. Reglerna om ersättningssystem i de tre nämnda lagarna tar såled- es sikte på olika delar av fondbolags och <NOBR>AIF-förvaltares</NOBR> verksamhet och när de utför olika tjänster till olika slags kunder (fondandelsägare respek- tive kunder till vilka råd lämnas eller vars portföljer företagen förvaltar).</P>
<P class="p1291 ft2">De hänvisningar till MiFID som finns i <NOBR>UCITS-direktivet</NOBR> (artikel 6.4) och i <NOBR>AIFM-direktivet</NOBR> (artikel 6.6) gäller även för förvaltningsbolag och utländska <NOBR>AIF-förvaltare</NOBR> som hör hemma i andra länder inom EES. Detta innebär att de reglerna i MiFID gäller även för sådana utländska företag när de driver verksamhet från filial eller tillhandahåller tjänsten gräns- överskridande i Sverige. Därmed kommer utländska företag att följa samma regler som svenska företag.</P>
<P class="p506 ft2">Genomförandet av MiFID II innebär även att tillämpningsområdet för bestämmelserna i lagen om värdepappersmarknaden om bl.a. rådgivning ändras något. Även rådgivning om s.k. strukturerade insättningar, som inte är finansiella instrument, ska enligt direktivet omfattas (artikel 1.4, se avsnitt 6.5). Eftersom en <NOBR>AIF-förvaltare</NOBR> kan lämna råd om andra till- gångar än finansiella instrument, bör utvidgningen av tillämpnings- området för MiFID II till att avse strukturerade insättningar även vara relevant för sådana företag när de utför investeringsrådgivning som sidotjänst. De bestämmelser i lagen om värdepappersmarknaden som är tillämpliga på rådgivning avseende strukturerade insättningar och som gäller för <NOBR>AIF-förvaltare</NOBR> när de tillhandahåller investeringsrådgivning avseende finansiella instrument ska därför även tillämpas av en AIF- förvaltare som tillhandahåller rådgivning avseende strukturerade insätt- ningar.</P>
<P class="p1291 ft2">En <NOBR>AIF-förvaltare</NOBR> kan även ha tillstånd att som sidotjänst ta emot och vidarebefordra order i fråga om finansiella instrument. Därför ska AIF- förvaltare, till skillnad från fondbolag, även tillämpa bestämmelser som rör tjänsten ta emot och vidarebefordra order i fråga om finansiella instrument.</P>
<P class="p356 ft3">Genomförandet av det delegerade direktivet till MiFID II</P>
<P class="p1211 ft4">Som framgår ovan ska ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> som har till- stånd för portföljförvaltning och tillstånd att som sidotjänst tillhandahålla</P>
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<P class="p163 ft2">investeringsrådgivning tillämpa vissa regler i MiFID II. I det delegerade direktivet till MiFID II (artikel 1.1) anges att det direktivet är tillämpligt på sådana företag som utför sådana tjänster. Det motsvarar det som gäller enligt MiFID I och genomförandedirektivet till MiFID I, som i svensk rätt har genomförts genom Finansinspektionens föreskrifter om värde- pappersrörelse. Dessa föreskrifter gäller för fondbolag och <NOBR>AIF-förval-</NOBR> tare som har tillstånd för portföljförvaltning eller som sidotjänst till- handahåller investeringsrådgivning i de delar som rör sådana tjänster (se 22 kap. Finansinspektionens föreskrifter om värdepappersfonder och 10 kap. Finansinspektionens föreskrifter [FFFS 2013:10] om förvaltare av alternativa investeringsfonder). Med anledning av genomförandet i svensk rätt av MiFID II behöver det göras ändringar i lagen om värde- pappersfonder och lagen om förvaltare av alternativa investeringsfonder som innebär att fondbolag och <NOBR>AIF-förvaltare</NOBR> när de utför investerings- rådgivning eller portföljförvaltning ska följa de bestämmelser som genomför reglerna i de direktiven om bl.a. ersättningar som betalas till och tas emot från tredjepart.</P>
<P class="p1094 ft2">I denna proposition föreslås att det delegerade direktivet till MiFID II när det gäller värdepappersinstitut och börser genomförs i svensk rätt genom myndighetsföreskrifter (avsnitt 5.1). På motsvarande sätt bör reglerna i det delegerade direktivet till MiFID II när det gäller fondbolag och <NOBR>AIF-förvaltare</NOBR> genomföras i myndighetsföreskrifter. Det bör ske med stöd av befintliga bemyndiganden i lagen om värdepappersfonder (13 kap. 1 § 18) och lagen om förvaltare av alternativa investe- ringsfonder (15 kap. 2 § 1).</P>
<P class="p164 ft2"><SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>framhåller att hela det delegerade direktivet till MiFID II blir direkt tillämpligt på fondbolag och <NOBR>AIF-för-</NOBR> valtare, dvs. även reglerna om skydd för kunders finansiella instrument och reglerna om produktgodkännande för distributörer (artikel 1.1 i det delegerade direktivet). Som anges ovan anser regeringen att det dele- gerade direktivet bör genomföras i myndighetsföreskrifter. De föreskrift- erna bör således omfatta de regler i det delegerade direktivet som är tillämpliga på fondbolag och <NOBR>AIF-förvaltare</NOBR> när de utför diskretionär portföljförvaltning och sidotjänster.</P>
<P class="p397 ft3">Gränsdragning</P>
<P class="p1094 ft2">Utredningen berör svårigheten att avgöra när kommunikation mellan en näringsidkare och en konsument rörande placering av tillgångar i finansiella instrument utgör rådgivning, marknadsföring eller försäljning (se avsnitt 7.4.1 i betänkandet). Beroende på klassificeringen av situa- tionen blir olika regelverk tillämpliga och konsumentskyddet ser därmed olika ut. <SPAN class="ft3">Fondbolagens förening </SPAN>anser att det bör klargöras att marknads- föring och information som fondbolag ger till sina kunder, även vid direktkontakt, inte per definition kan klassificeras som rådgivning. <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>delar inte utredningens uppfattning om att alla möten med en person som kallar sig privatrådgivare per auto- matik utgör investeringsrådgivning. Det bör enligt <SPAN class="ft3">Svensk Försäkring </SPAN>tydliggöras att det är tillåtet för en försäkringsförmedlare att ta emot ersättning för marknadsföring och försäljning (som inte omfattar någon rådgivning). Regeringen konstaterar att förslagen i denna proposition inte</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">459</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_460">
<P class="p727 ft4">Prop. 2016/17:162 innebär några ändringar när det gäller gränsdragning mellan rådgivning, marknadsföring och försäljning som sker på finansmarknadsområdet. Nuvarande praxis bör därför vara tillämplig även i fortsättningen. Frågor om den närmare gränsdragningen mellan rådgivning, marknadsföring och försäljning bör således överlämnas till rättstillämpningen att avgöra.</P>
<P class="p1292 ft1">11 Verksamhet över gränserna</P>
<P class="p1293 ft21"><SPAN class="ft21">11.1</SPAN><SPAN class="ft160">Inledning</SPAN></P>
<P class="p956 ft2">Värdepappersföretag och marknadsoperatörer (börser) som hör hemma inom EES får med stöd av sitt tillstånd i hemlandet driva verksamhet som omfattas av det tillståndet även i andra länder inom EES (artiklarna <NOBR>34–38</NOBR> och 53.6 i MiFID II). Denna rätt att driva verksamhet i andra länder än hemlandet brukar kallas <NOBR>EU-pass</NOBR> eller Europapass. Europa- passet gäller även för kreditinstitut när de tillhandahåller investerings- tjänster eller utför investeringsverksamhet (artikel 1.3 c). Reglerna i MiFID II om Europapass motsvarar i huvudsak dem i MiFID I. De för- ändringar som har gjorts i MiFID II behandlas i avsnitt 11.2.</P>
<P class="p1020 ft2">När det gäller företag som hör hemma utanför EES innebär reglerna i MiFID II stora förändringar i förhållande till MiFID I (artiklarna <NOBR>39–43</NOBR> i MiFID II). I MiFID I finns det inte några regler om sådana företag utan de berörs endast i ett skäl (skäl 28). I MiFID II finns utförliga regler som bl.a. innebär att länderna inom EES får kräva att ett sådant företag som avser att tillhandahålla investeringstjänster eller utföra investeringsverk- samhet till <NOBR>icke-professionella</NOBR> kunder på deras territorium inrättar en filial där (artikel 39). Reglerna om företag som hör hemma i länder utan- för EES behandlas i avsnitt 11.3.</P>
<P class="p1020 ft2">Genom MiFIR har det införts en rätt för företag som hör hemma utan- för EES att utan att inrätta någon filial tillhandahålla investeringstjänster eller utföra investeringsverksamheter till professionella kunder och jäm- bördiga motparter inom hela EES, om företaget är registrerat i ett register över sådana företag som förs av Esma (artiklarna <NOBR>46–49).</NOBR> Reglerna i MiFIR behandlas i avsnitt 11.3.</P>
<P class="p580 ft4">En förändring i MiFID II i förhållande till MiFID I är att ett land inom EES inte längre har möjlighet att inte tillåta värdepappersföretag att an- lita anknutna ombud. Reglerna om anknutna ombud behandlas i av- snitt 11.4.</P>
<TABLE cellpadding=0 cellspacing=0 class="t163">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td55"><P class="p53 ft121">11.2</P></TD>
<TD class="tr47 td349"><P class="p32 ft21">Företag som hör hemma inom EES</P></TD>
</TR>
<TR>
<TD class="tr60 td42"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>De bestämmelser i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">marknaden som reglerar filialverksamhet ändras så att de omfattar</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">även verksamhet som drivs genom anknutna ombud i ett annat land</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">inom EES. De bestämmelser i lagen som reglerar gränsöverskridande</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">verksamhet utan att inrätta en filial justeras så att de enbart gäller</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p151 ft2">460</P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">anknutna ombud i hemlandet. Kraven på underrättelser, både avseende</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_461">
<DIV id="dimg1">
<INGENBILD zsrc="H403162461x1.jpg/" id="img1">
</DIV>
<DIV>
<DIV id="id_1">
<P class="p1294 ft4">anknutna ombud i Sverige och anknutna ombud i andra länder inom EES, ska gälla även för kreditinstitut som driver värdepappersrörelse. Definitionen av värdepappersinstitut i lagen justeras för att omfatta utländska företag som har anmält ett anknutet ombud i Sverige.</P>
<P class="p1295 ft2">Hänvisningarna i lagen om värdepappersmarknaden till de bestäm- melser om rörelseregler, uppföranderegler och investerarskyddsregler som ska tillämpas på utländska företag som hör hemma i andra länder inom EES och som driver värdepappersrörelse från filial i Sverige justeras med anledning av genomförandet av reglerna i MiFID II.</P>
<P class="p1296 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>De övriga regler om gränsöverskridande verksamhet och filialer som finns i MiFID II för företag som hör hemma inom EES föranleder inga lagstiftningsåtgärder.</P>
<P class="p1265 ft103">Utredningens förslag och bedömning <SPAN class="ft4">överensstämmer med regering- ens förslag och bedömning.</SPAN></P>
<P class="p193 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har inget att invända mot dem.</P>
<P class="p193 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Reglerna i MiFID II om gränsöverskridande verksamhet och filialverksamhet för värdepap- persföretag som hör hemma inom EES motsvarar i huvudsak de i MiFID I (artiklarna 34 och 35 i MiFID II och artiklarna 31 och 32 i MiFID I). Reglerna i MiFID I har i svensk rätt genomförts i huvudsak i </SPAN><NOBR><SPAN class="ft2">4–6</SPAN></NOBR><SPAN class="ft2"> kap. lagen om värdepappersmarknaden (prop. 2006/07:115 s. 388– 392).</SPAN></P>
<P class="p1297 ft2">Reglerna i MiFID II om gränsöverskridande verksamhet för marknads- operatörer (börser) är begränsade till dels en rätt att vidta åtgärder på andra länders territorium för att underlätta för deltagare från det landet, dels en rätt att träffa överenskommelser med clearingorganisationer i andra länder inom EES (artiklarna 34.6, 34.7, 38 och 53.6 i MiFID II och artiklarna 31.5, 31.6, 35 och 42.6 i MiFID I). Reglerna i MiFID I har i svensk rätt genomförts i huvudsak i 4, 5 och 12 kap. lagen om värdepap- persmarknaden (samma prop. s. <NOBR>392–394).</NOBR> Eftersom dessa regler i MiFID II om marknadsoperatörer är desamma som i MiFID I kommer de inte att beröras ytterligare i detta avsnitt.</P>
<P class="p797 ft2">Som konstateras ovan är reglerna om gränsöverskridande verksamhet och filialverksamhet till övervägande del desamma i MiFID II och MiFID I. De innebär i korthet att ett värdepappersföretag som hör hemma inom EES som avser att driva sin verksamhet gränsöverskridande eller genom en filial i ett annat land inom EES ska underrätta den behöriga myndigheten i sitt hemland. Den myndigheten ska i sin tur underrätta den behöriga myn- digheten i det land där tjänsterna ska tillhandahållas eller filialen inrättas.</P>
<P class="p624 ft27">En ändring i MiFID II är reglerna om anknutna ombud. I MiFID I reg- leras användningen av anknutna ombud som är etablerade i värdlandet i den artikel som reglerar gränsöverskridande verksamhet (artikel 31.2). En- ligt MiFID I ska ett värdepappersföretag som avser att ägna sig åt gräns- överskridande verksamhet och använda anknutna ombud i värdlandet lämna information om detta i sin underrättelse till den behöriga myndig- heten i hemlandet. Den behöriga myndigheten i värdlandet ska få denna information vidarebefordrad till sig på begäran. Detta innebär att enligt MiFID I gäller reglerna om gränsöverskridande verksamhet för verksam- het som ett värdepappersföretag driver i ett annat land inom EES genom ett</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">461</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_462">
<P class="p994 ft4">Prop. 2016/17:162 anknutet ombud i det landet. Om ett värdepappersföretag har inrättat en filial i värdlandet, ska dock anknutna ombud i samma land enligt MiFID I</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">anses vara en del av filialen (artikel 32.2 andra stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I MiFID II har reglerna ändrats på så sätt att om ett värdepappersföre-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">tag använder sig av ett anknutet ombud i ett annat land inom EES är det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">reglerna om filialer som ska tillämpas, och detta oavsett om företaget har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">inrättat någon filial i det landet (artikel 35.2 andra stycket). Ett värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">persföretag som avser att driva gränsöverskridande verksamhet, utan att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">inrätta någon filial, kan visserligen använda sig av anknutna ombud, men</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">dessa måste i så fall vara etablerade i företagets hemland (artikel 34.2</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">första stycket b och andra stycket). Dessa ändringar får återverkningar på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">innehållet i och förfarandet vid underrättelser om gränsöverskridande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">verksamhet och filialetablering. För det första ska reglerna om underrätt-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">elser m.m. avseende filialer tillämpas även när ett värdepappersföretag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">anlitar ett anknutet ombud i ett annat land inom EES utan att det inrättar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">någon filial i det landet. I ett sådant fall är det det anknutna ombudets –</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">i stället för filialens – namn, adress och organisationsstruktur som ska be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">skrivas i underrättelsen till den behöriga myndigheten i hemlandet (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">el 35.2 första stycket). Denna information ska alltid, inte bara på begäran,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">vidarebefordras till den behöriga myndigheten i värdlandet (artikel 35.3).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Reglerna om anknutna ombud gäller även för ett kreditinstitut som av-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ser att använda sådana i ett annat land inom EES än hemlandet för att till-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">handahålla investeringstjänster eller utföra investeringsverksamhet (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">el 1.3 c). För ett sådant anknutet ombud gäller de regler i MiFID II som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">avser filialer. Ett kreditinstitut ska lämna samma information till den be-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">höriga myndigheten i hemlandet som ett värdepappersföretag ska göra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 35.7).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">De ändringar i reglerna om anknutna ombud som har gjorts i MiFID II</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">bör genomföras i svensk rätt genom att motsvarande ändringar görs i de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bestämmelser i lagen om värdepappersmarknaden som reglerar gränsöver-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">skridande verksamhet och filialverksamhet. Definitionen av värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">pappersinstitut omfattar enligt nu gällande lydelse värdepappersbolag,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">svenska kreditinstitut som har tillstånd enligt lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">pappersmarknaden att driva värdepappersrörelse och utländska företag</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">som driver värdepappersrörelse från filial i Sverige (1 kap. 5 § 27).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen bör justeras för att omfatta även utländska företag som har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">anmält ett anknutet ombud i Sverige eftersom dessa företag ska tillämpa</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">samma bestämmelser som filialer (artikel 35.2 andra stycket). I övrigt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">motsvarar reglerna i MiFID II om gränsöverskridande verksamhet och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">filialverksamhet reglerna i MiFID I som har genomförts i svensk rätt i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">lagen om värdepappersmarknaden (4 och 5 kap.). Det krävs därför inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">några ytterligare lagstiftningsåtgärder för att genomföra de reglerna i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Ytterligare en ändring i MiFID II är att medlemsstaterna inte längre har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">någon möjlighet att inte tillåta att värdepappersföretag utser anknutna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ombud, se avsnitt 11.4.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">I MiFID II (artiklarna 16.11 första stycket och 35.8) finns liksom i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID I (artiklarna 13.9 och 32.7) särskilda regler om fördelning av an-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">svaret för tillsynen över ett värdepappersföretag som driver verksamhet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">från en filial mellan den behöriga myndigheten i hemlandet och den be-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">462</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">höriga myndigheten i värdlandet (se avsnitt 13.4.5). Reglerna i MiFID I</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_463">
<DIV id="dimg1">
<INGENBILD zsrc="H403162463x1.jpg/" id="img1">
</DIV>
<P class="p186 ft4">har genomförts i svensk rätt i lagen om värdepappersmarknaden dels i en Prop. 2016/17:162 bestämmelse om tillsyn (23 kap. 1 § tredje stycket), dels i en bestäm-</P>
<P class="p113 ft2">melse i vilken det anges hänvisningar till de investerarskydds- och andra rörelseregler i lagen som ska tillämpas på utländska företag som hör hemma i andra länder inom EES som driver värdepappersrörelse från filial i Sverige (8 kap. 2 §). Dessa hänvisningar bör justeras så att de av- ser de paragrafer i lagen som i svensk rätt genomför de regler i MiFID II som Finansinspektionen ska utöva tillsyn över att de följs.</P>
<P class="p357 ft2">I kommissionens delegerade förordning (EU) av den 29 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder med angivande av information som ska meddelas av värdepappersföretag, marknadsoperatörer och kreditinstitut (C[2016] 3917 final) finns detaljerade bestämmelser om bl.a. vilka uppgifter som ska anmälas till den behöriga myndigheten. Esma ska utarbeta förslag till tekniska standarder för genomförande avseende standardformulär, mallar och förfaranden för överlämnande av uppgifter (artiklarna 34.9 och 35.12).</P>
<P class="p1165 ft21"><SPAN class="ft121">11.3</SPAN><SPAN class="ft160">Företag som hör hemma utanför EES</SPAN></P>
<P class="p998 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Sverige ska utnyttja den möjlighet som MiFID II ger att kräva att företag som hör hemma utanför EES ska inrätta en filial i Sverige för att få tillhandahålla investeringstjänster eller utföra investeringsverksamhet här i landet. Lagen om värdepap- persmarknaden justeras för att genomföra reglerna i direktivet om tillstånd för sådana företag att inrätta filial. Lagen kompletteras med en bestämmelse om att Finansinspektionen inom sex månader från en ansökan om tillstånd ska underrätta företaget om huruvida tillstånd har beviljats.</P>
<P class="p1080 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFIR om möjligheten för företag utanför EES att under vissa förutsättningar tillhandahålla investeringstjänster föranleder ingen lagstiftningsåtgärd.</P>
<P class="p426 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i allt väsentligt med regering- ens förslag och bedömning.</P>
<P class="p264 ft42"><SPAN class="ft141">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p165 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p958 ft3">Krav på tillstånd att inrätta filial i Sverige</P>
<P class="p920 ft2">Reglerna i MiFID II om företag som hör hemma utanför EES innebär en stor förändring i förhållande till MiFID I (artiklarna <NOBR>39–43</NOBR> i MiFID II). I MiFID I finns det inte några regler om sådana företag utan de berörs en- dast i ett skäl (skäl 28).</P>
<P class="p429 ft4">Enligt MiFID II får länderna inom EES kräva att ett företag som hör hemma i ett land utanför EES, som avser att tillhandahålla investerings- tjänster eller utföra investeringsverksamhet med eller utan sidotjänster inom dess territorium, ska inrätta en filial i landet (artikel 39). För att in-</P>
<P class="p596 ft2">463</P>
</DIV>
<DIV id="page_464">
<P class="p820 ft42">Prop. 2016/17:162 rätta en sådan filial ska det krävas tillstånd. Tillstånd får bara ges om följande förutsättningar är uppfyllda.</P>
<P class="p1298 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft146">De tjänster företaget ansöker om tillstånd för ska omfattas av tillstånd och tillsyn i företagets hemland.</SPAN></P>
<P class="p1299 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft147">Det land där företaget hör hemma ska ha vidtagit nödvändiga åtgärder för att motverka penningtvätt och finansiering av terrorism.</SPAN></P>
<P class="p1299 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft147">För att säkerställa ett informationsutbyte i syfte att bevara marknadens integritet och skydda investerare ska det finnas lämpliga samarbets- arrangemang mellan behöriga myndigheter i det land där filialen ska inrättas och tillsynsmyndigheter i det land där företaget hör hemma.</SPAN></P>
<P class="p1300 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft147">Filialen ska fritt förfoga över tillräckligt startkapital.</SPAN></P>
<P class="p1299 ft4"><SPAN class="ft2">5.</SPAN><SPAN class="ft146">En eller flera personer ska vara utsedda att ingå i filialens ledning och var och en av dem ska uppfylla de krav som ställs upp för den som ska ingå i ett värdepappersföretags ledningsorgan.</SPAN></P>
<P class="p1299 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft147">Mellan det land där företaget hör hemma och det land där filialen ska inrättas ska det finnas en skriftlig överenskommelse som helt upp- fyller normerna i artikel 26 i OECD:s modellavtal för skatter på inkomst och förmögenhet och säkerställer ett effektivt informations- utbyte i skatteärenden, inklusive eventuella multilaterala skatteavtal.</SPAN></P>
<P class="p1301 ft4"><SPAN class="ft2">7.</SPAN><SPAN class="ft146">Företaget ska tillhöra ett investerarskyddssystem som godkänts eller erkänts i enlighet med Europaparlamentets och rådets direktiv 97/9/EG av den 3 mars 1997 om system för ersättning till investerare (investerarskyddsdirektivet).</SPAN></P>
<P class="p954 ft4">Förfarandet för prövning av ansökan om tillstånd och kraven på ansökans innehåll ska i huvudsak vara desamma för ett företag som hör hemma i ett land utanför EES som det som gäller för ett värdepappersföretag (artikel 40). En ansökan från ett sådant företag ska innehålla följande.</P>
<P class="p1302 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft147">Namnet på den myndighet som ansvarar för tillsynen över företaget i det land där det hör hemma. Om det är flera myndigheter som an- svarar för tillsynen, ska uppgifter lämnas om de olika myndigheternas tillsyns- och kompetensområden.</SPAN></P>
<P class="p1303 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft147">Uppgifter om företaget, såsom dess namn, rättsliga form, säte och adress, medlemmar i ledningsorganet, aktieägare, och en verksam- hetsplan, i vilken det ska framgå vilka investeringstjänster och vilken investeringsverksamhet och vilka sidotjänster som ska tillhandahållas eller utföras, samt filialens organisationsstruktur, inklusive en beskrivning av alla uppdrag till tredjepart att utföra viktiga operativa funktioner.</SPAN></P>
<P class="p1301 ft4"><SPAN class="ft2">3.</SPAN><SPAN class="ft146">Namn på de personer som ansvarar för ledningen av filialen och relevanta dokument för att visa att de uppfyller de krav som ställs upp för den som ska ingå i ett värdepappersföretags ledningsorgan.</SPAN></P>
<P class="p652 ft2"><SPAN class="ft2">4.</SPAN><SPAN class="ft147">Information om det startkapital som filialen fritt förfogar över.</SPAN></P>
<P class="p1304 ft4">Om den behöriga myndigheten har förvissat sig om att förutsättningarna för tillstånd är uppfyllda och att filialen kommer att kunna uppfylla de krav som gäller för verksamheten, ska företaget få tillstånd (artikel 41 i</P>
<P class="p535 ft14">MiFID II). Den behöriga myndigheten ska, inom sex månader från det att</P>
<P class="p19 ft2">464</P>
</DIV>
<DIV id="page_465">
<DIV>
<DIV id="id_1">
<P class="p796 ft2">en fullständig ansökan har lämnats in, underrätta företaget om huruvida det har fått tillstånd (artikel 41.1 andra stycket). När företaget har fått till- stånd ska verksamheten i filialen uppfylla i huvudsak alla de krav ett värdepappersföretag ska uppfylla när det tillhandahåller investerings- tjänster, utför investeringsverksamhet eller tillhandahåller sidotjänster (artikel 41.2 första stycket och hänvisningarna där till artiklarna <NOBR>16–20,</NOBR> <NOBR>23–25,</NOBR> 27, 28.1 och <NOBR>30–32</NOBR> i direktivet och till artiklarna <NOBR>3–26</NOBR> i MiFIR samt de bestämmelser som antagits med stöd av dessa artiklar). Filialen ska vidare vara föremål för tillsyn av den behöriga myndigheten i det land inom EES där företaget har fått tillståndet. Länderna inom EES får dock inte ställa upp några ytterligare krav på organisationen eller driften av filialen i de avseenden som regleras i MiFID II (artikel 41.2 andra stycket i MiFID II). De får inte heller ge en filial till ett företag som hör hemma utanför EES en mer gynnsam behandling än ett värdepappers- företag.</P>
<P class="p1305 ft2">Kravet på tillstånd gäller emellertid inte om ett företag som hör hemma utanför EES tillhandahåller en investeringstjänst eller utför investerings- verksamhet uteslutande på initiativ av en <NOBR>icke-professionell</NOBR> kund – eller en kund som på begäran får behandlas som en professionell kund enligt avsnitt II i bilaga II till MiFID II – som är etablerad eller befinner sig inom EES (artikel 42). Ett initiativ från sådana kunder ska dock inte ge före- taget rätt att marknadsföra nya kategorier av investeringsprodukter eller investeringstjänster till denna kund på annat sätt än genom filialen när detta krävs enligt nationell rätt i det land där kunden är etablerad eller be- finner sig.</P>
<P class="p797 ft2">I MiFID II (artikel 43) finns det även regler om återkallelse av tillstånd för företag som hör hemma utanför EES. Den behöriga myndigheten som har gett företaget tillståndet får återkalla det om företaget inte utnyttjar det inom tolv månader, uttryckligen avstår från tillståndet eller inte har till- handahållit några investeringstjänster eller utfört någon investeringsverk- samhet under de föregående sex månaderna, såvida tillståndet inte åter- kallas automatiskt i dessa fall enligt de bestämmelser som gäller i det landet (artikel 43). Tillståndet får också återkallas om företaget har fått tillståndet genom att lämna falska uppgifter eller på något annat sätt handlat otillbörligt, om företaget inte längre uppfyller de villkor enligt vilka tillståndet har getts, om företaget allvarligt och systematiskt har brutit mot de bestämmelser i nationell rätt som genomför de regler i MiFID II om de villkor som gäller för verksamheten i värdepappersföretag och som gäller även för företag som hör hemma utanför EES eller om företaget omfattas av någon föreskrift i nationell rätt som innebär att åter- kallelse ska ske.</P>
<P class="p1037 ft2">I svensk rätt finns bestämmelser om företag som hör hemma utanför EES i lagen om värdepappersmarknaden (4 kap. <NOBR>4–6</NOBR> §§). Dessa bestämmelser innebär att det redan i dag krävs tillstånd och filial i Sverige för att ett företag som hör hemma utanför EES ska få driva värdepappersrörelse här i landet. Det har inte framkommit några skäl för att ändra den nuvarande ordningen. Den möjlighet som MiFID II ger medlemsstaterna att ställa upp dessa krav bör därför utnyttjas när direktivet genomförs i svensk rätt. De nuvarande bestämmelserna i lagen om värdepappersmarknaden om företag som hör hemma utanför EES måste emellertid justeras så att de stämmer överens med de regler som finns i MiFID II (artiklarna <NOBR>39–43).</NOBR></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">465</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_466">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=4 class="tr24 td235"><P class="p20 ft2">I lagen om värdepappersmarknaden anges de krav som ska vara upp-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">fyllda för att ett företag som hör hemma utanför EES ska få tillstånd att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">driva värdepappersrörelse från filial i Sverige (4 kap. 4 §). För det första</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">ska företaget stå under betryggande tillsyn i sitt hemland (4 kap. 4 § 1).</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">Något uttryckligt krav på att företaget i sitt hemland har tillstånd för</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">sådana tjänster som ska tillhandahållas eller sådan verksamhet som ska</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td215"><P class="p23 ft2">drivas genom filialen som motsvarar det</P></TD>
<TD class="tr26 td88"><P class="p23 ft2">som</P></TD>
<TD class="tr26 td211"><P class="p59 ft2">anges i</P></TD>
<TD class="tr26 td39"><P class="p20 ft2">MiFID II</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">(artikel 39.2 a) finns dock inte. Ett sådant uttryckligt krav bör därför tas</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">in i lagen. I lagen finns det inte heller några motsvarigheter till kraven i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">direktivet på att det i hemlandet ska finnas tillräckliga regler avseende</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">motverkande av penningtvätt och samarbetsarrangemang mellan Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">inspektionen och tillsynsmyndigheten i hemlandet (artikel 39.2 a sista</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">ledet respektive artikel 39.2 b). Vidare saknas det i lagen ett uttryckligt</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td215"><P class="p23 ft2">krav på startkapital (artikel 39.2 c), krav på</P></TD>
<TD colspan=3 class="tr25 td239"><P class="p20 ft2">ledningspersoner (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">el 39.2 d) och skatteavtal enligt normerna i OECD:s modellavtal (39.2 e).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">Även sådana krav bör därför tas in i lagen. Enligt gällande svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">krävs att filialen tillhör ett investerarskydd som uppfyller minst de krav</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">som gäller inom EES (4 kap. 4 § 2). Det krav som gäller enligt MiFID II är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">att företaget ska tillhöra ett system för investerarskydd som godkänts</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td215"><P class="p23 ft2">eller erkänts enligt investerarskyddsdirektivet</P></TD>
<TD colspan=2 class="tr25 td121"><P class="p73 ft2">(artikel 39.2 f).</P></TD>
<TD class="tr25 td39"><P class="p20 ft2">Kravet i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p23 ft2">lagen bör därför justeras så att det anges på samma sätt som i direktivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">I lagen om värdepappersmarknaden anges att en ansökan om tillstånd</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">ska innehålla en verksamhetsplan för den avsedda verksamheten (4 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">5 §). Detaljerade bestämmelser om innehållet i en ansökan om tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">finns i myndighetsföreskrifter (se 1 kap. 2 § Finansinspektionens före-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td215"><P class="p23 ft2">skrifter om värdepappersrörelse).</P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td39"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">Nuvarande bestämmelser om tillstånd i lagen om värdepappersmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">naden (4 kap. 4 § 3) innebär att tillstånd ska ges bara om det finns skäl att</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft27">anta att verksamheten kommer att drivas enligt bestämmelserna i den lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft27">och föreskrifter som meddelats med stöd av lagen. Ett tillägg bör göras med</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">hänvisning till MiFIR och andra författningar som reglerar verksamheten.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">Med andra författningar som reglerar verksamheten avses t.ex. regler i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">rättsakter som kommissionen har antagit enligt MiFID II eller MiFIR.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">Några ytterligare kompletteringar av bestämmelserna i lagen bör därför</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">inte krävas för att genomföra reglerna om tillstånd i MiFID II (artikel 41.1</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">första stycket). I lagen bör det dock tas in en bestämmelse om att Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">inspektionen inom sex månader efter det att en fullständig ansökan har</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">getts in ska underrätta företaget om huruvida det har fått tillstånd (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td215"><P class="p23 ft2">el 41.1 andra stycket).</P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td211"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td39"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">När ett företag har fått tillstånd ska verksamheten i filialen uppfylla i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">huvudsak alla de krav ett värdepappersföretag ska uppfylla när det till-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">handahåller investeringstjänster, utför investeringsverksamhet eller till-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">handahåller sidotjänster. Det är i första hand fråga om att företaget ska</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">uppfylla de krav som följer av reglerna om kundskydd och om transpa-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">rens (artikel 41.2). Finansinspektionen har enligt gällande rätt tillsyn över</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">den verksamhet som företag som hör hemma utanför EES driver genom</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td235"><P class="p20 ft2">filial i Sverige (1 kap. 2 § och 23 kap. 1 § tredje stycket lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p20 ft2">pappersmarknaden). Genomförandet i svensk rätt av dessa regler i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td235"><P class="p30 ft2">MiFID II kräver därför inte att det införs några ytterligare bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td321"><P class="p23 ft2">om tillsyn i lagen om värdepappersmarknaden</P></TD>
<TD colspan=2 class="tr25 td123"><P class="p20 ft2">(artikel 41.2 första</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">466</P></TD>
<TD colspan=4 class="tr27 td235"><P class="p20 ft2">stycket). Medlemsstaterna ska inte ställa några ytterligare krav på organi-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_467">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">sation och drift av filialen när det gäller de aspekter som omfattas av MiFID II och ska inte ge någon filial till ett företag som hör hemma utanför EES en mer gynnsam behandling företag som hör hemma inom EES (artikel 41.2 andra stycket).</P>
<P class="p150 ft2">Reglerna i direktivet om att det inte ska krävas tillstånd för inrättande av filial i situationer då en <NOBR>icke-professionell</NOBR> kund på eget initiativ kontaktar ett utländskt företag och får en investeringstjänst utförd (artikel 42), får närmast betraktas som en tolkningsregel för vad som avses med till- ståndspliktig värdepappersrörelse inom ett lands territorium. Om ett före- tag som hör hemma utanför EES tillhandahåller tjänster uteslutande på initiativ av en person som är etablerad inom EES, bör tjänsterna inte be- traktas som tillhandahållna på unionens territorium. Däremot ska det inte anses vara tjänster som tillhandahålls på kundens eget initiativ om ett företag som hör hemma utanför EES söker upp kunder eller presumtiva kunder i unionen eller erbjuder eller marknadsför investeringstjänster eller investeringsverksamhet tillsammans med sidotjänster (skäl 111). I svensk rätt betraktas det inte som tillhandahållande av tjänster i Sverige om en person här i landet på eget initiativ vänder sig till ett företag utom- lands för att få en tjänst utförd (jfr t.ex. prop. 2010/11:135 s. 135). Den situation som beskrivs i direktivet är således redan enligt gällande svensk rätt en sådan situation i vilken det inte krävs något tillstånd enligt lagen om värdepappersmarknaden (4 kap. 4 §). I direktivet beskrivs vidare att det förhållandet att en tjänst har tillhandahållits på kundens initiativ inte ger det utländska företaget rätt att marknadsföra ytterligare tjänster och produkter i samma land. Även detta stämmer överens med gällande svensk rätt. Det är således först när ett företag som hör hemma utanför EES ska marknadsföra investeringstjänster eller sidotjänster i Sverige som det måste ansöka om tillstånd enligt lagen om värdepappersmark- naden. Någon ändring i svensk rätt krävs därför inte för att genomföra reglerna i MiFID II om tillhandahållande av tjänster uteslutande på kundens eget initiativ.</P>
<P class="p1141 ft42">Frågan om återkallelse av tillstånd behandlas i avsnitten 14.3.2 och 14.3.6.</P>
<P class="p1306 ft3">Möjlighet att tillhandahålla tjänster eller utföra verksamheter utan tillstånd</P>
<P class="p1307 ft2">I MiFIR (artiklarna <NOBR>46–49)</NOBR> finns ytterligare regler om tillhandahållande av investeringstjänster och utförande av investeringsverksamhet för före- tag som hör hemma utanför EES. MiFIR ger en möjlighet för sådana företag att tillhandahålla investeringstjänster eller utföra investerings- verksamhet med eller utan eventuella sidotjänster inom EES utan att ha inrättat en filial. Tjänsterna eller verksamheterna får dock endast till- handahållas jämbördiga motparter och professionella kunder. Förutsätt- ningen för att ett företag som hör hemma utanför EES ska få tillhanda- hålla tjänster eller utföra verksamhet inom EES är att det är registrerat i det register över tredjelandsföretag som förs av Esma (artikel 46.1). Företaget ska ansöka om att få tillhandahålla investeringstjänster eller utföra investeringsverksamhet inom hela EES hos Esma. För att Esma ska registrera ett sådant företag i registret ska kommissionen ha antagit ett beslut om likvärdighet, företaget ska vara auktoriserat i den jurisdik-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">467</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_468">
<P class="p994 ft4">Prop. 2016/17:162 tion där dess huvudkontor är etablerat för tillhandahållande av de investeringstjänster eller den investeringsverksamhet som kommer att</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">tillhandahållas inom EES och omfattas av en effektiv övervakning och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kontroll av att det följer de regler som gäller för verksamheten samt ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">samarbetsavtal ha ingåtts mellan Esma och relevanta behöriga myndig-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">heter i det land där företaget hör hemma (artikel 46.2). Om ett företag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som hör hemma utanför EES har registrerats i enlighet med MiFIR, ska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">medlemsstaterna inte införa några ytterligare krav på företaget avseende</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">de frågor som täcks av förordningen och MiFID II och ska inte behandla</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företaget mer gynnsamt än företag inom EES (artikel 46.3).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Företaget ska lämna in sin ansökan till Esma efter det att kommis-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sionen antagit ett beslut i vilket fastställs att regelverket och tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">systemet i det land där företaget är auktoriserat är likvärdiga med kraven</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">i MiFIR, kapitaltäckningsdirektivet och MiFID II (artikel 46.4 första</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stycket i MiFIR). Företaget ska överlämna all nödvändig information för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">registreringen till Esma som ska göra en bedömning av om ansökan är</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">fullständig inom 30 arbetsdagar från och med mottagandet av ansökan.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Om ansökan inte är fullständig ska Esma fastställa en tidsfrist inom</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">vilken det ansökande företaget måste lämna kompletterande information</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">(artikel 46.4 andra stycket). Registreringsbeslutet ska baseras på de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">villkor som gäller för registrering (artikel 46.4 tredje stycket). Esma ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inom 180 arbetsdagar från och med inlämnandet av en fullständig an-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sökan skriftligen och med en motiverad förklaring informera det ansök-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ande företaget om huruvida registrering har beviljats eller avslagits</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 46.4 fjärde stycket). Medlemsstaterna får tillåta företag som hör</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">hemma utanför EES att tillhandahålla investeringstjänster eller utföra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">investeringsverksamhet tillsammans med sidotjänster till jämbördiga</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">motparter och professionella kunder inom det egna territoriet i enlighet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">med nationella system, om kommissionen inte har fattat något beslut om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">likvärdighet eller om ett sådant beslut har upphört att gälla (artikel 46.4</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">femte stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Företag som hör hemma utanför EES och som tillhandahåller tjänster</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">efter att de registrerats hos Esma ska före tillhandahållandet av varje</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">investeringstjänst informera kunder som är etablerade inom EES om att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">de inte har rätt att tillhandahålla tjänster till andra kunder än jämbördiga</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">motparter och till professionella kunder och att de inte omfattas av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">övervakning inom EES (artikel 46.5 första stycket). Företaget ska även</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppge namn på och adress till den behöriga myndighet som ansvarar för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">övervakningen i det land företaget hör hemma. Informationen ska lämnas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skriftligen på ett väl synligt sätt. Om ett sådant företag tillhandahåller en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">investeringstjänst eller utför investeringsverksamhet uteslutande på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">initiativ av en jämbördig motpart eller en professionell kund som är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">etablerad i eller befinner sig inom EES, ska länderna inom EES se till att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kravet på registrering hos Esma inte tillämpas på företagets tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hållande av tjänsten eller utförande av verksamheten åt denna person</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 46.5 tredje stycket). Ett initiativ från sådana kunder ska dock inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ge företaget rätt att marknadsföra nya kategorier av investeringspro-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dukter eller investeringstjänster till den berörda personen. Företag som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">hör hemma utanför EES och som tillhandahåller eller utför tjänster eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">verksamhet efter att de registrerats hos Esma ska, innan de tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">468</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">någon tjänst eller utför någon verksamhet i förhållande till en kund som</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_469">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">är etablerad inom EES, erbjuda sig att hänskjuta eventuella tvister av- seende dessa tjänster eller denna verksamhet till en domstol eller skilje- domstol i en medlemsstat (artikel 46.6).</P>
<P class="p150 ft2">Regler om information som ett företag som ansöker om registrering ska lämna till Esma i sin ansökan och det format i vilket informationen ska lämnas till kunder finns i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets förordning nr 600/2014 avseende tekniska tillsynsstandarder för registreringsinformationen för tredjelandsföretag och formatet för den information som ska tillhandahållas kunder (C[2016] 4407 final).</P>
<P class="p150 ft2">Kommissionen får enligt MiFIR fatta ett beslut avseende ett land utanför EES och ange att regelverket och tillsynssystemet där säkerställer att företag som är auktoriserade i det landet iakttar sådana rättsligt bindande krav avseende tillsyn och affärsuppförande som är likvärdiga med och minst lika effektiva som kraven i MiFIR, kapital- täckningsdirektivet och MiFID II samt de genomförandebestämmelser som antas i enlighet med MiFIR och nämnda direktiv och att det landets rättsliga ram ger ett effektivt likvärdigt system för ömsesidigt erkännande av värdepappersföretag som är auktoriserade i enlighet med landets rätts- ordningar (artikel 47.1 första stycket). Tillsynssystemet och affärs- uppförandet i ett sådant land får anses ha likvärdig verkan om det minst uppfyller villkoren att företag som tillhandahåller investeringstjänster och investeringsverksamhet i det landet är föremål för godkännande och effektiv och kontinuerlig övervakning och kontroll av att de följer de regler som gäller för verksamheten, är föremål för tillräckliga kapitalkrav och för lämpliga krav vad avser aktieägare och medlemmar av lednings- organet, omfattas av adekvata organisatoriska krav på området intern- kontrollfunktioner, omfattas av lämpliga uppföranderegler och marknad- ernas transparens och integritet tryggas genom att marknadsmissbruk i form av insiderhandel och marknadsmanipulation förebyggs (artikel 47.1 andra stycket).</P>
<P class="p979 ft2">Enligt MiFIR ska Esma upprätta samarbetsarrangemang med relevanta behöriga myndigheter i ett land utanför EES vars regelverk och tillsyns- system har erkänts som faktiskt likvärdiga (artikel 47.2). Sådana arrange- mang ska bl.a. ange mekanismen för informationsutbyte mellan Esma och de behöriga myndigheterna i det landet samt att Esma ska få tillträde till alla uppgifter som Esma begär om företagen, omedelbar underrättelse till Esma om ett företag som hör hemma utanför EES bryter mot vill- koren för sin auktorisation eller annan rätt som det är skyldigt att följa och förfaranden för samordning av tillsynsverksamhet och inspektioner på plats. Om kommissionen fattar ett beslut som innebär att det återtar sitt beslut om likvärdighet med avseende på det landet utanför EES, får ett företag som hör hemma i det landet inte längre tillhandahålla investe- ringstjänster eller utföra investeringsverksamhet inom EES (artikel 47.4).</P>
<P class="p979 ft2">Esma ska föra register över de företag som hör hemma utanför EES som får tillhandahålla investeringstjänster eller utföra investeringsverk- samhet inom EES (artikel 48). Registret ska vara tillgängligt för allmän- heten på Esmas webbplats och innehålla information om vilka tjänster och verksamheter som företaget har tillåtelse att tillhandahålla eller ut- föra samt referensuppgifter om den behöriga myndighet som är ansvarig för övervakningen av företagen i det land de hör hemma utanför EES.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">469</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_470">
<P class="p966 ft2">Prop. 2016/17:162 Esma ska återkalla ett företags registrering när Esma har välgrundade skäl att anta att företaget agerar på ett sätt som klart strider mot invest- erarnas intressen eller hindrar marknaderna från att fungera korrekt eller på ett allvarligt sätt har brutit mot de bestämmelser som företaget är skyl- digt att följa, när Esma har hänskjutit frågan till företagets behöriga myn- dighet som inte har vidtagit de lämpliga åtgärder som krävs för att skydda investerarna och inte har kunnat visa att företaget uppfyller de krav som är tillämpliga på det (artikel 49.1). Esma ska även ha under- rättat den behöriga myndigheten i det land utanför EES där företaget hör hemma om avsikten att återkalla företagets registrering minst trettio dagar före återkallandet. Esma ska utan dröjsmål underrätta kommis- sionen om varje åtgärd som antas och offentliggöra beslutet på sin webb- plats (artikel 49.2). Kommissionen ska göra en utvärdering av om de villkor enligt vilka ett beslut om likvärdighet har fattats ska fortsätta att gälla vad avser det berörda landet utanför EES (artikel 49.3).</P>
<P class="p1308 ft4">Reglerna i MiFIR om möjligheten för företag utanför EES att under vissa förutsättningar tillhandahålla investeringstjänster och utföra investeringsverksamhet är direkt tillämpliga i svensk rätt och de för- anleder därför inte någon lagstiftningsåtgärd.</P>
<TABLE cellpadding=0 cellspacing=0 class="t157">
<TR>
<TD class="tr47 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td55"><P class="p53 ft121">11.4</P></TD>
<TD class="tr47 td349"><P class="p32 ft21">Anknutna ombud</P></TD>
</TR>
<TR>
<TD class="tr60 td42"><P class="p23 ft120"> </P></TD>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p216 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Kravet att ett värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">träffat avtal med ett anknutet ombud som har sitt driftställe i ett annat</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">land inom EES, som inte tillåter att värdepappersföretag som hör</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">hemma i det landet utser anknutna ombud, ska anmäla ombudet för</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">registrering och utföra kontroll utmönstras ur lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">marknaden.</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p175 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det krävs ingen lagstiftningsåtgärd för</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">att genomföra reglerna i MiFID II om krav på värdepappersföretag</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">som utser anknutna ombud.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>behandlar inte frågan.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker regeringens förslag och bedömning eller</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har inget att invända mot dem.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt MiFID II ska</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">medlemsstaterna tillåta att värdepappersföretag utser anknutna ombud för</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">att marknadsföra företagens tjänster, genomföra affärer eller ta emot in-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">struktioner eller order från kunder eller presumtiva kunder och vidare-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">befordra dem, göra placeringar i finansiella instrument samt tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">hålla rådgivning i fråga om finansiella instrument och tjänster som er-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bjuds av samma värdepappersföretag (artikel 29.1). Motsvarande regler</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">finns i MiFID I (artikel 23.1). Enligt MiFID I har dock medlemsstaterna</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">en möjlighet att inte tillåta att värdepappersföretag utser anknutna om-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bud. En sådan möjlighet finns inte enligt MiFID II. Kravet i lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">värdepappersmarknaden (6 kap. 2 §) att ett värdepappersinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">träffat avtal med ett anknutet ombud som har sitt driftställe i ett annat</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">470</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">land inom EES, som inte tillåter att värdepappersföretag som hör hemma</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_471">
<P class="p186 ft4">i det landet utser anknutna ombud, ska anmäla ombudet för registrering Prop. 2016/17:162 och utföra kontroll bör därför utmönstras ur lagen.</P>
<P class="p264 ft4">De övriga kraven i MiFID II (artikel 29) som rör anknutna ombud mot- svarar i sak de krav som finns i MiFID I (artikel 23). Det krävs därför inte någon lagstiftningsåtgärd för att genomföra de reglerna.</P>
<P class="p981 ft1">12 Bolagsstyrning</P>
<P class="p1309 ft21"><SPAN class="ft121">12.1</SPAN><SPAN class="ft160">Inledning</SPAN></P>
<P class="p1310 ft2">I MiFID I finns krav på att personerna som leder verksamheten i tillstånds- pliktiga företag har tillräckligt god vandel och tillräcklig erfarenhet för att säkerställa en sund och ansvarsfull ledning av företaget (artiklarna 9 och 37). I direktivet är reglerna för de tillståndspliktiga företagens ledning mer utförliga än i MiFID I. I MiFID II ställs detaljerade krav på de personer som leder företagens verksamhet, i direktivet benämnt ledningsorganet (se även avsnitt 7.15.3), och det specificeras därtill uttryckligen att lednings- organet ska utföra vissa uppgifter (artiklarna 9, 45 och 63).</P>
<P class="p1311 ft118"><SPAN class="ft121">12.2</SPAN><SPAN class="ft166">Styrelsens och verkställande direktörens kvalifikationer, styrelsens sammansättning och styrelsens uppgifter</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t164">
<TR>
<TD class="tr45 td72"><P class="p53 ft127">12.2.1</P></TD>
<TD class="tr45 td330"><P class="p44 ft129">Terminologi</P></TD>
<TD class="tr45 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
<TD class="tr53 td158"><P class="p23 ft57"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Med termen ledningsorgan bör för svenska</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">företag avses styrelse eller styrelse och verkställande direktör. Termen</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">ledningsorgan bör inte användas i lagen om värdepappersmarknaden.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">I stället bör det i berörda bestämmelser uttryckligen anges om det är</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">styrelsen eller styrelsen och verkställande direktören som omfattas av</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td371"><P class="p57 ft2">bestämmelsen.</P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td158"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens bedömning.</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td330"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID I används uttrycket ”de</SPAN></P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">personer som leder verksamheten” (artiklarna 9.1 och 37.1), medan</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">termen ledningsorganet används i MiFID II (artiklarna 9, 45 och 63).</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">Med ledningsorgan avses i MiFID II (artikel 4.1.36) det eller de organ i</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">värdepappersföretag, marknadsoperatörer och leverantörer av data-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">rapporteringstjänster som har utsetts i enlighet med nationell rätt och har</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">bemyndigats att fastställa enhetens strategi, mål och allmänna inriktning</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">och som kontrollerar och övervakar ledningens beslutsfattande. Det</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td72"><P class="p23 ft2">omfattar</P></TD>
<TD class="tr26 td330"><P class="p23 ft2">också personer som i praktiken leder enhetens verksamhet.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">I MiFID II finns även en definition av uttrycket ”personer i ledande befatt-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ning” som avser fysiska personer som utövar verkställande uppgifter i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td235"><P class="p23 ft2">företaget och som har ansvaret för och kan ställas till svars av lednings-</P></TD>
<TD class="tr31 td158"><P class="p20 ft2">471</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_472">
<P class="p966 ft2">Prop. 2016/17:162 organet för den dagliga ledningen av enheten, inbegripet genomförandet av strategier avseende företagets och dess personals distribution av tjänster och produkter (artikel 4.1.37). I den svenska språkversionen av MiFID II anges dock i dessa båda definitioner felaktigt marknadsplatsaktör och inte marknadsoperatör som är det som avses (i den engelska språkver- sionen anges market operator). En i stort sett identisk definition av vad som avses med ledningsorganet finns i kapitaltäckningsdirektivet (artikel 3.1.7). I kapitaltäckningsdirektivet motsvarar därtill definitionen av ”verk- ställande ledning” (artikel 3.1.9) i princip definitionen av ”personer i ledande befattning” i MiFID II. När kapitaltäckningsdirektivet genom- fördes i svensk rätt ansågs ledningsorganet, för svenska förhållanden, primärt avse styrelsen i ett aktiebolag och att definitionen av lednings- organet också skulle ses i ljuset av direktivets begrepp ”verkställande ledning” (prop. 2013/14:228 s. 166 f.). I det sammanhanget konstaterades att kapitaltäckningsdirektivet är utformat för att tillämpas inom EU med mycket skiftande bolagsrättsliga traditioner, vilket innebär att reglerna om ledningsorgan i vissa fall borde anses ta sikte på såväl styrelsen som den verkställande direktören. I enlighet med svensk lagstiftningstradition ansågs det därför lämpligast att i varje särskilt fall ange om det är styrelsen eller styrelsen och verkställande direktören som omfattas av respektive bestämmelse. Vidare konstaterades att med styrelsen (styrelse- ledamöter) respektive verkställande direktören inte automatiskt avsågs ersättare för dessa såvida inte det särskilt angivits. Detsamma bör enligt regeringens bedömning gälla för vad som bör avses med ledningsorganet i MiFID II. Termen ledningsorgan bör därför inte införas i lagen om värde- pappersmarknaden. I svensk rätt bör termen styrelse eller uttrycket ”styrelse och verkställande direktör” användas i stället för termen led- ningsorganet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t148">
<TR>
<TD class="tr54 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr54 td191"><P class="p80 ft127">12.2.2</P></TD>
<TD class="tr54 td386"><P class="p39 ft129">Kraven på kvalifikationer, sammansättning och</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td386"><P class="p39 ft129">nomineringskommitté</P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p216 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Bestämmelser om krav på styrelsens samlade</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft27">kunskap och erfarenhet i en börs, begränsningen av antalet uppdrag som</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">styrelseledamöter och verkställande direktör i en börs får ha samt</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">kravet på styrelseledamöter och verkställande direktör i en börs att av-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">sätta tillräcklig tid för att kunna utföra sitt uppdrag tas in i lagen om</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2">Regeringen eller den myndighet som regeringen bestämmer får</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">meddela föreskrifter om en börs mångfaldspolicy vid tillsättandet av</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">styrelse samt resurser för introduktion och utbildning av styrelse-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">ledamöter.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p894 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det bör inte införas några bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p57 ft2">om nomineringskommitté i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p894 ft25">Utredningens förslag och bedömning <SPAN class="ft2">överensstämmer i huvudsak</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">med regeringens förslag och bedömning. Utredningens förslag avviker</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">från regeringens förslag genom att enligt utredningens förslag ska även</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">de mer specifika kraven på styrelsen och styrelseledamöterna samt verk-</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td42"><P class="p969 ft2">472</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">ställande direktör i en börs genomföras genom myndighetsföreskrifter.</P></TD>
</TR>
<TR>
<TD class="tr67 td191"><P class="p23 ft144"> </P></TD>
<TD class="tr67 td386"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_473">
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<DIV id="id_1">
<P class="p163 ft2">Utredningens förslag avviker även från regeringens förslag genom att utredningen inte föreslår att börser ska upprätta en mångfaldspolicy eller något bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om en sådan policy eller om resurser för introduktion och utbildning av styrelseledamöter.</P>
<P class="p311 ft27"><SPAN class="ft152">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget och bedömningen eller har inget att invända mot dem. <SPAN class="ft26">Finansinspektionen </SPAN>påpekar att det i utredningens förslag saknas vissa bemyndiganden för att inspektionen ska kunna genomföra de mer specifika kraven på styrelsen och dess ledamöter samt verkställande direktören i en börs genom före- skrifter. Detsamma gäller enligt Finansinspektionen kravet på att avsätta tillräckliga resurser för introduktion och utbildning, som enligt vad som framgår av utredningens parallelluppställning föreslås genomföras genom föreskrifter. Inspektionen gör vidare tolkningen att MiFID II innebär att marknadsoperatörer ska ha en mångfaldspolicy och påpekar att utredningens förslag saknar en kommentar om detta. <SPAN class="ft26">Juridiska fakultetsnämnden vid Stockholms universitet </SPAN>anser att det finns anledning att förutsättningslöst diskutera och överväga reglering av en nomine- ringskommitté. <SPAN class="ft26">Nasdaq Stockholm AB </SPAN>efterlyser att det tydligt anges i lagen att styrelseuppdrag i olika bolag i samma koncern ska anses utgöra ett enda uppdrag vid bedömningen av huruvida en styrelseledamot eller verkställande direktör har avsatt tillräcklig tid för ett visst uppdrag.</P>
<P class="p1312 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer med regeringens förslag.</P>
<P class="p348 ft26"><SPAN class="ft152">Remissinstanserna: </SPAN>Förvaltningsrätten i Stockholm <SPAN class="ft27">anser att den före- slagna regleringen avseende mångfaldspolicy är relativt ingripande och ger den delegerade myndigheten en betydande handlingsfrihet. Förvalt- ningsrätten anser att det mot denna bakgrund vore önskvärt att det regle- ras i lag att börser ska ha en mångfaldspolicy och att bemyndigandet av- ser utfyllande föreskrifter som i detalj reglerar de krav som uppställs av- seende policyns innehåll. </SPAN>Nasdaq Stockholm AB <SPAN class="ft27">anser att bemyndigandet i förslaget har en generell utformning som ger möjlighet att meddela föreskrifter som avviker från Esmas riktlinjer och att bemyndigandet bör hänvisa tydligare till de riktlinjer som avses. </SPAN>Näringslivets regelnämnd <SPAN class="ft27">anser att kraven på en mångfaldspolicy för ledningen för en börs går längre än MiFID II eftersom direktivets regler om nominerings- kommittéer inte är tillämpliga i Sverige och att regeringen måste redo- visa starka skäl för förslaget i förhållande till effekter och kostnader.</SPAN></P>
<P class="p1275 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1086 ft3">Kraven på vandel, kunskap, färdigheter och erfarenhet</P>
<P class="p1313 ft2">För värdepappersföretag gäller enligt MiFID II (artikel 9.1) att lednings- organet ska uppfylla vissa krav i kapitaltäckningsdirektivet (artiklarna 88 och 91). Det som avses är bl.a. ledningsorganets ansvar för styrnings- former för företaget och krav på nomineringskommitté (artikel 88) samt krav på ledamöterna i ledningsorganet (artikel 91). För marknadsoperatörer (börser) finns ingen sådan hänvisning utan motsvarande regler anges i stället i MiFID II (artikel 45). Dessa regler innebär bl.a. att styrelse och verkställande direktör ska ha tillräckligt god vandel samt tillräckliga kun- skaper, tillräckliga färdigheter och tillräckliga erfarenheter för att kunna fullgöra sina plikter (artikel 45.1). Kraven är i stort sett desamma som i</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">473</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_474">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">474</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">MiFID I (artikel 37.1). Där anges dock bara vandel och erfarenhet, inte kunskaper och färdigheter.</P>
<P class="p487 ft2">Dessa allmänt hållna krav kompletteras med regler om att styrelse och verkställande direktör kollektivt ska ha tillräckliga kunskaper, färdigheter och erfarenheter för att förstå företagets verksamhet i allmänhet och riskerna i verksamheten i synnerhet (jfr artikel 91.1 och 91.7 i kapitaltäcknings- direktivet och se artikel 45.1 och 45.2 b i MiFID II). Var och en av styrelseledamöterna samt verkställande direktören ska agera hederligt samt med integritet och oberoende, för att effektivt kunna ifrågasätta beslut av ledande befattningshavare i företaget och för att effektivt kunna kontrollera och övervaka beslutsfattandet (jfr artikel 91.8 i kapitaltäck- ningsdirektivet och se artikel 45.2 c i MiFID II). Från ett svenskt associa- tionsrättsligt perspektiv ska styrelsen kunna ifrågasätta och övervaka den verkställande direktören, som i sin tur ska kunna ifrågasätta och övervaka sina underlydande.</P>
<P class="p302 ft4">I både kapitaltäckningsdirektivet (artikel 91.9) och MiFID II (artik- el 45.3) ställs också krav på att företaget självt ska avsätta tillräckliga resurser för introduktion och utbildning av styrelseledamöter och verk- ställande direktör.</P>
<P class="p167 ft3">Begränsningar i antalet uppdrag</P>
<P class="p1188 ft2">Ledamöter i styrelsen och den verkställande direktören ska avsätta till- räcklig tid för att utföra sina uppgifter för värdepappersföretaget eller marknadsoperatören (artikel 91.2 och 91.3 i kapitaltäckningsdirektivet och artikel 45.2 a i MiFID II). Detta innebär bl.a. en begränsning i det antal styrelseuppdrag som personerna i fråga kan ha samtidigt. För samt- liga företag gäller att en allmän skälighetsbedömning ska göras av hur många uppdrag en enskild ledamot bör ha. Bedömningen är beroende av arten, omfattningen och komplexiteten i verksamheten. För företag av betydande storlek finns även en uttrycklig kvantitativ begränsning. För en beskrivning av vilka företag som är att betrakta som betydande hänvisas till prop. 2013/14:228 s. 171 f. Huvudregeln för dessa företag är att en person kan kombinera ett uppdrag som verkställande direktör med två styrelseuppdrag och att en styrelseledamot som inte är verkställande direktör kan ha högst fyra styrelseuppdrag. Den behöriga myndigheten kan tillåta att en medlem i ledningsorganet får ha ytterligare ett uppdrag i ett ledningsorgan, dock utan verkställande funktion, dvs. detta ytterligare uppdrag kan inte vara ett uppdrag som verkställande direktör (artiklar- na 9.2 och 45.2 a fjärde stycket i MiFID II). Sådana tillstånd ska den behöriga myndigheten underrätta Esma om.</P>
<P class="p1314 ft2">När det gäller antalet uppdrag enligt huvudregeln ska styrelseuppdrag i samma koncern, eller i företag där värdepappersföretaget eller marknads- operatören har ett kvalificerat innehav, räknas som ett enda uppdrag (artikel 91.4 i kapitaltäckningsdirektivet och artikel 45.2 a tredje stycket MiFID II). Uppdrag i organisationer som inte har ett huvudsakligt kommersiellt syfte, t.ex. ideella föreningar, ska undantas från begräns- ningen av antalet uppdrag (artikel 91.5 i kapitaltäckningsdirektivet och artikel 45.2 a femte stycket i MiFID II). Regeringen anser att det saknas skäl att, såsom <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>efterlyser, i lag ange att styrelse- uppdrag i olika bolag i samma koncern ska anses utgöra endast ett upp-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_475">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">drag vid bedömningen av huruvida styrelseledamot eller verkställande direktör har avsatt tillräcklig tid för ett visst uppdrag. Huruvida en styrelseledamot eller verkställande direktör har avsatt tillräckligt med tid för ett visst uppdrag är enligt regeringens uppfattning något som måste prövas i varje enskilt fall utifrån en allmän skälighetsbedömning. Att notera är även att Esma enligt MiFID II (artikel 45.9 första stycket a) senast den 3 januari 2016 ska utfärda riktlinjer om begreppet tillräckligt med tid när det gäller den tid en medlem av ledningsorganet behöver avsätta för att utföra sina uppgifter, i förhållande till omständigheterna i det enskilda fallet och karaktären, omfattningen och komplexiteten hos marknadsoperatörens verksamhet. Några sådana riktlinjer har emellertid inte utfärdats ännu.</P>
<P class="p526 ft3">Nomineringskommitté</P>
<P class="p1216 ft2">Varje medlemsstat ska se till att ett värdepappersföretag eller en mark- nadsoperatör som är betydande i fråga om storlek, intern organisation och verksamhetens art, omfattning och komplexitet etablerar en nomine- ringskommitté bestående av styrelseledamöter som inte har en verk- ställande funktion i institutet (artikel 88.2 i kapitaltäckningsdirektivet och artikel 45.4 i MiFID II). I de fall styrelsen enligt nationell rätt inte har något inflytande över urvals- och utnämningsprocessen ska emellertid reglerna om nomineringskommitté inte tillämpas (artikel 88.2 femte stycket i kapitaltäckningsdirektivet och artikel 45.4 femte stycket i MiFID II). Vid genomförandet i svensk rätt av kapitaltäckningsdirektivet konstaterade regeringen att eftersom styrelsen i ett svenskt aktiebolag inte har till uppgift att lämna förslag till ny styrelse eller välja styrelse, oavsett om det rör sig om stämmovalda ledamöter eller arbetstagarleda- möter utsedda i enlighet med lagen (1987:1245) om styrelserepresen- tation för de privatanställda, är reglerna om nomineringskommitté i kapitaltäckningsdirektivet inte tillämpliga för svensk del (prop. 2013/14:228 s. 178). Regeringen gör samma bedömning när det gäller motsvarande regler om nomineringskommitté i MiFID II (artikel 45.4).</P>
<P class="p1287 ft45">Juridiska Fakultetsnämnden vid Stockholms universitet <SPAN class="ft4">anser att en reglering av nomineringskommitté ytterligare bör diskuteras och över- vägas. Detta är emellertid inte en fråga som bör behandlas i det före- varande lagstiftningsärendet.</SPAN></P>
<P class="p167 ft3">Genomförande i svensk rätt</P>
<P class="p952 ft2">När reglerna i kapitaltäckningsdirektivet om krav på styrelseledamöter och verkställande direktör genomfördes i svensk rätt gjorde regeringen bedömningen att några av de mer specifika kraven bl.a. avseende kun- skaper och erfarenheter inte lämpade sig för att regleras i lag utan borde genomföras i föreskrifter på lägre nivå (se prop. 2013/14:228 s. <NOBR>167–174).</NOBR> Dock genomfördes kravet på styrelsens samlade kunskap, begränsningen av antalet uppdrag som styrelseledamöter och verkställande direktör får ha samt kravet på att avsätta tillräcklig tid för att kunna utföra sitt upp- drag genom lag (se 10 kap. 8 <NOBR>a–8</NOBR> c §§ lagen om bank- och finansierings- rörelse och 8 kap. 8 <NOBR>b–8</NOBR> d §§ lagen om värdepappersmarknaden). För bankaktiebolag och värdepappersbolag är det således det som gäller. Regeringen anser att motsvarande regler i MiFID II som gäller för mark-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">475</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_476">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">476</P>
</DIV>
<DIV id="id_2">
<P class="p116 ft2">nadsoperatörer bör genomföras på samma sätt. I lagen om värdepappers- marknaden bör det därför införas bestämmelser om styrelsens samlade kunskap och erfarenhet och om begränsning av antalet uppdrag som styrelseledamöter och verkställande direktör i en börs får ha. Bestäm- melserna bör utformas efter förebild av dem som gäller för värde- pappersbolag.</P>
<P class="p912 ft4">När det gäller de mer specifika krav som ska ställas på styrelsen och dess ledamöter samt verkställande direktör i en börs i denna del framgår</P>
<P class="p518 ft2">av MiFID II (artikel 45.9 första stycket b c) att Esma ska utfärda rikt- linjer om bl.a. begreppet tillräckliga kunskaper, färdigheter och erfaren- heter hos ledningsorganet som helhet och begreppen hederlighet, integri- tet och oberoende hos en medlem av ledningsorganet senast den 3 januari 2016. Några sådana riktlinjer har emellertid inte utfärdats ännu.</P>
<P class="p1315 ft45">Mångfaldspolicy och resurser för introduktion och utbildning av styrelseledamöter</P>
<P class="p518 ft2">Medlemsstaterna eller de behöriga myndigheterna ska kräva att företagen och deras respektive nomineringskommittéer beaktar en bred uppsättning egenskaper och kunskaper vid rekrytering av dem som ska ingå i ledningsorganet och ska därför införa en policy som främjar mångfald i ledningsorganet för ett värdepappersföretag eller en marknadsoperatör (artikel 91.10 i kapitaltäckningsdirektivet och artikel 45.5 i MiFID II). <SPAN class="ft3">Näringslivets regelnämnd </SPAN>anser att kraven på en mångfaldspolicy för ledningen för en börs går längre än MiFID II, eftersom direktivets regler om nomineringskommittéer inte är tillämpliga i Sverige. När reglerna i kapitaltäckningsdirektivet genomfördes i svensk rätt gjorde regeringen emellertid bedömningen att utformningen av det direktivet och den svenska bolagsstyrningsmodellen medför att det med ledningsorgan i detta sammanhang endast avses ett företags styrelse och således inte den verkställande direktören (prop. 2013/14:228 s. 175). Vidare gjorde rege- ringen bedömningen att skyldigheten för medlemsstaterna att genomföra kraven på mångfaldspolicy gäller trots att reglerna om nominerings- kommitté i kapitaltäckningsdirektivet (artikel 88.2) inte är tillämpliga i Sverige samt att skyldigheten att ta fram en mångfaldspolicy eller bestämma vilket organ som ska vara ansvarigt för att ta fram en sådan i detta fall bör ligga på det berörda institutet (samma prop. s. 175 och 177 f.). Regeringen gör samma bedömning när det gäller motsvarande regler om nomineringskommitté i marknadsoperatörer i MiFID II (artikel 45.4). Vidare anförde regeringen i samband med genomförandet av kapitaltäckningsdirektivet att det var lämpligt att kravet på mångfalds- policy genomförs på myndighetsnivå genom föreskrifter på lägre nivå än lag (samma prop. s. 175). Det är därför, vilket även <SPAN class="ft3">Finansinspektionen </SPAN>påpekar, lämpligt att kravet i MiFID II på mångfaldspolicy även för börser genomförs på samma sätt.</P>
<P class="p1316 ft4"><SPAN class="ft45">Förvaltningsrätten i Stockholm </SPAN>framför att bemyndigandets generella utformning ger en betydande handlingsfrihet. <SPAN class="ft45">Nasdaq Stockholm AB </SPAN>framför att bemyndigandet innebär en möjlighet att frångå Esmas rikt- linjer. Regeringen konstaterar att Esma enligt Esmaförordningen (artik- el 16) får utfärda riktlinjer och rekommendationer som visserligen inte är rättsligt bindande men som de behöriga myndigheterna och aktörerna på</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_477">
<DIV id="dimg1">
<INGENBILD zsrc="H403162477x1.jpg/" id="img1">
</DIV>
<P class="p1129 ft4">finansmarknadsområdet med alla tillgängliga medel ska försöka följa Prop. 2016/17:162 (artikel 16.3) för att inte bryta mot förordningen. Det får därför förut-</P>
<P class="p1006 ft2">sättas att Finansinspektionen med alla tillgängliga medel försöker följa de riktlinjer som Esma utfärdar även när inspektionen meddelar före- skrifter som rör riktlinjerna.</P>
<P class="p1134 ft2">Regeringen anser i och för sig att det kan övervägas om inte ett krav på mångfaldspolicy bör framgå direkt av lag, så som <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>förordar. Enligt regeringens uppfattning talar emellertid vikt- en av en enhetlig reglering i detta avseende och möjligheten för Finans- inspektionen att meddela föreskrifter kopplade till krav som kan ställas för att uppfylla kravet på mångfaldspolicy för att reglerna, även när det gäller börser, genomförs i myndighetsföreskrifter. För värdepappersbolag gäller i dag att regeringen eller den myndighet som regeringen bestäm- mer får meddela föreskrifter om mångfaldspolicy vid tillsättandet av styrelse samt resurser för introduktion och utbildning av styrelseleda- möter (8 kap. 42 § lagen om värdepappersmarknaden). Ett motsvarande bemyndigande avseende börser bör således införas. Esma ska utfärda riktlinjer om begreppet tillräckliga personalresurser och finansiella resurser för installation och utbildning av medlemmar i ledningsorganet och begreppet mångfald som ska beaktas vid urvalet av medlemmar i ledningsorganet (artikel 45.9 första stycket d och e i MiFID II).</P>
<P class="p1317 ft129"><SPAN class="ft127">12.2.3</SPAN><SPAN class="ft161">Styrelsens uppgifter</SPAN></P>
<P class="p1318 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>En katalog över styrelsens uppgifter tas in i lagen om värdepappersmarknaden.</P>
<P class="p1319 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>avviker från regeringens förslag på så sätt att uppgifterna i den katalog som tas in i lagen om värdepappersmarknaden enligt utredningens förslag även omfattar den verkställande direktören.</P>
<P class="p1001 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p1320 ft2"><SPAN class="ft25">Promemorian </SPAN>tar inte upp frågan.</P>
<P class="p1001 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN><SPAN class="ft3">Svenska Bankföreningen </SPAN>noterar att promemorian behandlar förslag där det är fråga om en översyn och justering av lag- texten i flera avseenden. Föreningen anser att det, mot bakgrund av det ökade antalet finansiella lagstiftningsprodukter med en hög detaljerings- grad, är oerhört viktigt att alla otydligheter i regelfloran klargörs för att skapa en förutsägbar och rättssäker grund för företagen att agera utifrån. Föreningen framhåller särskilt vikten av att 8 kap. 6 § lagen om bank- och finansieringsrörelse ändras så att det klart framgår att styrelsen såvitt avser hanteringen av de avtal och tjänster med jävskretsen som avses i 8 kap. 5 § i vissa bestämda fall ska kunna delegera beslutanderätten till ett styrelseutskott, att styrelsen ska kunna fastställa kreditlimiter inom vilka beslut ska kunna fattas av andra enheter i banken och att styrelsen även avseende andra avtal har möjlighet att fastställa ramar inom vilka andra enheter i banken kan fatta beslut.</P>
<P class="p1007 ft4"><SPAN class="ft103">Skälen för regeringens förslag: </SPAN>I MiFID II ställs krav på lednings- organets styrning av företaget (artiklarna 9.3, 45.6 och 63.4). Som</P>
<P class="p1000 ft145">framgår av avsnitt 12.2.1 avses med ledningsorganet styrelsen eller</P>
<P class="p1135 ft2">477</P>
</DIV>
<DIV id="page_478">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p57 ft2">styrelsen och verkställande direktören. Kraven är, i likhet med vad</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">utredningen påpekar, relativt allmänt hållna. Ledningsorganet ska t.ex.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft27">fastställa, övervaka och implementera styrningssystem som säkerställer en</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">effektiv och ansvarsfull styrning av organisationen, vilket inkluderar</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">åtskillnad av arbetsuppgifter inom företaget och förebyggande av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">intressekonflikter (artiklarna 9.3 första stycket, 45.6 första stycket och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">63.4).</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">För värdepappersföretag preciseras detta ytterligare i direktivet (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">9.3 <NOBR>andra–fjärde</NOBR> styckena). Ledningsorganet ska fastställa, godkänna och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ha uppsikt över företagets organisation när det gäller tillhandahållandet</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">av investeringstjänster och utövandet av investeringsverksamhet. Detta</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">inkluderar vilka färdigheter, kunskaper och expertis som krävs av per-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">sonalen samt vilka resurser, rutiner och arrangemang som behövs för att</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tillhandahålla tjänster och driva verksamheten. Vid utformningen av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">organisationen ska arten, omfattningen och komplexiteten i företagets</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">verksamhet beaktas (artikel 9.3 andra stycket a). Ledningsorganet ska</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">också fastställa, godkänna och ha uppsikt över en policy för vilka tjänster,</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">transaktioner, produkter och verksamheter som företaget ska erbjuda eller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ägna sig åt. Detta ska göras i enlighet med företagets risktolerans samt</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">med beaktande av vilka kunderna är och vilka behov de har. Policyn ska</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">även inkludera i vilken utsträckning företaget ska utföra lämpliga stress-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tester i förekommande fall (artikel 9.3 andra stycket b). Ledningsorganet</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">ska även utforma en ersättningspolicy till personer som deltar i tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">hållandet av tjänster till kunder, som syftar till att kunderna ska behandlas</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">rättvist och att intressekonflikter undviks (artikel 9.3 andra stycket c).</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">Ledningsorganet för ett värdepappersföretag ska slutligen övervaka och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">regelbundet utvärdera företagets strategiska mål i tillhandahållandet av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">investeringstjänster och utförandet av investeringsverksamhet och sido-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tjänster, effektiviteten i värdepappersföretagets styrningsformer och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">lämpligheten hos de strategier som har att göra med tillhandahållandet av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tjänster till kunder och vidta lämpliga åtgärder för att rätta till eventuella</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">brister (artikel 9.3 tredje stycket). Nämnda krav gäller även för kredit-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">institut (artikel 1.3 a i MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Ledningsorganet för en marknadsoperatör ska övervaka och regelbun-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">det utvärdera effektiviteten hos marknadsoperatörens styrningsarrange-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">mang och vidta lämpliga åtgärder för att rätta till eventuella brister (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">el 45.6 andra stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Ledningsorganet för ett värdepappersföretag och en marknadsoperatör</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ska också ha tillgång till all information som behövs för att kunna över-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">vaka beslutsfattandet i företaget (artiklarna 9.3 fjärde stycket och 45.6</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tredje stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Dessa uppgifter, som enligt MiFID II åvilar ledningsorganet för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">värdepappersföretag, ett kreditinstitut, en marknadsoperatör och en</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">leverantör av datarapporteringstjänster, är typiskt sett sådana som redan</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">enligt gällande rätt åvilar styrelsen i ett aktiebolag, se 8 kap. 4 §</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">aktiebolagslagen (2005:551). Uppgifterna avser frågor av övergripande</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft27">eller strategisk vikt i bolaget och faller därmed utanför den löpande förvalt-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ning som ankommer på den verkställande direktören (jfr 8 kap. 29 § aktie-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">bolagslagen). Detta gäller t.ex. uppgifter att säkerställa en effektiv och</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">sund styrning av organisationen, utforma strategiska mål och övervaka</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">478</P></TD>
<TD class="tr27 td64"><P class="p57 ft2">verksamheten. I vissa delar är uppgifterna i direktivet något mer preci-</P></TD>
</TR>
</TABLE>
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<P class="p186 ft4">serade, t.ex. att utforma organisationen så att intressekonflikter undviks Prop. 2016/17:162 och att utforma en policy för tillhandahållandet av tjänster och produkter.</P>
<P class="p113 ft2">Preciseringarna är dock en följd av den verksamhet som drivs av värde- pappersföretag.</P>
<P class="p144 ft2">Regeringen anser att dessa regler i MiFID II (artiklarna 9.3, 45.6 och 63.4) bör genomföras i svensk rätt när det gäller värdepappersinstitut, börser och leverantörer av datarapporteringstjänster genom att en motsvarande katalog för respektive organisation tas in i lagen om värdepappersmarknaden. Regeringen anser dock att det i katalogen bör anges att det är styrelsen som har ansvaret för uppgifterna och inte, som i utredningens förslag, att ansvaret åvilar både styrelsen och den verk- ställande direktören. En ordning med ett gemensamt ansvar riskerar enligt regeringens uppfattning att försvåra tillämpningen av bestämmel- serna. En ordning där det i lagen anges att det är styrelsen som ansvarar för uppgifterna innebär emellertid inte något hinder mot att styrelsen delegerar till den verkställande direktören att utföra uppgifterna enligt vad som redan i dag är möjligt enligt aktiebolagslagen. Påpekas bör dock att styrelsen inte kan delegera även sitt ansvar för att uppgifterna utförs.</P>
<P class="p1022 ft4">När det gäller de synpunkter som <SPAN class="ft45">Svenska Bankföreningen </SPAN>för fram är de frågorna inte föremål för översyn inom förevarande lagstiftnings- ärende.</P>
<P class="p1321 ft131"><SPAN class="ft127">12.2.4</SPAN><SPAN class="ft163">Ändringar i styrelsens sammansättning och antal ledamöter</SPAN></P>
<P class="p1322 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>För att genomföra reglerna i MiFID II om anmälan om ändringar i styrelsens sammansättning när det gäller värdepappersbolag, börser och leverantörer av datarapporterings- tjänster samt om antal ledamöter när det gäller värdepappersbolag krävs inga lagstiftningsåtgärder.</P>
<P class="p1022 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II finns regler avseende värdepappersföretag (artikel </SPAN><NOBR><SPAN class="ft2">9.4–9.6),</SPAN></NOBR><SPAN class="ft2"> avseende marknadsoperatörer (artikel 45.7 och 45.8) och leverantörer av datarapporteringstjänster (artikel 63.3 och 63.5) om att ändringar i styrelsens sammansättning ska anmälas till den behöriga myndigheten, att myndigheten inte ska ge före- tag tillstånd med mindre än att myndigheten anser att ledningen uppfyller ställda krav, samt – för värdepappersföretag – en regel om minsta antalet ledamöter.</SPAN></P>
<P class="p426 ft4">Motsvarande regler finns i MiFID I avseende värdepappersföretag (artikel <NOBR>9.2–9.4).</NOBR> De reglerna har i svensk rätt genomförts i bestämmelser i lagen om värdepappersmarknaden (3 kap. 1 § första stycket 5 och 6 och 5 § första stycket) och i Finansinspektionens föreskrifter om värdepap- persrörelse (5 kap. 9 §). Det krävs därför inte någon lagändring för att genomföra reglerna i MiFID II (artikel <NOBR>9.4–9.6).</NOBR></P>
<P class="p1323 ft2">479</P>
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<P class="p727 ft2">Prop. 2016/17:162 Enligt MiFID II får kommissionen anta tekniska standarder för tillsyn i syfte att fastställa kraven i fråga om värdepappersföretags ledning och den information som behövs för underrättelse till den behöriga myndig- heten om dem som ingår i ledningen för ett värdepappersföretag (artikel 7.4 första stycket b och tredje stycket). Kommissionen får även anta tekniska standarder för genomförande i syfte att fastställa standard- formulär, mallar och förfaranden för lämnande och tillhandahållande av uppgifter till den behöriga myndigheten (artikel 7.5 första stycket). Kommissionen har emellertid ännu inte antagit några sådana tekniska standarder. Om kommissionen antar tekniska standarder kan bestäm- melser i Finansinspektionens föreskrifter komma att behöva upphävas om de avser frågor som i stället regleras i en direkt tillämplig delegerad förordning eller genomförandeförordning med tekniska standarder.</P>
<P class="p580 ft2">När det gäller reglerna i MiFID I avseende marknadsoperatörer finns krav på att de personer som leder verksamheten av en reglerad marknad har den vandel och erfarenhet som krävs, att den reglerade marknadens operatör underrättar den behöriga myndigheten om vilka personer som leder verksamheten samt om alla förändringar av dessa personer (artikel 37.1 första stycket). Vidare får den behöriga myndigheten inte ge till- stånd eller godkänna föreslagna förändringar om de personer som leder verksamheten inte uppfyller kraven (artikel 37.1 andra stycket och 37.2). Dessa regler motsvarar reglerna i MiFID II (artikel 45.7 och 45.8).</P>
<P class="p1020 ft2">Reglerna i MiFID I har när det gäller marknadsoperatörer i svensk rätt genomförts i bestämmelserna om börser i lagen om värdepappersmark- naden (12 kap. 2 § 4) och i Finansinspektionens föreskrifter (FFFS 2007:17) om verksamheten på marknadsplatser (2 kap. 9 §). Det krävs därför inte någon lagstiftningsåtgärd för att genomföra motsvarande regler i MiFID II (artikel 45.7 och 45.8).</P>
<P class="p580 ft2">När det gäller leverantörer av datarapporteringstjänster anges i MiFID II (artikel 63.3) att alla ändringar när det gäller dem som ingår i styrelsen för företaget eller är verkställande direktör eller ersättare för någon av dem ska anmälas. Motsvarande krav gäller enligt direktivet även för värdepappersbolag (artikel 9.5 i MiFID II och artikel 9.2 i MiFID I). Kravet på anmälan anges inte i lagen utan i myndighetsföreskrifter (se prop. 2006/07:115 s. 350 f. och 5 kap. 9 § Finansinspektionens föreskrifter om värdepappersrörelse). Det krävs därför inte några lagstiftningsåtgärder för att genomföra kravet i MiFID II att en leverantör av datarapporteringstjänster ska anmäla ändringar i dess ledning till Finansinspektionen.</P>
<P class="p1324 ft23"><SPAN class="ft21">12.3</SPAN><SPAN class="ft162">Krav på organisation av verksamheten i värdepappersinstitut</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ett värdepappersinstitut ska ha sunda skydds- mekanismer för att säkerställa skyddet och autentiseringen vid infor- mationsöverföring samt för att minimera risken för dataförvanskning och för obehörig åtkomst till informationen.</P>
<P class="p629 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P>
<P class="p166 ft2">480</P>
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<P class="p747 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot Prop. 2016/17:162 det.</P>
<P class="p114 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II ställs krav på att ett värde- pappersföretag bl.a. ska ha sunda förfaranden för förvaltning och redo- visning när det gäller outsourcing (artikel 16.5). Motsvarande krav finns i MiFID I (artikel 13.5). Dessa krav har genomförts i svensk rätt i lagen om värdepappersmarknaden (8 kap. 11 och 14 §§). I MiFID II finns dock nya krav i förhållande till MiFID I. De innebär att ett värdepappersföretag ska ha inrättat sunda skyddsmekanismer för att garantera skyddet och autentiseringen vid informationsöverföring samt för att minimera risken för dataförvanskning och för obehörig åtkomst till informationen och för att förhindra informationsläckor, så att informationen alltid behandlas konfidentiellt (artikel 16.5 tredje stycket). Dessa krav ska dock inte in- verka på de behöriga myndigheternas rätt att få tillgång till informationen. De mekanismer som avses ska alltså skydda både mot förvanskning av data och mot att någon obehörig kommer åt t.ex. kundinformation. Dessa nya krav i MiFID II bör genomföras i en motsvarande bestämmelse i lagen om värdepappersmarknaden.</P>
<P class="p1325 ft1">13 Tillsyn</P>
<P class="p1326 ft21"><SPAN class="ft121">13.1</SPAN><SPAN class="ft160">Behöriga myndigheter</SPAN></P>
<P class="p1228 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska vara behörig myndighet enligt MiFIR.</P>
<P class="p1058 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att det ska utses behöriga myndigheter som ska fullgöra de uppgifter som föreskrivs i direktivet kräver inte någon lagstiftningsåtgärd.</P>
<P class="p357 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning. Utredningen föreslår inte att det i lag uttryckligen anges att Finans- inspektionen ska vara behörig myndighet enligt MiFIR.</P>
<P class="p147 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P>
<P class="p144 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt MiFID II ska varje medlemsstat utse de behöriga myndigheter som ska fullgöra var och en av de uppgifter som anges i MiFIR och MiFID II samt underrätta kommissionen, Esma och övriga medlemsstaters behöriga myndigheter om det (artikel 67.1).</SPAN></P>
<P class="p264 ft2">I svensk rätt är Finansinspektionen och Bolagsverket behöriga myndig- heter enligt MiFID I (jfr 1 kap. 5 § 2 lagen om värdepappersmarknaden). Bolagsverket är dock endast behörig myndighet när det gäller regist- rering av anknutna ombud. Finansinspektionen är behörig myndighet när det gäller övriga uppgifter som följer av MiFID I.</P>
<P class="p426 ft4">Eftersom Finansinspektionen och Bolagsverket redan är behöriga myndigheter enligt lagen om värdepappersmarknaden kräver reglerna i MiFID II om att det ska utses behöriga myndigheter inte någon lagstift- ningsåtgärd.</P>
<P class="p1323 ft2">481</P>
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<P class="p727 ft4">Prop. 2016/17:162 Regeringen anser däremot, till skillnad från utredningen, att det bör anges uttryckligen i lagen om värdepappersmarknaden att Finansinspek- tionen ska vara behörig myndighet enligt MiFIR.</P>
<P class="p1327 ft23"><SPAN class="ft21">13.2</SPAN><SPAN class="ft162">Finansinspektionens tillsyn över leverantörer av datarapporteringstjänster</SPAN></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska ha tillsyn även över leverantörer av datarapporteringstjänster. Leverantörer av data- rapporteringstjänster ska lämna Finansinspektionen upplysningar om sin verksamhet och därmed sammanhängande omständigheter.</P>
<P class="p1019 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II ska medlemsstaterna kräva att leverantörer av datarapporteringstjänster tillhandahåller sina tjänster under den behöriga myndighetens tillsyn (artikel 59.4).</P>
<P class="p575 ft2">I Sverige har Finansinspektionen tillsyn över värdepappersinstitut, börser, clearingorganisationer och sådana utländska företag som har tillstånd att driva en reglerad marknad från filial i Sverige (23 kap. 1 § lagen om värdepappersmarknaden). Sådana företag är även skyldiga att lämna Finansinspektionen upplysningar om sin verksamhet och därmed sammanhängande omständigheter (23 kap. 2 § samma lag).</P>
<P class="p580 ft2">För att genomföra MiFID II i svensk rätt bör Finansinspektionens rätt att utöva tillsyn utvidgas till att omfatta även leverantörer av datarapport- eringstjänster. Det innebär att Finansinspektionen även får tillsyn över sådana leverantörer av datarapporteringstjänster som inte är värdepap- persinstitut eller börser och som redan i dag omfattas av inspektionens tillsyn. I likhet med värdepappersinstitut och börser bör även sådana leverantörer av datarapporteringstjänster lämna Finansinspektionen upp- lysningar om sin verksamhet och därmed sammanhängande omstän- digheter.</P>
<P class="p1070 ft21"><SPAN class="ft21">13.3</SPAN><SPAN class="ft160">Tillsynsbefogenheter</SPAN></P>
<P class="p917 ft129"><SPAN class="ft127">13.3.1</SPAN><SPAN class="ft161">Inledning</SPAN></P>
<P class="p1328 ft2">De befogenheter som den behöriga myndigheten ska ha för att utreda och förhindra överträdelser av MiFID II (artikel 69) motsvarar i stor utsträck- ning de befogenheter som myndigheten ska vara utrustad med enligt MiFID I (artikel 50). Liknande befogenheter har nyligen varit föremål för överväganden bl.a. i samband med lagändringar med anledning av EU:s marknadsmissbruksförordning (se prop. 2016/17:22). I det följande redogörs för de befogenheter som de behöriga myndigheterna ska ha enligt MiFID II.</P>
<P class="p970 ft2">482</P>
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<P class="p1329 ft131"><SPAN class="ft127">13.3.2</SPAN><SPAN class="ft163">Rätt att få tillgång till dokument, data och information</SPAN></P>
<P class="p1330 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att få tillgång till dokument, data och infor- mation kräver inte någon lagstiftningsåtgärd.</P>
<P class="p164 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p181 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den. <SPAN class="ft3">Ekobrottsmyndigheten </SPAN>anser att ett resonemang om rätten att inte belasta sig själv bör föras i anslutning till bedömningen.</P>
<P class="p169 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>Enligt MiFID II ska den be- höriga myndigheten kunna få tillgång till dokument och andra uppgifter i vilken form som helst (artikel 69.2 första stycket a) och kunna begära att få information från vem som helst samt vid behov kalla en person till förhör för att inhämta upplysningar (artikel 69.2 första stycket b). Detta innebär inte någon skillnad i förhållande till MiFID I (artikel 50.2 a och b, se prop. 2006/07:115 s. 492 f.). Reglerna i det direktivet har i svensk rätt genomförts i lagen om värdepappersmarknaden (23 kap. 3 §). Ett företag eller någon annan är enligt gällande rätt skyldig att efter be- gäran tillhandahålla uppgifter eller handlingar till Finansinspektionen. Inspektionen har också rätt att kalla den som förväntas kunna lämna upplysningar till förhör. Undantag gäller dock avseende bestämmelserna om prospekt samt om det skulle strida mot den i lag reglerade tystnads- plikten för advokater. Om ett företag eller någon annan inte följer en sådan begäran från Finansinspektionen, får inspektionen förelägga denne att göra rättelse. Enligt lagen om värdepappersmarknaden (25 kap. 29 §) får ett sådant föreläggande förenas med vite. Inspektionen får enligt all- männa regler ansöka vid förvaltningsrätt om att vitet ska dömas ut. Be- stämmelser om viten finns i lagen (1985:206) om viten.</P>
<P class="p1331 ft2">Enligt MiFID II ska befogenheterna utövas i enlighet med nationell rätt (artikel 72.1). Undantaget för advokater bör därmed vara förenligt med direktivet (jfr prop. 2004/05:142 s. 117 f. och prop. 2006/07:115 s. 492). Detsamma gäller skyddet för meddelare som regleras i tryckfrihets- förordningen och yttrandefrihetsgrundlagen. Detta behöver dock inte uttryckas i lag då det är en självklar konsekvens av tryck- och yttrande- frihetslagstiftningen att bestämmelser i lag inte får tillämpas i den mån de strider mot grundlag. Finansinspektionens rätt enligt lagen om värde- pappersmarknaden att begära in information och kalla personer till förhör är i övrigt inte begränsad till vissa personer eller företag, utan den om- fattar alla som kan förväntas lämna uppgifter (23 kap. 3 § första stycket).</P>
<P class="p336 ft4">Reglerna i MiFID II om att den behöriga myndigheten ska få tillgång till dokument och information kräver således inte någon lagstiftnings- åtgärd.</P>
<P class="p1332 ft2">Frågan om rätten att inte belasta sig själv behandlas i avsnitt 14.3.4.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">483</P>
</DIV>
</DIV>
</DIV>
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<P class="p621 ft129"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>13.3.3 Rätt att utföra undersökningar på plats</P>
<P class="p1054 ft42"><SPAN class="ft141">Regeringens förslag: </SPAN>Finansinspektionen ska få genomföra plats- undersökningar även hos leverantörer av datarapporteringstjänster.</P>
<P class="p1053 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II ska den behöriga myndigheten kunna utföra kontroller eller undersökningar på plats (artikel 69.2 första stycket c). Det motsvarar i sak det som anges i MiFID I (artikel 50.2 c, se prop. 2006/07:115 s. 493 f.). Finansinspek- tionen får enligt gällande rätt utföra undersökningar på plats hos bl.a. värdepappersinstitut och börser (23 kap. 4 § lagen om värdepappers- marknaden). Denna rätt bör enligt tidigare förarbetsuttalanden avse endast inspektioner i företags kontorslokaler och liknande, alltså inte inspektioner i privatbostäder (samma prop. s. 630 f.).</P>
<P class="p711 ft4">MiFID II innebär att den behöriga myndigheten ska ha tillsyn även över leverantörer av datarapporteringstjänster (se avsnitt 13.2). Finans- inspektionens rätt att göra platsundersökningar bör därför utvidgas till att omfatta även leverantörer av datarapporteringstjänster.</P>
<P class="p1333 ft131"><SPAN class="ft127">13.3.4</SPAN><SPAN class="ft163">Rätt att ta del av inspelade telefonsamtal eller bevarad elektronisk kommunikation</SPAN></P>
<P class="p1052 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att ta del av inspelade telefonsamtal eller be- varad elektronisk kommunikation kräver inte någon lagstiftnings- åtgärd.</P>
<P class="p975 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>Enligt MiFID II ska den be- höriga myndigheten ha möjlighet att få del av inspelade telefonsamtal eller bevarad elektronisk kommunikation från värdepappersföretag, kreditinstitut och andra företag som regleras av det direktivet och MiFIR (artikel 69.2 första stycket d i MiFID II). Det motsvarar delvis det som anges i MiFID I (artikel 50.2 d). Enligt MiFID I krävs dock endast att den behöriga myndigheten har rätt att begära befintliga uppgifter om tele- och datatrafik.</P>
<P class="p758 ft2">Finansinspektionens rätt att begära att ett företag eller någon annan tillhandahåller uppgifter, handlingar eller annat omfattar även en rätt att få ta del av inspelningar av telefonsamtal och bevarad elektronisk kom- munikation (23 kap. 3 § första stycket 1 lagen om värdepappersmarknaden, se prop. 2006/07:115 s. 494 f.). Enligt gällande rätt finns det en skyldighet för värdepappersinstitut att använda inspelning vid t.ex. mäklarbord, se Finansinspektionens föreskrifter om värdepappersrörelse (21 kap. 3 §). I</P>
<P class="p1072 ft2">denna proposition föreslås att skyldigheten att spela in telefonsamtal</P>
<P class="p166 ft2">484</P>
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<DIV id="page_485">
<P class="p19 ft4">utvidgas och att det införs en skyldighet att bevara elektronisk Prop. 2016/17:162 kommunikation (se avsnitt 8.12). Inspelning av telefonsamtal kommer</P>
<P class="p272 ft2">även i andra fall att användas av tillståndspliktiga företag för att fullgöra dokumentationsskyldigheter avseende t.ex. rådgivning utan att det finns något uttryckligt krav i lag eller annan föreskrift på att just inspelning ska användas. Även i dessa fall har Finansinspektionen rätt att få ut in- spelningarna.</P>
<P class="p1219 ft42">Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att ta del av inspelade telefonsamtal eller bevarad elektronisk kommunikation kräver således inte någon lagstiftningsåtgärd.</P>
<P class="p1334 ft131"><SPAN class="ft127">13.3.5</SPAN><SPAN class="ft163">Rätt att begära att tillgångar fryses eller beläggs med kvarstad</SPAN></P>
<P class="p199 ft4">Genomförandet i svensk rätt av reglerna i MiFID II (artikel 69.2 första stycket e) om rätten för den behöriga myndigheten att begära att till- gångar fryses eller beläggs med kvarstad behandlas i avsnitt 14.6.3.</P>
<TABLE cellpadding=0 cellspacing=0 class="t165">
<TR>
<TD class="tr1 td191"><P class="p76 ft127">13.3.6</P></TD>
<TD class="tr1 td386"><P class="p39 ft129">Rätt att förbjuda viss yrkesverksamhet</P></TD>
<TD class="tr1 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
<TD class="tr53 td158"><P class="p23 ft57"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">myndigheten ska ha rätt att förbjuda viss yrkesverksamhet kräver inte</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">någon lagstiftningsåtgärd.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer inte med regeringens bedöm-</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ning. Utredningen föreslår att Finansinspektionens rätt att förbjuda ager-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">anden som kan antas strida mot lagen om värdepappersmarknaden eller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">MiFIR ska innefatta en rätt att förbjuda viss yrkesverksamhet.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">har inget att invända mot det. <SPAN class="ft3">Finansförbundet </SPAN>anser att förslaget bör for-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">muleras som att förbudet ska gälla för viss tid och bara under den tid en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utredning pågår. Finansförbundet gör tolkningen att det endast är före-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">tagets ledning som kan komma i fråga i detta fall, och att anställda som</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">följer interna regler, rutiner och praxis inte ska kunna beläggas med</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">näringsförbud med hänvisning till detta förslag. Enligt Finansförbundets</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">uppfattning bör det förtydligas.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFID II ska den be-</SPAN></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">höriga myndigheten kunna kräva ett tillfälligt förbud mot viss yrkes-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">verksamhet (artikel 69.2 första stycket f). Detta innebär inte någon</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">skillnad i förhållande till MiFID I (artikel 50.2 g).</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Finansinspektionen kan enligt lagen om värdepappersmarknaden åter-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">kalla ett värdepappersbolags eller en börs tillstånd att driva verksamhet</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">om någon som ingår i styrelsen eller är dess verkställande direktör inte</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">uppfyller kraven på lämplighet (25 kap. 4 §). Finansinspektionen kan,</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">som ett alternativ till att återkalla tillståndet, besluta att en styrelse-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ledamot eller verkställande direktör inte längre får vara det. Inspektionen</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">kan således på så sätt hindra olämpliga personer från att inneha vissa</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">uppdrag värdepappersbolag och börser. När det gäller kreditinstitut har</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">Finansinspektionen motsvarande befogenhet enligt (15 kap. 2 § lagen om</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr33 td235"><P class="p23 ft2">bank- och finansieringsrörelse). Finansinspektionen kan därutöver med</P></TD>
<TD class="tr33 td158"><P class="p20 ft2">485</P></TD>
</TR>
</TABLE>
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<P class="p727 ft2">Prop. 2016/17:162 stöd av lagen om handel med finansiella instrument även förelägga den som deltar eller medverkar i handeln med finansiella instrument att upphöra med verksamheten (6 kap. 2 §). Vidare finns bestämmelser i lagen (1986:436) om näringsförbud som innebär att vissa personer kan meddelas näringsförbud om de i sin egenskap av näringsidkare grovt åsidosatt vad som ålegat dem i näringsverksamheten och därvid gjort sig skyldig till brottslighet som inte är ringa.</P>
<P class="p1020 ft2">Utredningen gör bedömningen att det som avses med tillfälligt förbud mot viss yrkesverksamhet enligt MiFID II inte är sanktion utan en till- syns- och övervakningsbefogenhet, dvs. en åtgärd som ska kunna till- gripas under utredningen av en misstänkt överträdelse. I enlighet med det föreslår utredningen att Finansinspektionens rätt att förbjuda ageranden som kan antas strida mot lagen om värdepappersmarknaden eller MiFIR (se avsnitt 13.3.11) även ska innefatta en rätt att förbjuda viss yrkesverk- samhet samt att ett sådant förbud ska gälla för viss tid och bara under den tid en utredning pågår.</P>
<P class="p711 ft4">De nu aktuella reglerna i MiFID II är dock identiska med dem i MiFID I. Vid genomförandet i svensk rätt av MiFID I gjorde regeringen bedömningen att de reglerna inte krävde någon lagstiftningsåtgärd utan fick anses omfattas av gällande rätt (jfr prop. 2006/07:115 s. 505 f.). Regeringen finner inte skäl att göra någon annan bedömning när det gäller motsvarande regler i MiFID II. Regeringen anser således att reg- lerna inte kräver någon lagstiftningsåtgärd.</P>
<P class="p1335 ft134"><SPAN class="ft127">13.3.7</SPAN><SPAN class="ft167">Rätt att begära uppgifter från revisorer för värdepappersföretag, reglerade marknader och leverantörer av datarapporteringstjänster</SPAN></P>
<P class="p1052 ft42"><SPAN class="ft141">Regeringens bedömning</SPAN>: Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att begära uppgifter från revisorer kräver inte någon lagstiftningsåtgärd.</P>
<P class="p580 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>Enligt MiFID II ska den be- höriga myndigheten ha rätt att begära uppgifter från revisorer för värde- pappersföretag, reglerade marknader och leverantörer av datarapport- eringstjänster (artikel 69.2 första stycket g). Detta motsvarar, med undantag för revisorer för leverantörer av datarapporteringstjänster, det som gäller enligt MiFID I (artikel 50.2 h).</P>
<P class="p654 ft2">Finansinspektionens rätt enligt lagen om värdepappersmarknaden (23 kap. 3 § första stycket 1) att begära att ett företag eller någon annan tillhandahåller uppgifter, handlingar eller annat gäller även i förhållande till revisorer (se prop. 2006/07:115 s. 495 f.). Det innebär att även revi- sorer för leverantörer av datarapporteringstjänster omfattas. Det krävs därför inte någon lagstiftningsåtgärd för att genomföra den ändring som har gjorts i MiFID II i förhållande till MiFID I.</P>
<P class="p1114 ft2">486</P>
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<P class="p747 ft4">För revisorer finns bestämmelser om tystnadsplikt i gällande svensk Prop. 2016/17:162 rätt i bl.a. 9 kap. 41 § aktiebolagslagen och 26 § revisorslagen</P>
<P class="p1226 ft2">(2001:883). Enligt MiFID II ska den behöriga myndigheten utöva sina tillsynsbefogenheter i enlighet med nationell rätt (artikel 72.1). Regering- en har i tidigare lagstiftningsärenden konstaterat att det undantag från skyldigheten att lämna uppgifter som enligt lagen om värdepappersmark- naden (23 kap. 3 § andra stycket) gäller om uppgiftslämnande skulle strida mot tystnadsplikten för advokater inte bör tolkas motsatsvis, dvs. det utesluter inte att även andra tystnadsplikter kan upprätthållas (jfr prop. 2011/12:175 s. 19 f., prop. 2012/13:72 s. 24 och 2015/16:10 s. 198).</P>
<P class="p1336 ft129"><SPAN class="ft127">13.3.8</SPAN><SPAN class="ft161">Rätt att överlämna ärenden till åtal</SPAN></P>
<P class="p998 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att överlämna ärenden till åtal kräver inte någon lagstiftningsåtgärd.</P>
<P class="p430 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft4"><SPAN class="ft103">Skälen för regeringens bedömning: </SPAN>Enligt MiFID II ska den be- höriga myndigheten ha befogenhet att överlämna ärenden till åtal (artikel 69.2 första stycket h). Detta innebär inte någon skillnad i förhållande till MiFID I (artikel 50.2 l, se prop. 2006/07:115 s. 496). Det finns inte något som hindrar att Finansinspektionen överlämnar ett ärende till åtal. Dessa regler i MiFID II kräver därför inte någon lagstiftningsåtgärd.</P>
<P class="p1337 ft131"><SPAN class="ft127">13.3.9</SPAN><SPAN class="ft163">Rätt att låta revisorer eller sakkunniga utföra kontroller eller undersökningar</SPAN></P>
<P class="p1338 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska få förordna revisor även i ett företag som är en leverantör av datarapporteringstjänster.</P>
<P class="p1033 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p19 ft2">det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Den behöriga myndigheten ska enligt MiFID II ha rätt att ge revisorer eller sakkunniga i uppdrag att utföra kontroller eller undersökningar (artikel 69.2 första stycket i). Detta innebär inte någon skillnad i förhållande till MiFID I (artikel 50.2 m).</P>
<P class="p357 ft2">Finansinspektionen får enligt gällande rätt förordna en eller flera revi- sorer att tillsammans med övriga revisorer delta i revisionen av ett svenskt värdepappersinstitut eller en börs (23 kap. 7 § lagen om värde- pappersmarknaden). Denna möjlighet för Finansinspektionen att förordna revisor uppfyller således kravet i MiFID II när det gäller svenska värde- pappersinstitut och börser. Eftersom direktivet innebär att den behöriga myndigheten ska ha tillsyn även över leverantörer av datarapporterings-</P>
<P class="p1339 ft2">487</P>
</DIV>
<DIV id="page_488">
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<P class="p820 ft42">Prop. 2016/17:162 tjänster (se avsnitt 13.2), bör Finansinspektionens rätt att förordna revisor utvidgas till att även omfatta leverantörer av datarapporteringstjänster.</P>
<P class="p1340 ft134"><SPAN class="ft127">13.3.10</SPAN><SPAN class="ft168">Rätt att få information och dokumentation om storleken eller syftet med en position eller en exponering i råvaruderivat</SPAN></P>
<P class="p1052 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Finansinspektionens rätt att få information och dokumentation om storleken på eller syftet med en position eller en exponering i råvaruderivat kräver inte någon lagstiftningsåtgärd.</P>
<P class="p580 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Den behöriga myndigheten ska enligt MiFID II kunna kräva eller begära information, inbegripet all rele- vant dokumentation, från vem som helst om storleken på eller syftet med en position eller en exponering i råvaruderivat samt om tillgångar och skulder avseende underliggande tillgångar till sådana derivat (artikel 69.2 första stycket j). Denna befogenhet i MiFID II saknar motsvarighet i MiFID I.</SPAN></P>
<P class="p654 ft4">Finansinspektionen får emellertid enligt gällande rätt begära att ett företag eller någon annan tillhandahåller uppgifter, handlingar eller annat (23 kap. 3 § första stycket 1 lagen om värdepappersmarknaden). Det krävs därför inte någon lagstiftningsåtgärd för att genomföra dessa nya regler i MiFID II.</P>
<P class="p1341 ft134"><SPAN class="ft127">13.3.11</SPAN><SPAN class="ft168">Rätt att kräva att praxis eller uppträdande som strider mot MiFID II eller MiFIR upphör tillfälligt eller permanent</SPAN></P>
<P class="p1052 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att förbjuda ageranden som kan antas strida mot lagen om värdepappersmarknaden eller MiFIR kräver inte någon lagstiftningsåtgärd.</P>
<P class="p807 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>avviker från regeringens bedömning. Utred- ningen föreslår att det i lagen om värdepappersmarknaden införs en sär- skild tillsynsbefogenhet som innebär att Finansinspektionen ska få för- bjuda ageranden som kan antas strida mot den lagen eller MiFIR och att ett sådant förbud ska gälla för viss tid och bara under den tid en utred- ning pågår.</P>
<P class="p654 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>Enligt MiFID II ska den be- höriga myndigheten ha rätt att kräva att varje praxis eller uppträdande, som den behöriga myndigheten anser strider mot det direktivet eller</P>
<P class="p535 ft5">MiFIR, tillfälligt eller permanent upphör samt förhindra en upprepning</P>
<P class="p19 ft2">488</P>
</DIV>
<DIV id="page_489">
<DIV>
<DIV id="id_1">
<P class="p1170 ft4">av denna praxis eller detta uppträdande (artikel 69.2 första stycket k). Detta motsvarar enligt regeringens bedömning i sak det som gäller enligt MiFID I (artikel 50.2 e).</P>
<P class="p150 ft27">Finansinspektionen får enligt gällande rätt förelägga den som deltar i handel med ett finansiellt instrument att upphöra med verksamheten, om handeln inte sker på ett sådant sätt att allmänhetens förtroende för värde- pappersmarknaden upprätthålls eller om enskildas kapitalinsatser otill- börligen äventyras (6 kap. 2 § lagen om handel med finansiella instru- ment). Kravet att handel med finansiella instrument ska bedrivas så att allmänhetens förtroende för värdepappersmarknaden upprätthålls och en- skildas kapitalinsatser inte otillbörligen äventyras innebär enligt förarbetena en måttstock för utformningen av de finansiella instrument som får förekomma på marknaden (prop. 1990/91:142 s. 144 f.). Vidare innebär det en grund för Finansinspektionens verksamhet i syfte att övervaka att handeln överensstämmer med god sed på värdepappersmarknaden.</P>
<P class="p1174 ft2">Enligt gällande rätt ska Finansinspektionen ingripa mot ett svenskt värdepappersinstitut eller en börs bl.a. om företaget har åsidosatt sina skyldigheter enligt en författning som reglerar verksamheten (25 kap. 1 § lagen om värdepappersmarknaden). Finansinspektionen får ingripa genom att förelägga företaget att begränsa rörelsen i något avseende, minska riskerna i den eller vidta någon annan åtgärd för att komma till rätta med situationen. Inspektionen får även förbjuda verkställighet av beslut och återkalla företagets tillstånd. Dessa möjligheter att ingripa mot ett svenskt värdepappersinstitut eller en börs motsvarar dem som Finansinspektionen har när det gäller andra finansiella företag, t.ex. banker (15 kap. 1 § lagen om bank- och finansieringsrörelse) och fond- bolag (12 kap. 1 § lagen om värdepappersfonder).</P>
<P class="p1342 ft2">Utredningen konstaterar att Finansinspektionen enligt gällande rätt i viss utsträckning har sådana befogenheter att förbjuda ageranden som kan antas strida mot lagen om värdepappersmarknaden eller MiFIR som den behöriga myndigheten ska ha enligt MiFID II. Utredningen konsta- terar även att ingripanden med stöd av lagen om värdepappersmarknaden (25 kap. 1 §) dock får ske först om det kan konstateras att företaget i fråga faktiskt har agerat i strid mot lagen, inte redan när detta kan misstänkas, samt att Finansinspektionen bör få en mer generell utredningsbefogenhet att förbjuda ageranden som strider mot den lagen eller MiFIR. I MiFID II är den aktuella befogenheten formulerad så att den behöriga myndigheten ska kunna kräva att ageranden som myndigheten <SPAN class="ft3">anser </SPAN>strider mot för- ordningen och de bestämmelser som har antagits vid genomförandet av direktivet som ska upphöra. Enligt utredningen bör det ställas upp ett beviskrav – kan antas – som kan prövas vid ett eventuellt överklagande.</P>
<P class="p1343 ft2">Regeringen anser, till skillnad från utredningen, att det inte av reglerna i MiFID II (artikel 69.2 första stycket k) går att utläsa en ändring av beviskravet i förhållande till reglerna MiFID I (artikel 50.2 e) för när tillsynsåtgärder ska kunna vidtas. De nu aktuella reglerna i MiFID II får anses i sak motsvara dem i MiFID I. Vid genomförandet i svensk rätt av MiFID I gjorde regeringen bedömningen att de reglerna inte krävde någon lagstiftningsåtgärd utan fick anses omfattas av gällande rätt (jfr prop. 2006/07:115 s. 500). Regeringen finner inte skäl att göra någon annan bedömning när det gäller motsvarande regler i MiFID II.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">489</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_490">
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<P class="p820 ft42">Prop. 2016/17:162 Regeringen anser således att reglerna i fråga inte kräver någon lagstift- ningsåtgärd.</P>
<P class="p1344 ft134"><SPAN class="ft127">13.3.12</SPAN><SPAN class="ft168">Rätt att vidta varje slag av åtgärd för att se till att den som omfattas av MiFID II eller MiFIR kontinuerligt uppfyller kraven för verksamheten</SPAN></P>
<P class="p1052 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att vidta varje slag av åtgärd för att se till att värdepappersföretag, reglerade marknader och andra personer konti- nuerligt följer lagstiftningen kräver inte någon lagstiftningsåtgärd.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>I MiFID II anges att den be- höriga myndigheten ska ha rätt att vidta varje slag av åtgärd – i enlighet med nationell rätt – för att se till att värdepappersföretag, reglerade mark- nader och andra som omfattas av det direktivet eller MiFIR kontinuerligt följer de krav som gäller för verksamheten (artikel 69.2 första stycket l). Detta motsvarar i sak det som anges i MiFID I (artikel 50.2 i).</P>
<P class="p1020 ft2">När reglerna i MiFID I genomfördes i svensk rätt gjorde regeringen bedömningen att de övriga kontroll- och ingripandemöjligheter som Finansinspektionen har fick anses tillräckliga för att leva upp till direk- tivets krav i denna del (se prop. 2006/07:115 s. 497). Regeringen gör inte någon annan bedömning när det gäller motsvarande regler i MiFID II. De tillsyns- och ingripandebefogenheter som Finansinspektionen har enligt gällande rätt och de ytterligare befogenheter som föreslås i denna proposition får således anses vara tillräckliga för att uppfylla kraven i MiFID II i denna del.</P>
<P class="p1345 ft134"><SPAN class="ft127">13.3.13</SPAN><SPAN class="ft168">Rätt att tillfälligt avbryta handeln med ett finansiellt instrument och kräva att ett finansiellt instrument ska avföras från handel</SPAN></P>
<P class="p1045 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska besluta om ett handels- stopp som har beslutats av en börs eller ett värdepappersinstitut ska bestå, om handelsstoppet berott på</P>
<P class="p1346 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">misstänkt marknadsmissbruk,</SPAN></P>
<P class="p1346 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">ett uppköpserbjudande, eller</SPAN></P>
<P class="p1090 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">att investerarna har undanhållits insiderinformation som skulle ha offentliggjorts enligt EU:s marknadsmissbruksförordning.</SPAN></P>
<P class="p1090 ft4">Finansinspektionen ska även utan föregående beslut av en börs eller ett värdepappersinstitut få besluta om handelsstopp på dessa grunder.</P>
<P class="p1090 ft4">Finansinspektionen ska underrätta de behöriga myndigheterna i andra länder inom EES och Esma även om inspektionen har meddelat beslut om att inte stoppa handeln efter underrättelse från en sådan</P>
<P class="p1086 ft2">490</P>
</DIV>
<DIV id="page_491">
<DIV id="dimg1">
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</DIV>
<DIV>
<DIV id="id_1">
<P class="p1245 ft4">behörig myndighet samt när ett beslut om handelsstopp har upphört att gälla.</P>
<P class="p1347 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att kräva att ett finansiellt instrument ska av- föras från handel kräver inte någon lagstiftningsåtgärd.</P>
<P class="p1043 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer huvudsakligen med regering- ens förslag. Utredningen föreslår inte att Finansinspektionen ska under- rätta de behöriga myndigheterna i andra länder inom EES och Esma även om inspektionen har meddelat beslut om att inte stoppa handeln efter underrättelse från en sådan behörig myndighet samt när ett beslut om handelsstopp har upphört att gälla.</P>
<P class="p623 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>anser att bestämmel- serna bör kompletteras med ett krav på att inspektionen ska underrätta Esma och andra behöriga myndigheter om beslut att inte stoppa handeln efter underrättelse från en behörig myndighet i ett annat land inom EES samt när beslut om handelsstopp och avförande dras tillbaka.</P>
<P class="p623 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt MiFID II ska den behöriga myndigheten ha rätt att kräva att handeln med ett finansiellt instrument tillfälligt stoppas och att ett finansiellt instrument avförs från handel vare sig det omsätts på en reglerad marknad eller enligt andra handelsarrangemang (artikel 69.2 första stycket m och n). Detta mot- svarar i sak det som gäller enligt MiFID I (artikel 50.2 j och k). Termen andra handelsarrangemang bör, enligt regeringens uppfattning, innefatta handel på en </SPAN><NOBR><SPAN class="ft2">MTF-plattform,</SPAN></NOBR><SPAN class="ft2"> en </SPAN><NOBR><SPAN class="ft2">OTF-plattform</SPAN></NOBR><SPAN class="ft2"> och handel som system- atisk internhandlare.</SPAN></P>
<P class="p624 ft2">Finansinspektionen får enligt gällande rätt (22 kap. 2 § lagen om värde- pappersmarknaden) besluta att handeln med ett finansiellt instrument på en reglerad marknad eller en handelsplattform eller i annan handel organi- serad av ett värdepappersinstitut ska avbrytas (se prop. 2006/07:115 s. 504 f.). Denna befogenhet motsvarar således befogenheten i MiFID II (artikel 69.2 första stycket m) att kräva i att handeln med ett finansiellt instrument tillfälligt stoppas.</P>
<P class="p623 ft2">Genom MiFID II har dock i förhållande till MiFID I tillkommit ytter- ligare regler om handelsstopp på reglerade marknader och på handels- plattformar, se avsnitten 7.4.6 och 7.5.4. De innebär i korthet att en börs som driver en reglerad marknad eller ett värdepappersinstitut som driver en handelsplattform ska informera den behöriga myndigheten om handelsstopp som börsen eller institutet har beslutat. Om handelsstoppet beror på misstänkt marknadsmissbruk, ett uppköpserbjudande eller på att investerarna har undanhållits insiderinformation som skulle ha offentlig- gjorts enligt EU:s marknadsmissbruksförordning, ska handeln i instru- mentet stoppas av den behöriga myndigheten. Ett sådant handelsstopp ska gälla även andra handelsplatser och handel genom systematiska internhandlare som den behöriga myndigheten utövar tillsyn över. Myndigheten ska vidare informera Esma och andra behöriga myndig- heter, vilka i sin tur kan besluta om handelsstopp för sina handelsplatser och systematiska internhandlare.</P>
<P class="p979 ft42">I avsnitten 7.4.6 och 7.5.4 föreslås att det i lagen om värdepappers- marknaden införs bestämmelser om när en börs eller ett värdepappers-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">491</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_492">
<P class="p820 ft4">Prop. 2016/17:162 institut ska besluta om handelsstopp på en reglerad marknad eller en handelsplattform.</P>
<P class="p575 ft2">Enligt regeringens uppfattning bör bestämmelserna i lagen om värde- pappersmarknaden om handelsstopp som Finansinspektionen beslutar anpassas närmare till lydelsen av motsvarande regler i MiFID II (artiklarna 32 och 52). Det bör därför anges att Finansinspektionen ska besluta om huruvida ett handelsstopp som har beslutats av en börs eller ett värdepappersinstitut ska bestå när handelsstoppet beror på misstänkt marknadsmissbruk, ett uppköpserbjudande eller på att investerarna har undanhållits insiderinformation som skulle ha offentliggjorts enligt EU:s marknadsmissbruksförordning. Vidare bör Finansinspektionen också, utan föregående beslut av en börs eller ett värdepappersinstitut, få besluta om handelsstopp på dessa grunder.</P>
<P class="p928 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>framför att det bör införas krav på att inspektionen ska underrätta behöriga myndigheter i andra länder inom EES och Esma om beslut att inte stoppa handeln efter underrättelse från en sådan behörig myndighet samt när beslut om handelsstopp dras tillbaka. Regeringen konstaterar att enligt gällande rätt (22 kap. 8 § lagen om värdepappersmarknaden) ska beslut om handelsstopp eller stängning av en reglerad marknad offentliggöras samt att Finansinspektionen ska underrätta behöriga myndigheter och Esma om beslut om handelsstopp. Regeringen instämmer med Finansinspektionen att det bör anges i lagen att underrättelse ska ske också om inspektionen har beslutat att inte stoppa handeln efter underrättelse från en behörig myndighet i ett annat land inom EES och när ett beslut om handelsstopp har upphört att gälla. Den behöriga myndigheten ska enligt MiFID II även ha en möjlighet att fatta beslut om att ett finansiellt instrument ska avregistreras eller avföras från handel på en handelsplats (artiklarna 32.2, 52.2 och 69.2 första stycket n). Detta motsvarar i sak det som gäller enligt MiFID I (artikel 50.2 k). Finansinspektionen har i dag inte möjlighet att begära att ett finansiellt instrument ska avföras från handel på en handelsplats. Regle- ringen i svensk rätt är uppbyggd på så sätt att den som driver handels- platsen (en börs) är skyldig att i vissa fall besluta att ett finansiellt instru- ment inte längre ska vara upptaget till handel, dvs. avnoteras (jfr 15 kap. 11 § lagen om värdepappersmarknaden). I denna proposition föreslås att detsamma ska gälla för värdepappersinstitut som driver en handelsplatt- form, se avsnitten 7.4.6 och 7.5.4. Det föreslås även att den som driver handelsplatsen omedelbart ska offentliggöra ett beslut om avförande och meddela Finansinspektionen detta. Om den som driver en handelsplats inte fullgör sin skyldighet att avföra ett instrument, har Finansinspektionen möjlighet att ingripa, t.ex. genom ett föreläggande. MiFID II ställer inte upp något krav på att den behöriga myndigheten själv ska kunna fatta ett beslut om att ett finansiellt instrument ska kunna avföras från handel, utan enligt direktivet ska myndigheten kunna begära att så sker (artikel 69.2 första stycket n). Enligt regeringens uppfattning bör förslagen i avsnitten 7.4.6 och 7.5.4 tillsammans med den möjlighet som Finansinspektionen har enligt gällande rätt att besluta om handelsstopp vara tillräckliga för att uppfylla kraven i MiFID II i denna del.</P>
<P class="p950 ft2">492</P>
</DIV>
<DIV id="page_493">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=2 class="tr54 td134"><P class="p23 ft129">13.3.14 Rätt att begära att en person vidtar åtgärder</P></TD>
<TD class="tr54 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td134"><P class="p1348 ft129">för att minska storleken på en position eller</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td134"><P class="p1348 ft129">exponering</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr29 td235"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td169"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td67"><P class="p23 ft13"> </P></TD>
</TR>
<TR>
<TD class="tr31 td370"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska, när det är nödvändigt</P></TD>
<TD class="tr33 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td371"><P class="p57 ft2">för att uppfylla kraven i denna lag eller MiFIR och föreskrifter</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td371"><P class="p57 ft2">meddelade med stöd av lagen, få begära att en person vidtar åtgärder</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td371"><P class="p57 ft2">för att minska storleken på en position eller exponering i ett finansiellt</P></TD>
<TD class="tr25 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td371"><P class="p57 ft2">instrument.</P></TD>
<TD class="tr27 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td169"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td67"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td134"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">det.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Enligt MiFID II ska den behöriga</SPAN></P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">myndigheten kunna begära att en person vidtar åtgärder för att minska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">storleken på en position eller exponering (artikel 69.2 första stycket o).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">Någon motsvarighet till denna befogenhet finns inte i MiFID I.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft2">Den behöriga myndigheten ska fastställa gränser – i form av kvanti-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">tativa trösklar – för hur stora positioner i råvaruderivat som en enskild</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">person eller ett enskilt företag får ha under en viss tidsperiod (artikel 57.1</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">i MiFID II). Syftet är att förhindra marknadsmissbruk och att främja en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">ordnad prisbildning och ordnade avvecklingsförhållanden, se avsnitt</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td235"><P class="p1349 ft2">7.14.1.</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft2">Finansinspektionen har enligt gällande svensk rätt inte någon möjlighet</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">att begära att en person vidtar åtgärder för att minska storleken på en</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">position eller exponering. Reglerna i MiFID II om att den behöriga myn-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">digheten ska ha en sådan befogenhet bör genomföras i en bestämmelse i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">lagen om värdepappersmarknaden.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft2">Reglerna i direktivet (artikel 57) som avser begränsningar av positioner</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">eller exponeringar torde i första hand ta sikte på exponeringar i råvaru-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">derivat (se avsnitt 7.14.1). När det gäller den behöriga myndighetens</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">befogenhet anges emellertid inte någon begränsning till endast sådana</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">instrument (artikel 69.2 första stycket o). Enligt regeringens bedömning</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p23 ft2">innebär det att inte heller Finansinspektionens befogenhet kan begränsas</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td134"><P class="p23 ft2">till råvaruderivat.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr51 td134"><P class="p23 ft129">13.3.15 Rätt att begränsa möjligheten för en person att</P></TD>
<TD class="tr51 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td134"><P class="p1348 ft129">ingå ett råvaruderivatkontrakt</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr29 td134"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td67"><P class="p23 ft13"> </P></TD>
</TR>
<TR>
<TD class="tr31 td370"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska, när det är nödvändigt för</P></TD>
<TD class="tr33 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td371"><P class="p57 ft2">att uppfylla kraven i denna lag eller MiFIR och föreskrifter meddelade</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td371"><P class="p57 ft2">med stöd av lagen, få begränsa möjligheten för en person att ingå ett</P></TD>
<TD class="tr26 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td371"><P class="p57 ft2">råvaruderivatkontrakt.</P></TD>
<TD class="tr31 td169"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td169"><P class="p23 ft140"> </P></TD>
<TD class="tr64 td67"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td134"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
<TD class="tr2 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td134"><P class="p39 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Enligt MiFID II ska den behöriga</SPAN></P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td134"><P class="p23 ft2">myndigheten kunna begränsa möjligheten för en person att ingå ett</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td134"><P class="p23 ft2">råvaruderivatkontrakt, bl.a. genom att införa gränser för storleken på en</P></TD>
<TD rowspan=2 class="tr50 td67"><P class="p20 ft2">493</P></TD>
</TR>
<TR>
<TD class="tr61 td235"><P class="p23 ft136"> </P></TD>
<TD class="tr61 td169"><P class="p23 ft136"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_494">
<DIV id="dimg1">
<INGENBILD zsrc="H403162494x1.jpg/" id="img1">
</DIV>
<P class="p727 ft4">Prop. 2016/17:162 position i råvaruderivat som en person kan inneha vid alla tidpunkter (artikel 69.2 första stycket p). Någon motsvarighet till denna befogenhet finns inte i MiFID I.</P>
<P class="p575 ft2">Finansinspektionen har enligt gällande rätt möjlighet att förelägga de flesta företag under tillsyn att vidta åtgärder för att begränsa eller minska riskerna i rörelsen i något avseende (se t.ex. 25 kap. 1 § andra stycket lagen om värdepappersmarknaden). I MiFID II finns det emellertid inte någon sådan avgränsning utan den behöriga myndighetens befogenhet ska omfatta även andra personer än tillståndspliktiga företag, t.ex. en- skilda personer och <NOBR>icke-finansiella</NOBR> företag. Reglerna i MiFID II om att den behöriga myndigheten ska få begränsa möjligheten för en person att ingå ett råvaruderivatkontrakt bör därför genomföras i en bestämmelse i lagen om värdepappersmarknaden.</P>
<P class="p1350 ft129">13.3.16 Rätt att utfärda offentliga underrättelser</P>
<P class="p1018 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om att den behöriga myndigheten ska ha rätt att utfärda offentliga underrättelser kräver inte någon lagstiftningsåtgärd.</P>
<P class="p807 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens bedömning: </SPAN>I MiFID II anges att den be- höriga myndigheten ska kunna utfärda offentliga underrättelser (artikel 69.2 första stycket q).</P>
<P class="p654 ft4">Det finns inget som hindrar att Finansinspektionen i dag publicerar information som kan behövas för investerare och allmänhet. Någon lag- stiftningsåtgärd behövs därför inte för att genomföra MiFID II i denna del.</P>
<P class="p1351 ft131">13.3.17 Rätt att få ut uppgifter om tele- och datatrafik från teleoperatörer</P>
<P class="p1352 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Finansinspektionen bör inte få rätt att få ut uppgifter om tele- och datatrafik från teleoperatörer.</P>
<TABLE cellpadding=0 cellspacing=0 class="t166">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p20 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ning.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">mot den. <SPAN class="ft3">Ekobrottsmyndigheten </SPAN>påpekar att även Ekobrottsmyndigheten</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">har rätt att få information från teleoperatörer vid vissa brottsutredningar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">samt att uttrycken ”uppgifter om datatrafik” respektive ”uppgifter om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p30 ft2">tele- och datatrafik” används omväxlande på ett sätt som inte är lätt att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">följa.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFID II ska den be-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">höriga myndigheten, i den mån det är tillåtet enligt nationell rätt, kunna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">få ut befintliga uppgifter över tele- och datatrafik som innehas av en tele-</P></TD>
</TR>
<TR>
<TD class="tr33 td57"><P class="p140 ft2">494</P></TD>
<TD class="tr33 td368"><P class="p20 ft2">operatör, om det finns rimliga misstankar om överträdelser och om</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_495">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">sådana uppgifter kan vara av betydelse för att undersöka överträdelser av direktivet eller MiFIR (artikel 69.2 första stycket r i MiFID II). Någon motsvarighet till denna befogenhet finns inte i MiFID I.</P>
<P class="p150 ft2">Ett liknande krav finns visserligen i MiFID I (artikel 50.2 d, se avsnitt 13.3.4). Finansinspektionen kan i dag begära in uppgifter om tele- och datatrafik från värdepappersinstitut men inte från teleoperatörer (23 kap. 3 § första stycket 1 lagen om värdepappersmarknaden). Finansinspek- tionens rätt att få ut sådana uppgifter kompletteras enligt gällande rätt även av Åklagarmyndighetens och Ekobrottsmyndighetens rätt att få information från teleoperatörer vid vissa brottsutredningar.</P>
<P class="p150 ft2">I svensk rätt regleras frågan framför allt i lagen (2003:389) om elektronisk kommunikation. Teleoperatörens uppgifter om kommunikationskälla, datum, tidpunkt och varaktighet för kommunikationen, typ av kom- munikation m.m. får enligt lagen om elektronisk kommunikation bara lämnas ut under vissa förutsättningar. När det gäller uppgifter om abonnemang är operatören skyldig att lämna ut sådana till åklagare och polis vid misstanke om brott (se 6 kap. 22 § 2). Någon begränsning till att det ska vara fråga om brott av viss svårhetsgrad finns inte. När det gäller andra uppgifter om en elektronisk kommunikation är dock åt- komsten mer begränsad. Sådana uppgifter kan åklagare få ut under de förutsättningar som anges i rättegångsbalken (27 kap. 19, 20 och 21 §§). Det krävs som huvudregel att det är fråga om en förundersökning angående brott för vilket inte är föreskrivet lindrigare straff än fängelse i sex månader. Vidare finns i lagen om elektronisk kommunikation (6 kap. 16 <NOBR>a–16</NOBR> f §§) bestämmelser om skyldighet för teleoperatörer att lagra vissa uppgifter. Uppgifter som lagrats enligt dessa bestämmelser får endast lämnas ut i brottsbekämpande syfte (se 6 kap. 16 c §). De upp- gifter som ska lagras sammanfaller dock i många delar med uppgifter – t.ex. abonnentuppgifter – som en operatör behöver för andra ändamål, t.ex. fakturering. Har uppgifterna sparats även för något sådant ändamål får de lämnas ut. Då gäller i stället tystnadsplikten i lagen om elektronisk kommunikation, dvs. uppgifterna får inte lämnas ut obehörigen (6 kap. 20 §). Det är dock inget obehörigt utlämnande att lämna ut uppgifter till åklagare och polis vid misstanke om brott (6 kap. 22 §, se ovan). Regle- ringen ger sammanfattningsvis uttryck för en intresseavvägning mellan å ena sidan den enskildes integritet och å den andra sidan samhällets intressen, t.ex. att beivra brott.</P>
<P class="p1316 ft2">Som lagen om elektronisk kommunikation är utformad är det inte möjligt för Finansinspektionen att få ut uppgifter om tele- och datatrafik från tele- operatörer. Det som anges i MiFID II om att den behöriga myndigheten ska kunna få ut uppgifter i den mån det är tillåtet enligt nationell rätt måste anses innebära att medlemsstaterna själva kan besluta om i vilken utsträckning den behöriga myndigheten ska få ut denna typ av uppgifter. De principer och krav för utlämnande av uppgifter som normalt tillämpas i Sverige bör därför tillämpas även i detta fall. För andra uppgifter än uppgifter om abonnemang har i svensk rätt avvägningen mellan den enskildes integritetsskydd och möjligheterna att kunna utreda brott lett till att det krävs brott av en viss svårhetsgrad för att brottsbekämpande myndigheter ska få tillgång till uppgifterna. Någon begränsning till att det ska vara fråga om brott av viss svårhetsgrad finns dock inte när det gäller uppgifter om abonnemang. Sådana uppgifter har ansetts vara</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">495</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_496">
<DIV id="dimg1">
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</DIV>
<P class="p1286 ft2">Prop. 2016/17:162 betydligt mindre integritetskänsliga än andra uppgifter om ett med- delande. Uppgifter om abonnemang får, med vissa undantag, även läm- nas ut till Skatteverket och Kronofogdemyndigheten för användning i deras fiskala respektive exekutiva verksamhet. Finansinspektionens ut- redningar på det område som omfattas av MiFID II och MiFIR rör inte brott eller företeelser som tidigare varit kriminaliserade, varför det inte bör bli aktuellt att inspektionen skulle kunna få tillgång till andra upp- gifter än uppgifter om abonnemang. Det är dock svårt att se vilken nytta Finansinspektionen skulle ha av abonnemangsuppgifter när det gäller till- synen över att bestämmelserna i lagen om värdepappersmarknaden och MiFIR följs, varför en avvägning mellan den enskildes integritetsskydd och möjligheterna att kunna utreda brott eller motsvarande leder till att regeringen anser att inspektionen inte bör kunna få ut uppgifter om tele- och datatrafik från teleoperatörer.</P>
<P class="p1353 ft134">13.3.18 Rätt att stoppa marknadsföring eller försäljning av finansiella instrument eller strukturerade insättningar</P>
<P class="p1354 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska få stoppa mark- nadsföring eller försäljning av finansiella instrument eller struk- turerade insättningar, om ett värdepappersinstitut har underlåtit att utveckla eller tillämpa en effektiv process för produktgodkännande eller om institutet på annat sätt har underlåtit att fullgöra sina skyldigheter att bl.a. regelbundet se över de finansiella instrumenten eller förse eventuella distributörer med information.</P>
<P class="p1355 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om rätt för den behöriga myndigheten att stoppa marknadsföring eller försäljning av finansiella instrument om villkoren i MiFIR är uppfyllda kräver inte någon lagstiftningsåtgärd.</P>
<TABLE cellpadding=0 cellspacing=0 class="t167">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p20 ft25">Utredningens förslag och bedömning <SPAN class="ft2">överensstämmer med regering-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ens förslag och bedömning.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inget att invända mot dem.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt skälen till</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFIR bör den behöriga myndighetens befogenheter kompletteras med</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">en tydlig mekanism för att förbjuda eller begränsa marknadsföring,</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">distribution och försäljning av någon typ av finansiellt instrument eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">strukturerade insättningar som väcker allvarliga betänkligheter i fråga om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">investerarskyddet, finansmarknadernas eller råvarumarknadernas korrekta</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">funktion och integritet eller stabiliteten i hela eller delar av det finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">systemet (skäl 29). Detta ska ske i kombination med en lämplig samord-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ning av och beredskapsbefogenheter för Esma eller, när det gäller struktur-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">erade insättningar, Europeiska bankmyndigheten (Eba).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Den behöriga myndigheten ska enligt MiFID II (artikel 69.2 första</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">stycket s) kunna stoppa marknadsföring eller försäljning av investerings-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">produkter eller strukturerade insättningar, om villkoren för produktingrip-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ande enligt MiFIR (artiklarna <NOBR>40–42)</NOBR> är uppfyllda. Myndigheten ska även</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td57"><P class="p140 ft2">496</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">kunna stoppa marknadsföring eller försäljning av finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr29 td368"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_497">
<P class="p186 ft4">eller strukturerade insättningar i de fall då värdepappersföretaget inte har Prop. 2016/17:162 utvecklat eller tillämpat en effektiv process för produktgodkännande</P>
<P class="p113 ft2">(artikel 69.2 första stycket t i MiFID II). I den svenska språkversionen av direktivet används när det gäller ingripande i de två situationerna således dels termen investeringsprodukter (artikel 69.2 första stycket s), dels termen finansiella instrument (artikel 69.2 första stycket t). I den engelska språkversionen anges det däremot ”financial instrument” i båda fallen. Regeringens utgångspunkt är därför att termen investerings- produkter i den svenska språkversionen inte omfattar något annat eller mer än termen finansiella instrument.</P>
<P class="p264 ft4">Rätten att stoppa marknadsföring eller försäljning (artikel 69.2 första stycket s i MiFID II) inträder således när de villkor som anges i MiFIR (artiklarna <NOBR>40–42)</NOBR> är uppfyllda.</P>
<P class="p144 ft2">Enligt MiFIR (artikel 42.1) får den behöriga myndigheten förbjuda eller begränsa</P>
<P class="p1356 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft148">marknadsföring, distribution eller försäljning av vissa finansiella instrument eller strukturerade insättningar eller finansiella instrument eller strukturerade insättningar med vissa särskilda egenskaper, eller</SPAN></P>
<P class="p189 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft148">en viss typ av finansiell verksamhet eller praxis.</SPAN></P>
<P class="p1357 ft4">Den behöriga myndigheten får enligt MiFIR (artikel 42.2 första stycket) vidta dessa åtgärder, om myndigheten på rimliga grunder kan fastställa</P>
<P class="p1356 ft2"><SPAN class="ft2">1.</SPAN><SPAN class="ft148">att ett finansiellt instrument, en strukturerad insättning eller en finan- siell verksamhet eller praxis ger upphov till allvarliga problem med investerarskyddet eller innebär ett hot mot finansmarknadernas eller råvarumarknadernas korrekta funktion och integritet eller mot stabili- teten i hela eller delar av det finansiella systemet i minst en medlems- stat, eller att ett derivat inverkar negativt på prisbildningsmekanismen på den underliggande marknaden,</SPAN></P>
<P class="p1358 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft148">att de krav enligt unionsrätten som är tillämpliga på det finansiella instrumentet, den strukturerade insättningen eller den berörda finan- siella verksamheten eller praxisen inte i tillräckligt hög grad avvärjer de risker som beskrivs i a och frågan inte på ett bättre sätt kan lösas genom förbättrad övervakning eller kontroll av att befintliga krav följs,</SPAN></P>
<P class="p1359 ft2"><SPAN class="ft2">3.</SPAN><SPAN class="ft148">att åtgärden är proportionell med hänsyn till de identifierade riskernas natur, de berörda investerarnas eller marknadsaktörernas sofistike- ringsgrad och åtgärdens sannolika effekter för de investerare och marknadsaktörer som kan inneha, använda eller dra nytta av det finansiella instrumentet, den strukturerade insättningen eller verksam- heten eller praxisen,</SPAN></P>
<P class="p1360 ft4"><SPAN class="ft2">4.</SPAN><SPAN class="ft149">att den behöriga myndigheten på ett tillfredsställande sätt har samrått med de behöriga myndigheter i andra medlemsstater för vilka åt- gärden kan få betydande konsekvenser,</SPAN></P>
<P class="p1356 ft2"><SPAN class="ft2">5.</SPAN><SPAN class="ft148">att åtgärden inte har någon diskriminerande verkan på tjänster och aktiviteter som tillhandahålls från en annan medlemsstat, och</SPAN></P>
<P class="p1356 ft2"><SPAN class="ft2">6.</SPAN><SPAN class="ft148">att den behöriga myndigheten på ett tillfredsställande sätt har samrått med de offentliga organ som är ansvariga för översynen, förvalt- ningen och tillsynen av fysiska jordbruksmarknader enligt rådets för- ordning (EG) nr 1234/2007 av den 22 oktober 2007 om upprättande</SPAN></P>
<P class="p1069 ft2">497</P>
</DIV>
<DIV id="page_498">
<P class="p1361 ft4">Prop. 2016/17:162 av en gemensam organisation av jordbruksmarknaderna och om särskilda bestämmelser för vissa jordbruksprodukter, om ett finansiellt instrument eller en verksamhet eller praxis utgör ett allvarligt hot mot den fysiska jordbruksmarknadens korrekta funktionssätt och integritet.</P>
<P class="p1362 ft2">När dessa villkor är uppfyllda kan den behöriga myndigheten av försik- tighetsskäl även införa ett förbud eller begränsning innan ett finansiellt instrument eller en strukturerad insättning har marknadsförts, distribue- rats eller sålts till kunder (artikel 42.2 andra stycket i MiFIR).</P>
<P class="p576 ft2">Vidare ska den behöriga myndigheten enligt förordningen (artikel 42.3) minst en månad innan åtgärden är avsedd att träda i kraft, skrift- ligen eller genom ett annat medium, som myndigheterna har kommit över- ens om, tillhandahålla alla övriga berörda behöriga myndigheter och Esma</P>
<P class="p1303 ft4"><SPAN class="ft2">1.</SPAN><SPAN class="ft149">uppgift om det finansiella instrument eller den finansiella verksamhet eller praxis som den föreslagna åtgärden avser,</SPAN></P>
<P class="p1299 ft2"><SPAN class="ft2">2.</SPAN><SPAN class="ft148">exakta uppgifter om det föreslagna förbudets eller den föreslagna be- gränsningens natur och uppgift om när förbudet eller begränsningen planeras börja gälla, och</SPAN></P>
<P class="p1301 ft42"><SPAN class="ft2">3.</SPAN><SPAN class="ft164">de underlag som ligger till grund för beslutet och genom vilka det kan fastställas att samtliga villkor ovan är uppfyllda.</SPAN></P>
<P class="p1362 ft2">I undantagsfall får den behöriga myndigheten vidta provisoriska åtgärder (artikel 42.4). Sådana åtgärder får endast vidtas då myndigheten bedömer det nödvändigt för att förhindra att finansiella instrument, strukturerade insättningar, praxis eller verksamheter ger upphov till skada. Den behöriga myndigheten ska då skriftligen, minst 24 timmar innan åtgärden är avsedd att träda i kraft, meddela alla andra behöriga myndigheter och Esma eller, för strukturerade insättningar, Eba. De provisoriska åtgärderna får endast gälla upp till tre månader.</P>
<P class="p654 ft2">Vidare ska den behöriga myndigheten på sin webbplats offentliggöra ett tillkännagivande av varje beslut om att införa ett förbud eller en begräns- ning (artikel 42.5). Tillkännagivandet ska innehålla uppgift om förbudet eller begränsningen, när åtgärden kommer att verkställas och skäl för be- slutet.</P>
<P class="p654 ft2">I delegerade akter som kommissionen antar enligt MiFIR (artikel 42.7) specificeras de kriterier och faktorer som ska beaktas av den behöriga myndigheten vid fastställandet av när det föreligger ett allvarligt problem med investerarskyddet eller ett hot mot finansmarknadernas eller råvaru- marknadernas korrekta funktionssätt och integritet eller mot stabiliteten i hela eller delar av det finansiella systemet i minst en medlemsstat (se artikel 21 i den delegerade förordningen till MiFIR).</P>
<P class="p654 ft2">Den behöriga myndigheten får enligt MiFID II (artikel 69.2 första stycket s) även stoppa marknadsföringen av finansiella instrument eller strukturerade insättningar efter det att Esma (artikel 40 i MiFIR och artikel 19 i den delegerade förordningen till MiFIR) eller Eba (artikel 41 i MiFIR och artikel 20 i den delegerade förordningen till MiFIR) har fattat beslut om ingripande. Esma och Eba får nämligen också förbjuda marknads- föring och försäljning av en viss produkt eller förbjuda viss verksamhet.</P>
<P class="p1072 ft2">Förutsättningarna för ett sådant förbud är också desamma som för ett för-</P>
<P class="p166 ft2">498</P>
</DIV>
<DIV id="page_499">
<P class="p19 ft4">bud som beslutas av en behörig myndighet. Esma och Eba ska dock bara Prop. 2016/17:162 ingripa om en behörig myndighet inte redan har gjort det. Proceduren ser</P>
<P class="p272 ft2">däremot lite annorlunda ut, t.ex. i fråga om vem de ska samråda med. Beslut av Esma eller Eba har företräde framför ett beslut av en behörig myndighet (artiklarna 40 och 41 i MiFIR). En annan skillnad är att Esmas och Ebas beslut kan gälla i hela EU eller delar av EU, medan en behörig myndighets beslut gäller endast nationellt.</P>
<P class="p197 ft2">Sammanfattningsvis reglerar alltså MiFIR både de europeiska tillsyns- myndigheternas (Esma och Eba, artiklarna 41 och 42) och de behöriga myndigheternas (artikel 42) rätt att förbjuda eller begränsa marknads- föring och försäljning av vissa produkter och att förbjuda eller begränsa viss verksamhet. Rätten för en behörig myndighet att besluta om sådana förbud följer således direkt av MiFIR (artikel 42), liksom förutsättning- arna för ett sådant beslut och hur det förhåller sig till ett beslut av Esma eller Eba. Det som anges i MiFID II (artikel 69.2 första stycket s) om att den behöriga myndigheten ska ha befogenhet att stoppa sådan marknads- föring eller försäljning tillför således inget i sak. MiFIR kommer att gälla som svensk lag och Finansinspektionen kommer att med stöd av förord- ningen ha den befogenhet som krävs enligt direktivet. Några lagstift- ningsåtgärder behövs därför inte för att genomföra dessa regler i direk- tivet (artikel 69.2 första stycket s) om att den behöriga myndigheten ska kunna stoppa marknadsföring eller försäljning av finansiella instrument eller strukturerade insättningar.</P>
<P class="p1363 ft2">Förutsättningarna enligt MiFID II (artikel 69.2 första stycket t) för att den behöriga myndigheten ska få stoppa marknadsföring eller försäljning av finansiella instrument eller strukturerade insättningar är inte desamma om det sker på grund av att ett värdepappersföretag inte har utvecklat eller tillämpat en effektiv process för godkännande av produkter. Pro- cessen för produktgodkännande regleras i direktivet och det krävs bl.a. att värdepappersföretaget definierar en målgrupp för vilka ett finansiellt instrument är avsett och ser till att instrumentet i fråga är förenligt med behoven hos den målgruppen (artikel 16.3), se avsnitt 8.11. Även i de fall när värdepappersföretaget i och för sig har en process, men inte har tillämpat den korrekt, t.ex. genom att inte följa upp att instrumenten verkligen distribueras till den målgrupp som de är avsedda för, eller har underlåtit att förse sina distributörer med lämplig information om det aktuella finansiella instrumentet eller målgruppen, kan ett sådant stopp bli aktuellt. Rätten att förbjuda marknadsföring eller försäljning av ett instrument på grund av brister i processen för produktgodkännande kan inte anses följa direkt av MiFIR. Reglerna i MiFID II (artikel 69.2 första stycket t) om att den behöriga myndigheten ska ha en sådan befogenhet bör därför genomföras i en bestämmelse i lagen om värdepappersmark- naden.</P>
<P class="p1364 ft134">13.3.19 Rätt att kräva att en fysisk person avsätts från styrelsen i ett värdepappersföretag eller en marknadsoperatör</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td359"><P class="p23 ft2">Genomförandet i svensk rätt av reglerna i MiFID II (artikel 69.2 första</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p23 ft2">stycket u) om rätten för den behöriga myndigheten att kräva att en fysisk</P></TD>
<TD rowspan=2 class="tr42 td147"><P class="p20 ft2">499</P></TD>
</TR>
<TR>
<TD class="tr66 td359"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_500">
<P class="p994 ft42">Prop. 2016/17:162 person avsätts från styrelsen i ett värdepappersföretag eller en marknads- operatör behandlas i avsnitt 14.3.2.</P>
<TABLE cellpadding=0 cellspacing=0 class="t144">
<TR>
<TD class="tr50 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr50 td182"><P class="p275 ft21">13.4</P></TD>
<TD class="tr50 td396"><P class="p1365 ft21">Samarbete mellan behöriga myndigheter</P></TD>
</TR>
<TR>
<TD class="tr47 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr47 td182"><P class="p275 ft129">13.4.1</P></TD>
<TD class="tr47 td396"><P class="p39 ft129">Inledning</P></TD>
</TR>
<TR>
<TD class="tr42 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr42 td247"><P class="p275 ft2">I spåren av finanskrisen åren 2007 och 2008 blev det tydligt att det före-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">kom brister i den finansiella tillsynen inom EU. Den främsta anledningen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">till detta var att tillsynsmodellerna fortfarande till stora delar var nationellt</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">inriktade, trots en fortlöpande integrering av de europeiska finansmark-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">naderna med en mängd finansiella företag som drev gränsöverskridande</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">verksamhet. Samarbete och samordning mellan de nationella tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">myndigheterna uppvisade också stora brister.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p1366 ft2">För att komma tillrätta med dessa problem beslutade Europaparlamentet</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">och rådet den 24 november 2010, genom de s.k. <NOBR>ESA-förordningarna</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">(Europaparlamentets och rådets förordning [EU] nr 1093/2010 av den</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">24 november 2010 om inrättande av en europeisk tillsynsmyndighet</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">(Europeiska bankmyndigheten), om ändring av beslut nr 716/2009/EG och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">om upphävande av kommissionens beslut 2009/78/EG, Europa-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">parlamentets och rådets förordning [EU] nr 1094/2010 av den 24 novem-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">ber 2010 om inrättande av en europeisk tillsynsmyndighet [Europeiska</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">försäkrings- och tjänstepensionsmyndigheten], om ändring av beslut nr</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">716/2009/EG och om upphävande av kommissionens beslut 2009/79/EG</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">och Europaparlamentets och rådets förordning [EU] nr 1095/2010 av den</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">24 november 2010 om inrättandet av en europeisk tillsynsmyndighet</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">[Europeiska värdepappers- och marknadsmyndigheten], om ändring av</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">beslut nr 716/2009/EG och om upphävande av kommissionens beslut</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">2009/77/EG), om ett europeiskt system för finansiell tillsyn [ESFS]).</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">Systemet består av tre europeiska tillsynsmyndigheter; Europeiska bank-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">myndigheten (Eba), Europeiska försäkrings- och tjänstepensionsmyndig-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">heten (Eiopa) och Europeiska värdepappers- och marknadsmyndigheten</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">(Esma). De europeiska tillsynsmyndigheterna ska intimt samarbeta med</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">de nationella tillsynsmyndigheterna i syfte att förbättra den inre mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">nadens funktionssätt. De europeiska tillsynsmyndigheterna ska utveckla</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">bindande tekniska standarder, verka för en enhetlig tillämpning av det</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">gemenskapsrättsliga regelverket på finansmarknadsområdet, kunna fatta</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">bindande medlingsbeslut vid tvister mellan medlemsstaternas tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">myndigheter, övervaka att medlemsstaternas tillsynsmyndigheter följer</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">antagna <NOBR>EU-regler</NOBR> och vid behov utfärda rekommendationer. Myndig-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">heterna ska även samla in data och information. I krislägen har myndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">heterna också särskilda övernationella befogenheter.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p1367 ft2">Vidare inrättades en europeisk systemrisknämnd, ESRB (se Europa-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">parlamentets och rådets förordning [EU] nr 1092/2010). Nämnden har</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">till uppgift att ansvara för makrotillsynen inom EU genom att identifiera</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">risker för den finansiella stabiliteten och vid behov utfärda riskvarningar</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">och rekommendationer till åtgärder för att hantera sådana risker. Nämn-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">den ingår i ESFS.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p1366 ft2">Den 24 november 2010 beslutade Europaparlamentet och rådet även</P></TD>
</TR>
<TR>
<TD class="tr24 td148"><P class="p20 ft2">500</P></TD>
<TD colspan=2 class="tr24 td247"><P class="p275 ft2">det s.k. omnibus <NOBR>I-direktivet</NOBR> (Europaparlamentets och rådets direktiv</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_501">
<DIV id="dimg1">
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</DIV>
<P class="p186 ft4">2010/78/EU av den 24 november 2010 om ändring av direktiven Prop. 2016/17:162 98/26/EG, 2002/87/EG, 2003/6/EG, 2003/41/EG, 2003/71/EG,</P>
<P class="p1226 ft2">2004/39/EG, 2004/109/EG, 2005/60/EG, 2006/48/EG, 2006/49/EG och 2009/65/EG, vad gäller befogenheterna för Europeiska tillsynsmyndig- heten [Europeiska bankmyndigheten], Europeiska tillsynsmyndigheten [Europeiska försäkrings- och tjänstepensionsmyndigheten] och Euro- peiska tillsynsmyndigheten [Europeiska värdepappers- och marknads- myndigheten]). Genom ändring av en rad sektorsdirektiv preciseras genom detta direktiv de europeiska tillsynsmyndigheternas befogenheter (se prop. 2011/12:70).</P>
<P class="p1368 ft131"><SPAN class="ft127">13.4.2</SPAN><SPAN class="ft163">Samarbete och utbyte av information med utländska myndigheter</SPAN></P>
<P class="p1057 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska i sin tillsynsverksamhet, i den mån det följer av MiFID II eller MiFIR, samarbeta och utbyta information med</P>
<P class="p1046 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">andra behöriga myndigheter,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">Europeiska värdepappers- och marknadsmyndigheten,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">Europeiska systemrisknämnden,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">byrån för samarbete mellan energitillsynsmyndigheter (Acer),</SPAN></P>
<P class="p1115 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft77">offentliga organ som har behörighet för tillsyn över spotmarknader och auktionsmarknader,</SPAN></P>
<P class="p1115 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft76">behöriga myndigheter, registerförvaltare och andra offentliga organ som har uppdrag att utöva tillsyn enligt Europaparlamentets och rådets direktiv 2003/87/EG, och</SPAN></P>
<P class="p1115 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft77">offentliga organ som är ansvariga för tillsyn, förvaltning och reglering av fysiska jordbruksmarknader enligt Europaparlamentets och rådets förordning (EU) nr 1308/2013.</SPAN></P>
<P class="p1046 ft2">Om Finansinspektionen utför en kontroll och en behörig myndighet</P>
<P class="p1214 ft2"><SPAN class="ft2">i</SPAN><SPAN class="ft148">ett annat land inom EES får närvara, ska även Europeiska värdepappers- och marknadsmyndigheten få närvara.</SPAN></P>
<P class="p1058 ft2">Finansinspektionen ska få hänskjuta frågor som rör ett förfarande av en annan behörig myndighet inom EES till Europeiska värdepappers- och marknadsmyndigheten för tvistlösning i de fall som framgår av MiFID II.</P>
<P class="p1092 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det krävs inte några lagstiftningsåtgärder för att genomföra reglerna i MiFID II om rätten för den behöriga myn- digheten att ha kontakt med rättsliga myndigheter under vissa förut- sättningar och att samarbeta för att underlätta indrivning av sanktions- avgifter. Inte heller reglerna om rätt för den behöriga myndigheten att utbyta information om vidtagna åtgärder om reducering av storleken på en position eller en exponering och personers möjligheter att investera i råvaruderivat eller om informationsutbyte i övrigt eller om vägran att samarbeta kräver några lagstiftningsåtgärder. Det krävs inte heller i övrigt några lagstiftningsåtgärder för att genomföra reglerna om rätten för den behöriga myndigheten att samarbeta med tillsyns- myndigheter utanför EES eller för att underrätta Europeiska värde- pappers- och marknadsmyndigheten om de klagomåls- och tvist-</P>
<P class="p1241 ft2">501</P>
</DIV>
<DIV id="page_502">
<DIV id="dimg1">
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</DIV>
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">502</P>
</DIV>
<DIV id="id_2">
<P class="p1369 ft42">lösningsförfaranden som finns tillgängliga för konsumenters klagomål utanför domstol.</P>
<P class="p573 ft103">Utredningens förslag och bedömning <SPAN class="ft4">överensstämmer med regering- ens förslag och bedömning.</SPAN></P>
<P class="p150 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget och bedömningen eller har inget att invända mot dem.</P>
<P class="p150 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">I MiFID II ställs vissa grundläggande krav på vad som ska gälla för behöriga myndig- heters samarbete inom det europeiska samarbetet för finansiell tillsyn (artikel 79). Dessa krav motsvarar delvis kraven i MiFID I (artikel 56).</SPAN></P>
<P class="p150 ft2">Reglerna i MiFID I om samarbete och utbyte av information mellan behöriga myndigheter har i svensk rätt genomförts i generella bestäm- melser om samarbete och informationsutbyte i lagen om värdepappers- marknaden (23 kap. 5 och 6 §§, se prop. 2006/07:115 s. <NOBR>515–517</NOBR> och 631).</P>
<P class="p1370 ft2">I MiFID II finns även regler om rätten för den behöriga myndigheten att ha kontakt med de rättsliga myndigheterna om medlemsstaten har valt att föreskriva straffrättsliga påföljder vid överträdelser av regler i direk- tivet (artikel 79.1 andra stycket). Dessa regler har inte någon motsvarig- het i MiFID I. När en begäran avser rättslig hjälp i brottmål gäller emellertid lagen (2000:562) om internationell rättslig hjälp i brottmål. Dessa nya regler i MiFID II kräver därför inte några lagstiftnings- åtgärder.</P>
<P class="p913 ft2">Den behöriga myndigheten får enligt MiFID II även samarbeta med behöriga myndigheter i andra medlemsstater för att underlätta indrivning av sanktionsavgifter (artikel 79.1 fjärde stycket). Även detta är nytt i förhållande till MiFID I. Sådant samarbete omfattas dock av den nu- varande generella bestämmelsen om samarbete i lagen om värdepappers- marknaden (23 kap. 5 §).</P>
<P class="p624 ft2">Utöver reglerna i MiFID I finns i MiFID II (artikel 79.5) särskilda regler om samarbete och informationsutbyte när det gäller positioner, exponeringar och råvaruderivat. Den behöriga myndigheten ska meddela Esma och andra behöriga myndigheter varje begäran om att reducera storleken på en position eller exponering (artikel 69.2 första stycket o) och eventuella begränsningar av personers möjligheter att investera i ett råvaruderivat (artikel 69.2 första stycket p). När det är relevant ska med- delandet innehålla uppgifter om ett krav eller en begäran om information om bl.a. storleken eller syftet med en position eller exponering (artikel 69.2 första stycket j), inbegripet identitetsuppgifter beträffande den eller de personer till vilka begäran riktades och skälen till detta. Vidare ska med- delandet innehålla uppgifter om omfattningen av de gränser för storleken på en position som en person får inneha som har införts (artikel 69.2 första stycket p), inbegripet uppgifter om den berörda personen, tillämp- liga finansiella instrument, eventuella begränsningar av storleken på de positioner som en person kan inneha vid varje tidpunkt, eventuella undantag från detta som beviljats (artikel 57) och skälen för det. Med- delandena ska lämnas senast 24 timmar innan åtgärderna eller bestäm- melserna är avsedda att träda i kraft. Under exceptionella omständigheter får den behöriga myndigheten lämna meddelandet senare om det inte är möjligt att ge 24 timmars varsel. Allt detta är således nytt i förhållande</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_503">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">till MiFID I men även det omfattas av den nuvarande generella bestäm- melsen om samarbete i lagen om värdepappersmarknaden. Detsamma gäller kravet i MiFID II (artikel 75.3) att Finansinspektionen ska under- rätta Esma om de klagomåls- och tvistlösningsförfaranden för konsumen- ters system utanför domstol som finns tillgängliga inom inspektionens jurisdiktion.</P>
<P class="p623 ft2">Om en åtgärd som beskrivs ovan avser energiprodukter som handlas på grossistmarknaden, ska den behöriga myndigheten också meddela byrån för samarbete mellan energitillsynsmyndigheter (Acer), som inrättades i enlighet med Europaparlamentets och rådets förordning (EG) nr 713/2009 av den 13 juli 2009 om inrättande av en byrå för samarbete mellan energitillsynsmyndigheter (artikel 79.5 femte stycket i MiFID II).</P>
<P class="p623 ft2">När det gäller utsläppsrätter ska den behöriga myndigheten samarbeta med offentliga organ som har behörighet för tillsyn över spotmarknader och auktionsmarknader och med behöriga myndigheter, registerförvaltare och andra offentliga organ som har som uppdrag att utöva tillsyn enligt Europaparlamentets och rådets direktiv 2003/87/EG av den 13 oktober 2003 om ett system för handel med utsläppsrätter för växthusgaser inom gemenskapen och om ändring av rådets direktiv 96/61/EG i syfte att säkerställa att de kan skaffa en samlad överblick över marknader för utsläppsrätter (artikel 79.6 i MiFID II). När det gäller jordbruksråvaru- derivat, ska den behöriga myndigheten rapportera till och samarbeta med de offentliga organ som är ansvariga för tillsyn, förvaltning och reglering av fysiska jordbruksmarknader enligt Europaparlamentets och rådets förordning (EU) nr 1308/2013 av den 17 december 2013 om upprättande av en samlad marknadsordning för jordbruksprodukter och om upp- hävande av rådets förordningar (EEG) nr 922/72, (EEG) nr 234/79, (EG) nr 1037/2001 och (EG) nr 1234/2007 (artikel 79.7 i MiFID II).</P>
<P class="p573 ft2">Några regler om samarbete och informationsutbyte när det gäller energitillsynsmyndigheter eller organ som har tillsyn över marknaden för utsläppsrätter eller fysiska jordbruksmarknader finns inte i MiFID I. De nya reglerna i MiFID II om att den behöriga myndigheten ska samarbeta och utbyta information även med sådana myndigheter eller organ bör genomföras i svensk rätt genom att de generella bestämmelserna om samarbete och informationsutbyte i lagen om värdepappersmarknaden ut- vidgas till att omfatta även samarbete och utbyte av information med byrån för samarbete mellan energitillsynsmyndigheter (Acer), offentliga organ som har behörighet för tillsyn över spotmarknader och auktions- marknader och med behöriga myndigheter, registerförvaltare och andra offentliga organ som har uppdrag att utöva tillsyn enligt Europaparla- mentets och rådets direktiv 2003/87/EG och offentliga organ som är an- svariga för tillsyn, förvaltning och reglering av fysiska jordbruksmark- nader enligt Europaparlamentets och rådets förordning (EU) nr 1308/2013.</P>
<P class="p1155 ft2">I MiFID II finns även regler om samarbetet mellan behöriga myndig- heter vid tillsyn, utredningar och i samband med kontroller på plats (artikel 80). De reglerna motsvarar till övervägande del dem i MiFID I (artikel 57). Ett tillägg som har gjorts i MiFID II är att Esma ska få delta i kontroller eller utredningar på plats som genomförs gemensamt av två eller flera behöriga myndigheter. Ett motsvarande tillägg bör göras i be- stämmelserna om sådana kontroller i lagen om värdepappersmarknaden</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">503</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_504">
<P class="p820 ft4">Prop. 2016/17:162 (23 kap. 6 §) om att i de fall en utländsk myndighet närvarar vid en kontroll så ska även Esma få närvara.</P>
<P class="p575 ft2">Reglerna i MiFID II om informationsutbyte mellan de behöriga myn- digheterna (artikel 81) och om när en behörig myndighet får vägra att samarbeta med en annan behörig myndighet (artikel 83) motsvarar dem i MiFID I (artikel 58 respektive 59). Även de reglerna i MiFID I har i svensk rätt genomförts i nämnda generella bestämmelser i lagen om värdepappersmarknaden (23 kap. 5 och 6 §§, se samma prop.).</P>
<P class="p576 ft2">Reglerna i MiFID II (artikel 82) om möjligheten att hänskjuta vissa frågor till Esma för bindande medling motsvarar dem i MiFID I (artik- el 58 a). De reglerna infördes i MiFID I genom omnibus <NOBR>I-direktivet</NOBR> och har i svensk rätt genomförts i motsvarande bestämmelser i lagen om värdepappersmarknaden (23 kap. 5 a § lagen om värdepappersmarknaden, se prop. 2011/12:70 s. <NOBR>56–60).</NOBR> Även i reglerna i MiFID II om försiktig- hetsåtgärder som värdmedlemsstaterna är skyldiga att vidta finns möjlig- het för en behörig myndighet att hänskjuta ett ärende till Esma (artikel 86.1 andra stycket b, 86.2 fjärde stycket och 86.3 tredje stycket i MiFID II). Motsvarande regler finns även i MiFID I (artikel <NOBR>62.1–62.3).</NOBR> Förutom ändring av hänvisningar till berörda artiklar i direktivet med anledning av den omnumrering som har gjorts i MiFID II i förhållande till MiFID I, krävs det inte några lagstiftningsåtgärder för att genomföra dessa regler i MiFID II.</P>
<P class="p580 ft2">I MiFID II (artikel 57.6) finns det emellertid även regler om bindande medling som inte har någon motsvarighet i MiFID I. Om en behörig myndighet i ett annat land inom EES har fattat ett beslut om en gemen- sam positionslimit och Finansinspektionen inte är överens med den myn- digheten, får Finansinspektionen anmäla saken till Esma som ska lösa alla tvister till följd av oenighet mellan de behöriga myndigheterna (jfr avsnitt 7.14.1). Dessa regler har inte någon motsvarighet i MiFID I och en hänvisning till dem bör därför införas i lag. Utredningens förslag inne- bär att det görs i anslutning till de föreslagna nya bestämmelserna i lagen om värdepappersmarknaden om positionslimiter och att det där anges att vid oenighet mellan de behöriga myndigheterna ska anmälan ske till Esma (15 a kap. 4 § tredje stycket i utredningens lagförslag). Regeringen anser emellertid att även dessa regler i MiFID II som avser en möjlighet att hänskjuta en fråga till Esma bör genomföras i svensk rätt på mot- svarande sätt som övriga regler i direktivet som avser den möjligheten. Det bör därför i stället göras ett tillägg i bestämmelserna i lagen om värdepappersmarknaden som avser möjligheten för Finansinspektionen att hänskjuta frågor till Esma (23 kap. 5 a §). Det kan nämnas att även MiFIR innehåller bestämmelser om bindande medling (artiklarna 4.4, 7.1 fjärde stycket och 9.2). Med tanke på att det i dessa fall rör sig om be- stämmelser i en direkt gällande förordning, bör det inte krävas några lag- stiftningsåtgärder i detta avseende (jfr prop. 2015/16:10 s. 213).</P>
<P class="p985 ft2">Slutligen finns det i MiFID II (artikel 88) även regler om samarbete och informationsutbyte med tillsynsmyndigheter utanför EES. De reglerna motsvarar dem i MiFID I (artikel 63). Reglerna i MiFID I ansågs genom- förda genom befintliga regler om sekretess och Finansinspektionens befog- enheter (jfr samma prop. och bilaga 8 s. 220). Regeringen gör ingen annan bedömning beträffande motsvarande regler i MiFID II.</P>
<P class="p958 ft2">504</P>
</DIV>
<DIV id="page_505">
<P class="p292 ft4">Reglerna i MiFID II om samarbete och utbyte av information komp- Prop. 2016/17:162 letteras av detaljerade regler i kommissionens delegerade förordning av</P>
<P class="p540 ft4">den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU med avseende på tekniska tillsynsstandarder för utbyte av uppgifter mellan behöriga myndigheter när de deltar i samarbete avseende tillsynsverksamhet, kontroller på plats och vid utredningar ([EU] C[2016] 4415 final) (artiklarna <NOBR>1–4).</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t152">
<TR>
<TD class="tr54 td255"><P class="p823 ft127">13.4.3</P></TD>
<TD class="tr54 td385"><P class="p23 ft129">Samråd mellan myndigheter före beviljande av</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td385"><P class="p23 ft129">auktorisation</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
<TD class="tr67 td158"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska innan den beslutar om</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">tillstånd att driva värdepappersrörelse samråda med behörig myndighet i</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">ett annat land inom EES, om bolaget är eller förväntas bli dotterbolag till</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">en marknadsoperatör med auktorisation i det landet.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p295 ft2">Finansinspektionen ska innan den beslutar om tillstånd att som börs</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">driva en reglerad marknad samråda med behöriga myndigheter i andra</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">länder inom EES.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p894 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer inte med regeringens för-</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">slag. Utredningen gör bedömningen att reglerna i MiFID II om samråd</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">mellan behöriga myndigheter före beviljande av auktorisation för ett</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">värdepappersföretag inte kräver någon lagändring.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">mot den.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt MiFID II ska en behörig myn-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">dighet samråda med de behöriga myndigheterna i andra berörda med-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">lemsstater innan den beviljar auktorisation bl.a. när ett värdepappers-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">företag eller en marknadsoperatör ingår i samma företagsgrupp som ett</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">värdepappersföretag eller ett kreditinstitut som auktoriserats i en annan</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">medlemsstat eller är kontrollerat av samma personer som kontrollerar ett</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">sådant företag (artikel 84). Dessa regler motsvarar dem i MiFID I när det</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">gäller värdepappersföretag (artikel 60). Enligt MiFID II ska reglerna</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tillämpas även på marknadsoperatörer.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p894 ft2">Reglerna i MiFID I har i svensk rätt genomförts i bestämmelser i lagen</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">om värdepappersmarknaden (3 kap. 9 §). För att genomföra den ändring</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">som har gjorts i MiFID II beträffande värdepappersföretag genom tilläg-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">get att samråd ska ske även om företaget är eller förväntas bli dotterbolag</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">till en marknadsoperatör med auktorisation i ett land inom EES, bör mot-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">svarande tillägg göras i bestämmelserna i lagen om värdepappersmark-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">naden.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2">Den ändring som har gjorts i MiFID II genom tillägget att samråd ska</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ske även innan den behöriga myndigheten beviljar auktorisation för en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknadsoperatör om företaget är eller förväntas bli dotterbolag till en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknadsoperatör med auktorisation i ett land inom EES, bör genom-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">föras i bestämmelser i lagen om värdepappersmarknaden som motsvarar</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">nuvarande bestämmelser om samråd innan beslut om tillstånd att driva</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">värdepappersrörelse (3 kap. 9 §).</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2">Kommissionen ska enligt MiFID II (artikel 84.4) anta tekniska stand-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">arder för genomförande i syfte att fastställa standardformulär, mallar och</P></TD>
<TD rowspan=2 class="tr1 td158"><P class="p20 ft2">505</P></TD>
</TR>
<TR>
<TD class="tr53 td255"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td385"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
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<P class="p820 ft42">Prop. 2016/17:162 förfaranden för samråd mellan behöriga myndigheter innan tillstånd be- viljas. Detta har emellertid inte gjorts ännu.</P>
<P class="p1017 ft129"><SPAN class="ft127">13.4.4</SPAN><SPAN class="ft161">Värdmedlemsstaternas befogenheter</SPAN></P>
<P class="p1054 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFID II om värdmedlems- statens befogenheter kräver ingen lagstiftningsåtgärd.</P>
<P class="p975 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p576 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Värdmedlemsstaten får enligt MiFID II för statistiska ändamål kräva att värdepappersföretag med filialer inom landets territorium lämnar regelbundna rapporter om filialens verk- samhet (artikel 85, som motsvarar artikel 61 i MiFID I). Värdmedlems- staten får vidare kräva att filialerna tillhandahåller den information som behövs för övervakningen av att de följer de normer i värdlandet som ligger under den behöriga myndighetens tillsynsområde (se artikel 35.8 i MiFID II). Även utländska företag som driver värdepappersrörelse från filial i Sverige är skyldiga att lämna Finansinspektionen uppgifter enligt lagen om värdepappersmarknaden (23 kap. 2 §). Reglerna i MiFID II om värdmedlemsstatens befogenheter kräver därför ingen lagstiftnings- åtgärd.</SPAN></P>
<P class="p1371 ft131">13.4.5 Försiktighetsåtgärder som värdmedlemsstaten är skyldig att vidta</P>
<P class="p1119 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om försiktighets- åtgärder som den behöriga myndigheten i en värdmedlemsstat är skyldig att vidta kräver inte någon lagstiftningsåtgärd.</P>
<TABLE cellpadding=0 cellspacing=0 class="t166">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p20 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ning.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mot den.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II finns regler om vilka</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">åtgärder en behörig myndighet i en värdmedlemsstat har rätt att vidta då</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ett utländskt värdepappersföretag – som antingen driver verksamhet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">genom filial eller genom direkt tillhandahållande av tjänster (gränsöver-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">skridande verksamhet) – bryter mot de bestämmelser som i den medlems-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">staten har antagits med stöd av direktivet (artikel 86.1 och 86.2). Mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">svarande regler finns när det gäller den som driver en reglerad marknad,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform</NOBR> (artikel 86.3). Dessa regler</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">motsvarar dem i MiFID I (artikel 62). Reglerna i MiFID I gäller inte drift</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">av en <NOBR>OTF-plattform</NOBR> eftersom det är en ny investeringsverksamhet som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">har införts i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Reglerna i MiFID I har i svensk rätt genomförts i bestämmelser i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">om värdepappersmarknaden (25 kap. 12, 13 och 16 §§, se prop.</P></TD>
</TR>
<TR>
<TD class="tr33 td57"><P class="p140 ft2">506</P></TD>
<TD class="tr33 td368"><P class="p139 ft2">2006/07:115 s. <NOBR>518–521</NOBR> och 642 f.).</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_507">
<DIV>
<DIV id="id_1">
<P class="p150 ft27">I MiFID II gäller, i likhet med i MiFID I, principen om hemlandstillsyn. Det innebär att det är den behöriga myndigheten i ett företags hemland som har huvudansvaret för tillsynen över företaget, och detta oberoende av var inom EES som det driver verksamhet. När det gäller gränsöverskridande verksamhet är det helt och hållet den behöriga myndigheten i hemlandet som är ansvarig för tillsynen och därmed har ansvaret för att ett värdepap- persföretag uppfyller de krav som gäller enligt MiFID II och MiFIR. När det gäller filialer har dock värdlandet (artikel 35.8 i MiFID II) ansvaret för övervakningen av att filialen tillhandahåller tjänster i enlighet med reglerna om allmänna principer och information till kunder (artikel 24 i MiFID II), lämplighetsbedömning och rapportering till kunder (artikel 25 i MiFID II), bästa utförande av kundorder (artikel 27 i MiFID II) och hantering av kundorder (artikel 28 i MiFID II), vissa regler i MiFIR (artiklarna <NOBR>14–26)</NOBR> samt sådana bestämmelser med ytterligare krav när det gäller investerarskydd som värdlandet antagit (artikel 24.12 i MiFID II). Även om den behöriga myndigheten i värdlandet har tillsyns- befogenheter i dessa delar, har naturligtvis den behöriga myndigheten i hemlandet fortfarande möjlighet att utöva tillsyn över att filialen drivs i enlighet med samtliga regler som gäller i hemlandet.</P>
<P class="p1372 ft2">Den behöriga myndigheten i ett värdland ska ingripa mot ett utländskt värdepappersföretag som driver verksamhet genom filial i det landet om det bryter mot bestämmelser som gäller i det landet och som den myn- digheten har tillsynen över (artikel 86.2). Myndigheten ska då i första hand kräva att värdepappersföretaget upphör att bryta mot bestämmel- serna. Om detta inte får avsedd effekt ska myndigheten vidta alla lämp- liga åtgärder och samtidigt meddela den behöriga myndigheten i företagets hemland om de åtgärder som vidtas. Först om inte detta hjälper får den behöriga myndigheten i värdlandet bestraffa eller förhindra att värdepappersföretaget inleder fler transaktioner inom dess territorium. Myndigheten ska i så fall utan onödigt dröjsmål informera kommissionen och Esma.</P>
<P class="p269 ft2">Om den behöriga myndigheten i värdlandet har upptäckt att ett värde- pappersföretag som driver gränsöverskridande handel – där således den behöriga myndigheten i hemlandet har tillsynsansvaret – inte uppfyller sina förpliktelser, ska myndigheten informera myndigheten i hemlandet (artikel 86.1). Detsamma gäller när den verksamhet som ett värdepap- persföretag driver genom en filial i värdlandet har brutit mot bestämmel- ser som den behöriga myndigheten i värdlandet inte har tillsynsansvaret för. Om detta sker ska den behöriga myndigheten i värdlandet i första hand anmäla detta till den behöriga myndigheten i hemlandet. Om värde- pappersföretaget fortsätter att handla på ett sätt som tydligt skadar investerares intressen i värdlandet eller leder till att marknaderna inte fungerar korrekt, trots de åtgärder som den behöriga myndigheten i hem- landet har vidtagit, ska den behöriga myndigheten i värdlandet vidta lämpliga åtgärder för att skydda investerarna och se till att marknaderna fungerar väl. Detta får dock ske först efter att myndigheten har infor- merat den behöriga myndigheten i hemlandet. Myndigheten i värdlandet ska i så fall utan onödigt dröjsmål informera kommissionen och Esma om åtgärderna.</P>
<P class="p1142 ft42">Finansinspektionens tillsyn över ett utländskt företag som driver värde- pappersrörelse eller en reglerad marknad från filial i Sverige omfattar att</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">507</P>
</DIV>
</DIV>
</DIV>
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<P class="p1286 ft2">Prop. 2016/17:162 företaget följer de lagar och andra författningar som gäller för företagets verksamhet i Sverige (23 kap. 1 § tredje stycket lagen om värdepappers- marknaden). Reglerna i MiFID II om de tillsynsbefogenheter som den behöriga myndigheten ska ha när det gäller sådan verksamhet kräver där- för inte någon lagstiftningsåtgärd.</P>
<P class="p1373 ft4">Frågan om de ingripandeåtgärder som Finansinspektionen har till sitt förfogande som behörig myndighet i värdlandet behandlas i avsnitt 14.3.6.</P>
<P class="p1374 ft134">13.4.6 Tystnadsplikt och möjligheter till utbyte av information mellan behöriga myndigheter och Esma</P>
<P class="p996 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om tystnadsplikt och att den behöriga myndigheten ska kunna hämta in och lämna infor- mation till behöriga myndigheter i andra länder inom EES och Esma kräver inte någon lagstiftningsåtgärd.</P>
<P class="p1375 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p547 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p547 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">För att kunna fullgöra sina skyl- digheter enligt MiFID II måste Finansinspektionen ha möjlighet att kunna hämta in den information som behövs från behöriga myndigheter i andra länder inom EES och att lämna den information som behövs till dessa myndigheter och Esma. I MiFID II finns regler om tystnadsplikt och sekretess som omfattar bl.a. information som en behörig myndighet får från en behörig myndighet i ett annat land inom EES (artikel 76). I MiFID I finns det motsvarande regler (artikel 54).</SPAN></P>
<P class="p1376 ft2">Finansinspektionens möjlighet att lämna ut uppgifter till utländska till- synsmyndigheter har behandlats vid genomförandet i svensk rätt av MiFID I (prop. 2006/07:115 s. 515 f.). Regeringen konstaterade då att den informationsskyldighet som följer av reglerna i MiFID I till stor del avser sådana uppgifter som är sekretessbelagda enligt 8 kap. 5 § första stycket i den numera upphävda sekretesslagen (1980:100) (som mot- svarar 30 kap. 4 § första stycket offentlighets- och sekretesslagen [2009:400], förkortad OSL). Det konstaterades i det sammanhanget även</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p139 ft2">att det i tidigare lagstiftningsärenden har bedömts att Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">har goda möjligheter att lämna ut uppgifter till utländska myndigheter i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">den utsträckning som olika <NOBR>EG-direktiv</NOBR> föreskriver. En svensk myndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">hets möjlighet att lämna ut sekretessbelagda uppgifter till en utländsk</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">myndighet reglerades då i 1 kap. 3 § samma lag (som motsvarar 8 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">3 § OSL).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">När det gäller Finansinspektionens möjlighet att hämta in information</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">från myndigheter i andra länder inom EES och behålla eventuell sekre-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tess gäller följande. För uppgifter som Finansinspektionen har fått från en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">myndighet i ett annat land gäller sekretess enligt 30 kap. 7 § första och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra styckena OSL, om uppgifterna har tagits emot enligt ett av riks-</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td57"><P class="p140 ft2">508</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">dagen godkänt avtal härom med främmande stat. I begreppet avtal enligt</P></TD>
</TR>
<TR>
<TD class="tr29 td368"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
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<P class="p186 ft4">denna bestämmelse anses ingå rättsakter som gäller till följd av Sveriges Prop. 2016/17:162 medlemskap i EU, dvs. anslutningsfördragen, förordningar och direktiv</P>
<P class="p1377 ft2">som utfärdas av EU:s institutioner. Sekretess kommer således att gälla för information som tas emot av Finansinspektionen i enlighet med MiFID II och som inte får lämnas ut enligt direktivet. Finansinspektionen har med stöd av regeringens bemyndigande slutit samarbetsavtal med såväl till- synsmyndigheter i övriga länder inom EES som med motsvarande myndigheter i länder utanför EES. Avtalen innehåller regelmässigt bestäm- melser om sekretess för uppgifter som utbyts mellan myndigheterna.</P>
<P class="p264 ft2">Reglerna om tystnadsplikt i MiFID II (artikel 76.1) motsvaras av regler i MiFID I (artikel 54.1). Vid genomförandet i svensk rätt av MiFID I gjorde regeringen bedömningen att det inte krävdes någon ändring i svensk rätt med anledning av att reglerna om tystnadsplikt i det direktivet eftersom reglerna ansågs genomförda genom 1 kap. 6 § i den numera upphävda sekretesslagen (samma prop.). Den bestämmelsen motsvarar 2 kap. 1 § OSL. Enligt 2 kap. 1 § OSL gäller ett förbud att röja eller utnyttja sekre- tessbelagd uppgift för myndighet där uppgiften är sekretessbelagd samt för personer som på grund av anställning eller uppdrag hos myndigheten deltar eller har deltagit i myndighetens verksamhet och därvid fått kännedom om uppgiften. Regeringen gör samma bedömning som i det tidigare lagstift- ningsärendet när det gäller motsvarande regler om tystnadsplikt i MiFID II. De reglerna får således anses genomförda genom 2 kap. 1 § OSL och de kräver därför inte någon ändring i svensk rätt.</P>
<P class="p960 ft2">Som konstateras ovan är reglerna om tystnadsplikt och utbyte av upp- gifter mellan behöriga myndigheter i olika länder i huvudsak desamma i MiFID II och MiFID I. I reglerna i MiFID II finns det dock en hänvisning även till MiFIR när det gäller det stöd som ska finnas för de åtgärder som den behöriga myndigheten, organ eller andra fysiska eller juridiska per- soner får vidta. Eftersom MiFIR är direkt tillämplig i medlemsstaterna krävs det emellertid inte några ändringar i svensk rätt för att genomföra direktivet i den delen.</P>
<P class="p426 ft4">Sammanfattningsvis anser regeringen att de krav som MiFID II ställer upp beträffande utbyte av konfidentiell information mellan behöriga myndigheter i olika länder och den sekretess och tystnadsplikt som ska gälla beträffande uppgifter i sådana fall tillgodoses genom befintliga bestämmelser.</P>
<P class="p945 ft129"><SPAN class="ft127">13.4.7</SPAN><SPAN class="ft161">Förhållandet till revisorer</SPAN></P>
<P class="p1079 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En revisor med uppdrag i en börs eller en leverantör av datarapporteringstjänster ska omedelbart rapportera till Finansinspektionen om han eller hon vid fullgörandet av sitt uppdrag i börsen eller leverantören av datarapporteringstjänster får kännedom om förhållanden som</P>
<P class="p1212 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft77">kan utgöra en väsentlig överträdelse av någon författning som reglerar företagets verksamhet,</SPAN></P>
<P class="p1046 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">kan påverka företagets fortsatta drift negativt, eller</SPAN></P>
<P class="p1212 ft42"><SPAN class="ft2">–</SPAN><SPAN class="ft169">kan leda till att han eller hon avstyrker att balansräkningen eller resultaträkningen fastställs, eller till anmärkning enligt 9 kap. 33 eller</SPAN></P>
<P class="p1025 ft2">509</P>
</DIV>
<DIV id="page_510">
<DIV id="dimg1">
<INGENBILD zsrc="H403162510x1.jpg/" id="img1">
</DIV>
<P class="p1378 ft2">Prop. 2016/17:162 34 § aktiebolagslagen eller 8 kap. 13 § lagen om ekonomiska fören- ingar.</P>
<P class="p1379 ft4">Skyldigheten att rapportera till Finansinspektionen ska också gälla för särskilda granskare som avses i 10 kap. 21 § aktiebolagslagen och i 8 kap. 17 § lagen om ekonomiska föreningar.</P>
<P class="p975 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens bedömning omfattar inte frågan om en hänvisning till lagen om ekonomiska föreningar när det gäller rapport- eringsskyldigheten för revisorer och särskilda granskare.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>I MiFID II finns en skyldighet för revisorer och särskilda granskare att till den behöriga myndigheten rapportera allvarliga regelöverträdelser m.m. av ett värdepappersföretag, en reglerad marknad eller en leverantör av datarapporteringstjänster (artikel 77). I MiFID I finns liknande regler som dock gäller enbart revisorer i värdepappersföretag (artikel 55).</P>
<P class="p1020 ft2">Reglerna i MiFID I har i svensk rätt genomförts i bestämmelser i lagen om värdepappersmarknaden (23 kap. 8 och 9 §§, se prop. 2006/07:115 s. 521 och 632). Det tillägg som har gjorts i MiFID II om att skyldig- heten att rapportera till den behöriga myndigheten gäller även revisor i en reglerad marknad och en leverantör av datarapporteringstjänster, bör genomföras i svensk rätt genom att motsvarande tillägg görs i bestäm- melserna om revisors rapporteringsskyldighet i lagen om värdepappers- marknaden. Då en börs även kan vara en ekonomisk förening bör hänvis- ningar göras i lagen om värdepappersmarknaden (23 kap. 8 och 9 §§), motsvarande dem till 9 kap. 33 och 34 §§ respektive 10 kap. 21 § aktie- bolagslagen, till 8 kap. 13 respektive 17 § lagen (1987:667) om ekonom- iska föreningar.</P>
<P class="p929 ft129"><SPAN class="ft127">13.4.8</SPAN><SPAN class="ft161">Skydd för personuppgifter</SPAN></P>
<P class="p1054 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Reglerna i MiFID II om skydd för person- uppgifter kräver inte någon lagstiftningsåtgärd.</P>
<P class="p711 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFID II (artikel 78) ska behandlingen av personuppgifter som har samlats in vid tillsynen enligt direktivet ske i enlighet med de nationella regler som genomfört Europa- parlamentets och rådets direktiv 95/46/EG av den 24 oktober 1995 om skydd för enskilda personer med avseende på behandling av person- uppgifter och om det fria flödet av sådana uppgifter (dataskyddsdirek- tivet) och i förekommande fall Europaparlamentets och rådets förordning (EG) nr 45/2001 av den 18 december 2000 om skydd för enskilda då gemenskapsinstitutionerna och gemenskapsorganen behandlar person- uppgifter och om den fria rörligheten för sådana uppgifter.</SPAN></P>
<P class="p942 ft2">510</P>
</DIV>
<DIV id="page_511">
<P class="p747 ft4">Reglerna i MiFID II är utformade lite annorlunda än i MiFID I (jfr Prop. 2016/17:162 skälen 43 och 62 till samt artikel 63.1 andra stycket i MiFID I).</P>
<P class="p144 ft2">Dataskyddsdirektivet har i svensk rätt genomförts genom person- uppgiftslagen (1998:204). Den lagen är tillämplig även på behandlingen av personuppgifter vid tillsyn enligt MiFID II. Europaparlamentets och rådets förordning (EG) nr 45/2001 är endast tillämplig på gemenskaps- institutionernas och gemenskapsorganens behandling av personuppgifter. Någon lagstiftningsåtgärd för att genomföra reglerna om skydd för personuppgifter i MiFID II krävs därför inte.</P>
<P class="p357 ft2">Det kan i sammanhanget noteras att Europaparlamentet och rådet nyligen har antagit förordning (EU) 2016/679 av den 27 april 2016 om skydd för fysiska personer med avseende på behandling av person- uppgifter och om det fria flödet av sådana uppgifter och om upphävande av direktiv 95/46/EG (allmän dataskyddsförordning). Förordningen, som ska tillämpas fr.o.m. den 25 maj 2018, utgör en ny generell reglering för personuppgiftsbehandling inom EU. Förordningen kommer att ersätta det nuvarande dataskyddsdirektivet och medföra att personuppgiftslagen och personuppgiftsförordningen (1998:1191), samt Datainspektionens före- skrifter i anslutning till denna reglering, kommer att upphävas.</P>
<P class="p1165 ft21"><SPAN class="ft121">13.5</SPAN><SPAN class="ft160">System och skydd för visselblåsare</SPAN></P>
<P class="p167 ft129">13.5.1 Inledning</P>
<TABLE cellpadding=0 cellspacing=0 class="t145">
<TR>
<TD class="tr24 td359"><P class="p23 ft2">I MiFID II finns regler om system och skydd för den som rapporterar</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">överträdelser, dvs. visselblåsare (artikel 73). Reglerna ställer krav dels på</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">effektiva system för rapportering och skydd för den som rapporterar</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">överträdelser till den behöriga myndigheten, dels på att tillståndspliktiga</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">företag ska inrätta sådana system för intern rapportering. En arbetstagare</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">som rapporterar allvarliga överträdelser ska skyddas mot repressalier,</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">diskriminering och andra former av missgynnande behandling. Därutöver</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">ska identiteten på både anmälaren och på den fysiska person som an-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">klagas för att vara ansvarig för en överträdelse skyddas, om det inte</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">enligt nationell rätt krävs att identiteten röjs i samband med ytterligare</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">utredning eller efterföljande rättsligt förfarande. Syftet med särskilda</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">rapporteringssystem, s.k. visselblåsarsystem, är att göra det möjligt för i</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">första hand samtlig personal att utan rädsla för repressalier kunna rappor-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">tera om allvarliga händelser. Ett bra skydd för visselblåsare innefattar</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">således inte endast särskilda rapporteringssystem utan även ett skydd för</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">att den som väljer att rapportera eventuella missförhållanden inte drabbas</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">av repressalier från arbetsgivarens sida.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p39 ft2">I svensk rätt har det fram till nyligen inte funnits någon särskild skydds-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">lagstiftning för arbetstagare som slår larm om missförhållanden. Vid</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">arbetstagares larm tillämpas därför en rad olika rättsregler från olika rätts-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">områden, bl.a. finns ett skydd i arbetsrätten genom kravet på saklig grund</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">för uppsägning i lagen (1982:80) om anställningsskydd. Även rättsgrund-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">satsen om god sed på arbetsmarknaden ger visst skydd. Denna rättsgrund-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">sats upprätthålls genom Arbetsdomstolens praxis på området och innebär</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">bl.a. att omplacering under vissa förhållanden kan underkastas en rättslig</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td359"><P class="p23 ft2">prövning som liknar prövningen vid uppsägning (den s.k. bastubadar-</P></TD>
<TD rowspan=2 class="tr2 td147"><P class="p20 ft2">511</P></TD>
</TR>
<TR>
<TD class="tr66 td359"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_512">
<P class="p966 ft2">Prop. 2016/17:162 principen). Anställda i offentlig sektor har dessutom ett särskilt skydd om de använder sig av den grundlagsskyddade meddelarfriheten (se 3 kap. tryckfrihetsförordningen). Även enskildas rätt till yttrandefrihet enligt den Europeiska konventionen om skydd för de mänskliga rättigheterna och de grundläggande friheterna (Europakonventionen) kan under vissa förutsättningar ge skydd mot repressalier för anställda som slagit larm om missförhållanden.</P>
<P class="p1050 ft2">Riksdagen antog den 8 juni 2016 regeringens förslag i proposition Ett särskilt skydd mot repressalier för arbetstagare som slår larm om allvar- liga missförhållanden (prop. 2015/16:128, bet. 2015/16:AU11). Lagen (2016:749) om särskilt skydd mot repressalier för arbetstagare som slår larm om allvarliga missförhållanden innebär att en arbetstagare som ut- sätts för en repressalie av arbetsgivaren i strid med den föreslagna lagen ska ha rätt till skadestånd. Även inhyrda som slår larm om allvarliga missförhållanden i inhyrarens verksamhet föreslås skyddas i förhållande till inhyraren. Lagen, som trädde i kraft den 1 januari 2017, innebär att en arbetsgivare inte får utsätta en arbetstagare för repressalier på grund av att arbetstagaren slår larm om allvarliga missförhållanden i arbets- givarens verksamhet.</P>
<TABLE cellpadding=0 cellspacing=0 class="t168">
<TR>
<TD class="tr54 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr54 td191"><P class="p80 ft127">13.5.2</P></TD>
<TD class="tr54 td386"><P class="p39 ft129">Krav på speciella procedurer för hur anmälningar</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td386"><P class="p39 ft129">ska omhändertas hos behöriga myndigheter</P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Skyldigheten enligt MiFID II att behöriga</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">myndigheter ska inrätta effektiva procedurer för att motta och följa upp</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">anmälningar om överträdelser av det direktivet eller MiFIR är</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">tillgodosett i gällande rätt.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer inte med regeringens</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">bedömning. Utredningens bedömning avviker från regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bedömning genom att utredningen anser att skyldigheten bör tillgodoses</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">genom föreskrifter. Vid tidpunkten för utredningens bedömning hade</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">regeringen dock inte antagit den förordning som tillgodoser kravet.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen att skyldigheten bör</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tillgodoses genom föreskrifter på förordningsnivå eller har inget att</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">invända mot den. <SPAN class="ft3">Finansförbundet </SPAN>anför att det är viktigt att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">Finansinspektionen tillförs tillräckliga medel för att på bästa sätt</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">omhänderta och utreda anmälningar.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Medlemsstaterna ska enligt</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">MiFID II säkerställa att behöriga myndigheter etablerar effektiva meka-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">nismer för att möjliggöra anmälningar av potentiella eller faktiska över-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">trädelser av de nationella bestämmelser som genomför det direktivet och</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">av MiFIR (artikel 73.1 första stycket). I mekanismerna ska bl.a. ingå sär-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">skilda förfaranden för hur anmälningar tas emot och följs upp (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">73.1 andra stycket a). De särskilda förfarandena inbegriper inrättandet av</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">säkra kommunikationskanaler för sådana rapporter. Motsvarande regler</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">finns i kapitaltäckningsdirektivet (artikel 71) och förordningen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">papperscentraler (artikel 65). Finansinspektionen ansvarar för tillsynen</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">som rör finansiella marknader och finansiella företag. Uppgiften att ut-</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td42"><P class="p969 ft2">512</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">öva tillsyn över företagen utförs på flera olika sätt, där en av inspek-</P></TD>
</TR>
<TR>
<TD class="tr67 td191"><P class="p23 ft144"> </P></TD>
<TD class="tr67 td386"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_513">
<P class="p19 ft4">tionens metoder består i att ta emot och följa upp tips från anmälare. På Prop. 2016/17:162 Finansinspektionens webbplats framgår att myndigheten gärna tar emot</P>
<P class="p272 ft2">tips och anmälningar från privatpersoner, och enskilda informeras om hur den som vill lämna tips om oegentligheter ska gå till väga. En sådan anmälan kan därefter, om det bedöms föreligga skäl för det, läggas till grund för en inspektion eller andra former av undersökningar av före- taget i fråga.</P>
<P class="p197 ft2">Vid anpassningen av svensk rätt till marknadsmissbruksförordningen och vid genomförandet i svensk rätt av kommissionens genomförande- direktiv (EU) 2015/2392 av den 17 december 2015 om Europaparla- mentets och rådets förordning (EU) nr 596/2014 vad avser rapportering till behöriga myndigheter av faktiska eller potentiella överträdelser av den förordningen gjorde regeringen bedömningen att regler om bl.a. mekanismer för att möjliggöra och ta emot anmälningar borde införas i föreskrifter på förordningsnivå (prop. 2016/17:22 s. <NOBR>303–308).</NOBR> Bestäm- melserna är utformade så att de omfattar hela finansmarknadsområdet och finns nu i förordningen (2016:1318) om Finansinspektionens rutiner för mottagande av anmälningar om regelöverträdelser. Den nu nämnda förordningen medför att någon ytterligare reglering kring effektiva procedurer för att motta och följa upp anmälningar om överträdelser av MiFID II eller MiFIR inte behövs.</P>
<P class="p1380 ft4">När det gäller <SPAN class="ft45">Finansförbundets </SPAN>synpunkt om vikten av att Finans- inspektionen tillförs tillräckliga medel, konstaterar regeringen att inspek- tionen redan i dag tar emot anmälningar från visselblåsare samt att för- slagen i denna proposition inte bedöms innebära någon förändring för inspektionen i detta avseende, se även avsnitt 19.8.2.</P>
<TABLE cellpadding=0 cellspacing=0 class="t152">
<TR>
<TD class="tr54 td119"><P class="p97 ft127">13.5.3</P></TD>
<TD class="tr54 td397"><P class="p74 ft129">Skydd för den som rapporterar mot att drabbas</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr2 td119"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td397"><P class="p74 ft129">av repressalier</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr29 td364"><P class="p23 ft13"> </P></TD>
<TD class="tr68 td158"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Kravet i MiFID II om skydd för anställda</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">som anmäler överträdelser mot att drabbas av repressalier, diskri-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">minering eller andra former av missgynnande behandling från arbets-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">givarens sida är uppfyllt i gällande rätt.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p30 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td119"><P class="p23 ft2">ning.</P></TD>
<TD class="tr26 td397"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p30 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker bedömningen</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">eller har inget att invända mot den. <SPAN class="ft3">Svenska Journalistförbundet </SPAN>efter-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">frågar förstärkt skydd för anställda som påtalar överträdelser, exempelvis</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">genom en huvudregel om att missförhållanden och överträdelser i första</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">hand ska anmälas till berörd tillsynsmyndighet, och förordar att rätten att</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">meddela och offentliggöra uppgifter (meddelarskyddet) ska omfatta alla</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">anställda förenat med det skydd som i dag finns för offentligt anställda.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2"><SPAN class="ft3">Facket för försäkring och finans </SPAN>anser att det krav på lämpligt skydd som</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">anges i MiFID II inte uppnås och att formuleringen missgynnande</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">behandling som anges i direktivet bör tas in i lag. Vidare anser Facket för</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">försäkring och finans att huruvida en arbetstagare har missgynnats på</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">grund av en visselblåsning måste bedömas utifrån ett bredare perspektiv</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td119"><P class="p23 ft2">än vad</P></TD>
<TD class="tr27 td397"><P class="p30 ft2">som följer av 7 och 18 §§ lagen om anställningsskydd.</P></TD>
<TD rowspan=2 class="tr1 td158"><P class="p20 ft2">513</P></TD>
</TR>
<TR>
<TD class="tr53 td119"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td397"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_514">
<P class="p994 ft4">Prop. 2016/17:162 <SPAN class="ft45">Finansförbundet </SPAN>anser att förslaget inte uppfyller kraven i MiFID II och att gällande rätt inte tillgodoser det repressalieskydd som ska gälla enligt</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr27 td368"><P class="p139 ft2">direktivet. Enligt Finansförbundet bör reglerna i direktivet (artikel 73.1</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td259"><P class="p139 ft2">andra stycket b) införas ordagrant i</P></TD>
<TD colspan=3 class="tr26 td82"><P class="p20 ft2">lag. Finansförbundet ifrågasätter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">vidare om 2 § lagen (1990:409) om skydd för företagshemligheter är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">tillräckligt omfattande för att täcka de situationer som MiFID II avser.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p20 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt MiFID II ska anställda</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">som anmäler överträdelser av det institut där de är anställda ha ett lämp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">ligt skydd mot repressalier, diskriminering eller andra former av miss-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td375"><P class="p139 ft2">gynnande behandling (artikel 73.1 andra stycket b).</P></TD>
<TD class="tr26 td175"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p20 ft2">Mot bakgrund av att det bakomliggande syftet med de berörda reglerna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">är att uppmuntra rapportering av överträdelser och att anställda ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">kunna rapportera om överträdelser utan att råka ut för repressalier, får det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">antas att termen diskriminering avser missgynnande till följd av en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">anmälan och att det inte handlar om diskriminering såsom det definieras</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">1 kap. 4 § diskrimineringslagen (2008:567) (se skäl 147 till MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">Det får vidare antas att det är missgynnande från arbetsgivarens sida som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td259"><P class="p139 ft2">avses i MiFID II.</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td175"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p20 ft2">I kapitaltäckningsdirektivet (artikel 71.2 b) och förordningen om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">värdepapperscentraler (artikel 65.2 b) finns i stort sett likalydande regler</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">som i MiFID II. Reglerna har också stora likheter med artikel 9 i Europa-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">rådets civilrättsliga konvention om korruption. Vid Sveriges tillträde till</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">konventionen gjorde regeringen bedömningen att svensk rätt uppfyller de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">krav som anges i artikel 9 (se prop. 2003/04:70 s. 47 f.). Det hänvisades</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">bl.a. till arbetstagarnas skydd enligt lagen om anställningsskydd (7 och</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">18 §§), som fastslår att en uppsägning ska vara sakligt grundad och av-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">skedande endast kan motiveras i de fall då arbetstagaren grovt åsidosatt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">sina åligganden mot arbetsgivaren, samt den praxis som Arbetsdomstolen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">utvecklat. Regeringen hänvisade också till innehållet i 2 § lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">skydd för företagshemligheter och meddelarskyddet för offentlig-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td259"><P class="p139 ft2">anställda.</P></TD>
<TD class="tr26 td22"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td175"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p20 ft2">Vid genomförandet i svensk rätt av kapitaltäckningsdirektivet och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">anpassningen av svensk rätt till förordningen om värdepapperscentraler</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">bedömde regeringen att det inte krävdes några särskilda lagstiftnings-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">åtgärder med anledning av nämnda regler i de båda rättsakterna (artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td259"><P class="p139 ft2">71.2 b respektive 65.2 b, se prop.</P></TD>
<TD class="tr26 td22"><P class="p192 ft2">2013/14:228</P></TD>
<TD class="tr26 td175"><P class="p70 ft2">s. 246 f. och</P></TD>
<TD class="tr26 td124"><P class="p20 ft2">prop.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">2015/16:10 s. 216 f.). Till skillnad från vad <SPAN class="ft3">Facket för försäkring och</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2"><SPAN class="ft3">finans </SPAN>anför anser regeringen att det saknas anledning att göra en annan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">bedömning när det gäller motsvarande regler i MiFID II. Regeringen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">anser följaktligen att det saknas skäl att, som <SPAN class="ft3">Facket för försäkring och</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2"><SPAN class="ft3">finans </SPAN>och <SPAN class="ft3">Finansförbundet </SPAN>föreslår, vidta ytterligare lagstiftnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td375"><P class="p139 ft2">åtgärder med anledning av reglerna i direktivet.</P></TD>
<TD class="tr26 td175"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p20 ft2">Bedömningen av om en arbetstagare har missgynnats på grund av en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">visselblåsning bedöms, som <SPAN class="ft3">Facket för försäkring och finans </SPAN>påpekar,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td398"><P class="p139 ft2">utifrån en rad olika rättsregler från olika rättsområden.</P></TD>
<TD class="tr26 td124"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p20 ft2">Vid genomförandet i svensk rätt av kapitaltäckningsdirektivet konsta-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td368"><P class="p139 ft2">terade regeringen att det direktivet fastslår vissa huvuddrag för det skydd</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">som ska införas för att uppmuntra rapportering av överträdelser och att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td368"><P class="p139 ft2">det inte regleras uttryckligen i direktivet att företräde ska ges för intern</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td259"><P class="p139 ft2">rapportering framför att vända sig</P></TD>
<TD class="tr25 td22"><P class="p71 ft2">direkt till</P></TD>
<TD class="tr25 td175"><P class="p23 ft2">myndigheten</P></TD>
<TD class="tr25 td124"><P class="p20 ft2">(prop.</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">514</P></TD>
<TD colspan=4 class="tr27 td368"><P class="p139 ft2">2013/14:228 s. 247). Det innebar, enligt regeringens uppfattning, att den</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_515">
<P class="p19 ft4">frågan i stället måste avgöras med tillämpning av gällande regler och Prop. 2016/17:162 rättsprinciper på området för svenska förhållanden. Regeringen anser, till</P>
<P class="p272 ft2">skillnad från <SPAN class="ft3">Svenska Journalistförbundet</SPAN>, att det inte finns skäl för att göra en annan bedömning när det gäller genomförandet i svensk rätt av motsvarande regler i MiFID II.</P>
<P class="p197 ft2">Svenska Journalistförbundet förordar även att rätten att meddela och offentliggöra uppgifter (meddelarskyddet) ska omfatta alla anställda för- enat med det skydd som finns för offentligt anställda. Det är emellertid ingen fråga som bör hanteras i det förevarande lagstiftningsärendet.</P>
<P class="p200 ft2"><SPAN class="ft3">Finansförbundet </SPAN>tog även i samband med genomförandet i svensk rätt av kapitaltäckningsdirektivet upp frågan om 2 § lagen om skydd för före- tagshemligheter är tillräckligt omfattande för att täcka de situationer som avses i de berörda i <NOBR>EU-rättsakterna.</NOBR> Enligt det lagrummet anses det inte som ett obehörigt angrepp att någon, för offentliggörande eller inför en myndighet eller annat behörigt organ, avslöjar något som skäligen kan misstänkas utgöra brott på vilket fängelse kan följa eller som kan anses utgöra annat allvarligt missförhållande i näringsidkarens rörelse. Läm- nandet av en uppgift om en företagshemlighet till tillsynsmyndigheten med stöd av bestämmelserna om visselblåsning ansågs därför enligt rege- ringens mening inte utgöra något obehörigt angrepp på företagshemlig- heten (jfr 2 § första stycket samma lag och bet. 1989/90:LU37 s. 35), oavsett om det förhållande som uppgiften avser är ett ”allvarligt missför- hållande” eller inte (prop. 2013/14:228 s. 247). Regeringens slutsats var att lagen om skydd för företagshemligheter därmed inte kunde åberopas i sådana situationer. Detsamma gäller för uppgifter som lämnas till en tillsynsmyndighet på dess begäran. Regeringen anser att det saknas skäl att göra en annan bedömning i förevarande lagstiftningsärende.</P>
<P class="p1381 ft2">Det bör även poängteras att den nya lagen om särskilt skydd för arbets- tagare som slår larm om allvarliga missförhållanden (se avsnitt 13.5.1) innebär en förstärkning av skyddet mot repressalier för arbetstagare som slår larm om allvarliga missförhållanden i arbetsgivarens verksamhet. Med allvarliga missförhållanden avses i den lagen brott med fängelse i straffskalan eller därmed jämförliga missförhållanden. Det ska vara fråga om så kvalificerade överträdelser av gällande normer och föreskrifter, eller så stora brister i övrigt att missförhållandet objektivt sett kan betraktas som allvarligt. Vid bedömningen ska hänsyn tas till graden av allmänintresse av att missförhållandet kommer fram och kan åtgärdas. Exempel på sådana allvarliga missförhållanden kan t.ex. bestå i överträdelser av regler till skydd för fungerande marknader. I vart fall mer kvalificerade överträdelser av dessa regler, som sker med viss systematik eller berör en stor krets av t.ex. konsumenter, kan utgöra allvarliga missförhållanden (prop. 2015/16:128 s. <NOBR>96–99).</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t169">
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<TD colspan=2 class="tr36 td191"><P class="p76 ft127">13.5.4</P></TD>
<TD colspan=2 class="tr36 td386"><P class="p39 ft129">Sekretess avseende identiteten på den anmälda</P></TD>
<TD class="tr36 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td41"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td93"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td386"><P class="p39 ft129">personen</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr29 td399"><P class="p23 ft13"> </P></TD>
<TD colspan=2 class="tr29 td400"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td399"><P class="p23 ft13"> </P></TD>
<TD class="tr68 td158"><P class="p23 ft151"> </P></TD>
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<TR>
<TD class="tr31 td401"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td402"><P class="p50 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Offentlighets- och sekretesslagen ändras så att</P></TD>
<TD class="tr31 td401"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td401"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td402"><P class="p50 ft2">sekretess ska gälla även för uppgift om en enskilds personliga och</P></TD>
<TD class="tr26 td401"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td401"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td402"><P class="p50 ft2">ekonomiska förhållanden i en anmälan eller utsaga om en överträdelse</P></TD>
<TD class="tr26 td401"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td401"><P class="p23 ft7"> </P></TD>
<TD colspan=2 rowspan=2 class="tr2 td402"><P class="p50 ft2">av en bestämmelse som gäller för verksamhet i värdepappersinstitut,</P></TD>
<TD class="tr25 td401"><P class="p23 ft7"> </P></TD>
<TD rowspan=2 class="tr2 td158"><P class="p20 ft2">515</P></TD>
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<TD class="tr29 td41"><P class="p23 ft13"> </P></TD>
<TD class="tr29 td41"><P class="p23 ft13"> </P></TD>
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</DIV>
<DIV id="page_516">
<DIV id="dimg1">
<INGENBILD zsrc="H403162516x1.jpg/" id="img1">
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<DIV class="dclr"></DIV>
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">516</P>
</DIV>
<DIV id="id_2">
<P class="p1042 ft2">börser och leverantörer av datarapporteringstjänster, om uppgiften kan avslöja den anmälda personens identitet och det inte står klart att uppgiften kan röjas utan att denne lider skada eller men. Sekretessen för uppgift i allmän handling ska gälla i högst 50 år. Sekretessen ska inte gälla beslut om sanktioner eller sanktionsförelägganden.</P>
<P class="p1382 ft2">Lagen om värdepappersmarknaden ändras, så att uppgift i en an- mälan eller utsaga om en misstänkt överträdelse av en bestämmelse som gäller för verksamheten inte får obehörigen röjas, om uppgiften kan avslöja den anmälda personens identitet. Förbudet mot obehörigt röjande ska också omfatta leverantörer av datarapporteringstjänster.</P>
<P class="p1383 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Bestämmelsen i offentlighets- och sekre- tesslagen om att sekretess i vissa fall ska gälla vid tillståndsgivning eller tillsyn för uppgift i en anmälan eller utsaga om överträdelse av bestämmelse som gäller för den som myndighetens verksamhet avser, om uppgiften kan avslöja anmälarens identitet, tillgodoser det krav på identitetsskydd som följer av MiFID II när det gäller anmälarens identitet. Detta gäller även bestämmelsen om tystnadsplikt i lagen om värdepappersmarknaden. Kraven i direktivet är därför tillgodosedda genom gällande rätt såvitt avser skydd för anmälarens identitet.</P>
<P class="p1384 ft4">Den tystnadsplikt som följer av den nya bestämmelsen i offentlighets- och sekretesslagen till skydd för den anmälde personens identitet ska inte ha företräde framför meddelarfriheten.</P>
<P class="p979 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer inte med regeringens förslag och bedömning. Utredningens förslag avviker från regeringens förslag och bedömning genom att sekretessen enligt utredningens förslag ska gälla i Finansinspektionens verksamhet för tillstånd och tillsyn i sin hel- het, sekretessen ska vara absolut för uppgift om den anmäldes identitet och sekretessen för uppgift i allmän handling ska gälla i högst 20 år. Utredningens föreslag innebär inte heller någon ändring av bestäm- melsen om tystnadsplikt i lagen om värdepappersmarknaden till att om- fatta även leverantörer av datarapporteringstjänster.</P>
<P class="p912 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Svenska Journalistförbundet </SPAN>avstyrker för- slaget om absolut sekretess avseende identiteten för anmäld person med hänvisning till att det är inkonsekvent och inte tillräckligt motiverat. Svenska Journalistförbundet förordar i stället sekretess med rakt skade- rekvisit och att meddelarfriheten får företräde framför sekretessen.</P>
<P class="p1235 ft103">Promemorians förslag och bedömning <SPAN class="ft4">överensstämmer med regeringens förslag och bedömning.</SPAN></P>
<P class="p622 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget och bedömningen eller har inget att invända mot dessa. <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>noterar att de regler i MiFID II som föreslås genomföras genom ändringen i OSL inte omfattar clearingorganisationer, men framhåller att det kan övervägas om bestämmelsen bör omfatta även dessa för att på så sätt uppnå en enhetlig reglering. <SPAN class="ft3">Svenska Journalistförbundet </SPAN>och <SPAN class="ft3">Tidningsutgivarna </SPAN>avstyrker dels förslaget att omvänt skaderekvisit ska gälla, och förespråkar i stället ett rakt skaderekvisit, dels förslaget att sekretesstiden ska vara 50 år. De båda remissinstanserna tillstyrker förslaget att den tystnadsplikt som följer av den föreslagna bestämmelsen inte ska inskränka den grundlagsskyddade rätten att meddela och</P>
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</DIV>
</DIV>
<DIV id="page_517">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">offentliggöra uppgifter. Journalistförbundet efterfrågar en närmare motivering till varför sekretesstiden föreslås vara 50 år mot bakgrund av att utredningen föreslår 20 år. Journalistförbundet anser att skyddet för visselblåsare fortfarande är otillräckligt och förordar ett meddelarskydd som omfattar alla anställda. Journalistförbundet anser även att skyddet för visselblåsare måste ses över på hela värdepappersmarknadsområdet eftersom Sverige inte lever upp till det krav som ställs i kapitaltäcknings- direktivet och felet kvarstår när andra direktiv som bygger på samma principer nu ska genomföras.</P>
<P class="p912 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">I MiFID II ställs krav på medlemsstaterna att införa regler som säkerställer att identiteten på den person som rapporterar en överträdelse inte röjs (artikel 73.1 andra stycket c). De personer som avses här är visselblåsare. Av direktivet följer att det som avses är rapportering av överträdelser av bestämmelser i nationell rätt som genomför det direktivet och överträdelser av MiFIR. Ett sådant skydd behöver inte erbjudas om det med stöd av nationell rätt krävs att identitetsuppgifterna röjs för att kunna utreda överträdelsen eller överlämna ärendet för en rättslig process. Detta torde omfatta såväl hand- läggning vid en myndighet som ett företags interna rapporteringssystem. Om t.ex. åtal väcks till följd av en anmälan om en överträdelse eller om en fråga om beslut om sanktioner mot ett värdepappersbolag prövas hos Finansinspektionen eller vid allmän förvaltningsdomstol, gäller däremot inte något krav på identitetsskydd (jfr prop. 2015/16:10 s. 225).</SPAN></P>
<P class="p573 ft2">Motsvarande regler om skydd för visselblåsare finns i kapitaltäck- ningsdirektivet (artikel 71.2 d). Reglerna i det direktivet har genomförts i svensk rätt i 30 kap. 4 b § första stycket OSL när det gäller det allmännas verksamhet och i 1 kap. 10 § lagen om bank- och finansieringsrörelse och 1 kap. 11 § lagen om värdepappersmarknaden när det gäller privat verk- samhet (prop. 2013/14:228 s. <NOBR>254–259).</NOBR> Genom dessa bestämmelser är kraven i MiFID II redan genomförda i svensk rätt när det gäller skydd för anmälarens identitet.</P>
<P class="p623 ft4">Enligt MiFID II ska emellertid även identiteten på en fysisk person som i anmälan anklagas för att vara ansvarig för överträdelsen skyddas (artikel 73.1 andra stycket c).</P>
<P class="p150 ft2">Identitetsskyddet för den anmälde i direktivet är, till skillnad från skyddsintresset för anmälaren som avser att möjliggöra för personal att göra anmälningar utan rädsla för repressalier (samma prop. s. 257 f.), motiverat av integritetsskäl. I förordningen om värdepapperscentraler (artikel 65.2 d) finns motsvarande regler om identitetsskydd för den anmälde som i MiFID II. Vid anpassningen av svensk rätt med anledning av reglerna i förordningen ansåg regeringen att en ny sekretess- bestämmelse behövde införas för att tillgodose kravet på identitetsskydd i förordningen och att bestämmelsen borde utformas i huvudsak efter före- bild av bestämmelsen om förundersökningssekretess till skydd för en- skilda i 35 kap. 1 § OSL (prop. 2015/16:10 s. <NOBR>224–229).</NOBR> Sekretess gäller därför i en statlig myndighets verksamhet enligt lagen om värdepappers- centraler och kontoföring av finansiella instrument för uppgift om en enskilds personliga och ekonomiska förhållanden i en anmälan eller utsaga om överträdelse av bestämmelse i lag eller annan författning som gäller för värdepapperscentraler och utsedda kreditinstituts verksamhet, om uppgiften kan avslöja den anmäldes identitet och det inte står klart att</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">517</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_518">
<P class="p994 ft4">Prop. 2016/17:162 uppgiften kan röjas utan att denne lider skada eller men (30 kap. 4 b § andra stycket OSL). Enligt regeringens uppfattning bör direktivets krav</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">på identitetsskydd för den person som blir anmäld, på samma sätt som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">reglerna i förordningen om värdepapperscentraler, ske genom att OSL</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kompletteras med en ny sekretessbestämmelse. Sekretessen bör ha en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">mer begränsad räckvidd jämfört med utredningens förslag och föreslås</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">därför gälla i en statlig myndighets verksamhet enligt lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">pappersmarknaden och även begränsas till uppgifter i en anmälan eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">utsaga om överträdelser av lag eller annan författning som gäller för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">vissa specifika verksamheter enligt den lagen. De specifika verksamheter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som avses är värdepappersinstitut, börser och leverantörer av data-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rapporteringstjänster. Den föreslagna regleringen omfattar därmed de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">verksamheter som MiFID II tar sikte på när det gäller rapportering av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">överträdelser (artikel 73).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Regeringen anser, i likhet med <SPAN class="ft3">Svenska Journalistförbundet, </SPAN>att det inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finns skäl att ställa upp ett krav på absolut sekretess. Regeringen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">instämmer däremot inte med Svenska Journalistförbundet och <SPAN class="ft3">Tidnings-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">utgivarna </SPAN>i fråga om det skaderekvisit som bör gälla. Enligt regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uppfattning bör sekretessens styrka, liksom i bestämmelsen i 30 kap.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">4 b § andra stycket och i den nya bestämmelsen i 30 kap. 6 c § OSL (som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">trädde i kraft den 1 februari 2017), gälla med ett omvänt skaderekvisit.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Det föreslagna sekretesskyddet bör inte gälla beslut om sanktioner eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sanktionsförelägganden (se avsnitt 14.3.9 om skyldigheten att offentlig-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">göra sådana beslut).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Svenska Journalistförbundet </SPAN>förordar att sekretesstiden ska vara 20 år i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">enlighet med utredningens förslag. Enligt regeringens uppfattning är det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lämpligt att samma tid gäller i verksamhet enligt lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknaden som den som gäller i verksamhet enligt lagen om värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">perscentraler och kontoföring av finansiella instrument (30 kap. 4 b §</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fjärde stycket OSL). Den ordning som nu föreslås, som innebär ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">omvänt skaderekvisit – till skillnad från absolut sekretess enligt utred-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningens förslag – och att sekretessen för uppgift i en allmän handling ska</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gälla i högst 50 år, ger ett väl avvägt sekretesskydd med beaktande både</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">av skyddsintresset och av allmänhetens intresse av insyn. Regleringen</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">föreslås genomföras genom ett tillägg i den befintliga bestämmelsen i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">30 kap. 4 b § andra stycket OSL.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Den tystnadsplikt som följer av den nya regleringen föreslås inte ha</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">företräde framför rätten enligt tryckfrihetsförordningen och yttrande-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">frihetsgrundlagen att meddela och offentliggöra uppgifter.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Regeringen noterar i likhet med <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>att de regler i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">MiFID II som föreslås genomföras genom ändringen i OSL inte omfattar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">clearingorganisationer och att det kan övervägas om bestämmelsen bör</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">omfatta även dessa för att på så sätt uppnå en enhetlig reglering. En</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sådan översyn ryms emellertid inte inom ramen för förevarande lag-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stiftningsärende.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">När det gäller sekretess för uppgift hos Finansinspektionen i förhåll-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ande till rätten till partsinsyn gäller att i de fall en anmälan utreds vidare</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och leder till ett ärende hos Finansinspektionen eller en annan myndighet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">eller domstol, kan sekretesskyddet ge vika till följd av den rätt till insyn i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ett mål eller ärende som tillkommer en part enligt processrättsliga regler.</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">518</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">Av förvaltningslagen följer att en sökande, klagande eller annan part har</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_519">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">rätt att ta del av det som har tillförts ärendet, om detta avser myndighets- utövning mot någon enskild. Rätten att ta del av uppgifter gäller med de begränsningar som följer av 10 kap. 3 § OSL. Enligt den bestämmelsen kan en enskild, som på grund av sin partsställning har rätt till insyn i handläggningen, förvägras att ta del av en handling eller annat material i målet eller ärendet endast om det av hänsyn till allmänt eller enskilt in- tresse är av synnerlig vikt att en sekretessbelagd uppgift i materialet inte röjs. Vid den avvägning som ska göras enligt 10 kap. 3 § OSL kommer syftet med visselblåsarsystemet, att möjliggöra för samtlig personal i företaget att utan rädsla för repressalier kunna rapportera om allvarliga händelser, stå mot en parts möjlighet att på ett relevant sätt kunna bemöta en anmälan. Vid en bedömning att partsinsynen inte kan begränsas enligt 10 kap. 3 § OSL blir det i sådana fall fråga om att röja en anmälares eller en anmälds identitet för att i enlighet med nationella bestämmelser kunna utreda en överträdelse vidare eller överlämna ärendet för en rättslig pro- cess, vilket medför att bestämmelsen är förenlig med reglerna i MiFID II (jfr prop. 2013/14:228 s. 257).</P>
<P class="p1043 ft2">Inom den privata sektorn finns särskilda regler om tystnadsplikt på värdepappersmarknadsområdet bl.a. i lagen om värdepappersmarknaden (1 kap. 11 §). Tystnadsplikten enligt dessa regler gäller för uppgift om en enskilds förhållanden till bl.a. värdepappersbolag och innebär att sådana uppgifter inte får röjas obehörigen. Det anses t.ex. inte som obehörigt röjande om uppgiften lämnas med stöd av lag eller på begäran av Finansinspektionen. I samband med genomförandet i svensk rätt av kapitaltäckningsdirektivet utvidgades tystnadsplikten enligt lagen om värdepappersmarknaden till att omfatta även en uppgift i en anmälan eller utsaga om en misstänkt överträdelse av en bestämmelse som gäller för värdepappersbolagets verksamhet, om uppgiften kan avslöja anmäla- rens identitet (se prop. 2013/14:228 s. <NOBR>254–259).</NOBR> För att säkerställa ett skydd även för den utpekade personens identitet, vilket krävs enligt MiFID II (artikel 73.1 andra stycket c), bör bestämmelsen i lagen om värdepappersmarknaden om tystnadsplikt för anställda utvidgas till att omfatta även sådana personer. Bestämmelsen i lagen om värdepappers- marknaden bör även utvidgas till att omfatta leverantörer av datarapport- eringstjänster för att överensstämma med kraven i MiFID II.</P>
<P class="p979 ft2">När det gäller <SPAN class="ft3">Svenska Journalistförbundets </SPAN>invändning om att skyddet för visselblåsare fortfarande är otillräckligt och att meddelarskyddet bör omfatta alla anställda konstaterar regeringen därtill att de frågor som behandlas här inte påverkar den rätt att offentliggöra uppgifter som följer av meddelarfriheten. Vid utnyttjande av meddelarfriheten ställs det inte något krav på att en anställd först ska vända sig till arbetsgivaren med uppgifterna. Regeringen anser att förslagen i denna proposition, tillsam- mans med de ändringar i svensk rätt som gjorts med anledning av kapitaltäckningsdirektivet, sammantaget innebär ett förstärkt skydd för visselblåsare och därmed förbättrar förutsättningarna för uppdagande av missförhållanden.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">519</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_520">
<DIV id="dimg1">
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<P class="p1385 ft170"><SPAN class="ft4">Prop. 2016/17:162 </SPAN>13.5.5 Krav på börser, leverantörer av datarapporteringstjänster och företag utanför EES med filial i Sverige att inrätta ändamålsenliga system för anmälningar om missförhållanden</P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Börser, leverantörer av datarapporterings- tjänster samt företag som hör hemma utanför EES som driver värdepappersrörelse från filial i Sverige ska ha ändamålsenliga system för att från anställda omhänderta anmälningar om eventuella miss- förhållanden.</P>
<P class="p711 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>behandlar inte frågan när det gäller företag som hör hemma utanför EES och som driver värdepappersrörelse från filial i Sverige.</P>
<P class="p575 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Datainspektionen </SPAN>anför att om det, för att Sverige ska leva upp till kraven i MiFID II, är nödvändigt att företag inom den finansiella sektorn behandlar personuppgifter om lagöverträd- elser i större omfattning än vad som är tillåtet enligt Datainspektionens föreskrifter bör detta komma till uttryck genom särskilda bestämmelser i lagen om värdepappersmarknaden.</P>
<P class="p1386 ft4"><SPAN class="ft103">Promemorians förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p535 ft2">det.</P>
<P class="p575 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Av MiFID II följer att medlems- staterna ska kräva att värdepappersföretag, marknadsoperatörer, leveran- törer av datarapporteringstjänster samt tredjelandsföretags filialer har lämpliga förfaranden för att deras anställda ska kunna rapportera över- trädelser internt genom en särskild, oberoende och självständig kanal (artikel 73.2). I direktivet ställs det inte några särskilda krav i fråga om vilken typ av procedur som instituten ska tillhandahålla för anställda som vill rapportera överträdelser annat än att dessa ska vara ändamålsenliga.</SPAN></P>
<P class="p576 ft2">Motsvarande regler finns i kapitaltäckningsdirektivet (artikel 71.3). De reglerna har i svensk rätt för värdepappersinstitutens del genomförts som ett krav i lagen om värdepappersmarknaden (8 kap. 4 a §) på värdepap- persbolag och i lagen om bank- och finansieringsrörelse (6 kap. 2 a §) på kreditinstitut att ha ett sådant system. I förarbetena beskrivs närmare hur ett sådant system kan utformas och hur behandlingen av personuppgifter i ett sådant system förhåller sig till reglerna i personuppgiftslagen (se prop. 2013/14:228 s. <NOBR>248–254).</NOBR></P>
<P class="p1020 ft2">Det framgår inte uttryckligen i MiFID II att företagen ska iaktta skydd för personuppgifter enligt dataskyddsdirektivet vid användningen av de interna rapporteringssystemen (jfr artikel 71.3 andra stycket i kapitaltäck- ningsdirektivet). MiFID II bör emellertid förutsätta att all behandling av personuppgifter inom ramen för företagens särskilda rapporteringssystem står i överensstämmelse med de krav som följer av dataskyddsdirektivet. Detta innebär för svenska förhållanden att all behandling av personupp- gifter inom ramen för ett särskilt rapporteringssystem står i överensstäm- melse med de krav som följer av personuppgiftslagen och Datainspek- tionens föreskrifter.</P>
<P class="p1086 ft2">520</P>
</DIV>
<DIV id="page_521">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD colspan=2 class="tr2 td186"><P class="p39 ft2">I fråga om <SPAN class="ft3">Datainspektionens </SPAN>påpekande anför regeringen följande. Enligt Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">21 § personuppgiftslagen är det förbjudet för andra än myndigheter att</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">behandla personuppgifter om lagöverträdelser som innefattar brott. Data-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">inspektionen har dock med stöd av 9 § personuppgiftsförordningen meddelat</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">föreskrifter om undantag från detta förbud, bl.a. för att möjliggöra använd-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">ning av visselblåsarsystem, se Datainspektionens föreskrifter (DIFS 2010:1)</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">om ändring av Datainspektionens föreskrifter (DIFS 1998:3) om undantag</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">från förbudet för andra än myndigheter att behandla personuppgifter om</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">lagöverträdelser m.m. Föreskrifterna är bl.a. utformade mot bakgrund av det</P></TD>
</TR>
<TR>
<TD class="tr26 td86"><P class="p23 ft2">skydd för personuppgifter som</P></TD>
<TD class="tr26 td385"><P class="p142 ft2">följer av dataskyddsdirektivet. MiFID II</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">ställer enligt regeringens uppfattning inte något krav på att företag inom den</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">finansiella sektorn ska behandla uppgifter om lagöverträdelser i större</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">omfattning än vad som är tillåtet enligt bl.a. dessa föreskrifter. De</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">ändamålsenliga systemen ska avse anmälningar om potentiella eller faktiska</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">överträdelser av bestämmelserna i MiFIR och av nationella bestämmelser</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">som antagits vid genomförandet av MiFID II (artikel 73.1 i MiFID II).</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p142 ft2">Genom nämnda krav i lagen om värdepappersmarknaden är kraven i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">MiFID II (artikel 73.2) uppfyllda när det gäller värdepappersbolag. Enligt</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">direktivet gäller dock kraven även för marknadsoperatörer, leverantörer av</P></TD>
</TR>
<TR>
<TD class="tr25 td86"><P class="p23 ft2">datarapporteringstjänster och</P></TD>
<TD class="tr25 td385"><P class="p142 ft2">tredjelandsföretags filialer. Reglerna i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">direktivet bör genomföras i svensk rätt i motsvarande bestämmelser i</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">lagen om värdepappersmarknaden. Det bör således, utöver det som utred-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">ningen föreslår, anges att kravet på ändamålsenliga system för att från</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">anställda omhänderta anmälningar om eventuella missförhållanden gäller</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">även företag som hör hemma utanför EES och som driver värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td86"><P class="p23 ft2">rörelse från filial i Sverige.</P></TD>
<TD class="tr25 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p142 ft2">Som nämns i avsnitt 13.4.8 kommer den allmänna dataskyddsförord-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">ningen att ersätta det nuvarande dataskyddsdirektivet och medföra att</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">personuppgiftslagen och personuppgiftsförordningen, samt Datainspek-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">tionens föreskrifter i anslutning till denna reglering, kommer att upp-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td186"><P class="p23 ft2">hävas. Regeringen har tillsatt en utredning som närmare ska föreslå de</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td186"><P class="p23 ft2">anpassningar och kompletterande författningsbestämmelser på generell</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td186"><P class="p23 ft2">nivå som denna förordning ger anledning till (dir. 2016:15).</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t154">
<TR>
<TD class="tr47 td255"><P class="p597 ft121">13.6</P></TD>
<TD class="tr47 td385"><P class="p23 ft21">Skadestånd</P></TD>
<TD class="tr47 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Kraven i MiFID II på att det ska finnas</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">möjlighet till skadestånd vid överträdelser av direktivet eller MiFIR</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">kräver inte någon lagstiftningsåtgärd.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm-</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">ning.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">mot den.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Medlemsstaterna ska enligt</SPAN></P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">MiFID II se till att det finns mekanismer som säkerställer att ersättning</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">kan betalas ut eller att annan avhjälpande åtgärd kan vidtas i enlighet</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">med nationell rätt för en finansiell förlust eller annan skada till följd av</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">en överträdelse av det direktivet eller MiFIR (artikel 69.2 tredje stycket).</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">Utgångspunkten under förhandlingarna i Europaparlamentet och rådet</P></TD>
<TD class="tr27 td158"><P class="p20 ft2">521</P></TD>
</TR>
</TABLE>
</DIV>
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<DIV id="dimg1">
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<P class="p727 ft2">Prop. 2016/17:162 om direktivet har varit att det inte innebär att medlemsstaterna ska införa några nya skadeståndsregler eller liknande. Det som anges innebär enbart att i den mån en överträdelse av direktivet eller förordningen också kan vara skadeståndsgrundande enligt nationell rätt, ska det finnas meka- nismer så att den skadelidande kan göra skadeståndanspråk gällande. För denna tolkning talar också att det i direktivet anges att åtgärderna i fråga ska kunna vidtas i enlighet med nationell rätt. För svenskt vidkommande skulle detta kunna bli aktuellt avseende t.ex. skadestånd på grund av vårdslös rådgivning enligt lagen om finansiell rådgivning till konsumenter och skadestånd enligt kommissionslagen (2009:865). Det finns således redan enligt gällande rätt mekanismer i form av domstolar och Krono- fogdemyndigheten för att föra talan om skadestånd och få ersättnings- beslut verkställda. Det krävs därför inte några lagstiftningsåtgärder med anledning av dessa regler i MiFID II.</P>
<P class="p1075 ft21">13.7 Avgifter till Finansinspektionen</P>
<P class="p1387 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>I lagen om värdepappersmarknaden tas in en bestämmelse som uttryckligen ger Finansinspektionen möjlighet att ta ut avgifter för prövning av ansökningar, anmälningar och under- rättelser enligt lagen och för ansökningar, anmälningar och under- rättelser enligt MiFIR.</P>
<TABLE cellpadding=0 cellspacing=0 class="t167">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p523 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer med regeringens förslag.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">det.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft25">Skälen för regeringens förslag: <SPAN class="ft2">Finansinspektionens verksamhet</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">finansieras dels via anslag på statsbudgeten, dels via avgifter för pröv-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ning av ansökningar och anmälningar. De företag som står under Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p30 ft2">inspektionens tillsyn betalar avgifter till inspektionen enligt förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">(2007:1135) om årliga avgifter för finansiering av Finansinspektionens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">verksamhet. Detta gäller t.ex. inspektionens verksamhet avseende det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">område som omfattas av MiFID II och MiFIR (se 23 kap. 12 § lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">värdepappersmarknaden). Finansinspektionen tar även ut avgifter för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">prövningen av olika typer av ärenden. Sådana avgifter regleras i förord-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ningen (2001:911) om avgifter för prövning av ärenden hos Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">inspektionen. Någon uttrycklig bestämmelse om sådana avgifter finns</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">dock inte i lagen om värdepappersmarknaden. I nyare lagar på finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">marknadsområdet anges det vanligtvis uttryckligen i bestämmelserna om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">avgifter att det är fråga om både årliga avgifter och avgifter för prövning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">av ansökningar, anmälningar och underrättelser (se t.ex. 13 kap. 15 § första</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">stycket och 15 kap. 2 § 18 lagen om förvaltare av alternativa investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">fonder). Detsamma bör gälla även i fråga om lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">marknaden. I den lagen bör det därför tas in en bestämmelse om att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Finansinspektionen får ta ut avgifter för prövningen av olika slag av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ärenden. Det gäller prövning av ärenden både enligt lagen om värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">pappersmarknaden och enligt MiFIR. Prövning av ärenden för tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">för exempelvis undantag från transparensreglerna och uppskjutet offent-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">liggörande regleras nämligen direkt i MiFIR (se t.ex. artiklarna 4, 7, 8, 11</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">522</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">och 21.4).</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_523">
<TABLE cellpadding=0 cellspacing=0 class="t170">
<TR>
<TD class="tr45 td70"><P class="p37 ft1">14</P></TD>
<TD class="tr45 td403"><P class="p28 ft1">Ingripanden</P></TD>
<TD class="tr45 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p1388 ft21"><SPAN class="ft121">14.1</SPAN><SPAN class="ft160">Inledning</SPAN></P>
<P class="p1389 ft2">Reglerna i MiFID II om sanktioner vid överträdelser skiljer sig väsentligt från motsvarande regler i MiFID I. Det grundläggande kravet i båda direktiven är visserligen att medlemsstaterna ska sörja för att effektiva, proportionerliga och avskräckande administrativa sanktioner och åtgärder kan vidtas vid överträdelser (artikel 70.1 i MiFID II, jfr artikel 51.1 i MiFID I). MiFID II innehåller dock betydligt mer detaljerade regler än MiFID I.</P>
<P class="p1390 ft2">MiFID II innebär bl.a. att administrativa sanktioner och åtgärder ska kunna tillämpas åtminstone vid överträdelser av de regler i direktivet och MiFIR som anges i en överträdelsekatalog och vid vissa andra ageranden (artikel <NOBR>70.3–70.5).</NOBR> Vidare anges vissa administrativa sanktioner och åtgärder som åtminstone ska kunna tillämpas vid överträdelser, bl.a. sanktionsavgifter (artikel 70.6). Enligt MiFID II (artikel 70.2) ska ett företags överträdelse i vissa fall också kunna medföra sanktioner och åtgärder mot personer i dess ledningsorgan eller andra ansvariga fysiska och juridiska personer.</P>
<P class="p357 ft2">Förändringarna i förhållande till MiFID I föranleder ett flertal över- väganden om lagändringar. Därutöver föranleder utredningens förslag överväganden om vissa andra ändringar som rör reglerna om ingripande i lagen om värdepappersmarknaden.</P>
<P class="p357 ft2">I avsnitt 14.2 behandlas frågan om ändringar i ordningen för ingrip- anden mot företag med tillstånd enligt lagen om värdepappersmarknaden. Därefter, i avsnitt 14.3, behandlas frågor om utökade ingripandebefogen- heter i olika avseenden, bl.a. när det gäller de administrativa sanktioner och åtgärder som ska kunna vidtas och ingripanden mot fysiska personer för ett företags överträdelse. I avsnitt 14.4 behandlas frågor om straff- rättslig reglering som ett alternativ till administrativa sanktioner och åt- gärder. Frågor om förfarandet vid ingripande, bl.a. när det gäller ord- ningen för beslut om sanktioner och åtgärder, tas upp i avsnitt 14.5. I avsnitt 14.6 behandlas slutligen frågor om preskription och om betalningssäkring av sanktionsavgifter.</P>
<TABLE cellpadding=0 cellspacing=0 class="t171">
<TR>
<TD class="tr45 td55"><P class="p96 ft121">14.2</P></TD>
<TD class="tr45 td349"><P class="p32 ft21">Ordningen för ingripande mot företag för</P></TD>
<TD class="tr45 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td349"><P class="p32 ft21">överträdelser</P></TD>
<TD class="tr36 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr53 td364"><P class="p23 ft57"> </P></TD>
<TD class="tr61 td158"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p178 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Den nuvarande ordningen i lagen om</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">värdepappersmarknaden i fråga om ingripanden mot företag vid</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">överträdelser bör behållas.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td158"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>avviker från regeringens bedömning. Utred-</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningens förslag innebär att de nuvarande allmänna bestämmelserna om</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ingripande mot överträdelser ersätts med särskilda bestämmelser som</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">gäller för varje slag av tillståndspliktigt företag. Enligt utredningens för-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">slag införs det i lagen om värdepappersmarknaden en uppräkning av de</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p23 ft2">bestämmelser i den lagen och de artiklar i MiFIR som om de överträds av</P></TD>
<TD class="tr24 td158"><P class="p20 ft2">523</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_524">
<P class="p621 ft2">Prop. 2016/17:162 ett svenskt värdepappersinstitut, en börs eller en svensk leverantör av</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">datarapporteringstjänster kan medföra ingripande mot företaget.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">har inget att invända mot det. <SPAN class="ft3">Riksbanken </SPAN>framhåller vikten av att i det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">fortsatta arbetet ta ett samlat grepp om sanktionsfrågorna, så att det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">skapas ett enhetligt och konsekvent sanktionssystem. Det kan exempelvis</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">behövas ett klarläggande om vad som gäller om någon samtidigt över-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">träder flera olika regelverk. <SPAN class="ft3">Finansinspektionen </SPAN>avstyrker förslaget att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">införa en överträdelsekatalog för juridiska personer och förespråkar att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">nuvarande ordning i lagen om värdepappersmarknaden behålls för såväl</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">företag som fysiska personer i likhet med den som gäller enligt lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bank- och finansieringsrörelse. Finansinspektionen påpekar också att lag-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">stiftaren nyligen har tagit ställning till frågan om en överträdelsekatalog</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">och funnit att det finns skäl för en sådan när det gäller fysiska personer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">men inte när det gäller företag.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Som framgår i avsnitt 14.1 finns</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">det i MiFID II (artikel 70.3) en uppräkning av regler i direktivet och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFIR för vilka en överträdelse ska kunna föranleda administrativa åt-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">gärder och sanktioner. Vidare anges att vissa ageranden ska anses utgöra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">en överträdelse av direktivet eller förordningen (artikel 70.4 och 70.5).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Till övervägande del avser de överträdelser som räknas upp i MiFID II</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">regler som tar sikte på företag som tillhandahåller investeringstjänster eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">utför investeringsverksamhet, driver en reglerad marknad eller tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">håller datarapporteringstjänster. Uppräkningen av överträdelser omfattar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">de skyldigheter som företagen har enligt MiFID II och MiFIR, såsom krav</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">på organisationen av verksamheten, kundskyddsregler och informations-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">och rapporteringsskyldighet, samt sådana särskilda villkor som ställs upp</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">för viss typ av verksamhet, exempelvis algoritmisk handel.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Vissa överträdelser enligt MiFID II, t.ex. att driva verksamhet utan den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">auktorisation som krävs eller att åsidosätta underrättelseskyldighet vid</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">förvärv eller avyttringar av kvalificerat innehav i ett värdepappersföretag</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">(artikel 70.3 a iii och 70.4), är dock sådana som ska kunna föranleda</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ingripande mot alla fysiska och juridiska personer. Frågor om ingripanden</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">vid sådana överträdelser behandlas i avsnitt 14.3.5.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Enligt lagen om värdepappersmarknaden kan Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ingripa (dvs. besluta om sanktioner och andra åtgärder) mot ett svenskt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">värdepappersinstitut, en börs eller en svensk clearingorganisation som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">har åsidosatt sina skyldigheter enligt den lagen, andra författningar som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">reglerar företagets verksamhet, företagets bolagsordning, stadgar, regle-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">mente eller interna instruktioner som har sin grund i en författning som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">reglerar företagets verksamhet (25 kap. 1 §). Finansinspektionen ska också</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ingripa mot sådana företag i vissa särskilda fall (25 kap. <NOBR>3–5</NOBR> §§). I för-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">hållande till utländska företag som hör hemma utanför EES och som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">driver värdepappersrörelse från en filial i Sverige och utländska företag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">som från filial i Sverige driver en reglerad marknad eller clearingverk-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">samhet kan Finansinspektionen ingripa om företaget åsidosätter sina</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">skyldigheter enligt lagen om värdepappersmarknaden eller andra författ-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ningar som reglerar företagets verksamhet i Sverige (25 kap. 15 § och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">16 § första stycket).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Enligt regeringens bedömning innebär gällande bestämmelser om in-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">524</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">gripande i lagen om värdepappersmarknaden att ingripande kan göras vid</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_525">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">de överträdelser som räknas upp i MiFID II (artikel <NOBR>70.3–70.5).</NOBR> Som utredningen anger kan det inte för ett korrekt genomförande av direktivet i svensk rätt krävas att den nuvarande huvudsakligen generella utform- ningen av bestämmelserna om ingripande i lagen överges och att de olika regelöverträdelserna i stället räknas upp på samma sätt som i direktivet. Utredningen föreslår emellertid att den nuvarande ordningen i lagen med en generell bestämmelse som anger när ett ingripande kan komma i fråga kompletteras med en överträdelsekatalog för varje typ av tillstånds- pliktigt företag.</P>
<P class="p912 ft2">Även i kapitaltäckningsdirektivet finns en uppräkning av överträdelser som ska kunna föranleda administrativa sanktioner och åtgärder. Vid genomförandet i svensk rätt av det direktivet gjorde regeringen bedöm- ningen att det för kreditinstitut och värdepappersbolag saknas behov av att i lag räkna upp vilka överträdelser som ska leda till sanktioner (prop. 2013/14:228 s. 231 f.). Ett mer ändamålsenligt sätt att genomföra reg- lerna i svensk rätt ansågs i stället vara att Finansinspektionen får tillgång till samtliga sanktioner, och möjlighet att besluta om sanktioner för samt- liga överträdelser som anges i kapitaltäckningsdirektivet (artiklarna 66 och 67). Ett sådant genomförande bedömdes vara mer i linje med både den nuvarande ordningen enligt lagen om bank- och finansieringsrörelse och lagen om värdepappersmarknaden och uppfattningen att Finans- inspektionens ingripandemöjligheter gentemot finansiella företag som utgångspunkt bör utformas enhetligt, om inte särskilda skäl talar mot det. Finansinspektionen har således tillgång till samtliga sanktioner i kapital- täckningsdirektivet, och möjlighet att i varje enskilt fall välja vilken av dessa sanktioner som ska tillgripas vid en överträdelse av reglerna som gäller för det finansiella företaget i fråga.</P>
<P class="p1043 ft2">Regeringen anser att det som anfördes vid genomförandet i svensk rätt av kapitaltäckningsdirektivet gör sig gällande även i fråga om genom- förandet av MiFID II. Enligt regeringens uppfattning bör därför, i enlig- het med det som <SPAN class="ft3">Finansinspektionen </SPAN>anför, den nuvarande ordningen i lagen om värdepappersmarknaden behållas med en generell bestämmelse om ingripande. Det bör därför inte införas någon uppräkning i lagen av överträdelser som ska kunna föranleda ingripande mot respektive före- tagstyp.</P>
<P class="p624 ft2"><SPAN class="ft3">Riksbanken </SPAN>framför att det bör tas ett samlat grepp om sanktions- frågorna och att det bl.a. kan behövas ett klargörande om vad som gäller om någon samtidigt överträder olika regelverk. Enligt regeringens upp- fattning kan det inte uteslutas att det enligt gällande regelverk på finans- marknadsområdet kan uppkomma en situation där en aktörs agerande utgör en överträdelse enligt fler än ett regelverk. Det är således en fråga som måste hanteras av berörda myndigheter (när det gäller dubbelpröv- ningsförbudet, se vidare avsnitt 14.3.4). Frågan om en eventuell samlad reglering av sanktionsfrågorna på finansmarknadsområdet är emellertid inte en fråga som bör hanteras i det förevarande lagstiftningsärendet.</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
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<TD class="tr43 td231"><P class="p597 ft2">Prop. 2016/17:162 <SPAN class="ft113">14.3</SPAN></P></TD>
<TD class="tr43 td183"><P class="p23 ft21">Utökade ingripandebefogenheter</P></TD>
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<TD class="tr54 td231"><P class="p823 ft129">14.3.1</P></TD>
<TD class="tr54 td183"><P class="p23 ft129">Inledning</P></TD>
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<P class="p1179 ft2">Som anges i avsnitten 14.1 och 14.2 finns det i MiFID II såväl en detalje- rad reglering i fråga om vilka överträdelser som ska kunna föranleda sanktioner eller åtgärder som en detaljerad reglering av de sanktioner och åtgärder som ska kunna vidtas. Detta föranleder överväganden om lag- ändringar med avseende på när ett ingripande kan göras och vilka sank- tioner och åtgärder som kan vidtas.</P>
<P class="p580 ft2">I avsnitt 14.3.2 görs överväganden i detta avseende när det gäller ingripanden mot företag med tillstånd enligt lagen om värdepappers- marknaden. Vissa frågor om ingripanden mot svenska leverantörer av datarapporteringstjänster, som utgör en ny typ av tillståndspliktigt företag enligt MiFID II, behandlas i avsnitt 14.3.3. I avsnitt 14.3.4 finns över- väganden när det gäller de nya reglerna om ingripande mot ansvariga fysiska personer på grund av ett företags överträdelse. Beträffande ingripande i vissa särskilda fall – verksamhet som drivs utan tillstånd, överträdelser av positionslimiter och åsidosättande av regler om förvärv eller avyttringar av kvalificerade innehav – finns överväganden i avsnitt 14.3.5. I avsnitt 14.3.6 behandlas vissa frågor om ingripanden mot utländska företag. Överväganden när det gäller omständigheter som ska beaktas vid beslut om sanktioner och åtgärder finns i avsnitt 14.3.7. Frågor om sanktionsavgifter och deras storlek behandlas särskilt i avsnitt 14.3.8. Slutligen behandlas i avsnitt 14.3.9 frågan om offentliggörande av beslut om sanktioner och åtgärder.</P>
<P class="p1143 ft131"><SPAN class="ft127">14.3.2</SPAN><SPAN class="ft163">Ingripanden mot företag med tillstånd enligt lagen om värdepappersmarknaden</SPAN></P>
<P class="p1045 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska kunna besluta om sanktionsavgift för ett svenskt värdepappersinstitut, en börs, en svensk leverantör av datarapporteringstjänster, ett företag som hör hemma utanför EES och som driver värdepappersrörelse från filial i Sverige eller en svensk clearingorganisation, om företagets tillstånd återkallas för att företaget fått det genom att lämna falska uppgifter eller på annat otillbörligt sätt.</P>
<P class="p1146 ft4">Finansinspektionen ska kunna ingripa mot en börs när dess styrelse som helhet inte uppfyller kraven på tillräcklig kunskap och erfarenhet.</P>
<P class="p1090 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>De övriga administrativa sanktioner och åtgärder mot företag som anges i MiFID II ryms inom gällande rätt.</P>
<P class="p1090 ft4">Den nuvarande ordningen för ingripande genom anmärkning, var- ning och sanktionsavgift bör behållas.</P>
<P class="p807 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag och bedömning. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag ska varning inte enbart utgöra ett alternativ till återkallelse av tillstånd, sanktionen anmärkning slopas och sanktionsavgift ska kunna beslutas även utan samband med</P>
<P class="p535 ft2">annan sanktion.</P>
<P class="p166 ft2">526</P>
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<P class="p181 ft42"><SPAN class="ft141">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p165 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p958 ft3">Inledning</P>
<P class="p953 ft2">MiFID II innehåller, till skillnad från MiFID I, detaljerade regler om att vissa administrativa sanktioner och åtgärder som ska kunna vidtas vid en överträdelse (artikel 70.6). Liksom enligt MiFID I ska sanktionerna och åtgärderna vara effektiva, proportionerliga och avskräckande (artikel 70.1 i MiFID II). Eftersom MiFID II innehåller regler om verksamhet som drivs av leverantörer av datarapporteringstjänster, omfattar reglerna om administrativa sanktioner och åtgärder även sådana företag. Som framgår ovan (avsnitt 13.3) innehåller MiFID II (artikel 69.2) även detaljerade regler om tillsynsbefogenheter, bl.a. när det gäller korrige- rande åtgärder som ska kunna vidtas.</P>
<P class="p432 ft2">I detta avsnitt behandlas frågor om huruvida MiFID II innebär att det i svensk rätt bör införas några nya möjligheter till administrativa sank- tioner eller åtgärder mot företag som är tillståndspliktiga enligt lagen om värdepappersmarknaden, dvs. svenska värdepappersinstitut, börser, svenska clearingorganisationer, utländska företag som hör hemma utan- för EES och som driver värdepappersrörelse från filial i Sverige och utländska företag som har tillstånd att driva en reglerad marknad eller clearingverksamhet från filial i Sverige. Frågorna omfattar även leveran- törer av datarapporteringstjänster, som är en ny typ av tillståndspliktigt företag. Ingripanden mot sådana företag behandlas dock särskilt även i avsnitt 14.3.3. I förevarande avsnitt behandlas även frågan om den nuvar- ande ordningen för ingripande mot tillståndspliktiga företag genom an- märkning, varning och sanktionsavgift bör ändras.</P>
<P class="p526 ft3">Krav på att agerandet upphör</P>
<P class="p1391 ft89">Enligt MiFID II ska den behöriga myndigheten ha möjlighet att meddela ett föreläggande enligt vilket det krävs att en fysisk eller juridisk person upphör med sitt agerande och inte upprepar detta agerande (artikel 70.6 b).</P>
<P class="p181 ft2">Finansinspektionen har enligt lagen om värdepappersmarknaden befogenhet att meddela ett svenskt värdepappersinstitut, en börs eller en svensk clearingorganisation föreläggande, förenat med vite, om att begränsa rörelsen i något avseende, minska riskerna i den eller vidta någon annan åtgärd för att komma till rätta med situationen samt med- dela förbud att verkställa beslut (25 kap. 1 § andra stycket).</P>
<P class="p181 ft2">Enligt gällande rätt har Finansinspektionen således möjlighet att före- lägga ett företag att upphöra med ett agerande. Vidare gäller i dag att om ett företags tillstånd återkallas (se vidare nedan), kan Finansinspektionen kombinera beslutet om återkallelse med ett förbud om att fortsätta rörelsen (25 kap. 6 § andra stycket lagen om värdepappersmarknaden). Den som utan att vara berättigad till det driver tillståndspliktig verksam- het ska föreläggas att upphöra med verksamheten (25 kap. 17 §).</P>
<P class="p432 ft4">Enligt regeringens bedömning uppfyller Finansinspektionens nuvaran- de möjligheter att kräva att ett visst agerande upphör och inte upprepas</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">527</P>
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<P class="p486 ft42">kraven i MiFID II (se även prop. 2013/14:228 s. 234). Det finns därför inte behov av någon lagstiftningsåtgärd i detta avseende.</P>
<P class="p511 ft3">Indragning eller återkallelse av tillstånd</P>
<P class="p1188 ft2">MiFID II kräver att en tillfällig indragning eller återkallelse av auktori- sation kan ske vid överträdelser som görs av ett värdepappersföretag, en marknadsoperatör som auktoriserats att driva en handelsplattform eller reglerad marknad och en leverantör av datarapporteringstjänster (artikel 70.6 c). Indragning eller återkallelse ska enligt direktivet kunna ske enligt vissa angivna regler.</P>
<P class="p506 ft2">I direktivet hänvisas i denna del till reglerna om återkallelse av aukto- risation i vissa situationer för värdepappersföretag (artikel 8) och tredje- landsföretag som tillhandahåller investeringstjänster eller utför investe- ringsverksamhet genom en filial i unionen (artikel 43). Det finns dock inte några hänvisningar till motsvarande regler om återkallelse av till- stånd för marknadsoperatörer (artikel 44.5) och leverantörer av data- rapporteringstjänster (artikel 62). Med avseende på leverantörer av data- rapporteringstjänster finns det i stället en hänvisning till regler om organisatoriska krav för <NOBR>CTP-leverantörer</NOBR> (artikel 65). Enligt regeringens uppfattning får direktivet i denna del, trots det sätt på vilket det är utfor- mat, förstås som att en överträdelse ska kunna föranleda indragning eller återkallelse av auktorisation i enlighet med de regler som gäller för den aktuella verksamheten (artiklarna 8, 43, 44.5 och 62).</P>
<P class="p1113 ft2">De nyss nämnda reglerna om när auktorisation får återkallas har i direktivet i princip samma utformning oavsett vilken verksamhet de av- ser. Den behöriga myndigheten får återkalla auktorisationen om företaget inte utnyttjat den inom tolv månader, uttryckligen avstått från den eller inte bedrivit sådan verksamhet som auktorsationen avser under de före- gående sex månaderna (artiklarna 8 a, 43 a, 44.5 a och 62 a). Grund för återkallelse är också att företaget har fått auktorisationen genom att lämna falska uppgifter eller på något annat otillbörligt sätt (artiklarna 8 b, 43 b, 44.5 b och 62 b), inte längre uppfyller de villkor på vilka auktori- sationen beviljades (artiklarna 8 c, 43 c, 44.5 c och 62 c) eller allvarligt och systematiskt har brutit mot de bestämmelser som antagits enligt direktivet eller MiFIR (artiklarna 8 d, 43 d, 44.5 d och 62 d). I reglerna – med undantag för de beträffande leverantörer av datarapporterings- tjänster – anges vidare att auktorisationen får återkallas om företaget om- fattas av något i nationell rätt angivet fall, utanför direktivets tillämp- ningsområde, som leder till återkallelse.</P>
<P class="p1314 ft2">För värdepappersföretag och marknadsoperatörer som driver en regle- rad marknad har de nyss nämnda reglerna om när auktorisation får åter- kallas motsvarigheter i MiFID I (artiklarna 8 och 36.5). De reglerna har genomförts i svensk rätt i motsvarande bestämmelser i lagen om värde- pappersmarknaden om återkallelse av tillstånd i vissa fall (se 25 kap. 5 § första stycket <NOBR>1–4).</NOBR> Regeringen ansåg vid genomförandet av MiFID I dock att det inte var nödvändigt att i lag ta in en särskild bestämmelse om att tillståndet ska återkallas om förutsättningarna för tillståndet inte läng- re uppfylls (se artikel 8 c i MiFID I och jfr t.ex. artikel 8 c i MiFID II). I stället ansågs de möjligheter till ingripande som Finansinspektionen har enligt andra regler vara tillräckliga (se prop. 2006/07:115 s. 502).</P>
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<P class="p181 ft2">Enligt den generella bestämmelsen om ingripanden i lagen om värde- pappersmarknaden (25 kap. 1 §) kan tillståndet för ett svenskt värde- pappersinstitut, en börs eller en svensk clearingorganisation återkallas vid allvarliga överträdelser. Denna bestämmelse ansågs vid genomföran- det av MiFID I tillgodose möjligheten att återkalla ett företags tillstånd vid allvarliga och systematiska överträdelser (se samma prop.).</P>
<P class="p313 ft2">Beträffande kravet i MiFID II (artikel 70.6 c) att den behöriga myn- digheten ska ha befogenhet att tillfälligt dra in ett tillstånd finns det inte någon direkt motsvarighet i MiFID I (jfr dock artikel 50.2 g) eller i lagen om värdepappersmarknaden. Enligt regeringens bedömning innebär det kravet i MiFID II endast att det ska finnas möjlighet att antingen återkalla eller tillfälligt dra in ett företags tillstånd. Direktivet kräver således inte att en möjlighet att tillfälligt dra in ett tillstånd införs utöver möjligheten till återkallelse av tillstånd. Som utredningen anger har en möjlighet att ingripa genom tillfällig indragning av tillstånd varit föremål för överväganden i samband med genomförandet av MiFID I (se samma prop. s. 506 f.). Det påpekades i det sammanhanget bl.a. att Finans- inspektionen vid mindre allvarliga överträdelser har möjligheten att före- lägga ett företag att begränsa sin rörelse i något avseende och på så sätt kan förelägga ett företag att t.ex. inte ingå nya kundavtal (enligt den generella bestämmelsen om ingripanden i 25 kap. 1 §).</P>
<P class="p1331 ft2">Mot bakgrund av det anförda anser regeringen att de gällande bestäm- melserna i lagen om värdepappersmarknaden om återkallelse av ett före- tags tillstånd uppfyller kraven i MiFID II. Det finns därför inte behov av någon lagstiftningsåtgärd i detta avseende. I avsnitten 14.3.3 och 14.3.6 föreslås att möjligheterna till ingripande genom återkallelse av tillstånd ska gälla även beträffande leverantörer av datarapporteringstjänster och vissa utländska företag som hör hemma utanför EES. Reglerna i MiFID II om återkallelse av tillstånd för en börs och svensk leverantör av datarapporteringstjänster behandlas även avsnitten 7.4.2 och 7.15.3.</P>
<P class="p1392 ft3">Förbud att vara medlem eller deltagare på reglerade marknader eller <NOBR>MTF-plattformar</NOBR> eller kund hos <NOBR>OTF-plattformar</NOBR></P>
<P class="p953 ft2">Ett värdepappersföretag ska enligt MiFID II kunna meddelas ett tillfälligt förbud att vara medlem eller deltagare på reglerade marknader eller <NOBR>MTF-plattformar</NOBR> eller kund hos <NOBR>OTF-plattformar</NOBR> (artikel 70.6 e). Regeln saknar direkt motsvarighet i lagen om värdepappersmarknaden. Som framgår ovan har regeringen tidigare, i fråga om tillfällig indragning av tillstånd, hänvisat till möjligheten för Finansinspektionen att ingripa enligt den generella bestämmelsen i den lagen (25 kap. 1 §) genom att förelägga ett företag att begränsa rörelsen i något avseende. Detsamma kan anföras när det gäller ett tillfälligt förbud i nu aktuellt avseende. Enligt regeringens uppfattning krävs det därför inte någon lagstiftnings- åtgärd för att genomföra direktivet i denna del.</P>
<P class="p526 ft3">Sanktionsavgifter</P>
<P class="p1216 ft4">MiFID II innehåller regler om att sanktionsavgift ska kunna beslutas för juridiska och fysiska personer vid en överträdelse (artikel 70.6 <NOBR>f–h).</NOBR></P>
<P class="p277 ft42">När det gäller juridiska personer finns i lagen om värdepappersmark- naden bestämmelser enligt vilka ett svenskt värdepappersinstitut, en börs</P>
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<P class="p514 ft2">529</P>
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<P class="p486 ft4">eller en svensk clearingorganisation som har meddelats en anmärkning eller varning även kan påföras sanktionsavgift (25 kap. 8 §).</P>
<P class="p332 ft4">Enligt regeringens uppfattning uppfyller gällande svensk rätt kravet i direktivet att sanktionsavgift ska kunna beslutas mot juridiska personer. Reglerna i direktivet om fastställande av sanktionsavgift behandlas i avsnitt 14.3.8.</P>
<P class="p1393 ft3">Sanktioner och åtgärder för företag som fått sitt tillstånd genom att lämna falska uppgifter</P>
<P class="p1276 ft2">Som framgår ovan ska ett företags tillstånd kunna återkallas om företaget fått det genom falska uppgifter eller på annat otillbörligt sätt (artiklarna 8 b, 43 b, 44.5 b och 62 b i MiFID II). Enligt överträdelsekatalogen i MiFID II har ett värdepappersföretag eller en marknadsoperatör som driver en reglerad marknad i så fall gjort sig skyldig till en överträdelse (artikel 70.3 a i och xxiv). Enligt direktivet kan det således, utöver åter- kallelse av företagets auktorisation, komma i fråga att besluta om andra administrativa sanktioner och åtgärder. Enligt regeringens uppfattning är sanktionsavgift den sanktion som kan komma i fråga utöver en åter- kallelse av företagets tillstånd.</P>
<P class="p1113 ft2">I lagen om värdepappersmarknaden finns det i dag inte någon möjlig- het att kombinera återkallelse av tillstånd med sanktionsavgift (jfr 25 kap. 8 §). För att uppfylla kravet i direktivet bör Finansinspektionen få besluta om sanktionsavgift även när ett företags tillstånd återkallas på den grunden att det fått tillståndet genom falska uppgifter eller på annat otillbörligt sätt (25 kap. 5 första stycket 1).</P>
<P class="p1113 ft2">I överträdelsekatalogen i direktivet (artikel 70.3 a) ingår inte reglerna om återkallelse av tillstånd på den nu aktuella grunden för en leverantör av datarapporteringstjänster eller ett tredjelandsföretag som tillhanda- håller investeringstjänster eller utför investeringsverksamhet genom filial (artiklarna 43 b och 62 b). Enligt regeringens uppfattning finns det inte något sakligt skäl för att behandla dessa typer av företag annorlunda än värdepappersbolag och börser. Finansinspektionen bör därför få kombi- nera återkallelse av tillstånd på den nu aktuella grunden med sanktions- avgift även när det gäller leverantörer av datarapporteringstjänster och utländska företag som hör hemma utanför EES och som driver värde- pappersrörelse från filial i Sverige.</P>
<P class="p397 ft3">Ingripande vid brister hos styrelse eller verkställande direktör</P>
<P class="p1211 ft2">En av de tillsynsbefogenheter som den behöriga myndigheten ska ha enligt MiFID II är att kräva att en fysisk person avsätts från styrelsen i ett värdepappersföretag eller en marknadsoperatör (artikel 69.2 första stycket u). Enligt nuvarande regler i lagen om värdepappersmarknaden kan Finansinspektionen återkalla ett värdepappersbolags, en börs eller en svensk clearingorganisations tillstånd om någon som ingår i styrelsen för företaget eller är dess verkställande direktör inte uppfyller de krav som ställs om tillräcklig insikt, erfarenhet och lämplighet i övrigt för upp- draget (25 kap. 4 §). Detsamma gäller om ett värdepappersbolags styrelse i sin helhet inte har tillräcklig kunskap och erfarenhet för att leda bolaget. Finansinspektionen får i stället för att återkalla företagets tillstånd besluta att en styrelseledamot eller verkställande direktör inte längre får vara det.</P>
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<P class="p186 ft4">Inspektionen får då förordna en ersättare för denne, vars uppdrag gäller Prop. 2016/17:162 till dess att en ny ledamot eller verkställande direktör utsetts av företaget.</P>
<P class="p113 ft2">Skulle ledningen för företaget inte uppfylla andra krav som gäller för den så kan Finansinspektionen i stället ingripa enligt den allmänna bestäm- melsen om ingripanden, t.ex. med ett krav på att vidta viss åtgärd för att komma till rätta med situationen (25 kap. 1 §, se även prop. 2013/14:228</P>
<P class="p116 ft2"><SPAN class="ft27">s.</SPAN><SPAN class="ft72">168 f.).</SPAN></P>
<P class="p143 ft2">Enligt regeringens bedömning tillgodoser nuvarande bestämmelser</P>
<P class="p1283 ft2">direktivets krav på att den behöriga myndigheten ska kunna kräva att en fysisk person avsätts från styrelsen i ett värdepappersbolag eller en börs. Som framgår ovan (avsnitt 12.2.2) föreslås att ett krav om tillräcklig kun- skap och kompetens hos styrelsen som helhet ska gälla även för börser. Enligt regeringens uppfattning bör därför ingripande kunna göras även mot en börs vid brister hos dess styrelse som helhet. Som framgår nedan (avsnitt 14.3.3) föreslår regeringen att de nu aktuella ingripandemöjlig- heterna ska gälla även vid brister i ledningen för en svensk leverantör av datarapporteringstjänster.</P>
<P class="p1394 ft3">Den nuvarande ordningen i fråga om anmärkning, varning och sanktionsavgift bör inte ändras</P>
<P class="p914 ft2">Enligt lagen om värdepappersmarknaden (25 kap. 1 §) gäller i dag att Finansinspektionen har möjlighet att mot svenska värdepappersinstitut, börser och andra finansiella företag meddela en anmärkning och att inspektionen som ett alternativ till att återkalla ett företags tillstånd kan meddela företaget en varning. Som också framgår ovan kan sanktions- avgift endast beslutas mot ett sådant företag om anmärkning eller varning meddelas (25 kap. 8 §). Denna konstruktion, som saknar motsvarighet i MiFID II och MiFID I, har motsvarigheter i bl.a. lagen om bank- och finansieringsrörelse (se 15 kap. 1 och 7 §§, se även 9 kap. 17 § lagen om värdepapperscentraler och kontoföring av finansiella instrument och 12 kap. 1 och 7 §§ lagen om värdepappersfonder).</P>
<P class="p1022 ft2">Utredningen föreslår att varning inte enbart ska utgöra ett alternativ till återkallelse av tillstånd, att sanktionen anmärkning slopas och att sank- tionsavgift ska kunna beslutas även utan samband med annan sanktion. Ett liknande förslag lämnades i samband med genomförandet i svensk rätt av kapitaltäckningsdirektivet (se Promemoria om sanktioner enligt CRD IV) och var då föremål för överväganden av regeringen. Rege- ringen ansåg i det sammanhanget att det saknades skäl att ändra den nuvarande ordningen i lagen om värdepappersmarknaden och lagen om bank- och finansieringsrörelse (se prop. 2014/15:57 s. 36 och 39). Rege- ringen gör inom ramen för detta lagstiftningsärende inte någon annan be- dömning. Den nuvarande ordningen i lagen om värdepappersmarknaden för ingripande genom anmärkning, varning och sanktionsavgift bör därför behållas.</P>
<P class="p1395 ft2">531</P>
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<P class="p1041 ft2">532</P>
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<P class="p1396 ft131"><SPAN class="ft127">14.3.3</SPAN><SPAN class="ft163">Ingripanden mot svenska leverantörer av datarapporteringstjänster</SPAN></P>
<P class="p1397 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Svenska leverantörer av datarapportering- tjänster ska omfattas av de generella bestämmelserna i lagen om värdepappersmarknaden om ingripanden mot svenska företag, sanktionsavgift och återkallelse av tillstånd.</P>
<P class="p979 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag tas det i lagen om värdepappersmarknaden in en särskild bestämmelse som anger de bestämmelser i lagen och de artik- lar i MiFIR som kan föranleda ett ingripande mot svenska leverantörer av datarapporteringtjänster (se avsnitt 14.2).</P>
<P class="p623 ft4"><SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft45">Finansinspektionen </SPAN>avstyrker förslaget att införa en överträdelsekatalog för juridiska personer (se avsnitt 14.2).</P>
<P class="p150 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Leverantörer av datarapporterings- tjänster utgör en ny typ av tillståndspliktiga företag (se avsnitt 7.15). I gällande svensk rätt finns det därför inte några bestämmelser om ingrip- ande mot sådana företag.</P>
<P class="p150 ft2">Enligt MiFID II (artikel 70) ska leverantörer av datarapporterings- tjänster, i likhet med bl.a. värdepappersföretag, kunna bli föremål för administrativa sanktioner och åtgärder vid åtminstone de överträdelser som anges i direktivet. De ska också kunna vara föremål för tillsyns- åtgärder enligt direktivet (artikel 69).</P>
<P class="p622 ft2">I enlighet med den bedömning som redovisas i avsnitt 14.2 anser regeringen att det inte bör införas några särskilda bestämmelser om ingripanden mot svenska leverantörer av datarapporteringstjänster. Ingripande mot sådana företag bör i stället kunna göras under samma förutsättningar som mot bl.a. svenska värdepappersinstitut. Regeringen anser därför att även svenska leverantörer av datarapporteringstjänster bör omfattas av de generella bestämmelserna om ingripande i lagen om värdepappersmarknaden (25 kap. 1 §). Regeringen anser i likhet med utredningen att bestämmelserna om ingripande genom sanktionsavgift ska omfatta även sådana företag.</P>
<P class="p623 ft2">MiFID II innehåller, som behandlas i avsnitt 7.15.3, även regler om återkallelse av auktorisation för en leverantör av datarapporterings- tjänster i vissa fall (artikel 62). Som redovisas i avsnitt 14.3.2 motsvarar reglerna om återkallelse av tillstånd för sådana företag det som gäller beträffande bl.a. värdepappersföretag och reglerade marknader (artiklar- na 8 och 44.5). Enligt gällande rätt finns, utöver möjligheten att återkalla ett företags tillstånd enligt den generella bestämmelsen om ingripanden i lagen om värdepappersmarknaden, bestämmelser om återkallelse av tillstånd för bl.a. ett svenskt värdepappersinstitut i vissa särskilda fall (25 kap. 5 § första stycket <NOBR>1–4).</NOBR> Regeringen anser i likhet med utred- ningen att reglerna i MiFID II om återkallelse att tillstånd för leveran- törer av datarapporteringstjänster i vissa fall bör genomföras på så sätt att de generella bestämmelserna i lagen omfattar även sådana företag.</P>
<P class="p979 ft42">Som behandlas i avsnitt 7.15.3 föreslås att leverantörer av datarapport- eringstjänster ska omfattas av krav på kunskap och erfarenhet hos</P>
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<P class="p186 ft4">styrelseledamöter och verkställande direktör samt styrelsen i sin helhet. Prop. 2016/17:162 Detta gör att det även för sådana företag bör kunna komma i fråga för</P>
<P class="p1226 ft4">Finansinspektionen att kräva att en styrelseledamot eller verkställande direktör avsätts (se artikel 69.2 första stycket u i MiFID II och avsnitt 14.3.2). Regeringen anser därför, i likhet med utredningen, att den nu- varande möjligheten att ingripa mot ett företag vid brister hos styrelse, verkställande direktör eller styrelsen som helhet (25 kap. 4 §) bör gälla även i förhållande till svenska leverantörer av datarapporteringstjänster.</P>
<P class="p1398 ft131"><SPAN class="ft127">14.3.4</SPAN><SPAN class="ft163">Ingripanden mot fysiska personer för ett företags överträdelse</SPAN></P>
<P class="p1269 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Om ett svenskt värdepappersinstitut eller en börs åsidosätter bestämmelser som i svensk rätt genomför MiFID II eller bestämmelser i MiFIR, ska ingripande kunna göras genom beslut om sanktionsavgift för en fysisk person som ingår i företagets styrelse eller är dess verkställande direktör, eller ersättare för någon av dem. Detsamma ska gälla i fråga om företag som hör hemma utanför EES och som driver värdepappersrörelse från filial i Sverige för den eller de personer som är ansvariga för filialens verksamhet.</P>
<P class="p1117 ft2">Vid ingripanden mot den som ingår i ett svenskt värdepappers- instituts styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, för åsidosättande av bestämmelser som i svensk rätt genomför MiFID II eller av bestämmelser i MiFIR, ska ingripande även kunna göras genom beslut om att personen under viss tid, lägst tre och högst tio år, eller, vid upprepade allvarliga överträdelser, per- manent inte får utöva ledningsuppdrag i ett sådant institut.</P>
<P class="p1092 ft2">De överträdelser av ett svenskt värdepappersinstitut, en börs eller ett företag som hör hemma utanför EES och som driver värdepapper- srörelse från filial i Sverige för vilka ett ingripande kan göras mot en ansvarig fysisk person ska anges uttryckligen i lagen om värdepappersmarknaden.</P>
<P class="p1092 ft4">Ingripande mot en fysisk person för ett företags överträdelse ska få göras endast om företagets överträdelse är allvarlig och personen i fråga av uppsåt eller grov oaktsamhet orsakat överträdelsen.</P>
<P class="p1058 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Vissa av de sanktioner eller åtgärder som anges i MiFID II (artikel 70.6 b, c och e) är inte aktuella att tillämpa vid ingripande mot fysiska personer för företagets överträdelse och föranleder i denna del ingen lagstiftningsåtgärd.</P>
<P class="p1126 ft4">Det bör inte tas in någon bestämmelse i lagen om värdepappers- marknaden om att ingripande inte får göras om ett agerande är föremål för åtal.</P>
<P class="p1127 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag och bedömning. I utredningens förslag anges dock de överträdel- ser som kan föranleda ett ingripande mot en ansvarig fysisk person genom en hänvisning till det som gäller för respektive företag (se avsnitt 14.2). Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag tas det in en bestämmelse i lagen om värde-</P>
<P class="p1323 ft2">533</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">534</P>
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<P class="p486 ft4">pappersmarknaden om att ingripande inte får göras om det otillåtna agerandet är föremål för åtal.</P>
<P class="p487 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Kammarrätten i Stockholm </SPAN>anser att det kan diskuteras om ett permanent förbud mot att utöva ledningsuppdrag i ett värdepappersinstitut står i överensstämmelse med proportionalitets- principen och att frågan om ett sådant förbud ska kunna vara permanent kräver en djupare analys. Enligt kammarrätten bör det beaktas om det är möjligt att nå samma resultat enbart genom reglerna om ledningspröv- ning. <SPAN class="ft3">Ekobrottsmyndigheten </SPAN>och <SPAN class="ft3">Åklagarmyndigheten </SPAN>anser att det är mycket angeläget att det i största möjliga utsträckning i lagstiftningen klargörs hur problematiken som hänger samman med förbudet mot dubbla sanktionsförfaranden ska hanteras och att frågan bör behandlas i det nu aktuella lagstiftningsärendet. De båda myndigheterna framhåller att det saknas regler som hanterar de praktiska tillämpningsproblemen. De önskar svar på frågor om när ett förfarande om administrativa sank- tioner hindrar att ett straffrättsligt förfarande inleds eller fortgår, vad som händer om ett åtal läggs ned eller justeras på ett sådant sätt att en över- trädelse inte längre omfattas, hur förbudet mot dubbla förfaranden ska tillämpas i fråga om företagsbot och hur förbudet mot dubbla förfaranden förhåller sig till andra näringsrättsliga ingripanden. <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> AP- fonderna </SPAN>hänvisar till remissyttrande avseende betänkandet Ändrade informationskrav på värdepappersmarknaden (SOU 2014:70) och menar att det av rättssäkerhetsskäl krävs tydliga riktlinjer kring vilken typ av åt- gärder eller underlåtenheter som ska kunna medföra avgiftsansvar för en enskild ledamot eller verkställande direktör. Vidare krävs närmare utred- ning eller analys när det gäller hur förslaget förhåller sig till principen om aktiebolagets enskilda betalningsansvar och principerna för ansvars- genombrott enligt aktiebolagslagen, vilket beviskrav som ska tillämpas, i vilka fall en avgift ska kunna åläggas enskild ledamot eller verkställande direktör och om sådant betalningsansvar ska vara subsidiärt eller solidar- iskt till bolagets ansvar. Slutligen anser <NOBR>AP-fonderna</NOBR> att det bör utredas hur culpabedömningen ska göras mellan olika styrelseledamöter och i förhållande till verkställande direktör samt hur ansvaret ska se ut för styrelseledamöter och verkställande direktör i moderbolag vid dotter- bolags oaktsamhet. <SPAN class="ft3">Finansförbundet </SPAN>anser att förslaget i denna del är balanserat men framhåller vikten av att en sanktion som riktas mot enskilda anställda måste vara noggrant reglerad och att det tydligt måste belysas vilka överträdelser som kan komma att beläggas med ansvar.</P>
<P class="p1399 ft45">Svenska Bankföreningen <SPAN class="ft4">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft4">anser att det med hänvisning till förutsebarhet och precision är ett problem att det saknas kriterier i utredningens förslag till lagtext för bedömningen av om en juridisk persons överträdelse är allvarlig. Föreningarna ställer sig vid- are frågande till om det skäl som angetts för detta – att det vid bedöm- ningen bör kunna tas hänsyn till utvecklingen på området – kan godtas.</SPAN></P>
<P class="p356 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p958 ft3">Inledning</P>
<P class="p1211 ft42">I MiFID II (artikel 70.2) finns, till skillnad från MiFID I, även krav på att medlemsstaterna ska införa sanktioner och åtgärder mot fysiska personer</P>
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<P class="p1400 ft42">i ett företags ledningsorgan. Kravet i direktivet är formulerat enligt följande.</P>
<P class="p1401 ft27">Medlemsstaterna ska säkerställa att – om värdepappersföretag, mark- nadsoperatörer, leverantörer av dataraporteringstjänster, kreditinstitut när det gäller investeringstjänster eller investeringsverksamhet samt sido- tjänster och tredjelandsföretags filialer omfattas av skyldigheter i händelse av en överträdelse – sanktioner och åtgärder kan tillämpas i enlighet med de villkor som gäller i nationell rätt på områden som inte har harmoniserats genom detta direktiv, på medlemmarna i värdepap- persföretagens och marknadsoperatörernas ledningsorgan, och på alla andra fysiska eller juridiska personer som enligt nationell rätt är ansvariga för en överträdelse.</P>
<P class="p1402 ft2">Som anges i avsnitt 14.2 innehåller MiFID II (artikel <NOBR>70.3–70.5)</NOBR> en upp- räkning av ett stort antal artiklar som – om de överträds – ska kunna leda till sanktioner eller andra administrativa åtgärder. Det innebär att ett före- tags överträdelse av de uppräknade artiklarna i vissa fall även ska kunna föranleda sanktioner och åtgärder mot fysiska personer i företagets ledningsorgan. I direktivet anges de sanktioner och åtgärder som ska kunna komma i fråga för en sådan fysisk person (artikel 70.6). Vilka sanktioner och åtgärder det är behandlas nedan.</P>
<P class="p797 ft2">I lagen om värdepappersmarknaden (25 kap.) och lagen om bank- och finansieringsrörelse (15 kap.) finns bestämmelser om ingripanden mot den som ingår i ett värdepappersbolags eller ett kreditinstituts styrelse, är dess verkställande direktör, eller ersättare för någon av dem, när före- taget har åsidosatt sina skyldigheter enligt lag och andra författningar som reglerar företagets verksamhet. Bestämmelserna i de båda lagarna bygger på samma systematik. Den reglering som gäller för ingripanden mot fysiska personer för ett värdepappersbolags eller ett kreditinstituts överträdelser infördes vid genomförandet i svensk rätt av motsvarande regler i kapitaltäckningsdirektivet (se prop. 2014/15:57 s. <NOBR>36–43).</NOBR></P>
<P class="p797 ft2">Vid ingripande mot fysiska personer för ett företags överträdelse anges det i nämnda lagar uttryckligen vilka överträdelser från företagets sida som också kan leda till sanktioner mot fysiska personer (25 kap. 1 a § lagen om värdepappersmarknaden och 15 kap. 1 a § lagen om bank- och finansieringsrörelse). Den fysiska personen kan drabbas av en sanktion endast om företagets överträdelse är allvarlig och personen i fråga upp- såtligen eller av grov oaktsamhet har orsakat överträdelsen.</P>
<P class="p1247 ft2">Om Finansinspektionen ingriper mot en fysisk person kan denne för- bjudas att utöva ledningsuppdrag under viss tid, lägst tre och högst tio år, eller påföras sanktionsavgift (25 kap. 1 a § tredje stycket lagen om värde- pappersmarknaden och 15 kap. 1 a § tredje stycket lagen om bank- och finansieringsrörelse). Ingripandena kan användas tillsammans eller var för sig (se samma prop. s. 68 och 72). Sanktionsavgiften får högst uppgå till ett belopp som per den 17 juni 2013 i svenska kronor motsvarar fem miljoner euro eller, i de fall beloppen kan beräknas, två gånger den vinst som personen erhållit eller två gånger de kostnader som personen undvikit till följd av regelöverträdelsen (25 kap. 9 a § lagen om värde- pappersmarknaden och 15 kap. 8 a § lagen om bank- och finansierings- rörelse, jfr dock förslaget i avsnitt 17.2).</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">535</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">536</P>
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<P class="p487 ft2">Vid sanktioner mot fysiska personer för ett värdepappersbolags eller ett kreditinstituts överträdelse gäller en beslutsordning som innebär att Finansinspektionen ska utfärda ett sanktionsföreläggande. Om ett sådant föreläggande inte godkänns av den fysiska personen, får Finansinspek- tionen ansöka hos allmän förvaltningsdomstol om att sanktionen ska beslutas (25 kap. 10 a och 10 c §§ lagen om värdepappersmarknaden och 15 kap. 9 a och 9 c §§ lagen om bank- och finansieringsrörelse).</P>
<P class="p385 ft2">Efter genomförandet i svensk rätt av kapitaltäckningsdirektivet har det enligt samma modell införts bestämmelser om ingripande mot fysiska personer för överträdelser av vissa andra företag på finansmarknads- området. Sådana bestämmelser finns i lagen om värdepappersmarknaden (25 kap. 19 <NOBR>a–19</NOBR> h §§ som gäller emittenter), lagen om värdepappers- centraler och kontoföring av finansiella instrument (9 kap.), lagen om handel med finansiella instrument (6 kap.) och lagen om värdepappers- fonder (12 kap.) (se prop. 2015/16:10, prop. 2015/16:26 och prop. 2015/16:170).</P>
<P class="p385 ft2">Reglerna i MiFID II om ingripanden mot fysiska personer i ett företags ledningsorgan (artikel 70.2 och 70.6) har liknande utformning som mot- svarande regler i de <NOBR>EU-rättsakter</NOBR> som redan genomförts i svensk rätt (se artiklarna 65.2 och 67.2 i kapitaltäckningsdirektivet, artiklarna 110.2 och 111.2 i krishanteringsdirektivet, artiklarna 61.2 och 63.2 i förordningen om värdepapperscentraler, artiklarna 28.2 och 28b.1 i öppenhetsdirek- tivet och artikel 99.5 och 99.6 i <NOBR>UCITS-direktivet).</NOBR> Regeringen anser därför att reglerna om sanktioner i MiFID II så långt som möjligt bör genomföras på samma sätt som motsvarande regler i de andra <NOBR>EU-rätts-</NOBR> akterna på finansmarknadsområdet.</P>
<P class="p1176 ft2">Regeringen har i samband med genomförandet av motsvarande regler i öppenhetsdirektivet behandlat de synpunkter som <NOBR><SPAN class="ft3">Första–Fjärde</SPAN></NOBR><SPAN class="ft3"> AP- fonderna </SPAN>hänvisar till (se prop. 2015/16:26, särskilt s. 113). Regeringen finner inte skäl att göra någon annan bedömning i det förevarande lag- stiftningsärendet.</P>
<P class="p356 ft3">En uppräkning av de överträdelser som kan föranleda ingripande</P>
<P class="p1188 ft2">Regeringen anser att den nuvarande ordningen i lagen om värdepappers- marknaden bör behållas när det gäller bestämmelser om överträdelser av företag (se avsnitt 14.2). Vid genomförandet i svensk rätt av kapital- täckningsdirektivet ansåg regeringen att det för ingripanden mot fysiska personer för ett företags överträdelse fanns skäl att frångå ordningen för bestämmelser om sanktioner mot värdepappersbolag och kreditinstitut i lagen om värdepappersmarknaden och lagen om bank- och finansierings- rörelse (prop. 2014/15:57 s. 38 f.). Regeringen anförde att det, med hänvisning till bl.a. rättsäkerhet och förutsebarhet för den enskilde, fanns skäl att uttryckligen i lag ange de överträdelser som kan föranleda en sanktion, inte minst eftersom bestämmelserna kan anses ha straffrättslig karaktär. I senare lagstiftningsärenden har regeringen gjort samma be- dömning (se prop. 2015/16:5 s. 739, prop. 2015/16:10 s. 238 och prop. 2015/15:26 s. 108 och 110, jfr prop. 2015/16:162 s. 152 f.).</P>
<P class="p1176 ft4">Regeringen gör samma bedömning som i tidigare lagstiftningsärenden på finansmarknadsområdet när det gäller genomförandet av motsvarande regler i MiFID II om ingripanden mot fysiska personer för ett företags</P>
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<P class="p163 ft4">överträdelser. Det innebär att de överträdelser av ett företag som kan för- anleda en sanktion mot en ansvarig fysisk person bör anges uttryckligen i lagen om värdepappersmarknaden.</P>
<P class="p354 ft3">Kretsen av personer som ska omfattas av bestämmelser om ingripanden</P>
<P class="p1216 ft2">Reglerna i MiFID II (artikel 70.2) om ingripanden mot personer i ett före- tags ledningsorgan omfattar regelöverträdelser av värdepappersföretag, marknadsoperatörer, leverantörer av datarapporteringstjänster, kredit- institut när det gäller investeringstjänster eller investeringsverksamhet samt sidotjänster, och tredjelandsföretags filialer. Sanktioner och andra admini- strativa åtgärder ska kunna påföras eller vidtas mot medlemmarna i ett värdepappersföretags och en marknadsoperatörs ledningsorgan, och på alla andra fysiska eller juridiska personer som enligt nationell rätt är an- svariga för en överträdelse från företagets sida. Dessa regler syftar till att säkerställa att skyldigheterna enligt direktivet och MiFIR fullgörs av dem som i praktiken kontrollerar företagets affärsverksamhet och att de är föremål för liknande behandling i hela unionen (jfr skäl 141 till direk- tivet).</P>
<P class="p1403 ft2">De fysiska personer som ska kunna påföras en sanktion eller bli före- mål för en åtgärd är i MiFID II (artikel 65.2) utpekade på i allt väsentligt samma sätt som i motsvarande regler i kapitaltäckningsdirektivet, som har genomförts i svensk rätt i lagen om värdepappersmarknaden (25 kap. 1 a §) och lagen om bank- och finansieringsrörelse (15 kap. 1 a §). I det sammanhanget gjorde regeringen bedömningen att den personkrets som kan träffas av sådana sanktioner eller åtgärder bör utgöras av medlem- marna i företagets styrelse, dess verkställande direktör eller deras ersätt- are (se prop. 2014/15:57 s. 39 f.). Regeringen gör samma bedömning när det gäller reglerna i MiFID II om ingripanden mot personer i lednings- organ för värdepappersbolag och börser (beträffande innebörden av led- ningsorgan, se även avsnitt 12.2.1).</P>
<P class="p164 ft2">Enligt MiFID II (artikel 70.2) ska sanktioner och andra åtgärder kunna vidtas i fråga om överträdelser från företagens sida mot medlemmar i värdepappersföretagens och marknadsoperatörernas ledningsorgan och alla andra fysiska och juridiska personer som enligt nationell rätt är ansvariga för en överträdelse. Utredningen föreslår att reglerna ska genomföras i svensk rätt på så sätt att sanktioner eller åtgärder ska kunna vidtas mot den som ingår i styrelsen för ett svenskt värdepappersinstitut eller en börs, är dess verkställande direktör, eller ersättare för någon av dem. En- ligt utredningen innebär ordalydelsen i direktivet, för svenskt vidkomm- ande, att ingripande inte kan göras mot den som har ett sådant uppdrag hos en leverantör av datarapporteringstjänster, om företaget inte sam- tidigt är ett värdepappersinstitut eller en börs. När det gäller regelöver- trädelser av ett företag som hör hemma utanför EES och som driver verk- samhet från filial i Sverige anger utredningen att en sanktion ska kunna påföras den eller de personer som är ansvariga för filialen (se s. <NOBR>540–543</NOBR> i betänkandet).</P>
<P class="p1331 ft4">Sådana företag som i MiFID II benämns värdepappersföretag benämns värdepappersbolag i lagen om värdepappersmarknaden när det är fråga om svenska bolag (se vidare avsnitt 5.3). Termen värdepappersinstitut innefattar enligt samma lag värdepappersbolag, svenska kreditinstitut</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">537</P>
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<DIV id="page_538">
<P class="p727 ft2">Prop. 2016/17:162 som har fått tillstånd att driva värdepappersrörelse och utländska företag som driver värdepappersrörelse från filial i Sverige (se 1 kap. 5 § 27). Om reglerna i MiFID II (artikel 70.2) skulle genomföras i svensk rätt i enlighet med ordalydelsen i direktivet (”… på medlemmarna i värdepap- persföretagens och marknadsoperatörernas ledningsorgan …”) skulle det innebära att ett ingripande inte kan göras mot ansvariga personer för andra företag än värdepappersbolag och börser.</P>
<P class="p1020 ft2">Någon förklaring till ordalydelsen i direktivet i denna del ges inte i skälen till direktivet. För kreditinstitut gäller emellertid att vissa regler om värdepappersföretag i direktivet ska tillämpas även på dem när de tillhandahåller investeringstjänster eller utför investeringsverksamhet. Det gäller bl.a. sanktioner och andra åtgärder (se artikel 1.3). Med hän- syn till detta är det enligt regeringens mening i överenstämmelse med direktivet att ingripande kan göras även mot ansvariga fysiska personer i ett kreditinstitut som driver värdepappersrörelse. Det framstår vidare som befogat att förutsättningarna för ingripande mot ansvariga fysiska per- soner är desamma oavsett om det är ett värdepappersbolag eller ett kreditinstitut som driver värdepappersrörelse. Därtill kommer att reglerna i direktivet inte innebär något hinder mot att medlemsstaterna inför sank- tioner även i andra fall än de som anges i direktivet (jfr artikel 70.6 och 70.7). Ingripande vid överträdelser bör således få göras såväl mot an- svariga fysiska personer i ett värdepappersbolag som i ett kreditinstitut som driver värdepappersrörelse.</P>
<P class="p975 ft2">Ett företag i tredjeland definieras i direktivet (artikel 4.1.57) som före- tag som skulle vara ett kreditinstitut som tillhandahåller investerings- tjänster eller ägnar sig åt investeringsverksamhet, eller ett värdepappers- företag, om dess huvudkontor eller säte vore beläget inom unionen (se den engelska språkversionen av direktivet, då den svenska språkver- sionen innehåller en felskrivning och hänvisar enbart till värdepappers- företag). Direktivet tar alltså sikte endast på tredjelandsföretag som driver värdepappersrörelse (jfr även artiklarna 1.1 och <NOBR>39–43).</NOBR> De fysiska per- soner som har ansvaret för ledningen av en filial till ett sådant företag ingår inte i det som i MiFID II definieras som ett ledningsorgan (se artik- larna 4.1.36 och 39.2 d).</P>
<P class="p1020 ft2">Av lagen (1992:160) om utländska filialer m.m. framgår att filialen ska stå under ledning av en verkställande direktör och att denna är ansvarig för filialens verksamhet. En eller flera vice verkställande direktörer får utses och det som anges i lagen om verkställande direktör gäller även för den eller dem (8 och 10 §§). Enligt regeringen mening bör den eller de som har ansvaret för filialens verksamhet kunna vara föremål för ingrip- ande i enlighet med det som anges i direktivet (artikel 70.2) om att sank- tioner och åtgärder även ska kunna tillämpas på alla andra fysiska och juridiska personer som enligt nationell rätt är ansvariga för en över- trädelse. Det framstår dessutom som befogat att ingripande mot den som ansvarar för verksamheten kan göras även när värdepappersrörelse drivs av ett företag från tredjeland genom filial i Sverige. Regeringen anser därför att om ett tredjelandsföretag driver värdepappersrörelse från filial i Sverige och överträder bestämmelser som gäller för den verksamheten, bör Finansinspektionen få ingripa enligt lagen om värdepappersmark- naden även mot den som har ansvar för filialens verksamhet.</P>
<P class="p1114 ft2">538</P>
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<P class="p181 ft2">Som framgår av det följande är sanktioner mot fysiska personer för ett företags överträdelser inte något som bör tillämpas regelmässigt, utan en- bart i vissa fall där det är särskilt påkallat. Av den anledningen och ut- ifrån de allmänna utgångpunkter som gäller för genomförandet av EU- rättsakterna på finansmarknadsområdet, bör det inom ramen för detta lagstiftningsärende inte införas några bestämmelser om ingripande som går utöver det som föreskrivs i MiFID II när det gäller ansvariga fysiska personer hos en leverantör av datarapporteringstjänster. Det blir alltså fråga om ingripande mot den som ingår i ett sådant företags styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, endast om företaget samtidigt är ett värdepappersbolag, ett kreditinstitut som driver värdepappersrörelse eller en börs.</P>
<P class="p1094 ft2">Ingripande för ett företags överträdelse bör således kunna göras mot ansvariga fysiska personer i värdepappersbolag, kreditinstitut med till- stånd att driva värdepappersrörelse och börser, liksom mot den som an- svarar för verksamheten i en filial från vilken ett företag som hör hemma utanför EES driver värdepappersrörelse i Sverige. Ingripande bör kunna göras mot den som ingår i styrelsen för ett svenskt värdepappersinstitut eller en börs, är dess verkställande direktör, eller ersättare för någon av dem, samt den som är ansvarig för verksamheten i en filial från vilken ett företag som hör hemma utanför EES driver värdepappersrörelse i Sverige.</P>
<P class="p970 ft3">Subjektiva rekvisit som förutsättning för ansvar</P>
<P class="p953 ft4">MiFID II ställer inte upp något krav på att ett subjektivt rekvisit ska ut- göra förutsättning för ansvar. Det finns dock inget hinder för en med- lemsstat att införa ett sådant villkor.</P>
<P class="p181 ft2">Vid genomförandet i svensk rätt av motsvarande regler i kapitaltäck- ningsdirektivet infördes ett subjektivt rekvisit, och gränsen för det subjektiva rekvisitet drogs vid uppsåt och grov oaktsamhet (se 25 kap. 1 a § lagen om värdepappersmarknaden och 15 kap. 1 a § lagen om bank- och finansieringsrörelse). Detsamma gäller för de bestämmelser som införts om ingripanden med anledning av krishanteringsdirektivet, för- ordningen om värdepapperscentraler, öppenhetsdirektivet och UCITS- direktivet (se ovan, jfr prop. 2015/16:162 s. 154 f.). Kravet på uppsåt eller grov oaktsamhet infördes bl.a. för att understryka att det bör vara fråga om särskilt allvarliga fall för att en sanktion ska kunna komma i fråga. Det motiverades även med hänvisning till att sanktionerna har straffrättslig karaktär (se prop. 2014/15:57 s. 42). Enligt regeringens mening bör samma förutsättningar gälla också för sanktioner gentemot fysiska personer för ett företagets överträdelser enligt MiFID II.</P>
<P class="p164 ft4">Att överträdelsen ska vara orsakad genom åtminstone grov oaktsamhet innebär att endast en mer kvalificerad form av oaktsamhet kan träffas av en sanktion (se samma prop. s. 42 f.):</P>
<P class="p1404 ft27">Exempel på sådan grov oaktsamhet skulle kunna vara att styrelsen eller verkställande direktören medvetet tagit en risk i fråga om riktigheten hos vissa uppgifter som lämnas till Finansinspektionen. Ett sådant medvetet risktagande kan det vara fråga om när styrelsen eller verk- ställande direktören underlåtit att se till att det finns en ändamålsenlig organisation på plats för rapportering eller informationslämnande, eller</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">539</P>
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<P class="p1405 ft27">Prop. 2016/17:162 underlåtit att regelbundet följa upp hur organisationen fungerar. I många fall kan företagens rapporteringsskyldigheter vara tekniskt komplicerade och regleringen kan vara otydlig vilket lämnar utrymme för tolkning. För att agerandet ska anses grovt oaktsamt i sådana fall bör det krävas att styrelsen eller verkställande direktören har fått tyd- liga indikationer på att det föreligger brister, exempelvis genom Finansinspektionens påpekande eller sanktion, och ändå underlåtit att vidta åtgärder. Det bör också anses grovt oaktsamt att underlåta att sätta sig in i innebörden av sådana regler om styrning och kontroll som har betydelse för verksamheten. Vidare lämnar både lag- och före- skriftsbestämmelser många gånger utrymme för tolkningar och bedöm- ningar. Så är exempelvis fallet när det i olika bestämmelser anges att institutet ska ha en ”ändamålsenlig organisationsstruktur” eller att kontrollfunktionen ska ha ”de resurser som krävs” eller att personalen ska ha ”den kunskap som krävs”. Om det i efterhand visar sig att styrelsen eller verkställande direktören gjorde en felaktig bedömning av vad som t.ex. var ändamålsenligt eller tillräckligt, bör det inte i sig innebära att det har varit fråga om ett grovt oaktsamt beteende i bestämmelsens mening. Om de däremot fått påpekanden, antingen av det egna institutet eller av Finansinspektionen, och underlåtit att vidta åtgärder, bör det finnas utrymme att bedöma oaktsamheten som grov.</P>
<P class="p1406 ft3">Endast allvarliga överträdelser från företagets sida ska kunna leda till ansvar för fysiska personer</P>
<P class="p1407 ft2">I MiFID II ges det inga närmare anvisningar om i vilka fall sanktioner ska kunna påföras ansvariga personer i företagets styrelse eller ledning. När det gäller motsvarande regler i kapitaltäckningsdirektivet konsta- terades att det direktivet inte förutsätter att sanktioner regelmässigt be- slutas gentemot fysiska personer i ledningen för ett kreditinstitut eller värdepappersbolag som begår en överträdelse (se prop. 2014/15:57 s. 38). Regeringen ansåg därför att det är tillräckligt att svensk rätt erbjuder en möjlighet att rikta sanktioner mot sådana fysiska personer. Enligt regeringens mening skulle utgångspunkten i svensk rätt vara att sanktioner i första hand riktas mot institutet och att sanktioner mot fysiska personer bör komma i fråga endast om institutets överträdelse är allvarlig. Regeringen gjorde samma bedömning när det gäller motsvar- ande regler i krishanteringsdirektivet, förordningen om värdepappers- centraler och öppenhetsdirektivet (se prop. 2015/16:5 s. 739, prop. 2015/16:10 s. 241 f. och prop. 2015/16:26 s. 111 f.).</P>
<P class="p711 ft2">Regeringen anser att det inte finns skäl att avvika från den bedömning som har gjorts i tidigare lagstiftningsärenden när det gäller motsvarande regler i MiFID II om sanktioner och åtgärder mot fysiska personer för ett företags överträdelse. För att genomföra direktivet i denna del är det således tillräckligt att det i svensk rätt finns en möjlighet att ingripa mot ansvariga fysiska personer när företagets överträdelse är allvarlig. Ingrip- anden mot fysiska personer som ingår i företagets styrelse, dess verk- ställande direktör, eller ersättare för sådana personer bör alltså komma i fråga enbart i allvarliga fall.</P>
<P class="p1020 ft4">Vid genomförandet av motsvarande regler i kapitaltäckningsdirektivet ansåg Lagrådet att förutsättningarna för ett ingripande borde förtydligas.</P>
<P class="p535 ft14">Regeringen gjorde dock en annan bedömning och ansåg att det inte var</P>
<P class="p19 ft2">540</P>
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<DIV>
<DIV id="id_1">
<P class="p116 ft4">ändamålsenligt att i lagtexten ange närmare kriterier för en allvarlighets- bedömning, eftersom det vid bedömningen bör kunna tas hänsyn till utvecklingen på området för att bestämmelserna ska fungera ändamåls- enligt (se prop. 2014/15:57 s. 40 f.).</P>
<P class="p150 ft3">Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">anser att det är ett problem att det i utredningens förslag till lagtext saknas kriterier för bedömningen av om en juridisk persons överträdelse är allvarlig. Föreningarna invänder även mot det som regeringen anförde i samma fråga vid genomförandet i svensk rätt av kapitaltäckningsdirek- tivet. Regeringen har dock inte någon annan uppfattning än den som redovisats i tidigare lagstiftningsärenden, dvs. att det vid bedömningen bör kunna tas hänsyn till utvecklingen på området och att det inte är ändamålsenligt att i lagtexten närmare ange kriterier för allvarlighets- bedömningen (se även prop. 2015/16:10 s. 241). Innebörden av allvarlig- hetsrekvisitet bör därför i stället framgå av den praxis som utvecklas på området. Exempelvis kan den praxis som redan i dag finns hos Finans- inspektionen i fråga om när överträdelser bedöms allvarliga bli relevant. På samma sätt som vid överträdelser enligt kapitaltäckningsdirektivet är det enligt MiFID II fråga om överträdelser av olika slag. Dessa kan be- dömas ha olika grad av allvarlighet även om var och en av dem kan för- anleda ett ingripande. Att överträdelserna som sådana kan variera i fråga om allvarlighet är något som bör kunna beaktas vid bedömningen av om ett ingripande bör göras mot en ansvarig person i det företag som gjort sig skyldigt till överträdelsen.</SPAN></P>
<P class="p573 ft2">I allmänhet framstår det som mer befogat med ett ingripande vid så- dana överträdelser som kan medföra allvarliga konsekvenser för stabili- teten i företaget eller i det finansiella systemet som helhet. Detsamma gäller vid överträdelser som kan hota andra viktiga samhällsintressen. En överträdelse kan vara att anse som allvarlig, och därmed aktualisera en sanktion mot en person i företagets ledning, om en varning eller åter- kallelse av tillståndet för företaget kan komma i fråga (se prop. 2014/15:57 s. 41).</P>
<P class="p912 ft2">Av det förhållandet att företagets överträdelse ska vara allvarlig följer att det inte kan riktas någon sanktion mot en fysisk person som kan hållas ansvarig när dennes agerande visserligen bedöms som mycket anmärkningsvärt, men företagets överträdelse inte samtidigt är tillräckligt graverande för att anse som allvarlig (se samma prop. s. 41 f.).</P>
<P class="p622 ft2">Det bör, liksom när det gäller överträdelser enligt t.ex. kapitaltäck- ningsdirektivet, inte krävas att ett sanktionsbeslut har meddelats mot företaget för att en sanktion mot en fysisk person ska kunna komma i fråga. Anledningen till detta är att det kan finnas situationer som i och för sig borde ha lett till ett sanktionsbeslut mot företaget men där något sådant inte har meddelats, exempelvis på grund av att företaget har för- satts i konkurs eller fått tillståndet återkallat innan överträdelsen upp- täcktes. En sådan situation bör inte utesluta ett ingripande mot en fysisk person (se samma prop.).</P>
<P class="p573 ft4">Vid Finansinspektionens tillsynsundersökningar och sanktionspröv- ningar gäller som utgångspunkt, som anges ovan, att sanktioner i första hand bör riktas mot företaget och komma i fråga mot fysiska personer endast i vissa särskilt allvarliga fall. Dock bör det som en naturlig del i en utredning av ett företags överträdelse ingå att göra överväganden i fråga</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">541</P>
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<P class="p727 ft4">Prop. 2016/17:162 om någon fysisk person också bör hållas ansvarig. Hur ingående detta bör göras får avgöras med hänsyn till omständigheterna i det enskilda fallet (se samma prop. s. 42).</P>
<P class="p1408 ft3">Vilka sanktioner och åtgärder ska kunna vidtas mot de fysiska personerna?</P>
<P class="p1289 ft2">Katalogen över administrativa sanktioner och åtgärder i MiFID II (artik- el 70.6) är i huvudsak densamma för fysiska och juridiska personer. Samtliga sanktioner och åtgärder är dock inte relevanta när det gäller ingripanden mot fysiska personer i ett företags ledningsorgan. Vidare är det endast i förhållande till sådana personer som det är relevant att meddela förbud att vara medlem av ett företags ledningsorgan.</P>
<P class="p1020 ft2">Enligt MiFID II (artikel 70.6 b) ska behöriga myndigheter kunna med- dela ett föreläggande enligt vilket det krävs att den fysiska eller juridiska personen upphör med sitt agerande och inte upprepar detta agerande. Ett sådant ingripande är relevant för företag med tillstånd enligt lagen om värdepappersmarknaden och för andra juridiska personer och fysiska personer som gör sig skyldiga till en överträdelse (se avsnitten 14.3.2 och 14.3.5). För svenskt vidkommande är ett sådant ingripande dock inte relevant i förhållande till ansvariga personer hos ett företag, eftersom det är företaget som åläggs skyldigheter (se prop. 2014/15:57 s. 50). Den åt- gärden föranleder därför enligt regeringens uppfattning ingen genom- förandeåtgärd.</P>
<P class="p580 ft2">En annan sanktion eller åtgärd som för svenskt vidkommande över huvud taget inte är aktuell i förhållande till fysiska personer är den som gäller indragning eller återkallelse av tillstånd (artikel 70.6 c i MiFID II). Eftersom en fysisk person enligt svensk rätt inte kan eller kommer att kunna vara ett tillståndspliktigt företag, t.ex. ett värdepappersbolag, är det regeringens uppfattning att återkallelse av tillstånd inte kan komma i fråga för fysiska personer. Regeringen anser av samma skäl att det för svenskt vidkommande inte heller är aktuellt att för fysiska personer tillämpa ett tillfälligt förbud för ett värdepappersföretag att vara medlem av eller deltagare på reglerade marknader eller <NOBR>MTF-plattformar</NOBR> eller kund hos <NOBR>OTF-plattformar</NOBR> (artikel 70.6 e i MiFID II).</P>
<P class="p580 ft2">De sanktioner och andra administrativa åtgärder som enligt MiFID II ska kunna beslutas mot fysiska personer i de berörda företagens led- ningsorgan bör således vara ett tillfälligt eller, vid upprepade allvarliga överträdelser, permanent förbud för en medlem av värdepappersföre- tagets ledningsorgan eller någon annan fysisk person som hålls ansvarig att utöva sådana uppdrag samt sanktionsavgifter (artikel 70.6 d, g och h). Därutöver ska den behöriga myndigheten offentliggöra beslut om admi- nistrativa sanktioner eller åtgärder på grund av en överträdelse av bestämmelser som genomför direktivet eller av MiFIR (artikel 71 och artikel 70.6 a i MiFID II).</P>
<P class="p1020 ft2">När det gäller förbud mot att utöva ledningsuppdrag (artikel 70.6 d i MiFID II) kan en fysisk person som ingår i styrelsen för ett värdepap- persbolag eller är dess verkställande direktör, eller ersättare för någon av dem, enligt lagen om värdepappersmarknaden (25 kap. 1 a §) påföras såväl ett tidsbegränsat förbud att utöva ledningsuppdrag i sådant bolag</P>
<P class="p535 ft2">som sanktionsavgift.</P>
<P class="p353 ft2">542</P>
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<DIV>
<DIV id="id_1">
<P class="p150 ft2">I samband med genomförandet i svensk rätt av kapitaltäckningsdirek- tivet hänvisades till de möjligheter som Finansinspektionen har att åter- kalla ett företags tillstånd på grund av att en styrelseledamot eller verk- ställande direktör inte uppfyller lämplighetskraven eller besluta att en sådan person inte får delta i ledningen av företaget (enligt bl.a. 25 kap. 4 § lagen om värdepappersmarknaden). Regeringen konstaterade i det sammanhanget att sanktionen i det fallet dock riktar sig mot företaget och bedömde att det för ett korrekt genomförande av direktivet behövde finnas en sanktion som kan riktas mot en fysisk person och som innebär ett förbud att utöva uppdrag i ett företag, vilket då inte fanns i svensk rätt (se prop. 2014/15:57 s. 45). Härefter har det för vissa andra företag på finansmarknadsområdet och för överträdelser enligt andra <NOBR>EU-rättsakter</NOBR> införts en motsvarande eller liknande sanktion (se prop. 2015/16:5, prop. 2015/16:10 och prop. 2015/16:170, se även prop. 2015/16:162).</P>
<P class="p573 ft2">Regeringen gör inte någon annan bedömning när det gäller kraven i MiFID II. Det behövs således även för ett korrekt genomförande av detta direktiv finnas möjlighet att rikta ett förbud att utöva ledningsuppdrag mot en fysisk person i ett företags ledningsorgan. Enligt regeringens upp- fattning är det således inte tillräckligt att det, så som <SPAN class="ft3">Kammarrätten i Stockholm </SPAN>framhåller, kan vara möjligt att inom ramen för ledningspröv- ning åstadkomma ett motsvarande resultat.</P>
<P class="p623 ft2">För överträdelser enligt MiFID II bör förbudet som regel, och i likhet med det som i andra fall gäller för motsvarande sanktion, vara bestämt till viss tid. Den tidsrymd om lägst tre och högst tio år som gäller enligt nuvarande regler är enligt regeringens mening lämplig även i detta fall (se t.ex. prop. 2014/15:57 s. 45 f.). Den nuvarande möjligheten i lagen om värdepappersmarknaden för Finansinspektionen att besluta om för- bud för någon att inneha ett uppdrag som styrelseledamot eller verk- ställande direktör uppfyller enligt regeringens uppfattning kraven i MiFID II (artikel 70.6 d) när det gäller ett tidsbegränsat förbud att utöva ledningsuppdrag i värdepappersbolag. Ett sådant förbud bör därför få be- slutas även för ett företags överträdelser av bestämmelser som genomför MiFID II eller av MiFIR.</P>
<P class="p1043 ft2">Ett förbud mot att utöva ledningsuppdrag ska enligt MiFID II kunna meddelas medlemmar av ledningsorganet i ett värdepappersföretag. För- budet är begränsat till just sådana ledningsuppdrag (artikel 70.6 d). För svenskt vidkommande innebär ordalydelsen av direktivet att sanktionen ska kunna tillämpas på ledningsorganet i ett värdepappersbolag. I direk- tivet finns det inte någon förklaring till varför sanktionen endast anges i förhållande till just värdepappersföretagens ledningsorgan. Av direktivet framgår att sanktionskatalogen utgör en minimireglering (artikel 70.6 och 70.7). Enligt regeringens uppfattning medger direktivet därför att en sanktion i form av förbud mot att utöva ledningsuppdrag kan riktas även mot personer i ledningsorganet för andra juridiska personer än värdepap- persföretag. Som anförs ovan är dock möjligheten att enligt lagen om värdepappersmarknaden besluta om sanktioner mot fysiska personer för ett företags överträdelse inte avsedd att tillämpas regelmässigt, utan en- bart i vissa fall där det är särskilt påkallat. Av den anledningen och utifrån de allmänna utgångpunkter som gäller för genomförandet i svensk rätt av <NOBR>EU-rättsakterna</NOBR> på finansmarknadsområdet, bör det inte utan att</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">543</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_544">
<P class="p621 ft2">Prop. 2016/17:162 det kan anses motiverat införas några bestämmelser som går utöver det</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">förbud mot att utöva ledningsuppdrag som anges i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Utredningen föreslår emellertid att förbud ska kunna beslutas för den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">som ingår i styrelsen för ett svenskt värdepappersinstitut eller är dess</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">verkställande direktör, eller ersättare för någon av dem. Det innebär att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ett förbud skulle kunna beslutas för en fysisk person med ett sådant upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">drag såväl i ett värdepappersbolag som i ett svenskt kreditinstitut som har</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">tillstånd att driva värdepappersrörelse. Enligt regeringens mening motiv-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">erar de skäl som anförs för att ingripanden ska kunna göras mot ansvar-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">iga fysiska personer i ett sådant kreditinstitut också att de ska kunna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">meddelas förbud att utöva ledningsuppdrag (se ovan). Regeringen anser</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">således, i likhet med utredningen, att sanktionen ska kunna tillämpas inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">endast mot ansvariga fysiska personer i ett värdepappersbolag, utan även</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">mot sådana personer i ett svenskt kreditinstitut som har tillstånd att driva</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersrörelse.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Vid upprepade allvarliga överträdelser anges i MiFID II att ett perma-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">nent förbud ska kunna meddelas. Härmed avses dock inte ett krav på att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">personen i fråga tidigare har meddelats ett förbud att utöva ledningsupp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">drag. <SPAN class="ft3">Kammarrätten i Stockholm </SPAN>framför att det kan diskuteras om ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p30 ft2">permanent förbud att utöva ledningsuppdrag står i överensstämmelse</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p30 ft2">med proportionalitetsprincipen och att frågan om ett sådant förbud kräver</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">djupare analys. Enligt regeringens uppfattning är det permanenta förbud</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">som anges i direktivet en ingripande sanktion, som naturligtvis måste stå i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">proportion till överträdelsen. Det kan emellertid inte i och för sig anses</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">orimligt att upprepade allvarliga överträdelser får till följd att en person</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">meddelas ett permanent förbud att ingå i styrelsen eller vara verkställ-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ande direktör i ett värdepappersinstitut. Möjligheten att meddela ett per-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">manent förbud att utöva sådana uppdrag finns också redan i svensk rätt när</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">det gäller bl.a. fondbolag (se 12 kap. 1 a § lagen om värdepappersfonder</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">och prop. 2015/16:170 s. 109, se även 9 kap. 12 § lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">centraler och kontoföring av finansiella instrument och prop. 2015/16:10</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">s. 252).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Regeringen anser att det för upprepade allvarliga överträdelser av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bestämmelser som genomför MiFID II eller av MiFIR bör införas en möj-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">lighet till ingripande mot en styrelseledamot eller en verkställande direktör</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">i ett värdepappersbolag eller svenskt kreditinstitut som har tillstånd att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">driva värdepappersrörelse, eller en ersättare för någon av dem, genom</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">permanent förbud mot att utöva ledningsuppdrag i ett sådant företag. Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bedömningen av förbudstidens längd bör hänsyn tas till sådana omstän-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">digheter som ska beaktas vid valet av sanktion (25 kap. 1 b och 1 c §§</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lagen om värdepappersmarknaden, se vidare avsnitt 14.3.7).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Frågor om sanktionsavgifter och storleken på dem (artikel 70.6 g och h</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">i MiFID II) behandlas närmare i avsnitt 14.3.8. Som där framgår gör</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">regeringen bedömningen att det som gäller enligt svensk rätt om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">sanktionsavgifter för fysiska personer motsvarar det som krävs enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II. För att uppfylla direktivets krav om att sådana avgifter ska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">kunna påföras, bör sanktionsavgift få påföras den som ingår i styrelsen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">för ett svenskt värdepappersinstitut eller en börs, är dess verkställande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">direktör, eller ersättare för någon av dem, vid överträdelser av bestäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">melser som genomför MiFID II eller av MiFIR. Detsamma bör gälla</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">544</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">i fråga om den eller de fysiska personer som har ansvaret för verksam-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_545">
<DIV>
<DIV id="id_1">
<P class="p116 ft42">heten hos en filial från vilken ett företag i som hör hemma utanför EES driver värdepappersrörelse i Sverige.</P>
<P class="p1409 ft3">Något om sanktioner mot fysiska personer för ett företags överträdelse i förhållande till dubbelprövningsförbudet</P>
<P class="p189 ft2">I den europeiska konventionen av den 4 november 1950 om skydd för de mänskliga rättigheterna och de grundläggande friheterna (Europakonven- tionen) finns civila och politiska rättigheter reglerade. Sverige har ratificerat Europakonventionen och konventionen har införlivats med svensk rätt genom lagen (1994:1219) om den europeiska konventionen angående skydd för de mänskliga rättigheterna och de grundläggande friheterna. I regeringsformen (2 kap. 19 §) finns ett förbud mot att meddela lag eller föreskrift som står i strid med Europakonventionen. För såväl EU:s institutioner som för medlemsstaterna gäller även Europeiska unionens stadga om de grundläggande rättigheterna (EU:s rättighets- stadga).</P>
<P class="p624 ft2">Europakonventionens sjunde tilläggsprotokoll (artikel 4), som även det har ratificerats av Sverige och gäller som lag, ger Europakonventionen en reglering av principen om att den som en gång blivit dömd eller frikänd av domstol för ett brott ska vara skyddad mot nytt åtal och ny dom för samma brott. Rättigheten eller förbudet har flera benämningar: dubbel- bestraffningsförbudet, dubbelprövningsförbudet, förbudet mot dubbla förfaranden och den latinska benämningen ne bis in idem (ej två gånger i samma sak). I det följande används termen dubbelprövningsförbudet (jfr bl.a. prop. 2016/17:22 s. 79). Dubbelprövningsförbudet innebär bl.a. att ingen får lagföras eller straffas på nytt i en brottmålsrättegång i samma stat för ett brott för vilket han eller hon redan blivit slutligt frikänd eller dömd i enlighet med lagen och rättegångsordningen i denna stat. Dubbel- prövningsförbudet i Europakonventionens sjunde tilläggsprotokoll är begränsat till att gälla samma rättssubjekt. Vidare innebär det ett skydd bara mot lagföring inom en och samma stat. I andra delar är innebörden av det inte lika tydlig. Detta gäller bl.a. frågor om vad som avses med att lagföras eller straffas eller vad som utgör samma brott.</P>
<P class="p573 ft2">I EU:s rättighetsstadga (artikel 50) finns också en bestämmelse om dubbelprövningsförbudet. Enligt den får ingen lagföras eller straffas på nytt för en lagöverträdelse för vilken han eller hon redan har blivit fri- känd eller dömd i unionen genom en lagakraftvunnen brottmålsdom i en- lighet med lagen. Bestämmelsen är inte helt identisk med den om dubbel- prövningsförbudet i Europakonventionens sjunde tilläggsprotokoll. Det är inte heller helt självklart att den har exakt samma innebörd som konventionens dubbelprövningsförbud. En viktig skillnad mot Europa- konventionen med tillhörande lag är att EU:s rättighetsstadga bara gäller vid tillämpning av unionsrätten. Det är således av vikt vad som utgör unionsrätt. Det kan också nämnas att bestämmelsen har ett vidare tillämpningsområde, då det i stället för att begränsas till samma stat, gäller ”i unionen”.</P>
<P class="p979 ft4">I förevarande lagstiftningsärende uppkommer frågor om hur ingripan- den mot fysiska personer förhåller sig till dubbelprövningsförbudet. Dubbelprövningsförbudet enligt Europakonventionen och EU:s rättig- hetsstadga och dess tillämpning i Sverige har behandlats i bl.a. propo-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">545</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_546">
<P class="p994 ft4">Prop. 2016/17:162 sitionen Effektiv bekämpning av marknadsmissbruk (prop. 2016/17:22, se bl.a. s. <NOBR>79–87</NOBR> för en mer utförlig beskrivning av dubbelprövnings-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">förbudet, se även propositionen Skattetillägg: Dubbelprövningsförbudet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och andra rättssäkerhetsfrågor, prop. 2014/15:131).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">När det gäller överträdelser av reglerna i MiFID II och MiFIR, vilka kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">leda till att en fysisk person påförs en administrativ sanktion, är det inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uteslutet att de även kan innebära att personen i fråga kan lagföras för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">brott. Vid genomförandet i svensk rätt av kapitaltäckningsdirektivets</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">regler om administrativa sanktioner mot fysiska personer för företags</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">överträdelser ansåg regeringen att det kunde antas att ett påförande av</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sanktion enligt den reglering som föreslogs kunde anses som en an-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">klagelse för brott och straff i Europakonventionens mening (se prop.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">2014/15:57 s. 52). Lagrådet ansåg i samma lagstiftningsärende att sank-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tionsavgifter av det aktuella slaget har tydliga straffrättsliga drag och an-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gav att de vid tillämpningen av Europakonventionen behandlas på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samma sätt som straff i många avseenden när det gäller grundläggande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">straffrättsliga principer. Lagrådet anförde vidare att mycket talade för att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sanktionsavgifterna i fråga ska behandlas som straff även vid tillämp-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningen av EU:s rättighetsstadga (se samma prop. s. 569). I senare lag-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">stiftningsärenden har regeringen också angett att det kan antas att de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">administrativa sanktioner mot fysiska personer som föreslagits anses som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en anklagelse för brott och straff i Europakonventionens mening (se bl.a.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">prop. 2015/16:10 s. 255, prop. 2015/16:26 s. 98 och prop. 2015/16:170</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">s. 100, jfr prop. 2015/16:162 s. <NOBR>148–151).</NOBR> Enligt regeringens mening kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">det även antas att en sanktion mot en fysisk person enligt förslagen i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">denna proposition anses som en anklagelse för brott och straff i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Europakonventionens mening. I en sådan situation kan konventionens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dubbelprövningsförbud aktualiseras. Eftersom det här är fråga om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tillämpning av <NOBR>EU-rätt</NOBR> kan dessutom förbudet i rättighetsstadgan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">aktualiseras.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Problemet med dubbel lagföring och straff bedöms dock kunna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppkomma endast i undantagsfall. Några regler i MiFID II och MiFIR</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">innebär att ett värdepappersföretag av kundskyddsskäl ska agera på visst</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sätt, lämna viss information och interagera med kunder på visst sätt.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Andra regler innebär att ett företag gentemot handelsplatser och andra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">aktörer ska offentliggöra viss information och handla finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">instrument på visst sätt. En överträdelse av dessa regler kommer inte i sig</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att innebära något brott. I dessa situationer kommer knappast heller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">någon fysisk persons vårdslösa eller ens uppsåtliga agerande att utgöra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">något brott. Vad personen i fråga kan göra sig skyldig till är t.ex. att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">oaktsamt eller uppsåtligt underlåta att se till att det finns system och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">processer för att företaget ska fullgöra sina skyldigheter. Även om en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">styrelseledamot eller en verkställande direktör aktivt fattar beslut om att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">montera ned processer eller system eller beordrar personalen att bryta mot</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">reglerna torde ett sådant agerande inte i sig utgöra något brott.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft27">Ett exempel på när en överträdelse enligt MiFID II samtidigt skulle kunna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">vara ett brott är den situationen att ett värdepappersföretag har fått sitt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillstånd genom att lämna falska uppgifter (se artikel 8 b). Samma gärning</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skulle kunna utgöra t.ex. urkundsförfalskning enligt 14 kap. brottsbalken.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Ett annat exempel är reglerna om algoritmisk handel. Enligt direktivet</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">546</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">(artikel 17.1) ska ett värdepappersföretag som bedriver sådan handel</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_547">
<DIV>
<DIV id="id_1">
<P class="p116 ft27">säkerställa att systemet inte används för marknadsmissbruk. Om ett företag på t.ex. verkställande direktörens initiativ i strid mot den regeln använder sitt system för algoritmisk handel för att genomföra order och transak- tioner på ett sätt som otillbörligen påverkar marknadspriset, kan detta utgöra brottet marknadsmanipulation enligt lagen (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden (2 kap. 4 §, i fortsätt- ningen benämnd lagen om straff för marknadsmissbruk) samtidigt som det är en överträdelse av reglerna i direktivet. Det kan också tänkas att en överträdelse enligt MiFID II utgör ett led i annan brottslig verksamhet. En underlåtenhet att fullgöra sina skyldigheter att övervaka handeln på en handelsplats (artiklarna 31 och 54) eller inrätta kontroller för att säker- ställa att ett värdepappersföretags system för direkt elektroniskt tillträde inte används för marknadsmissbruk (artikel 17.5) skulle kunna göras medvetet för att t.ex. underlätta för någon annan att begå insiderbrott eller otillbörlig marknadspåverkan. Agerandet skulle i sådana fall också kunna vara straffbart som medverkan till sådant brott (se 2 kap. 1 och 4 §§ lagen om straff för marknadsmissbruk och 23 kap. 4 § brottsbalken).</P>
<P class="p1410 ft2">Även om det går att hitta exempel på gärningar som både utgör brott och som kan ligga till grund för en administrativ sanktion mot samma fysiska person är det således fråga om undantagsfall. Det är en rad omständig- heter som ska inträffa för att detta ska ske. I de mycket få fall som det antas bli fråga om när det gäller administrativa sanktioner mot fysiska personer med anledning av ett företags överträdelser, måste de myndigheter som hanterar ärendet, oavsett om det är Finansinspektionen eller rättsvårdan- de myndigheter, handlägga ärendet med hänsyn till reglerna om dubbel- prövningsförbudet. Beroende på den enskilda situationen kan en konse- kvens av reglerna bli att en handläggning hos Finansinspektionen i vissa fall kan hindra en handläggning hos andra myndigheter eller tvärt om. Regeringen har i lagstiftningsärenden med anledning av bl.a. kapitaltäck- ningsdirektivet, förordningen om värdepapperscentraler och öppenhets- direktivet bedömt att det för dessa ärenden inte behöver införas några särskilda regler för handläggningen (se prop. 2014/15:57 s. 52, prop. 2015/16:10 s. 256, prop. 2015/16:26 s. 98 och prop. 2015/16:170 s. 100– 102).</P>
<P class="p979 ft27">På marknadsmissbruksområdet finns bestämmelser om handläggningen som rör förhållandet mellan Finansinspektionen och åklagarmyndighet. På marknadsmissbruksområdet föreligger den speciella situationen att marknadsmissbruksfrågor hanteras inom ramen för såväl ett straffrättsligt som ett administrativt förfarande (se prop. 2016/17:22 s. <NOBR>98–102).</NOBR> Finans- inspektionen har ansvaret för att utreda och ingripa mot överträdelser på administrativ väg och Ekobrottsmyndigheten för att bedriva förunder- sökning och väcka åtal för brott (se samma prop. s. 125 f.). Det finns därför ett behov av att klargöra ansvarsfördelningen mellan Finans- inspektionen och Ekobrottsmyndigheten. Det finns också behov av tydliga regler om samarbetet mellan dem och om hanteringen av mark- nadsmissbruksärenden (se samma prop. s. <NOBR>125–139).</NOBR> Regeringen har bedömt att det vägvalssystem som gäller på marknadsmissbruksområdet medför att situationer där dubbelprövningsförbudet skulle kunna aktuali- seras blir mycket vanliga. Mot den bakgrunden har en uttrycklig reglering av dubbelprövningsfallen införts. Regleringen är utformad med förebild av den lagstiftning som tillkommit på skatteområdet och går i vissa avseenden</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">547</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_548">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p23 ft2">längre än vad som i strikt mening synes krävas på grund av</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">dubbelprövningsförbudet (se samma prop. s. 129 f.).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">När det gäller de sanktioner som föreslås i denna proposition med</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">anledning av genomförandet i svensk rätt av MiFID II ska överträdelser i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">princip beivras genom administrativa ingripanden. Som framgår ovan är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">det fråga om undantagsfall då en överträdelse kan komma att omfattas av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">såväl administrativa sanktioner som straffrättsliga regler. Mot den bak-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">grunden anser regeringen att det för överträdelser enligt MiFID II, i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">likhet med det som gäller för överträdelser enligt bl.a. kapitaltäcknings-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">direktivet, inte krävs att det införs ett vägvalssystem eller andra särskilda</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">regler om handläggningen av överträdelser om dessa även omfattas av</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">straffrättsliga bestämmelser. Detta innebär att det enligt regeringens upp-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">fattning inte heller, så som utredningen föreslår, behöver införas en</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">bestämmelse i lag som erinrar om att ett ingripande inte får göras om ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">agerande omfattas av ett åtal. Som anförts i tidigare lagstiftningsärenden</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">måste i stället de befintliga reglerna om dubbelprövningsförbudet beaktas</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">vid handläggningen av varje enskilt ärende med utgångspunkt i ärendets</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">särskilda omständigheter (se prop. 2014/15:57 s. 52, prop. 2015/16:10</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">s. 255, prop. 2015/16:26 s. 98 och prop. 2015/16:170 s. <NOBR>100–102).</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p125 ft2">När det, som beträffande sanktioner för överträdelser enligt MiFID II,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">inte är fråga om några specifika brott utan brott i allmänhet finns det en-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">ligt regeringens mening inte behov av en uttrycklig regel om att Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">inspektionen ska anmäla brott. Det får anses ligga i en tillsynsmyndighets</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">funktion att överträdelser – som t.ex. brott begångna i den verksamhet</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">som tillsynen avser – möts med de åtgärder som påkallas av omständig-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">heterna. När det föreligger en klar misstanke om att det har begåtts en</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">straffbar överträdelse, måste en åtalsanmälan i allmänhet anses påkallad.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft3">Ekobrottsmyndigheten <SPAN class="ft2">och </SPAN>Åklagarmyndigheten <SPAN class="ft2">efterfrågar dock klar-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">göranden med avseende på den problematik som hänger samman med</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">dubbelprövningsförbudet. Åklagarmyndigheterna hänvisar till att det i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">betänkandet från 2012 års marknadsmissbruksutredning (SOU 2014:46)</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">angetts att en situation med parallella undersökningar måste undvikas,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">något som avviker från såväl Europadomstolens som Högsta domstolens</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">och Högsta förvaltningsdomstolens praxis. De framhåller att åklagarens</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">absoluta förundersöknings- och åtalsplikt torde innebära att förunder-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">sökning måste drivas framåt och åtal väckas utan hinder av en utredning</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">hos Finansinspektionen, så länge den utredningen inte har resulterat i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">någon åtgärd som (enligt Europakonventionen, EU:s rättighetsstadga,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">författning eller praxis) utgör hinder för det straffrättsliga förfarandet.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">Mot denna bakgrund väcker åklagarmyndigheterna bl.a. frågan om när</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">ett förfarande om administrativa sanktioner hindrar att ett straffrättsligt</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">förfarande inleds eller fortgår.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">Med hänsyn till det som Ekobrottsmyndigheten och Åklagarmyndig-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">heten framför finns det anledning att inledningsvis anknyta till de regler</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">som gäller på marknadsmissbruksområdet. Som anges ovan är den regle-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">ring av dubbelprövningssituationerna som finns marknadsmissbruks-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">området tillämplig när en överträdelse omfattas av såväl straffrättsliga</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">regler som de bestämmelser om administrativa sanktioner som gäller på</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">området. Varken när det gäller brott enligt den straffrättsliga regleringen</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">på marknadsmissbruksområdet eller när det gäller förundersökning av-</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">548</P></TD>
<TD class="tr27 td235"><P class="p23 ft2">seende andra brott är det uteslutet att utredningsåtgärder kan vidtas både</P></TD>
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<DIV id="id_1">
<P class="p116 ft4">hos åklagare och hos Finansinspektionen (se prop. 2016/17:22 s. 134). Som myndigheterna framhåller gäller alltså åklagarens förundersök- nings- och åtalsplikt utan hinder av att en utredning pågår hos Finans- inspektionen (se även prop. 2015/16:170 s. 101).</P>
<P class="p150 ft2">Enligt Europadomstolens praxis finns inget hinder mot två parallella förfaranden, så länge ett förfarande avbryts så snart ett annat har avgjorts slutligt (se målet Lucky Dev mot Sverige, application no 7356/10, p. 63). Det kan också nämnas att Europadomstolen i en dom i stor kammare den 15 november 2016 har godkänt ett förfarande med parallella förfaranden avseende skattetillägg och skattebrott, dvs. utan att något av dem har behövt avbrytas (målet A och B mot Norge, application nos. 24130/11 and 29758/11). Högsta domstolen har dock bedömt att åtal för skattebrott inte kan väckas mot den som påförts ett skattetillägg som grundar sig på samma faktiska oriktiga uppgifter som åtalet, och att detta gäller oavsett om beslutet om skattetillägg har vunnit laga kraft (NJA 2013 s. 502). Högsta förvaltningsdomstolen har bedömt att när ordningen på förfar- andena är den motsatta så innebär ett väckt åtal hinder mot att besluta om skattetillägg som grundas på samma oriktiga uppgifter som åtalet (HFD 2013 ref. 71). Högsta domstolens och Högsta förvaltnings- domstolens avgöranden meddelades före ovan nämnda avgöranden från Europadomstolen. Regeringen bedömer, med beaktande av den bedöm- ning som Högsta domstolen gjort avseende systemet med skattetillägg och skattebrott, att det inte kan uteslutas att en påförd sanktion eller utfärdat sanktionsföreläggande enligt den reglering som föreslås i denna proposition skulle kunna hindra ett åtal som grundar sig på samma faktiska omständigheter som sanktionen eller föreläggandet. Till skillnad från det som gäller enligt spärreglerna på marknadsmissbruksområdet (jfr 3 kap. 5 § lagen om straff för marknadsmissbruk) anser regeringen dock inte att det bör vara uteslutet att åtal kan väckas om Finansinspektionen utfärdat sanktionsföreläggande som inte godkänts inom utsatt tid och Finansinspektionen sedan valt att inte väcka talan om sanktionsavgift vid domstol (jfr prop. 2016/17:22 s. 133). Dubbelprövningsförbudet i sig kan inte anses hindra ett åtal i den situationen.</P>
<P class="p1411 ft2">En annan frågeställning som Ekobrottsmyndigheten och Åklagarmyn- digheten tar upp är vad som händer om ett åtal läggs ned eller justeras så att det inte längre omfattar en överträdelse. Myndigheterna framhåller i detta sammanhang, med hänvisning till Europadomstolens praxis, att det i den situation ett åtal har justerats eller lagts ned så att överträdelsen inte prövas i sak i brottmålet, är möjligt att det inte finns något hinder enligt Europakonventionen mot ett administrativt sanktionsförfarande. Rege- ringen har i andra lagstiftningsärenden gjort motsvarande bedömning när det gäller dubbelprövningsförbudet i Europakonventionen. Det har i dessa lagstiftningsärenden angetts att sådana förfaranden som inte inne- bär en slutlig prövning av den enskildes skuld inte är hinder för ett andra förfarande (se prop. 2014/15:131 s. 42 och prop. 2016/17:22 s. 83). När det gäller förhållandet mellan skattetillägg och skattebrott respektive mellan administrativa och straffrättsliga ingripanden på marknads- missbruksområdet finns det dock nationella regler som innebär att ett väckande av åtal innebär ett slutligt hinder för en administrativ sanktion (se 49 kap. 10 b § skatteförfarandelagen [2011:1244] och 5 kap. 12 § lagen [2016:1306] med kompletterande bestämmelser till EU:s</P>
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<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">549</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_550">
<P class="p820 ft4">Prop. 2016/17:162 marknadsmissbruksförordning samt prop. 2014/15:131 s. 87 f. och prop. 2016/17:22 s. 130).</P>
<P class="p575 ft2">Ekobrottsmyndigheten och Åklagarmyndigheten tar även upp frågan om hur dubbelprövningsförbudet ska tillämpas när det gäller företagsbot. Som regeringen angett i andra lagstiftningsärenden gäller att om dubbel- prövningsförbudet aktualiseras i fråga om företagsbot ska förbudet beaktas av myndigheter och domstolar. Det saknas dock även för dessa situationer skäl att införa en uttrycklig reglering (se samma propositioner s. 64 f. respektive s. 134 f.).</P>
<P class="p1020 ft2">Ekobrottsmyndigheten och Åklagarmyndigheten väcker också frågan om hur dubbelprövningsförbudet förhåller sig till andra näringsrättsliga ingripanden. De anger bl.a. att utredningens avsikt inte synes ha varit att ett åtal ska innebära hinder för Finansinspektionen att besluta att en styrelseledamot i ett värdepappersinstitut inte längre får vara det eller lägga överträdelsen till grund för senare bedömningar i fråga om ledningsprövning. Som regeringen konstaterade vid genomförandet av kapitaltäckningsdirektivet är det när Finansinspektionen anmärker på en ledningsperson i ett institut fråga om att kraven på ledningsfunktionen i institutet uppfylls. En sådan åtgärd riktar sig, som remissinstanserna också anger, mot institutet och inte den enskilda personen (även om åtgärden kan anses angå personen på ett sådant sätt att denne har rätt att överklaga, se HFD 2013 ref. 74). För den fysiska personen innebär beslutet inte annat än att denne, eller styrelsen som helhet, inte anses uppfylla det specifika institutets behov. I det nämnda lagstiftningsärendet uttalades vidare att tidigare sanktionsbeslut bör vara en del av den helhetsbedömning som bör göras av en ledningspersons lämplighet (se prop. 2014/15:57 s. 48 f.). Den lämplighetsprövning som det är fråga om riktar sig alltså mot ett specifikt uppdrag i ett specifikt institut och har andra syften än bestämmelserna om sanktioner mot fysiska personer och straffrättsliga ingripanden (angående prövningen, se vidare avsnitt 12.2.2 och bl.a. prop. 2013/14:228 s. 167 f.). Enligt regeringens uppfattning träffas inte en sådan lämplighetsprövning riktad mot institutet i fråga av dubbelprövningsförbudet i Europakonventionen och EU:s rättighets- stadga (se bl.a. HFD 2015 ref. 20 samt Europadomstolens avgöranden den 7 juli 1989 i målet Tre Traktörer mot Sverige och den 8 april 2003 i målet Manasson mot Sverige).</P>
<P class="p1412 ft3">Något om sanktioner mot fysiska personer för ett företags överträdelse i förhållande till rätten att inte belasta sig själv</P>
<P class="p1407 ft2">Enligt Europakonventionens bestämmelser om rätt till en rättvis rätte- gång (artikel 6), som gäller vid prövning av en persons civila rättigheter och skyldigheter eller vid anklagelse för brott, har var och en vissa rätts- säkerhetsgarantier. Rätten till en rättvis rättegång i Europakonventionen innebär enligt Europadomstolens praxis bl.a. en rätt för den som blivit anklagad för brott att inte uttala sig och en rätt att inte behöva belasta sig själv. Rättigheten benämns även passivitetsrätten eller skyddet mot själv- inkriminering, i det följande används termen rätten att inte belasta sig själv.</P>
<P class="p1413 ft2">Finansinspektionen har enligt lagen om värdepappersmarknaden möj-</P>
<P class="p535 ft2">lighet att begära att en fysisk eller juridisk person ska lämna uppgifter</P>
<P class="p19 ft2">550</P>
</DIV>
<DIV id="page_551">
<DIV id="dimg1">
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<P class="p19 ft4">eller tillhandahålla information (se t.ex. 23 kap. 3 § och avsnitt 13.3.2). Prop. 2016/17:162 Det motsvarar de krav som ställs upp i såväl MiFID II som MiFID I (se</P>
<P class="p272 ft2">artikel 69.2 första stycket a och b i MiFID II respektive artikel 50.2 a och b i MiFID I). I MiFID II (artikel 70.5) anges vidare att en under- låtenhet att samarbeta eller uppfylla sina skyldigheter i samband med en utredning, inspektion eller begäran i enlighet med direktivet ska betraktas som en överträdelse och kunna föranleda administrativa sanktioner. Sanktionsavgifter mot fysiska personer på grund av överträdelser av bestämmelser som i svensk rätt genomför MiFID II eller av MiFIR kan, som anförs ovan, antas kunna jämställas med straff, och misstanke om en regelöverträdelse kan därmed anses som en anklagelse om brott i Europakonventionens mening.</P>
<P class="p1219 ft2">Rätten att inte belasta sig själv är inte absolut och omfattar inte alla typer av uppgifter. Rättigheten utesluter inte nödvändigtvis att tvång används för att förmå en person att lämna uppgifter, även om en sanktion kan följa om personen inte gör det. Vidare kan en intresseavvägning behöva göras. När det gäller regelverket på konkurrensområdet innebär <NOBR>EU-domstolens</NOBR> praxis att kommissionen har rätt att tvinga ett företag att tillhandahålla information om fakta som är kända för företaget och upp- visa relevanta dokument i dess ägo, trots att sådana uppgifter och hand- lingar kan användas för att bevisa att företaget deltagit i konkurrens- begränsande beteende (jfr prop. 2016/17:22 s. 77 f. och 143 f.).</P>
<P class="p1039 ft2">Enligt regeringens bedömning kan det regelsystem som föreslås i före- varande proposition som sådant inte anses vara oförenligt med Europa- konventionen. Det är dock viktigt att se till att tillämpningen av bestäm- melserna om uppgiftsskyldighet och sanktionsbefogenheter inte strider mot konventionen. Ytterst är det alltså en tillämpningsfråga; en bedöm- ning får göras i varje enskilt fall om det föreligger hinder mot ett ingrip- ande. I princip torde det vara samma bedömningar som görs oavsett vilken form av sanktion, inbegripet vitesföreläggande, som aktualiseras.</P>
<P class="p1414 ft2">Vid genomförandet i svensk rätt av kapitaltäckningsdirektivet togs det dock in en bestämmelse i lagen om värdepappersmarknaden (25 kap. 1 a § andra stycket) som i en viss situation förhindrar en konflikt med rätten att inte belasta sig själv. Den tar sikte på situationen att någon dels utan Finansinspektionens tillstånd eller utan att underrätta inspektionen skaffat sig eller ökat respektive minskat eller avyttrat ett kvalificerat innehav av aktier i exempelvis ett värdepappersbolag, dels i egenskap av t.ex. styrelseledamot i bolaget orsakat att det inte har anmält förvärvet eller avyttringen till inspektionen (se prop. 2014/15:57 s. 40). Bestäm- melsen, som innebär att den som omfattas av sådan tillstånds- eller underrättelseskyldighet inte kan påföras en sanktion för företagets över- trädelse, är enligt regeringens mening befogad även i fortsättningen. I avsnitt 14.3.5 föreslås en motsvarande bestämmelse för den som kan hållas ansvarig för en börs överträdelser.</P>
<P class="p1415 ft131"><SPAN class="ft127">14.3.5</SPAN><SPAN class="ft163">Ingripanden mot verksamhet utan tillstånd, den som överträder en positionslimit samt vissa ägare</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t173">
<TR>
<TD class="tr24 td404"><P class="p23 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Sanktionsavgift ska kunna beslutas för den som</P></TD>
<TD class="tr24 td78"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr2 td404"><P class="p23 ft2">utan att vara berättigad till det driver sådan verksamhet som omfattas</P></TD>
<TD class="tr2 td78"><P class="p20 ft2">551</P></TD>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">552</P>
</DIV>
<DIV id="id_2">
<P class="p1416 ft4">av lagen om värdepappersmarknaden eller använder beteckningen börs vid handel med finansiella instrument utan att ha tillstånd att driva en reglerad marknad.</P>
<P class="p1110 ft2">Ingripande genom föreläggande eller beslut om sanktionsavgift ska kunna göras mot den som överträder en positionslimit avseende råvaruderivat som Finansinspektionen eller en behörig myndighet i ett annat land inom EES har beslutat.</P>
<P class="p1417 ft4">Sanktionsavgift ska kunna beslutas för den som åsidosätter skyldig- heten att anmäla förvärv, ökning, minskning eller avyttring av kvalifi- cerade innehav i en börs eller en svensk clearingorganisation. Det införs ett undantag för vissa situationer då en styrelseledamot i en börs, dess verkställande direktör eller ersättare för någon av dem också är ägare i börsen.</P>
<P class="p1418 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer med regeringens förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p240 ft4">det. <SPAN class="ft45">FAR </SPAN>anför att de argument som motiverar ett införande av subjektiva rekvisit när det gäller sanktioner mot ledningen möjligen kan göras gällande även beträffande sanktioner mot fysiska personer som över- träder positionslimiter.</P>
<P class="p397 ft25">Skälen för regeringens förslag</P>
<P class="p958 ft3">Verksamhet utan tillstånd m.m.</P>
<P class="p1188 ft2">Enligt MiFID II ska tillhandahållande av investeringstjänster eller utför- ande av investeringsverksamhet utan den auktorisation eller det god- kännande som krävs enligt direktivet betraktas som en överträdelse (artikel 70.4 a). Det som avses är auktorisation för värdepappersföretag (artiklarna 5 och 6.2), värdepappersföretags tillhandahållande av investe- ringstjänster och utförande av investeringsverksamhet i en annan med- lemsstat (artiklarna 34 och 35), tredjelandsföretags tillhandahållande av investeringstjänster eller utförande av investeringsverksamhet genom filial i en medlemsstat (artikel 39), auktorisation för reglerade marknader (artikel 44) och auktorisation för leverantörer av datarapporterings- tjänster (artikel 59).</P>
<P class="p334 ft2">Det är enligt direktivets ordalydelse endast när det är fråga om till- handahållande av investeringstjänster eller utförande av investerings- verksamhet som åsidosättande av kraven på auktorisation eller god- kännande ska betraktas som överträdelse. Hänvisningarna till auktorisa- tionskraven för reglerade marknader och leverantörer av datarapporte- ringstjänster (artiklarna 44 och 59) bör enligt regeringens uppfattning förstås som att det ska anses utgöra en överträdelse även att utan tillstånd driva reglerad marknad eller tillhandahålla datarapporteringstjänster.</P>
<P class="p302 ft2">När det gäller ett värdepappersföretags tillhandahållande av investe- ringstjänster och utförande av investeringsverksamhet i en annan med- lemsstat finns det i MiFID II inte något uttryckligt krav på auktorisation eller godkännande. Hänvisningarna i denna del bör emellertid enligt regeringens uppfattning förstås som att det ska anses utgöra en överträd- else att tillhandahålla investeringstjänster eller utföra investeringsverk- samhet utan att ha uppfyllt de krav som ställs i fråga om underrättelser till den behöriga myndigheten (se artiklarna 34 och 35 och avsnitt 11.2).</P>
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<DIV>
<DIV id="id_1">
<P class="p181 ft2">Finansinspektionen ska enligt lagen om värdepappersmarknaden (25 kap. 17 §) ingripa mot den som driver tillståndspliktig verksamhet enligt den lagen utan att vara berättigad till det. Ingripande får göras både mot juridiska personer, inklusive utländska företag, och fysiska personer. Om den som har tillstånd att driva viss verksamhet enligt lagen om värdepappersmarknaden åsidosätter sina skyldigheter gäller även den allmänna bestämmelsen om ingripande i den lagen (25 kap. 1 §).</P>
<P class="p336 ft4">De berörda bestämmelserna om ingripande i lagen om värdepappers- marknaden bygger på strikt ansvar och kräver alltså inte att en över- trädelse har skett uppsåtligen eller av oaktsamhet. Enligt regeringens uppfattning finns det inte skäl för att ändra denna ordning.</P>
<P class="p181 ft2">Finansinspektionen kan enligt lagen om värdepappersmarknaden ingripa mot den som saknar tillstånd genom föreläggande mot den fysiska eller juridiska personen i fråga att upphöra med verksamheten eller, i fråga om den som utan tillstånd driver värdepappersrörelse, genom beslut om sanktionsavgift (25 kap. 17 §).</P>
<P class="p181 ft2">Av de sanktioner och administrativa åtgärder som enligt MiFID II ska kunna följa på ett åsidosättande av tillståndsplikten är det – utöver den nuvarande möjligheten i lagen om värdepappersmarknaden att meddela den fysiska eller juridiska personen ett föreläggande att upphöra med verksamheten – bara sanktionsavgifter som kommer i fråga (artik- el 70.6 <NOBR>f–h).</NOBR> Någon möjlighet att besluta som sanktionsavgift finns enligt gällande svensk rätt inte när det gäller den som utan att vara berättigad till det driver annan tillståndspliktig verksamhet än värdepappersrörelse. För att genomföra direktivet bör Finansinspektionen få ingripa i ett så- dant fall även genom beslut om sanktionsavgift. Enligt regeringens upp- fattning är de övriga kraven i direktivet uppfyllda i gällande rätt.</P>
<P class="p432 ft2">I lagen om värdepappersmarknaden finns även en nationell bestäm- melse om ingripande genom föreläggande mot den som använder sig av beteckningen börs utan att ha tillstånd att driva en reglerad marknad (25 kap. 17 §). Den kan tillämpas på exempelvis ett värdepappersinstitut med tillstånd att driva en <NOBR>MTF-plattform</NOBR> som kallar verksamheten börs. Regeringen anser att det är befogat att ha en sådan bestämmelse även i fortsättningen och att direktivet inte utgör något hinder mot att behålla den. Den bestämmelsen är nära besläktad med den om ingripande mot någon som driver tillståndspliktig verksamhet utan att vara berättigad till det. Möjligheterna till ingripande i dessa två situationer bör enligt regeringens uppfattning vara enhetliga och det därför införas en bestämmelse i lagen som ger möjlighet att besluta om sanktionsavgift även för den som använder beteckningen börs utan att ha tillstånd att driva reglerad marknad.</P>
<P class="p526 ft3">Överträdelser av en positionslimit</P>
<P class="p952 ft2">Som redogörs för i avsnitt 7.14.1 ska Finansinspektionen fastställa gränser – i form av kvantitativa trösklar – för hur stora positioner i råvaruderivat en fysisk eller juridisk person får ha under en viss tidsperiod, s.k. positionslimiter. I vissa fall, när samma derivatinstrument handlas på handelsplatser i olika länder inom EES, kan positionslimiter komma att fastställas av en behörig myndighet i ett annat land än Sverige. Positionslimiter som Finansinspektionen eller en behörig</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">553</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_554">
<P class="p727 ft4">Prop. 2016/17:162 myndighet i ett annat land inom EES beslutar ska tillämpas även för andra än tillståndspliktiga företag, och enligt MiFID II (artikel 57.14) ska den behöriga myndigheten kunna ingripa med sanktioner mot den som överträder en sådan limit.</P>
<P class="p575 ft2">För ett tillståndspliktigt företag omfattas en överträdelse av en posi- tionslimit av den generella bestämmelsen om ingripanden i lagen om värdepappersmarknaden (25 kap. 1 §). När det gäller överträdelser av andra juridiska personer eller av fysiska personer är de sanktioner och administrativa åtgärder som kan bli aktuella enligt direktivet (artik- el 70.6 b och f– h) dels föreläggande för personen i fråga att upphöra med agerandet och inte upprepa detta, dels sanktionsavgifter. Finans- inspektionen bör därför få möjlighet att genom föreläggande eller sank- tionsavgift ingripa mot den fysiska eller juridiska person som överträtt en positionslimit.</P>
<P class="p580 ft2">Enligt regeringens uppfattning bör bestämmelserna i lagen om värde- pappersmarknaden om ingripande mot den som överträtt en positions- limit bygga på strikt ansvar, i likhet med det som gäller vid ingripanden mot den som driver verksamhet utan tillstånd (25 kap. 17 §) eller åsido- sätter anmälningsskyldighet avseende förändringar i ett kvalificerat inne- hav (24 kap. <NOBR>7–8</NOBR> a §§). När det gäller frågan om subjektiva rekvisit som <SPAN class="ft3">FAR </SPAN>tar upp anser regeringen inte att de skäl som motiverat ett krav på uppsåt eller grov oaktsamhet vid ingripanden mot fysiska personer på grund av ett företags överträdelse motiverar ett motsvarande krav vid ingripande mot en fysisk eller juridisk person som överträder en positionslimit som gäller för den personen.</P>
<P class="p1419 ft45">Åsidosättande av tillstånds- och underrättelseskyldighet vid förvärv eller avyttring av kvalificerade innehav</P>
<P class="p1289 ft2">Enligt MiFID II ska det betraktas som en överträdelse av direktivet att åsidosätta reglerna om underrättelseskyldighet för den som avser skaffa sig, öka, minska eller avyttra ett kvalificerat innehav i ett värdepappers- företag (artikel 70.3 a iii). De reglerna gäller för såväl fysiska som juridiska personer (artikel 11.1). De sanktioner som enligt direktivet ska kunna komma i fråga vid en överträdelse är dels föreläggande för den berörda personen att upphöra med agerandet och inte upprepa detta, dels sanktionsavgifter (artikel 70.6 b och <NOBR>f–h).</NOBR> Liksom enligt MiFID I (artikel 10.6) ska åtgärder även kunna vidtas för att komma till rätta med miss- förhållanden när underrättelseskyldigheten åsidosatts (artikel 11.4 i MiFID II). Sådana åtgärder får, i fråga om ägare i ett värdepappers- företag, bl.a. omfatta upphävande av den rösträtt som är knuten till aktier. Om ett innehav förvärvats trots att den behöriga myndigheten motsatt sig detta krävs antingen att rösträtterna för innehavet inte får utövas eller att avgivna röster ska vara ogiltiga eller förklars ogiltiga.</P>
<P class="p711 ft2">Finansinspektionen får enligt lagen om värdepappersmarknaden (24 kap. <NOBR>7–8</NOBR> a §§) vidta åtgärder och påföra sanktioner om en ägare i ett värdepappersbolag har åsidosatt sin tillstånds- eller underrättelseskyl- dighet med avseende på förändringar i ett kvalificerat innehav. Finans- inspektionen får i så fall för det första besluta om förbud att utöva rösträtt och förelägga om avyttring (7 och 8 §§). Utredningen föreslår att ingrip-</P>
<P class="p535 ft2">andemöjligheterna utvidgas till att omfatta meddelande av en varning,</P>
<P class="p353 ft2">554</P>
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<P class="p116 ft2">beslut om att en styrelseledamot eller en verkställande direktör i företaget inte längre får vara det, sanktionsavgift och beslut om återkallelse av till- stånd. Det har sedan utredningen lämnade sitt förslag införts en möjlighet för Finansinspektionen att även besluta om sanktionsavgift för en ägare i ett värdepappersbolag (8 a §). I övrigt är de ingripandemöjligheter som utredningen föreslår endast relevanta för tillståndspliktiga företag som åsidosatt tillstånds- eller anmälningsskyldighet när det gäller föränd- ringar i ett kvalificerat innehav i ett annat företag. I ett sådant fall kan ingripande dock göras enligt den allmänna bestämmelsen om ingripan- den i lagen om värdepappersmarknaden (25 kap. 1 §). Enligt regeringens uppfattning innebär det att kraven i MiFID II när det gäller ingripande mot ägare i värdepappersbolag är uppfyllda i gällande svensk rätt.</P>
<P class="p624 ft2">När det gäller börser ställer direktivet inte upp några krav om under- rättelser för den som ökar eller minskar sitt ägande i en marknads- operatör eller en reglerad marknad. Följaktligen finns det i direktivet inte heller några krav om sanktioner eller åtgärder i detta avseende. Direktivet innehåller dock regler om lämplighetsprövning av den som utövar ett betydande inflytande på förvaltningen av en reglerad marknad och om skyldighet för marknadsoperatören att bl.a. underrätta den behöriga myndigheten om ändringar i ägarförhållanden som leder till ändringar i sammansättningen av de som utövar ett betydande inflytande på den reglerade marknaden (artikel 46). I den svenska språkversionen av direktivet används såväl termen betydande inflytande som termen avsevärt inflytande. Någon skillnad framstår dock inte som avsedd. I den engelska språkversionen används enbart termen ”significant influence”. Direktivet innehåller inte några regler som rör ägare i en clearingorganisation.</P>
<P class="p573 ft2">De nuvarande bestämmelserna om tillstånds- och underrättelseskyl- dighet i lagen om värdepappersmarknaden (24 kap.) gäller även förvärv, ökning, minskning och avyttring av kvalificerade innehav i en börs eller en svensk clearingorganisation. Befogenheterna för Finansinspektionen att besluta om förbud att utöva rösträtt och om föreläggande om avyttring gäller även vid åsidosättande av dessa tillstånds- eller underrättelse- skyldigheter (7 och 8 §§). Dock finns det i dag inte någon möjlighet att påföra sanktionsavgift (jfr 8 a §). Om ägaren i fråga är ett tillstånds- pliktigt företag gäller emellertid även här den allmänna bestämmelsen om ingripanden (25 kap. 1 §).</P>
<P class="p912 ft2">Regeringen anser att bestämmelserna om ingripande mot ägare i börser och clearingorganisationer i möjligaste mån bör vara enhetliga med de som gäller för ingripande mot ägare i värdepappersbolag (jfr prop. 2008/09:155 s. 102). Sanktionsavgift bör därför kunna påföras även för en överträdelse av bestämmelserna om underrättelseskyldighet för förvärv, ökning, minskning eller avyttring av kvalificerade innehav i en börs eller en svensk clearingorganisation.</P>
<P class="p573 ft2">Som berörs i avsnitt 14.3.4 finns det för den som omfattas av tillstånds- eller underrättelseskyldighet i fråga om kvalificerade innehav i ett värde- pappersbolag ett undantag som innebär att personen inte i egenskap av styrelseledamot, verkställande direktör eller ersättare för någon av dem kan påföras en sanktion för att bolagets överträdelse att inte ha anmält förvärvet eller avyttringen till Finansinspektionen (25 kap. 1 a § andra stycket lagen om värdepappersmarknaden). Det undantaget, som har in-</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">555</P>
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<P class="p727 ft4">Prop. 2016/17:162 förts för att undvika en konflikt med rätten att inte belasta sig själv, bör enligt regeringens uppfattning gälla även avseende anmälningsskyldighet för kvalificerade innehav i en börs.</P>
<P class="p1061 ft129"><SPAN class="ft127">14.3.6</SPAN><SPAN class="ft161">Ingripanden mot utländska företag</SPAN></P>
<P class="p1089 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Sanktionsavgift ska kunna beslutas för företag som hör hemma utanför EES och som efter tillstånd av Finansinspek- tionen driver värdepappersrörelse från filial i Sverige och utländska företag som har tillstånd att driva en reglerad marknad eller clearing- verksamhet från filial i Sverige.</P>
<P class="p1145 ft4">Bestämmelserna om återkallelse av tillstånd i vissa fall i lagen om värdepappersmarknaden ska tillämpas på filialtillståndet för företag som hör hemma utanför EES och som driver värdepappersrörelse från filial i Sverige.</P>
<P class="p1090 ft4">När det gäller utländska värdepappersföretag som hör hemma inom EES och driver verksamhet från filial i Sverige justeras uppräkningen i lagen av överträdelser som ska föranleda ingripande så att den om- fattar de bestämmelser där Finansinspektionen har tillsynsansvar.</P>
<P class="p975 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens förslag. Utredningens förslag avviker från regeringens förslag genom att enligt utredningens förslag ska ingripande mot utländska värdepappers- företag som hör hemma inom EES och driver verksamhet från filial i Sverige kunna göras även vid överträdelser av bestämmelser om kunders finansiella instrument och medel och om förbud mot säkerhetsöver- låtelser i vissa fall. Enligt utredningens förslag ska ingripande mot så- dana företag dock inte kunna göras vid överträdelser av bestämmelser om krav för den som driver en handelsplats att offentliggöra information om kvalitet på utförande av transaktioner.</P>
<P class="p711 ft42"><SPAN class="ft141">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p1240 ft25">Skälen för regeringens förslag</P>
<P class="p1169 ft3">Ingripande mot vissa utländska företag som driver verksamhet från filial</P>
<P class="p936 ft2">Enligt MiFID II krävs att sanktioner och administrativa åtgärder, bl.a. sanktionsavgift, ska kunna tillämpas mot tredjelandsföretag som till- handahåller investeringstjänster eller utför investeringsverksamhet från en filial i en medlemsstat och överträder bestämmelser som gäller för verksamheten där (artikel 70, jfr artikel 41.2).</P>
<P class="p654 ft2">Finansinspektionen får enligt lagen om värdepappersmarknaden in- gripa mot företag som hör hemma utanför EES och som efter tillstånd av Finansinspektionen driver värdepappersrörelse från filial i Sverige (25 kap. 15 §). Det innebär att de generella ingripandebefogenheterna mot svenska företag kan tillämpas även mot sådana företag (25 kap. 1 §). Som framgår i avsnitt 14.3.2 innebär dessa befogenheter, i förening med möjligheter att besluta om sanktionsavgift, att kravet i MiFID II på admi- nistrativa åtgärder och sanktioner är uppfyllda. I dag finns dock inte</P>
<P class="p535 ft2">någon möjlighet att besluta om sanktionsavgift för ett sådant företag.</P>
<P class="p353 ft2">556</P>
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<P class="p747 ft4">För att i svensk rätt genomföra MiFID II krävs det enligt regeringens Prop. 2016/17:162 uppfattning att sanktionsavgift kan beslutas för ett företag som hör</P>
<P class="p113 ft2">hemma utanför EES (artikel 70.6 f och h). Finansinspektionen bör därför få ingripa mot sådana företag även genom beslut om sanktionsavgift.</P>
<P class="p144 ft2">Direktivet innehåller även regler om återkallelse av ett tredjelands- företags tillstånd för filialverksamhet (artikel 43). Som redovisas i avsnitt 14.3.2 motsvarar dessa regler om återkallelse av tillstånd det som gäller för bl.a. värdepappersföretag och reglerade marknader (artiklarna 8 och 44.5). I detta avseende finns i gällande svensk rätt, utöver möjligheten att återkalla ett företags tillstånd enligt den generella bestämmelsen om ingripanden i lagen om värdepappersmarknaden, bestämmelser om åter- kallelse av tillstånd i vissa särskilda fall (se 25 kap. 5 § första stycket 1– 4). För att genomföra reglerna i direktivet om återkallelse att tillstånd för ett tredjelandsföretags filial bör dessa bestämmelser gälla även för ett sådant företags filial i Sverige.</P>
<P class="p960 ft2">Enligt lagen om värdepappersmarknaden får Finansinspektionen också ingripa mot utländska företag – dvs. såväl företag som hör hemma inom EES som utanför EES – som har tillstånd att driva en reglerad marknad eller clearingverksamhet från filial i Sverige (25 kap. 16 § första stycket). Ingripanden mot sådana utländska företag omfattas inte av reglerna i MiFID II. Enligt regeringens bedömning finns det därför inte något hinder mot att behålla de nuvarande bestämmelserna om ingripande mot sådana företag (angående dessa, se prop. 2006/07:115 s. 511 f.). Reger- ingen anser att möjligheterna att ingripa mot ett sådant företag bör mot- svara de som gäller för ingripande mot ett företag som hör hemma utan- för EES och som driver värdepappersrörelse från filial i Sverige (jfr samma prop.). Det innebär att sanktionsavgift bör kunna påföras även sådana företag. Finansinspektionen bör därför få ingripa även mot ett sådant företag genom beslut om sanktionsavgift.</P>
<P class="p333 ft3">Ingripande mot vissa utländska företag som hör hemma inom EES</P>
<P class="p920 ft2">När det gäller utländska värdepappersföretag som hör hemma inom EES bygger MiFID II, liksom MiFID I, på principen om hemlandstillsyn, vilket innebär att huvudansvaret för tillsynen ligger hos den behöriga myndigheten i företagets hemland. För gränsöverskridande verksamhet inom EES innehåller dock MiFID II (artikel 86), precis som MiFID I (artikel 62), regler om försiktighetsåtgärder som värdlandet är skyldigt att vidta mot värdepappersföretag, reglerade marknader och handelsplatt- formar som är verksamma inom dess territorium (se prop. 2006/07:115</P>
<P class="p1239 ft2"><SPAN class="ft27">s.</SPAN><SPAN class="ft72">519 f.).</SPAN></P>
<P class="p143 ft2">Reglerna i MiFID II skiljer på den situationen att ett värdepappers-</P>
<P class="p914 ft4">företag som har en filial i värdlandet överträder bestämmelser som an- tagits där i enlighet med regler i direktivet för vilka den behöriga myn- digheten i det landet tilldelas befogenheter (artikel 86.2) och situationen att värdepappersföretaget i annat fall inte uppfyller sina förpliktelser enligt bestämmelser som antagits i enlighet med direktivet (artikel 86.1). De åtgärder som ska vidtas av den behöriga myndigheten i värdlandet skiljer sig åt beroende på vilken av dessa situationer som det är fråga om.</P>
<P class="p1420 ft2">557</P>
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<P class="p727 ft2">Prop. 2016/17:162 Vidare gäller även enligt MiFID II att vissa åtgärder ska kunna vidtas i värdlandet för en reglerad marknad eller handelsplattform som hör hemma inom EES om en sådan verksamhet inte uppfyller sina förplikt- elser enligt bestämmelser som antagits i enlighet med direktivet (artik- el 86.3). Som framgår ovan träffar dessa regler dock inte verksamhet som drivs från en filial i värdlandet.</P>
<P class="p654 ft2">Reglerna i MiFID II om åtgärder som den behöriga myndigheten i värdlandet ska och får vidta vid överträdelser av utländska värdepappers- företag, reglerade marknader och handelsplattformar som hör hemma inom EES motsvarar dem i MiFID I (se vidare avsnitt 13.4.5). De regler- na i MiFID I (artikel 62) har i svensk rätt genomförts i framför allt bestämmelser om ingripanden i lagen om värdepappersmarknaden (25 kap. 12 och 13 §§ samt 16 § andra stycket, se samma prop. s. 518– 521). Reglerna i direktivet om hänskjutande av ärenden till Esma har dock tagits in i anslutning till tillsynsbestämmelserna i lagen (se 23 kap. 5 a § och prop. 2011/12:70 s. 59, se vidare avsnitt 13.4.2). I MiFID II har det i förhållande till MiFID I gjorts några ändringar när det gäller vilka regler i direktivet som den behöriga myndigheten i ett värdland ska utöva tillsyn över (se artiklarna 16.11 och 35.8 i MiFID II och artikel 32.7 i MiFID I). Därtill kommer att en del av de regler som finns i MiFID I nu finns i MiFIR.</P>
<P class="p1421 ft2">Förändringarna i MiFID II medför enligt regeringens uppfattning att uppräkningen av överträdelser i lagen om värdepappersmarknaden som kan föranleda ett ingripande bör justeras. För det första bör den justeras för att stämma överens med det som enligt MiFID II (artiklarna 16.11 och 35.8) gäller för den tillsyn som Finansinspektionen som behörig myndighet i värdlandet ska utöva över bestämmelser som genomför direktivet. Enligt regeringens uppfattning finns det därför inte skäl att, så som utredningen föreslår, ta in hänvisningar till bestämmelser om kunders finansiella instrument och medel och om förbud mot säkerhets- överlåtelser i vissa fall (nuvarande 8 kap. <NOBR>34–36</NOBR> §§ lagen om värdepap- persmarknaden och artikel <NOBR>16.8–16.10</NOBR> i MiFID II). Regeringen anser vidare att det, till skillnad mot det som utredningen föreslår, bör tas in en hänvisning till bestämmelser som genomför kravet i direktivet på den som driver en handelsplats att offentliggöra information om kvaliteten på utförande av transaktioner (artikel 27.3).</P>
<P class="p807 ft2">Även om reglerna om försiktighetsåtgärder i MiFID II (artikel 86) en- dast hänvisar till bestämmelser som antagits i enlighet med direktivet bör de, enligt regeringens bedömning, förstås som att de tar sikte på samtliga bestämmelser där myndigheten i värdlandet har ett tillsynsansvar (dvs. tilldelas befogenheter). Det innebär att uppräkningen, utöver bestäm- melser som genomför direktivet, även bör omfatta de bestämmelser i MiFIR där Finansinspektionen har tillsynsansvar (jfr artikel 35.8).</P>
<P class="p478 ft2">558</P>
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<P class="p731 ft131">14.3.7 Omständigheter som ska vara styrande vid beslut <SPAN class="ft171">Prop. 2016/17:162 </SPAN>om sanktioner och åtgärder</P>
<P class="p1322 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Det krävs inte någon lagstiftningsåtgärd när det gäller de omständigheter som ska ligga till grund för valet av administrativ sanktion eller åtgärd.</P>
<P class="p426 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p144 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">I MiFID II anges att alla rele- vanta omständigheter ska beaktas vid bestämmande av typ och nivå för en administrativ sanktion eller åtgärd (artikel 72.2). Detta gäller således såväl för valet av sanktion som för nivån på en sanktion, t.ex. en sank- tionsavgift (se vidare avsnitt 14.3.8). Omständigheter som, där det är lämpligt, bl.a. ska beaktas är överträdelsens allvarlighetsgrad och varak- tighet, graden av ansvar, finansiell ställning, omfattningen av erhållna vinster eller förluster som undvikits, förluster för tredjeparter, viljan att samarbeta med den behöriga myndigheten och tidigare överträdelser.</SPAN></P>
<P class="p357 ft2">Reglerna i MiFID II om de omständigheter som ska beaktas vid be- stämmande av administrativa sanktioner och åtgärder har motsvarigheter i kapitaltäckningsdirektivet (se artikel 70 i sistnämnda direktiv). Reglerna i kapitaltäckningsdirektivet har genomförts i svensk rätt i bestämmelser i lagen om värdepappersmarknaden (se 25 kap. 1 b, 1 c och 10 §§ samt prop. 2013/14:228 s. <NOBR>237–242</NOBR> och prop. 2014/15:57 s. <NOBR>52–55).</NOBR> I lagen om värdepappersmarknaden (25 kap. 1 b, 1 c och 10 §§) finns det således redan i dag bestämmelser om att de omständigheter som anges i MiFID II ska beaktas vid valet av sanktion och fastställande av sank- tionsavgift. Vidare finns bestämmelser om att Finansinspektionen i vissa fall får avstå från ett ingripande (25 kap. 1 b § andra stycket och 2 §). Enligt regeringens uppfattning innebär MiFID II i detta avseende inte någon förändring i förhållande till det som i dag gäller enligt lagen om värdepappersmarknaden. Direktivet föranleder därför inte någon lagstift- ningsåtgärd i denna del.</P>
<P class="p991 ft129"><SPAN class="ft127">14.3.8</SPAN><SPAN class="ft161">Särskilt om sanktionsavgifter och deras storlek</SPAN></P>
<P class="p1079 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>För juridiska personer ska det vara möjligt att som högst bestämma sanktionsavgiften till ett belopp som per den 2 juli 2014 i kronor motsvarade fem miljoner euro.</P>
<P class="p1058 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Reglerna i MiFID II om storleken på sanktionsavgifter och de omständigheter som ska beaktas när stor- leken på avgiften fastställs föranleder i övrigt ingen lagstiftnings- åtgärd.</P>
<P class="p960 ft4"><SPAN class="ft103">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens bedömning. Utredningens förslag avviker dock från regeringens bedöm- ning genom att utredningen föreslår att högsta möjliga sanktionsavgift för fysiska personer ska kunna bestämmas till ett belopp som per den</P>
<P class="p596 ft2">559</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">560</P>
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<P class="p486 ft4">2 juli 2014 i kronor motsvarade fem miljoner euro. Utredningens förslag avviker vidare från regeringens förslag genom att enligt utredningens förslag görs det ingen ändring av hur den högsta sanktionsavgiften ska bestämmas för juridiska personer.</P>
<P class="p487 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>och <SPAN class="ft3">Förvaltningsrätten i Göteborg </SPAN>anser att det högsta beloppet för en sank- tionsavgift bör anges i kronor i stället för i euro. <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>anger att det inte framgår om beloppsgränserna är alternativa eller kumulativa och föreslår därför att lagtexten förtydligas. Förvalt- ningsrätten anser också att det kan tänkas uppkomma situationer där ekonomisk fördel eller årsomsättning inte kan beräknas, varför det finns ett värde av att även ha med beloppsnivån om fem miljoner euro som grundregel i fråga om juridiska personer. <SPAN class="ft3">Förvaltningsrätten i Göteborg </SPAN>anser att utredningens uttalande om att sanktionsavgifter för fysiska per- soner i praktiken bör fastställas utifrån en nivå som är väsentligt lägre än den angivna beloppsnivån är alltför generellt och kan påverka rätts- tillämpningen i en icke önskvärd riktning. <SPAN class="ft3">Förvaltningsrätten i Stock- holm</SPAN>, <SPAN class="ft3">Svenska Bankföreningen</SPAN>, <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>och</P>
<P class="p1175 ft2"><SPAN class="ft3">Sveriges advokatsamfund </SPAN>efterfrågar ytterligare vägledning, riktlinjer eller en utgångspunkt när det gäller sanktionsavgifter mot fysiska per- soner. <SPAN class="ft3">Finansförbundet</SPAN>, <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fond- handlareföreningen </SPAN>framhåller vikten av att en fysisk persons ekonom- iska förhållanden beaktas. <SPAN class="ft3">Finansförbudet </SPAN>framhåller även att en sanktion endast i undantagsfall ska kunna riktas mot en anställd och att om denne på grund av företagets rutiner, instruktioner eller praxis ansett sig för- hindrad att utlämna information ska vitesansvaret läggas på företaget.</P>
<P class="p1272 ft3">Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">anser att regeringens bedömning i tidigare lagstiftningsärende att dagsbots- systemet inte bör användas som utgångspunkt för bedömning av stor- leken på sanktionsavgifter varit förhastad. Enligt föreningarna innebär </SPAN><NOBR><SPAN class="ft2">EU-reglerna</SPAN></NOBR><SPAN class="ft2"> om sanktioner och sanktionsavgifter inte något hinder för en medlemsstat att reglera till exempel beräkningsgrunderna nationellt så länge medlemsstaten håller sig inom direktivets ram.</SPAN></P>
<P class="p1422 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1086 ft3">Regler om sanktionsavgifter i MiFID II</P>
<P class="p1175 ft4">MiFID II innehåller regler om de maximala sanktionsavgifter som åtmin- stone ska kunna påföras fysiska och juridiska personer (artikel 70.6 <NOBR>f–h).</NOBR></P>
<P class="p332 ft2">Den maximala sanktionsavgiften för juridiska personer ska minst kunna uppgå till fem miljoner euro eller upp till tio procent av års- omsättningen enligt den senast tillgängliga årsredovisningen som har godkänts av styrelsen (artikel 70.6 f). Om den juridiska personen är ett moderföretag eller ett dotterföretag till ett moderföretag som är skyldigt att upprätta konsoliderad redovisning enligt Europaparlamentets och rådets direktiv 2013/34/EU av den 26 juni 2013 om årsbokslut, koncern- redovisning och rapporter i vissa typer av företag, om ändring av Europa- parlamentets och rådets direktiv 2006/43/EG om upphävande av rådets direktiv 78/660/EEG och 83/349/EEG (i det följande benämnt redovis- ningsdirektivet), ska den totala omsättningen vara den totala årliga</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_561">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">omsättningen eller motsvarande slag av intäkt enligt relevanta rättsakter på redovisningsområdet enligt senast tillgängliga konsoliderade årliga redovisning som godkänts av styrelsen för det yttersta moderföretaget.</P>
<P class="p150 ft2">Sanktionsavgiften ska vidare kunna uppgå till två gånger beloppet av den ekonomiska fördel som erhållits genom överträdelsen, om denna fördel kan fastställas och även om beloppet överstiger fem miljoner euro eller tio procent av den juridiska personens årsomsättning (artikel 70.6 h i MiFID II). Med fördel får i detta sammanhang förstås de vinster som erhållits eller de förluster som undvikits (se prop. 2013/14:228 s. 240 beträffande motsvarande regel i kapitaltäckningsdirektivet och jfr artikel 72.2 d i MiFID II).</P>
<P class="p622 ft2">Även för fysiska personer ska den maximala sanktionsavgiften åtmin- stone kunna uppgå till fem miljoner euro eller två gånger beloppet av den ekonomiska fördel som erhållits genom överträdelsen, om denna fördel kan fastställas och även det beloppet överstiger fem miljoner euro (artik- el 70.6 g och h i MiFID II).</P>
<P class="p622 ft4">Beloppsnivåerna är angivna i euro men ska för medlemsstater vars valuta inte är euro omräknas till motsvarande belopp i nationell valuta vid dagen för direktivets ikraftträdande, dvs. den 2 juli 2014 (artikel 70.6 f och g i MiFID II).</P>
<P class="p150 ft4">Som framgår i avsnitt 14.3.7 anges i MiFID II vissa omständigheter som ska beaktas vid fastställandet av nivån för sanktionsavgifter (artikel 72.2).</P>
<P class="p1423 ft3">Tillämpningsområdet för bestämmelser om fastställande av sanktionsavgift i lagen om värdepappersmarknaden</P>
<P class="p189 ft2">I lagen om värdepappersmarknaden finns i dag bestämmelser om högsta och lägsta belopp för en sanktionsavgift för ett svenskt värdepappers- institut, en börs eller en svensk clearingorganisation (25 kap. 9 §). Det finns även bestämmelser om högsta belopp för en sanktionsavgift för fysiska personer (25 kap. 9 a §).</P>
<P class="p623 ft2">I avsnitten 14.3.3 och 14.3.6 föreslås att de gällande bestämmelserna om sanktionsavgifter för bl.a. svenska värdepappersinstitut ska omfatta även svenska leverantörer av datarapporteringstjänster, företag som hör hemma utanför EES och som efter tillstånd från Finansinspektionen driver värdepappersrörelse från filial i Sverige och utländska företag som har tillstånd att driva en reglerad marknad eller clearingverksamhet från filial i Sverige.</P>
<P class="p624 ft2">Bestämmelserna om högsta och lägsta sanktionsavgift för fysiska och juridiska personer gäller också för sanktionsavgift på grund av över- trädelser som består i att någon driver värdepappersrörelse utan att vara berättigad till det eller åsidosatt anmälningsskyldighet avseende förvärv eller avyttringar av kvalificerade innehav i ett värdepappersbolag (24 kap. 8 a § och 25 kap. 17 § fjärde stycket lagen om värdepappers- marknaden). Enligt förslagen i denna proposition kommer de även att gälla för sanktionsavgift på grund av överträdelser som består i att någon driver annan tillståndspliktig verksamhet utan att vara berättigad till det, åsidosättande av tillstånds- eller underrättelseskyldighet avseende för- värv eller avyttringar av kvalificerade innehav i en börs eller svensk</P>
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<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">561</P>
</DIV>
</DIV>
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<DIV id="page_562">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">562</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft42">clearingorganisation och överträdelse av en positionslimit (se avsnitt 14.3.5).</P>
<P class="p511 ft3">Högsta sanktionsavgift för juridiska personer</P>
<P class="p1188 ft2">När det gäller juridiska personer överensstämmer de nuvarande bestäm- melserna i lagen om värdepappersmarknaden (25 kap. 9 §) med det som anges i direktivet (artikel 70.6 f och h) på så sätt att det finns alternativa beräkningssätt för att fastställa högsta möjliga sanktionsavgift, nämligen utifrån årsomsättningen eller utifrån erhållna ekonomiska fördelar. Enligt förslaget i avsnitt 17.2 kommer den högsta möjliga sanktionsavgiften i förekommande fall även kunna beräknas utifrån omsättningen på kon- cernnivå. I samma avsnitt föreslås även, med anledning av <SPAN class="ft3">Lagrådets </SPAN>synpunkter, en justering när det gäller beräkning av högsta möjliga sanktionsavgift utifrån erhållna ekonomiska fördelar.</P>
<P class="p385 ft2">I lagen om värdepappersmarknaden finns det i dag inte någon mot- svarighet till det som anges i MiFID II (artikel 70.6 f) om en högsta sank- tionsavgift för en juridisk person på fem miljoner euro. När det gäller juridiska personer finns det inte heller i kapitaltäckningsdirektivet någon motsvarighet till det belopp om fem miljoner euro som anges i MiFID II (jfr artiklarna 66.2 c och 67.2 e i kapitaltäckningsdirektivet). Utredningen bedömer att ett korrekt genomförande i svensk rätt av MiFID II inte kräver att detta alternativ införs i fråga om juridiska personer.</P>
<P class="p385 ft2">Regeringen konstaterar att det i förordningen om värdepappers- centraler, öppenhetsdirektivet och <NOBR>UCITS-direktivet</NOBR> finns regler om en till belopp bestämd högsta sanktionsavgift som motsvarar beloppen i MiFID II (artikel 63.2 g i förordningen om värdepapperscentraler, artikel 28b.1 första stycket c i öppenhetsdirektivet och artikel 99.6 e i UCITS- direktivet). När det gäller reglerna i dessa <NOBR>EU-rättsakter</NOBR> har regeringen funnit att det i svensk rätt bör införas bestämmelser om sanktionsavgift enligt vilka det finns möjlighet att fastställa sanktionsavgiften till högst det belopp som anges i rättsakten (se 9 kap. 18 § lagen om värdepappers- centraler och kontoföring av finansiella instrument, 25 kap. 19 § lagen om värdepappersmarknaden, 6 kap. 3 b § lagen om handel med finan- siella instrument och 12 kap. 8 § lagen om värdepappersfonder samt prop. 2015/16:10 s. 248 f., prop. 2015/16:26 s. 95 f. och prop. 2015/16:170 s. 110). Regeringen gör ingen annan bedömning när det gäller motsvarande regler i MiFID II. Vidare kan det, som <SPAN class="ft3">Förvaltnings- rätten i Stockholm </SPAN>påpekar, förekomma situationer där det finns ett värde av att kunna bestämma sanktionsavgiften till ett belopp motsvarande högst fem miljoner euro. Regeringen anser således att det i lagen om värdepappersmarknaden bör anges att den högsta sanktionsavgiften för juridiska personer även får bestämmas till ett belopp motsvarande högst fem miljoner euro.</P>
<P class="p1271 ft2">Det bör i sammanhanget noteras att förslagen att den högsta sanktions- avgiften ska beräknas även till ett belopp som i kronor motsvarar fem miljoner euro innebär att detta kommer att gälla generellt för beräk- ningen av den högsta sanktionsavgift som får tas ut om bl.a. ett värde- pappersbolag överträder det som gäller för bolaget enligt lagen om värdepappersmarknaden. Det innebär att en högsta sanktionsavgift kan beräknas på detta sätt även om ett värdepappersbolag överträder bestäm-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_563">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">melser i lagen som i svensk rätt genomför t.ex. kapitaltäckningsdirektivet eller krishanteringsdirektivet.</P>
<P class="p277 ft2">Av lagen om värdepappersmarknaden följer i dag att sanktionsavgiften för ett företag inte får understiga 5 000 kronor (25 kap. 9 § andra stycket). Vidare finns en begränsning i det att avgiften inte får vara så stor att före- taget därefter inte kan uppfylla kapital- och likviditetskraven (25 kap. 9 § tredje stycket). Sistnämnda begränsningsregel har införts för att förhindra att uttaget av avgiften får till följd att regelöverträdarens tillstånd måste återkallas (se prop. 2006/07:115 s. 641). Vid genomförandet i svensk rätt av kapitaltäckningsdirektivet konstaterade regeringen att begränsningen till att avgiften inte får vara så stor att företaget därefter inte uppfyller kraven på soliditet och likviditet skulle kunna förhindra att de i de direktivet angivna sanktionsbeloppen döms ut (se prop. 2013/14:228 s. 236). Regeringen gjorde dock bedömningen att ett beslut om så höga sanktionsavgifter för ett enskilt företag inte kan anses uppfylla kapital- täckningsdirektivets krav på proportionalitet, varför det inte ansågs före- ligga något hinder mot att begränsningen kvarstår. Vidare ansågs kapital- täckningsdirektivet inte heller kräva att det nuvarande golvet om 5 000 kronor togs bort. Det saknas anledning att beträffande kraven i MiFID II göra någon annan bedömning.</P>
<P class="p398 ft3">Högsta sanktionsavgift för fysiska personer</P>
<P class="p953 ft2">När det gäller fysiska personer motsvarar gällande bestämmelser i lagen om värdepappersmarknaden (25 kap. 9 a §) om beräkning av den högsta sanktionsavgift som får tas ut det som anges i MiFID II (artikel 70.6 g och h). Enligt regeringens bedömning kräver därför direktivet i denna del inte någon lagstiftningsåtgärd. I avsnitt 17.2 föreslås dock att bestämmel- serna om beräkning av sanktionsavgift justeras med anledning av <SPAN class="ft3">Lagrådets </SPAN>synpunkter.</P>
<P class="p164 ft2">Beträffande det som <SPAN class="ft3">Finansförbundet </SPAN>anför om att sanktioner endast i undantagsfall ska riktas mot en anställd och om situationen att denne an- sett sig förhindrad att utlämna information hänvisas till det som anges i avsnitt 14.3.4 om förutsättningar för att en fysisk person ska kunna på- föras en sanktion för ett företags överträdelse. Vidare hänvisas till avsnitt 13.3.2, där det framgår att det i detta lagstiftningsärende inte föreslås någon ändring när det gäller Finansinspektionens befogenheter vid en begäran om information (se även prop. 2013/14:228 s. 195).</P>
<P class="p397 ft3">Omräkning från euro till svenska kronor</P>
<P class="p951 ft2">Enligt nuvarande bestämmelser i lagen om värdepappersmarknaden (25 kap. 9 a §) och lagen om bank- och finansieringsrörelse (15 kap. 8 a §) får den högsta sanktionsavgiften för en fysisk person bl.a. be- stämmas till ett belopp som per den 17 juli 2013 i svenska kronor mot- svarade fem miljoner euro. Beloppet infördes vid genomförandet i svensk rätt av kapitaltäckningsdirektivet, och överensstämmer med det som anges där (se artiklarna 66.2 d och 67.2 f). Även vid genomförandet i svensk rätt av andra <NOBR>EU-rättsakter</NOBR> på finansmarknadsområdet har högsta belopp för sanktionsavgift angetts som ett belopp i svenska kronor som per den dag som anges i rättsakten motsvarade ett belopp i euro (se 25 kap. 19 och 19 a §§ lagen om värdepappersmarknaden, 6 kap. 3 b §</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">563</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_564">
<P class="p994 ft4">Prop. 2016/17:162 lagen om handel med finansiella instrument, 9 kap. 18 och 19 §§ lagen om värdepapperscentraler och kontoföring av finansiella instrument och</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td167"><P class="p139 ft2">12 kap.</P></TD>
<TD class="tr27 td118"><P class="p44 ft2">8 a § lagen</P></TD>
<TD class="tr27 td344"><P class="p20 ft2">om värdepappersfonder). <SPAN class="ft3">Förvaltningsrätten i</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft3">Stockholm <SPAN class="ft2">och </SPAN>Förvaltningsrätten i Göteborg <SPAN class="ft2">anser att det högsta be-</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">loppet för en sanktionsavgift bör anges i kronor i stället för euro. Rege-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">ringen finner dock inte skäl att när det gäller MiFID II ange belopps-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">nivåerna i lag på annat sätt än som skett vid genomförandet i svensk rätt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">av motsvarande regler i andra <NOBR>EU-rättsakter.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p20 ft2">Den högsta sanktionsavgiften för en fysisk person ska enligt direktivet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">kunna uppgå till minst ett belopp som per den 2 juli 2014 motsvarade</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">fem miljoner euro (artikel 70.6 f och g). I såväl MiFID II som kapital-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">täckningsdirektivet knyts beloppet för den högsta sanktionsavgiften till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">eurons kurs vid ett visst angivet datum. Det innebär att den valutakurs</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">som ska ligga till grund för omräkningen mellan euro och kronor inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">kommer att förändras. Vid genomförandet i svensk rätt av kapital-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">täckningsdirektivet hänvisades till den valutakurs som motsvarar den s.k.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">mittkurs som dagligen fastställs av Nasdaq Stockholm AB (se prop.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">2014/15:57 s. 46). Även i krishanteringsdirektivet knyts beloppet för den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">högsta sanktionsavgiften till eurons kurs vid ett visst angivet datum</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">(artikel 111.2 e). Vid genomförande av krishanteringsdirektivet ansåg</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">regeringen att det inte var lämpligt att föreskriva att valutakursen när det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">gäller sanktioner för åsidosättande av skyldigheter enligt det direktivet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">skulle bestämmas på annat sätt än enligt gällande bestämmelser i lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">om bank- och finansieringsrörelse och lagen om värdepappersmarknaden</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">(se prop. 2015/16:5 s. 740). Regeringen angav då, att om en avvikande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">valutakurs används, skulle detta få till följd att det maximala sanktions-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">beloppet blir högre eller lägre när det gäller sanktioner för åsidosättande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">av skyldigheter enligt krishanteringsdirektivet. En sådan avvikelse fram-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">stod inte som motiverad och uppstod enbart till följd av att de två rele-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">vanta direktiven (kapitaltäckningsdirektivet och krishanteringsdirektivet)</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">anger referensdatum som är knutna till tidpunkten när respektive direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">antogs. Vidare framstod det, enligt regeringens mening, inte som troligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">att avsikten varit att sanktionsbeloppen ska skilja sig åt eftersom sank-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">tionsbeloppen för länder inom euroområdet är detsamma enligt båda</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">direktiven (fem miljoner euro). Den eventuella skillnad som uppstår är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">endast en naturlig följd av rörelser på valutamarknaden. Mot den bak-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">grunden bedömde regeringen att det saknades skäl att i lagen om bank-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">och finansieringsrörelse och lagen om värdepappersmarknaden föra in en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">hänvisning till en valutakurs som skulle få till följd att det maximala</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">sanktionsbeloppet för fysiska personer i vissa fall skulle bestämmas på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">ett annat sätt än enligt befintliga bestämmelser. Regeringen gör samma</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">bedömning i det förevarande lagstiftningsärendet och anser således att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">det inte är lämpligt att i lagen om värdepappersmarknaden föreskriva att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p139 ft2">valutakursen när det gäller sanktionsavgift för fysiska personer för åsido-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">sättande av skyldigheter enligt MiFID II eller MiFIR ska bestämmas på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">ett annat sätt än enligt nuvarande bestämmelser i lagen.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr25 td368"><P class="p20 ft2">När det gäller möjligheten för ett svenskt värdepappersinstitut, en börs</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">eller en svensk clearingorganisation att bestämma en sanktionsavgift till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD colspan=3 class="tr26 td368"><P class="p139 ft2">högst ett belopp som i kronor motsvarar fem miljoner euro finns det inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td167"><P class="p139 ft2">någon</P></TD>
<TD class="tr25 td118"><P class="p23 ft2">motsvarighet</P></TD>
<TD class="tr25 td344"><P class="p20 ft2">i vare sig kapitaltäckningsdirektivet eller kris-</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">564</P></TD>
<TD colspan=3 class="tr27 td368"><P class="p139 ft2">hanteringsdirektivet. Beloppet i kronor har således inte tidigare knutits</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_565">
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<DIV id="id_1">
<P class="p163 ft4">till eurons kurs per en viss dag. I lagen om värdepappersmarknaden bör därför, enligt regeringens uppfattning, beloppet i kronor knytas till eurons kurs per den dag som anges i MiFID II, dvs. den 2 juli 2014. Detta innebär att den kurs som ska användas vid beräkning av högsta be- lopp för juridiska personer, kommer att avvika något från den som gäller i dag för fysiska personer, vilket medför att en på detta sätt beräknad högsta sanktionsavgift blir högre för juridiska personer än för fysiska.</P>
<P class="p330 ft3">Något om ramarna för att fastställa sanktionsavgifternas storlek</P>
<P class="p953 ft2">De beräkningsmodeller för högsta sanktionsavgift som i dag gäller enligt lagen om värdepappersmarknaden är alternativa (25 kap. 9 och 9 a §§). Det högsta beloppet enligt de alternativa beräkningarna utgör ett avgifts- tak (se prop. 2013/14:228 s. 235 f. och prop. 2014/15:57 s. 46). Finans- inspektionen har att beakta den ram som detta avgiftstak ställer upp. Även den möjlighet som föreslås i denna proposition att bestämma sanktionsavgiften för en juridisk person också till högst ett belopp mot- svarande fem miljoner euro innebär ett ytterligare alternativt beräknings- sätt. Om det beloppet är högre än beloppen enligt de andra beräknings- modellerna, utgör det således ett avgiftstak. För beräkning av sanktions- avgifter gäller också att avgifterna ska vara proportionerliga i förhållande till överträdelsen i fråga och tillräcklig stora för att balansera de fördelar som kan förväntas och vara avskräckande även för större företag och deras chefer (se skälen 141 och 142 till MiFID II samt prop. 2013/14:228 s. 235 f. och prop. 2014/15:57 s. 46).</P>
<P class="p432 ft2"><SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>anser att det inte framgår av lagtexten om de angivna beloppsgränserna är alternativa eller kumulativa och före- slår att det förtydligas. Motsvarande synpunkt framfördes av Lagrådet med avseende på genomförandet i svensk rätt av motsvarande regler om sanktionsavgifter i öppenhetsdirektivet, vilket medförde att de bestäm- melserna förtydligades och fick en något annorlunda utformning än de nu aktuella bestämmelserna (se prop. 2015/16:26 s. 148 f. och 351 samt 25 kap. 19 och 19 e §§ lagen om värdepappersmarknaden). Förslaget i förevarande proposition innebär att motsvarande förtydligande görs även i de nu aktuella bestämmelserna om sanktionsavgift (25 kap. 9 och 9 a §§ samma lag).</P>
<P class="p336 ft45"><SPAN class="ft4">Ett antal remissinstanser – </SPAN>Förvaltningsrätten i Stockholm<SPAN class="ft4">, </SPAN>Förvalt- ningsrätten i Göteborg<SPAN class="ft4">, </SPAN>Svenska Bankföreningen<SPAN class="ft4">, </SPAN>Svenska Fondhand- lareföreningen <SPAN class="ft4">och </SPAN>Sveriges advokatsamfund <SPAN class="ft4">framför synpunkter som rör nivån på sanktionsavgifter.</SPAN></P>
<P class="p181 ft2">När det gäller sanktionsavgifter mot fysiska personer konstaterade regeringen när reglerna i kapitaltäckningsdirektivet genomfördes i svensk rätt att det angivna beloppet om fem miljoner euro ska kunna tillämpas på samtliga regelöverträdelser i samtliga medlemsstater (prop. 2014/15:57 s. 46 f.). Maximibeloppet är således dimensionerat för att vara en tillräcklig sanktionsavgift för en överträdelse i något av de största europeiska instituten. Att de största svenska instituten i dag är relativt små i jämförelse med de större europeiska bör avspeglas i storleken på de sanktionsavgifter som kan bli aktuella med anledning av svenska instituts överträdelser.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">565</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_566">
<DIV id="dimg1">
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<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">566</P>
</DIV>
<DIV id="id_2">
<P class="p487 ft2">Frågan om dagsbotssystemet bör användas för beräkning av sanktions- avgifter var även föremål för regeringens överväganden i samband med genomförandet av kapitaltäckningsdirektivet. Regeringen gjorde då bedömningen att det inte var lämpligt att använda det systemet för beräk- ning av sanktionsavgifter. Till grund för den bedömningen låg bl.a. att en sådan beräkningsmodell skulle innebära att sanktionsavgifterna för svensk del i realiteten skulle uppgå till endast en bråkdel av vad kapital- täckningsdirektivet kräver. En beräkningsgrund som bygger på dagsbots- systemet ansågs dessutom riskera att sätta överträdelsens varaktighet och allvarlighet i bakgrunden vid bestämmandet av sanktionsavgiftens storlek (se samma prop.).</P>
<P class="p1176 ft4">Regeringen gör inte någon annan bedömning när det gäller sanktions- avgifter för överträdelser enligt MiFID II och MiFIR än den som rege- ringen gjorde när det gäller kapitaltäckningsdirektivet. Regeringen anser även, i linje med det som Förvaltningsrätten i Göteborg anför, att det inte är lämpligt att lämna ytterligare riktlinjer om beloppsnivån på sanktions- avgifter, utan att det får överlämnas till rättstillämpningen.</P>
<P class="p1424 ft3">Särskilt om omständigheter som ska beaktas vid fastställande av storleken av sanktionsavgifter</P>
<P class="p1276 ft2">Som behandlas i avsnitt 14.3.7 anges det i lagen om värdepappersmark- naden (25 kap. 1 b, 1 c och 10 §§) omständigheter som ska beaktas bl.a. vid fastställande av storleken på en sanktionsavgift. De omständigheter som anges i lagen överensstämmer med dem som enligt MiFID II (artikel 72.2) ska beaktas vid fastställande av sanktionsavgifters storlek. Enligt regeringens uppfattning är någon lagstiftningsåtgärd därför inte påkallad i detta avseende. I avsnitt 17.2 föreslås dock att dessa bestämmelser justeras med anledning av <SPAN class="ft3">Lagrådets </SPAN>synpunkter.</P>
<P class="p1425 ft2">I fråga om fastställande av storleken för en sanktionsavgift framhåller</P>
<P class="p1276 ft3">Finansförbundet<SPAN class="ft2">, </SPAN>Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlare- föreningen <SPAN class="ft2">vikten av att en fysisk persons ekonomiska förhållanden beaktas. Regeringen konstaterar att det redan i dag följer av lagen om värdepappersmarknaden att en fysisk persons finansiella ställning är en av de omständigheter som särskilt ska beaktas. Med finansiell ställning avses enligt MiFID II särskilt årsinkomst och nettotillgångar (artikel 72.2 första stycket c). Som regeringen uttalade i samband med genomförandet av kapitaltäckningsdirektivet, bör i årsinkomsten ingå såväl fast som rörlig ersättning och kapitalinkomster (se prop. 2014/15:57 s. 55). Har överträdelsen pågått under en längre tid bör även inkomster under hela denna tid beaktas.</SPAN></P>
<P class="p1426 ft131"><SPAN class="ft127">14.3.9</SPAN><SPAN class="ft163">Offentliggörande av beslut om sanktioner och åtgärder</SPAN></P>
<P class="p1427 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Skyldigheten att offentliggöra beslut om administrativa sanktioner och åtgärder bör genomföras genom före- skrifter på förordningsnivå.</P>
<P class="p1428 ft42"><SPAN class="ft141">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_567">
<DIV>
<DIV id="id_1">
<P class="p193 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p193 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">MiFID II innehåller regler om offentliggörande av de behöriga myndigheternas beslut om sanktioner och administrativa åtgärder (artiklarna 70.6 a och 71). I MiFID II finns till skillnad från i MiFID I ett krav på att myndigheterna ska offentlig- göra sina beslut (jfr artikel 71.1 första stycket i MiFID II och artikel 51.3 i MiFID I).</SPAN></P>
<P class="p622 ft2">Myndigheten ska enligt MiFID II, på sin officiella webbplats och utan onödigt dröjsmål efter det att personen i fråga har underrättats om be- slutet, offentliggöra varje administrativ sanktion eller åtgärd för över- trädelse av bestämmelser som genomför direktivet eller bestämmelser i MiFIR. Offentliggörandet ska åtminstone omfatta information om över- trädelsens typ och art och om vilka personer som är ansvariga (artikel 71.1 första stycket, se även artikel 70.6 a). Skyldigheten gäller dock inte beslut av utredningskaraktär. Om beslutet överklagas, ska den behöriga myndig- heten även informera om detta samt om ärendets utgång vid dess pröv- ning av högre instans (artikel 71.2).</P>
<P class="p797 ft2">I vissa fall får besluten offentliggöras på anonym grund eller så får offentliggörandet skjutas upp eller underlåtas helt och hållet (artikel 71.1 andra och tredje styckena). Undantagen gäller om myndigheten bedömer att en publicering av en juridisk persons identitet eller personuppgifter rörande en fysisk person utgör en oproportionerlig åtgärd, eller om ett offentliggörande skulle äventyra stabiliteten hos de finansiella marknad- erna eller en pågående utredning.</P>
<P class="p1235 ft4">Den behöriga myndigheten ska säkerställa att den information som har offentliggjorts ska finnas kvar på webbplatsen i minst fem år (artik- el 71.3). Om besluten innehåller personuppgifter, får dessa behållas där endast under den period som krävs enligt tillämpliga dataskyddsregler.</P>
<P class="p193 ft2">Medlemsstaterna ska årligen informera Esma om alla administrativa sanktioner och åtgärder i enlighet med reglerna om offentliggörande (artikel 71.4). Om den behöriga myndigheten har offentliggjort en admi- nistrativ sanktion eller åtgärd, ska den samtidigt informera Esma om detta (artikel 71.5).</P>
<P class="p193 ft2">I och med att direktivet ställer krav på offentliggörande av Finansinspek- tionens beslut om sanktioner, krävs ställningstagande till om ett sådant offentliggörande är tillåtet enligt OSL. I OSL finns bestämmelser om sekretess för vissa uppgifter i Finansinspektionens tillståndsgivnings- och tillsynsverksamhet (30 kap. <NOBR>4–5</NOBR> §§).</P>
<P class="p195 ft2">Särskilda bestämmelser om sekretess gäller i ärenden om ägarprövning för uppgift om en enskilds personliga eller ekonomiska förhållanden (30 kap. 5 § OSL). De gäller dock inte för uppgifter i Finansinspektionens beslut, och kan därmed inte utgöra ett hinder för ett offentliggörande i enlighet med direktivet.</P>
<P class="p269 ft2">I de allmänna bestämmelserna om sekretess i Finansinspektionens tillståndsgivnings- och tillsynsverksamhet finns det dock inte något mot- svarande undantag för inspektionens beslut (30 kap. 4 § OSL). De bestämmelserna innebär att sekretess bl.a. gäller för uppgift om affärs- eller driftförhållanden hos den som myndighetens verksamhet avser, om det kan antas att han eller hon lider skada om uppgiften röjs. Det före- ligger alltså en presumtion för att Finansinspektionen får offentliggöra</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">567</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_568">
<DIV id="dimg1">
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<P class="p820 ft4">Prop. 2016/17:162 uppgifter om åtgärder eller sanktioner, men sekretess råder om det kan antas att den berörde lider skada om uppgiften röjs.</P>
<P class="p575 ft2">Reglerna i direktivet tillåter att beslut offentliggörs utan att avslöja identiteten på den som beslutet avser, om ett offentliggörande av identi- teten utgör en oproportionerlig åtgärd eller bedöms orsaka en opropor- tionell skada för berörda företag eller de fysiska personer som berörs (artikel 71.1 andra stycket). Regeringen gör därför bedömningen att bestämmelserna om sekretess i OSL inte utgör hinder för att offentlig- göra beslut på det sätt som anges i direktivet. Bedömningen överens- stämmer med den som regeringen gjorde med avseende på motsvarande regler om offentliggörande av beslut i kapitaltäckningsdirektivet (artik- el 68, se prop. 2013/14:228 s. 233 f. och prop. 2014/15:57 s. 49).</P>
<P class="p654 ft2">Kravet på offentliggörande av sanktioner mot enskilda och ett offent- liggörande av besluten på Finansinspektionens webbplats kommer att ut- göra behandling av personuppgifter i enlighet med personuppgiftslagen. Genom att det är möjligt att i vissa fall offentliggöra besluten i anonymiserad form, innehåller MiFID II skyddsmekanismer för att tillgodose skyddet för personuppgifter. Om det ändå anses föreligga skäl för att offentliggöra personuppgifter ställs krav på att uppgifterna inte behålls på myndighetens webbplats under en längre tid än vad som är förenligt med gällande regler för uppgiftsskydd (artiklarna 71.3 och 78). Beträffande skydd för personuppgifter, se vidare avsnitt 13.4.8.</P>
<P class="p711 ft4">Regeringen konstaterade vid genomförandet i svensk rätt av kapitaltäck- ningsdirektivet att reglerna om skyldigheten att offentliggöra beslut om sanktioner och administrativa åtgärder borde genomföras i föreskrifter på förordningsnivå (se prop. 2013/14:228 s. 233 f. och prop. 2014/15:57 s. 43 och 49 f. och 3 § 6 förordningen [2014:993] om särskild tillsyn och kapitalbuffertar). Detsamma bör enligt regeringens uppfattning gälla för genomförandet av motsvarande regler i MiFID II.</P>
<P class="p1429 ft21"><SPAN class="ft21">14.4</SPAN><SPAN class="ft160">Straffrättslig reglering</SPAN></P>
<P class="p1387 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Undantagsregeln i MiFID II om en straff- rättslig reglering i stället för administrativa sanktioner är, för svenskt vidkommande, inte aktuell att tillämpa.</P>
<P class="p580 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p575 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den.</P>
<P class="p575 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Medlemsstater som redan infört en straffrättslig reglering för överträdelser som anges i MiFID II och MiFIR behöver inte införa en reglering med administrativa sanktioner för samma överträdelse (artikel 70.1 andra stycket i MiFID II).</SPAN></P>
<P class="p576 ft4">Gällande svensk rätt innehåller inte någon straffrättslig reglering som kan betraktas som alternativ till det administrativa sanktionssystem som medlemsstaterna annars ska införa enligt direktivet. Regeringen anser därför att det för Sveriges del inte är aktuellt att tillämpa undantaget.</P>
<P class="p354 ft2">568</P>
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<DIV id="dimg1">
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<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr42 td55"><P class="p96 ft121">14.5</P></TD>
<TD class="tr42 td342"><P class="p32 ft21">Förfarandet vid ingripanden</P></TD>
<TD class="tr42 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
</TABLE>
<P class="p1430 ft129"><SPAN class="ft127">14.5.1</SPAN><SPAN class="ft161">Inledning</SPAN></P>
<P class="p1431 ft2">I avsnitt 14.5 behandlas vissa frågor med avseende på förfarandet vid ingripanden. Förfarandet vid beslut om sanktioner och åtgärder, bl.a. när det gäller de nya möjligheterna till ingripanden mot fysiska personer för ett företags överträdelse, behandlas i avsnitt 14.5.2. I avsnitt 14.5.3 be- handlas frågor om hanteringen av felaktiga sanktionsförelägganden. I av- snitt 14.5.4 tas upp frågan om det bör införas en möjlighet till gemensam handläggning av ärenden om ingripande och ärenden om återkallelse av tillstånd på ett företags egen begäran.</P>
<P class="p1432 ft134"><SPAN class="ft127">14.5.2</SPAN><SPAN class="ft167">Förfarandet vid beslut om sanktioner och åtgärder</SPAN></P>
<P class="p1433 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Finansinspektionen ska genom sanktionsföre- läggande pröva frågor om ingripande mot en fysisk person som ingår i ett svenskt värdepappersinstituts eller en börs styrelse eller är dess verkställande direktör, eller ersättare för någon av dem. Detsamma ska gälla i fråga om ingripande mot den som är ansvarig för verksamheten i en filial från vilken ett företag som hör hemma utanför EES och som driver värdepappersrörelse i Sverige.</P>
<P class="p1434 ft4">Finansinspektionen ska få besluta om ingripande mot den som över- trätt en positionslimit.</P>
<P class="p1435 ft42"><SPAN class="ft141">Regeringens bedömning: </SPAN>Den nuvarande ordningen för beslut om administrativa sanktioner och åtgärder bör i övrigt behållas.</P>
<P class="p1436 ft103">Utredningens förslag och bedömning <SPAN class="ft4">överensstämmer med regering- ens förslag och bedömning.</SPAN></P>
<P class="p11 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>Flertalet remissinstanser tillstyrker förslaget och bedömningen eller har inget att invända mot dem. <SPAN class="ft3">Helsingborgs tingsrätt</SPAN>,</P>
<P class="p92 ft3">Finansbolagens förening<SPAN class="ft2">, </SPAN>Svenska Bankföreningen<SPAN class="ft2">, </SPAN>Svenska Fond- handlareföreningen <SPAN class="ft2">och </SPAN>Sveriges advokatsamfund <SPAN class="ft2">anser att prövning av sanktioner mot fysiska personer bör ske i allmän domstol. </SPAN>Finans- bolagens förening <SPAN class="ft2">anser vidare att prövningen av sanktioner mot fysiska personer bör ske inom ramen för den ordning som gäller för brottmål.</SPAN></P>
<P class="p1437 ft3">Svenska Bankföreningen <SPAN class="ft2">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft2">anser vidare att Finansinspektionen på sin webbplats bör redogöra för sanktionsprocessen med avseende på en fysisk person med utgångspunkt från vad denne behöver känna till om förfarandet och möjligheterna att tillvarata sin rätt. </SPAN><NOBR>Första–Fjärde</NOBR> <NOBR>AP-fonderna</NOBR> <SPAN class="ft2">hänvisar till sitt remissvar avseende betänkandet Ändrade informationskrav på värdepappersmark- naden (SOU 2014:70) där de </SPAN><NOBR><SPAN class="ft2">AP-fonderna</SPAN></NOBR><SPAN class="ft2"> anger att de anser att det bör utredas närmare om inte allmän domstol vore en bättre lämpad instans att pröva sanktioner mot fysiska personer. </SPAN><NOBR><SPAN class="ft2">AP-fonderna</SPAN></NOBR><SPAN class="ft2"> ser även ett ökat behov av att utreda frågan om det behövs ett särskilt överprövningsorgan för finansmarknaden. </SPAN>FAR <SPAN class="ft2">hänvisar till att man tidigare framfört vikten av att låta Finansinspektionens sanktionsfunktion övertas av en särskild</SPAN></P>
<P class="p1438 ft2">sanktionsnämnd, skild från övrig verksamhet. <SPAN class="ft3">Kammarrätten i Stockholm</SPAN></P>
<P class="p1439 ft2">569</P>
</DIV>
<DIV id="page_570">
<P class="p727 ft2">Prop. 2016/17:162 instämmer i bedömningen att, om utvecklingen med att Finansinspek- tionen får ett allt större tillsynsområde och därmed fler sanktionsmöjlig- heter fortgår, kan det finnas skäl att återigen överväga frågan om att in- rätta en sanktionsnämnd på finansmarknadsområdet eller ett särskilt organ inom eller utom inspektionen. Enligt kammarrätten bör det också beaktas att sanktionsavgifterna numera kan uppgå till mycket höga belopp. <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>anser att ett sanktionsförelägg- ande alltid ska godkännas inom en viss tid.</P>
<P class="p1440 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1169 ft3">Allmänna överväganden</P>
<P class="p936 ft2">I MiFID II finns regler om hur den behöriga myndigheten ska utöva sina tillsynsbefogenheter, inklusive bl.a. att besluta om administrativa sank- tioner och åtgärder (artikel 72.1). Befogenheterna ska enligt direktivet utövas direkt, i samarbete med andra myndigheter, på eget ansvar genom delegering i vissa fall eller genom ansökan hos behöriga rättsliga myn- digheter. Reglerna motsvarar de som gäller för de behöriga myndighet- ernas befogenheter i fråga om administrativa sanktioner och åtgärder enligt bl.a. MiFID I och kapitaltäckningsdirektivet (artikel 50.1 respek- tive 64.2).</P>
<P class="p1020 ft2">Som framgår nedan är det, förutom när det gäller ingripande mot en fysisk person för ett företags överträdelse, Finansinspektionen som fattar beslut om administrativa sanktioner och åtgärder. Vid ingripande mot en fysisk person för ett företags överträdelse gäller i stället en modell enligt vilken Finansinspektionen utfärdar ett sanktionsföreläggande. MiFID II innebär enligt regeringens uppfattning inget hinder mot att behålla de modeller för ingripande som i dag gäller enligt lagen om värdepappers- marknaden.</P>
<P class="p580 ft45">Kammarrätten i Stockholm<SPAN class="ft4">, </SPAN><NOBR>Första–Fjärde</NOBR> <NOBR>AP-fonderna</NOBR> <SPAN class="ft4">och </SPAN>FAR <SPAN class="ft4">framför synpunkter som rör inrättande av en särskild sanktionsnämnd eller ett särskilt överprövningsorgan för finansmarknaden. Som utred- ningen redovisar har det även tidigare förts fram synpunkter på att Finansinspektionen som tillsynsmyndighet även prövar överträdelse- ärenden. Regeringen konstaterar att detta emellertid inte är några frågor som bör hanteras i det förevarande lagstiftningsärendet.</SPAN></P>
<P class="p1441 ft45">Förfarandet vid beslut om sanktioner och åtgärder för företag med tillstånd enligt lagen om värdepappersmarknaden</P>
<P class="p1289 ft2">När det gäller administrativa sanktioner eller åtgärder enligt lagen om värdepappersmarknaden för svenska värdepappersinstitut, börser, svenska clearingorganisationer och utländska företag är det, som framgår av avsnitt 14.3.2, Finansinspektionen som fattar beslut som första instans (se bl.a. 25 kap. 1 §). I avsnitt 14.3.3 föreslås att detsamma ska gälla även för ingripanden mot svenska leverantörer av datarapporterings- tjänster.</P>
<P class="p1255 ft4">Den nuvarande ordningen, där Finansinspektionen fattar beslut om in- gripande, gäller bl.a. för beslut om sanktionsavgifter (25 kap. 8 §). I samband med genomförandet i svensk rätt av kapitaltäcknings-</P>
<P class="p535 ft14">direktivet, påpekade Lagrådet att de föreslagna bestämmelserna kan</P>
<P class="p19 ft2">570</P>
</DIV>
<DIV id="page_571">
<DIV>
<DIV id="id_1">
<P class="p116 ft27">medföra att sanktionsavgiften kan uppgå till mycket stora belopp (se prop. 2013/14:228 Del 2 s. 636 f.). Det kunde enligt Lagrådet ifrågasättas om det inte av rättssäkerhetsskäl borde vara en uppgift för domstol att pröva sanktionsavgiften. Lagrådet förordade därför en ordning av samma slag som gäller i fråga om konkurrensskadeavgift. Regeringen fann dock inte skäl att frångå den nuvarande ordningen, som innebär att Finansinspek- tionen fattar beslut om sanktioner och sanktionsavgifter som kan över- klagas till allmän förvaltningsdomstol (se samma prop. s. 236 f.).</P>
<P class="p797 ft2">I samband med genomförandet av motsvarande regler i öppenhets- direktivet angav Lagrådet att de skäl som anförts i tidigare lagstiftnings- ärende för att införa ett system med sanktionsföreläggande beträffande fysiska personer har giltighet även för juridiska personer (se prop. 2015/16:26 s. 349). Lagrådet förordade att det systemet utvidgas och görs generellt tillämpligt. Regeringen gjorde emellertid inte någon annan bedömning än den som gjordes i samband med genomförandet av kapitaltäckningsdirektivet (samma prop. s. 115).</P>
<P class="p269 ft4">Regeringen gör i detta lagstiftningsärende inte någon annan bedömning än den som gjorts i tidigare lagstiftningsärenden. Regeringen anser därför att den nuvarande ordningen inte bör ändras.</P>
<P class="p1442 ft3">Förfarandet vid beslut om sanktioner och åtgärder mot den driver tillståndspliktig verksamhet utan att vara berättigad till det, den som överträder en positionslimit samt vissa ägare</P>
<P class="p1443 ft2">Finansinspektionen fattar även beslut om administrativa sanktioner eller åtgärder enligt lagen om värdepappersmarknaden för en fysisk eller juridisk person som utan att vara berättigad till det driver tillståndspliktig verksamhet, använder beteckningen börs utan att ha tillstånd att driva en reglerad marknad eller åsidosätter tillstånds- eller underrättelseskyldighet avseende förvärv eller avyttringar av ett kvalificerat innehav i ett värde- pappersbolag, en börs eller en clearingorganisation (25 kap. 17 § och 24 kap. <NOBR>7–8</NOBR> a §§). Denna ordning innefattar i dag även beslut om sank- tionsavgifter. I avsnitt 14.3.5 föreslås att detsamma ska gälla för de utökade möjligheterna till sanktionsavgifter i vissa av de nämnda situa- tionerna.</P>
<P class="p797 ft2">Regeringen har vid genomförandet i svensk rätt av kapitaltäcknings- direktivet bedömt att den nuvarande ordningen bör behållas för ingrip- ande mot den som driver verksamhet utan tillstånd och mot ägare som underlåter att anmäla förvärv eller avyttring av ett kvalificerat innehav i ett svenskt värdepappersinstitut, en börs eller en svensk clearingorgani- sation (se prop. 2014/15:57 s. 59). Som redovisas ovan har regeringen i tidigare lagstiftningsärenden inte ansett att nivån på de sanktionsavgifter som kan beslutas motiverar att ändra en ordning där Finansinspektionen har befogenhet att fatta beslut om sanktioner.</P>
<P class="p1247 ft4">I avsnitt 14.3.5 föreslås att ingripande genom föreläggande och sank- tionsavgift ska få göras även mot den som överträtt en positionslimit. I likhet med t.ex. det som gäller ingripande mot verksamhet utan till- stånd, kommer det i så fall att göras en prövning endast av objektiva rek- visit som får anses relativt enkel att göra. Enligt regeringens uppfattning bör Finansinspektionen även i dessa fall få fatta beslut om ingripande. En sådan ordning stämmer också överens med det som gäller för ingripan-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">571</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_572">
<P class="p727 ft4">Prop. 2016/17:162 den för överträdelser av flaggningsregler enligt lagen om handel med finansiella instrument, som även de omfattar fysiska personer (se prop. 2015/16:26 s. 115 f.).</P>
<P class="p1444 ft3">Förfarandet vid sanktioner och åtgärder mot fysiska personer för ett företags överträdelse</P>
<P class="p1407 ft2">Frågan om ingripande mot den som ingår i ett värdepappersbolags styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, för bolagets överträdelse tas enligt lagen om värdepappersmark- naden upp av Finansinspektionen genom sanktionsföreläggande (25 kap. 10 a §). Ett sådant föreläggande innebär att den fysiska personen före- läggs att inom viss tid godkänna ett ingripande som är bestämt till tid eller belopp. När föreläggandet har godkänts, gäller det som ett dom- stolsavgörande som fått laga kraft. Görs godkännandet efter den tid som anges i föreläggandet är det utan verkan. Ett sanktionsföreläggande ska innehålla uppgift om den fysiska person som föreläggandet avser, över- trädelsen och de omständigheter som behövs för att känneteckna den, de bestämmelser som är tillämpliga på överträdelsen och den sanktion som föreläggs personen (25 kap. 10 b §). Vidare ska föreläggandet innehålla en upplysning om att ansökan kan komma att ges in till domstol, om föreläggandet inte godkänns inom den tid som Finansinspektionen anger. Om sanktionsföreläggandet inte godkänns inom angiven tid, får Finans- inspektionen ansöka hos domstol om att sanktion ska beslutas. Ansökan görs hos den förvaltningsrätt som är behörig att pröva ett överklagande av Finansinspektionens beslut om ingripande mot värdepappersbolaget för samma överträdelse, vilket är Förvaltningsrätten i Stockholm (25 kap. 10 c §).</P>
<P class="p807 ft2">Den beskrivna ordningen för ingripande mot fysiska personer för över- trädelser som ett företag har gjort sig skyldigt till infördes i lagen om värdepappersmarknaden och lagen om bank- och finansieringsrörelse (se 15 kap.) vid genomförandet i svensk rätt av kapitaltäckningsdirektivet (se prop. 2014/15:57 s. <NOBR>55–63).</NOBR> Regeringen ansåg bl.a. att det genom för- farandet med sanktionsföreläggande går att kombinera fördelarna med att kunna använda domstolarnas process för bevisföring med det snabbare förfarande som ett beslut av Finansinspektionen innebär. I senare lagstift- ningsärenden, bl.a. de som rör öppenhetsdirektivet och förordningen om värdepapperscentraler, har en motsvarande ordning med sanktionsföre- läggande införts när det gäller ingripande mot fysiska personer för ett företags överträdelse (se 9 kap. lagen om värdepapperscentraler och kontoföring av finansiella instrument och 6 kap. lagen om handel med finansiella instrument samt prop. 2015/16:10 s. <NOBR>263–266</NOBR> och prop. 2015/16:26 s. <NOBR>114–116).</NOBR> Bestämmelserna om sanktionsföreläggande i lagen om värdepappersmarknaden och lagen om bank- och finansierings- rörelse gäller numera även för överträdelser av de bestämmelser som in- förts med anledning av krishanteringsdirektivet (se prop. 2015/16:5</P>
<P class="p1243 ft2"><SPAN class="ft2">s.</SPAN><NOBR><SPAN class="ft40">735–740).</SPAN></NOBR></P>
<P class="p788 ft2">Regeringen anser att de skäl som anförts för förfarandet med sank-</P>
<P class="p729 ft4">tionsföreläggande i tidigare lagstiftningsärenden gör sig gällande även när det gäller ingripanden mot fysiska personer för ett svenskt värdepap-</P>
<P class="p535 ft5">persinstituts, en börs eller ett utländskt företags överträdelse av bestäm-</P>
<P class="p19 ft2">572</P>
</DIV>
<DIV id="page_573">
<P class="p19 ft4">melser som genomför MiFID II eller av MiFIR. I fråga om ingripanden Prop. 2016/17:162 för ett företags överträdelse bör därför samma ordning gälla även för</P>
<P class="p272 ft2">ingripanden mot den som ingår i ett svenskt värdepappersinstituts eller en börs styrelse eller är dess verkställande direktör, eller ersättare för någon av dem. Detsamma bör gälla för ingripanden för företagets över- trädelse mot den som är ansvarig för verksamheten i en filial från vilken ett företag som hör hemma utanför EES driver värdepappersrörelse i Sverige.</P>
<P class="p1445 ft80">Helsingborgs tingsrätt<SPAN class="ft89">, </SPAN><NOBR>Första–Fjärde</NOBR> <NOBR>AP-fonderna<SPAN class="ft89">,</SPAN></NOBR><SPAN class="ft89"> </SPAN>Finansbolagens förening<SPAN class="ft89">, </SPAN>Svenska Bankföreningen<SPAN class="ft89">, </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft89">och</SPAN></P>
<P class="p272 ft2"><SPAN class="ft3">Sveriges advokatsamfund </SPAN>framför uppfattningen att prövning av sank- tioner mot fysiska personer bör ske i allmän domstol. Som skäl för det anför de bl.a. rättssäkerhetsskäl, att prövning ska göras av subjektiva rekvisit och att sanktionerna får anses innefatta en anklagelse om brott. Regeringen, som konstaterar att denna fråga nyligen har varit föremål för överväganden i flera lagstiftningsärenden, finner emellertid inte skäl att göra någon annan bedömning än den som har gjorts i tidigare lagstift- ningsärenden (se prop. 2014/15:57 s. 61 f., prop. 2015/16:10 s. 265 och prop. 2015/16:26 s. 115).</P>
<P class="p1446 ft80">Svenska Bankföreningen <SPAN class="ft89">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft89">framför att Finansinspektionen på sin webbplats bör redogöra för sanktions- processen mot en fysisk person. Regeringen konstaterar att detta inte är en fråga som bör hanteras i det förevarande lagstiftningsärendet.</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t174">
<TR>
<TD class="tr54 td255"><P class="p823 ft127">14.5.3</P></TD>
<TD class="tr54 td385"><P class="p23 ft129">Undanröjande av felaktiga</P></TD>
<TD class="tr54 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr2 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td385"><P class="p23 ft129">sanktionsförelägganden</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr29 td364"><P class="p23 ft13"> </P></TD>
<TD class="tr68 td158"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Det bör inte införas några särskilda</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr31 td371"><P class="p57 ft2">bestämmelser om undanröjande av sanktionsföreläggande.</P></TD>
<TD class="tr31 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr65 td374"><P class="p23 ft6"> </P></TD>
<TD class="tr64 td158"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>avviker från regeringens bedömning genom att</P></TD>
<TD class="tr2 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utredningen föreslår att det i lagen om värdepappersmarknaden införs</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bestämmelser om undanröjande av sanktionsföreläggande.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p39 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Ett sanktionsföreläggande får</SPAN></P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">inte överklagas, vilket uttryckligen anges i lagen om värdepappersmark-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">naden (26 kap. 1 §). Även om det sannolikt inte kommer att bli vanligt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">med godkända sanktionsförelägganden som visar sig vara felaktiga måste</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">sådana fall kunna hanteras.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Frågan om undanröjande av sanktionsföreläggande har varit föremål</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">för överväganden bl.a. vid genomförandet i svensk rätt av kapitaltäck-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningsdirektivet (se prop. 2014/15:57 s. <NOBR>64–66).</NOBR> Regeringen gjorde i det</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">lagstiftningsärendet bedömningen att det enligt gällande rätt finns en</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">möjlighet att undanröja sådana föreläggande genom beslut om resning.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">Förutsättningarna för att bevilja resning regleras i förvaltningsprocess-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">lagen (1971:291). Av bestämmelserna (37 b §) följer att resning får be-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">viljas om det på grund av något särskilt förhållande finns synnerliga skäl</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">att pröva saken på nytt. I förarbetena uttalas att resning kan begäras i en</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">mängd olika fall. Exempelvis har även beslut som inte kan överklagas</P></TD>
<TD rowspan=2 class="tr1 td158"><P class="p20 ft2">573</P></TD>
</TR>
<TR>
<TD class="tr53 td255"><P class="p23 ft57"> </P></TD>
<TD class="tr53 td385"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_574">
<P class="p1252 ft4">Prop. 2016/17:162 utan omedelbart får laga kraft ansetts kunna bli föremål för resning (se prop. 1994/95:27 s. 165).</P>
<P class="p980 ft2">I lagstiftningsärendet om genomförandet av kapitaltäckningsdirektivet ansåg Lagrådet att införandet av en bestämmelse om undanröjande av ett godkänt föreläggande borde övervägas (se prop. 2014/15:57 s. 570 f.). Regeringen konstaterade emellertid att det för de sanktionsförelägganden som i dag prövas av allmän förvaltningsdomstol, t.ex. avgiftsföreläggan- den på arbetsmiljöområdet, saknas en möjlighet till undanröjande (se samma prop. s. 65 f.). Den angav att ett införande av en bestämmelse om undanröjande skulle innebära att det införs ett nytt förfarande i de allmänna förvaltningsdomstolarna. Vidare gjordes bedömningen att resningsinstitutet, för det fåtal fall det kan tänkas bli frågan om, får anses ge ett tillräckligt skydd för den fysiska personen. Vid en sammantagen bedömning fann regeringen att det inom ramen för det lagstiftningsärendet inte borde införas en möjlighet till undanröjande av sanktionsförelägganden.</P>
<P class="p1050 ft2">Frågan om undanröjande av sanktionsföreläggande har därefter varit föremål för överväganden i några ytterligare lagstiftningsärenden (se prop. 2015/16:10 s. 266 f. och prop. 2015/16:26 s. 118 f.). Regeringen har i de lagstiftningsärendena inte funnit skäl att göra någon annan be- dömning än den som regeringen gjorde vid genomförandet av kapital- täckningsdirektivet. Regeringen finner inte heller i förevarande lagstift- ningsärende skäl att göra någon annan bedömning än tidigare. Således bör det inte införas särskilda bestämmelser om undanröjande av sank- tionsföreläggande.</P>
<TABLE cellpadding=0 cellspacing=0 class="t147">
<TR>
<TD class="tr54 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr54 td191"><P class="p80 ft127">14.5.4</P></TD>
<TD class="tr54 td386"><P class="p1447 ft129">Möjlighet till ingripande mot företag som</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td191"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td386"><P class="p39 ft129">förklarar sig avstå från sitt tillstånd</P></TD>
</TR>
<TR>
<TD class="tr67 td42"><P class="p23 ft144"> </P></TD>
<TD colspan=2 class="tr68 td364"><P class="p23 ft151"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p216 ft27"><SPAN class="ft152">Regeringens förslag: </SPAN>Om ett svenskt värdepappersinstitut, en börs, en</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">svensk clearingorganisation eller en svensk leverantör av datarapport-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">eringstjänster har förklarat sig avstå från sitt tillstånd, ska Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">inspektionen, innan tillståndet återkallas, först få pröva om det finns</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">skäl att ingripa mot företaget med anledning av regelöverträdelser hos</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">det och, om det finns sådana skäl, besluta om ett ingripande. Det-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">samma ska gälla om ett företags tillstånd ska återkallas på grund av att</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">det under en sammanhängande tid av sex månader inte har drivit sådan</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p216 ft2">rörelse som tillståndet avser eller att ett svenskt aktiebolag som har</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p216 ft2">tillstånd att driva en reglerad marknad eller clearingverksamhet har</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">otillräckligt eget kapital.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag. Utredningens förslag avviker från regeringens förslag genom att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">enligt utredningens förslag får Finansinspektionen, när ett företag har</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förklarat sig avstå från sitt tillstånd och det samtidigt pågår ett ärende om</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ingripande mot företaget eller en fysisk person på grund av företagets</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">regelöverträdelse, och om det är till nytta för utredningen i ingripande-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ärendet, förena ärendena för gemensam handläggning. Vidare får Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">inspektionen, om det kan ske utan betydande olägenhet för företaget,</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td42"><P class="p969 ft2">574</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">avgöra frågan om ingripande innan inspektionen avgör om tillståndet ska</P></TD>
</TR>
<TR>
<TD class="tr67 td191"><P class="p23 ft144"> </P></TD>
<TD class="tr67 td386"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_575">
<DIV>
<DIV id="id_1">
<P class="p796 ft4">återkallas på frivillig grund, samt, om det finns skäl för det, besluta att ärendena inte längre ska handläggas gemensamt.</P>
<P class="p150 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Finansinspektionen </SPAN>ser positivt på möjlig- heten för inspektionen att avsluta ett ärende om ingripande före det att ett beslut om återkallelse av tillstånd på egen begäran prövas. Inspektionen är dock kritisk till utformningen av kriterierna ”om det är till nytta för utredningen” och ”utan betydande olägenhet”. Finansinspektionen före- slår att möjligheten att förena ärendena för gemensam handläggning i stället grundas på betydelsen av att inspektionen har möjlighet att bedriva en effektiv tillsyn och betydelsen av ett ökat kundskydd. Finansinspek- tionen anser också att ett beslut att förena ärendena inte bör kunna över- klagas särskilt. Vidare föreslår inspektionen att sammanläggning av ären- dena ska kunna göras när även det finns skäl att återkalla tillståndet till följd av att verksamheten har upphört eller brister i eget kapital.</P>
<P class="p797 ft25">Skälen för regeringens bedömning: <SPAN class="ft2">Enligt lagen om värdepappers- marknaden ska Finansinspektionen återkalla ett svenskt värdepappers- instituts, en börs eller en svensk clearingorganisations tillstånd om före- taget förklarat sig avstå från tillståndet (25 kap. 5 § första stycket 3). Om en sådan återkallelse görs har Finansinspektionen i dag typiskt sett inte möjlighet att, med åberopande av regelöverträdelser i den verksamhet som bedrivits inom ramen för det första tillståndet, neka det företag som tidigare avstått från sitt tillstånd att få ett nytt tillstånd. När ett företag förklarar sig avstå från tillståndet, ska Finansinspektionen utan dröjsmål besluta om en återkallelse (se 7 § förvaltningslagen [1986:223]). Det finns då sällan utrymme för någon utredning av om det förekommit regelöverträdelser hos företaget. Gällande rätt förhindrar således inte att ett företag som befarar ett ingripande från Finansinspektionens sida kan undvika detta genom att avstå från sitt tillstånd.</SPAN></P>
<P class="p979 ft2">I sin tillsynsverksamhet har Finansinspektionen konstaterat att så har skett i fråga om försäkringsförmedlare, som alltså efter det att inspek- tionen har inlett ett ärende om ingripande mot förmedlaren har förklarat sig avstå från sitt tillstånd att utöva försäkringsförmedling. I prome- morian Stärkt konsumentskydd vid försäkringsförmedling (Ds 2014:22), som har upprättats inom Finansdepartementet, finns bl.a. av den anled- ningen förslag till ändring av förfarandet för beslut om återkallelse av tillstånd att utöva försäkringsförmedling. Enligt utredningen gäller samma förutsättningar i fråga om t.ex. värdepappersinstitut. Utredningen anför att Finansinspektionen under år 2014 har uppmärksammat ett par fall då ett värdepappersbolag har begärt att få sitt tillstånd återkallat i samband med att det fått information om att bolaget är föremål för en sanktionsprocess. Verksamheten har dock i dessa fall fortsatt genom att värdepappers- rörelsen överlåtits till och drivits vidare av ett annat bolag med sådant tillstånd samtidigt som det överlåtande bolagets tillstånd har återkallats. I likhet med det som anförs beträffande försäkringsförmedlare kan det enligt utredningen således framstå som befogat att Finansinspektionen har möjlighet att avsluta ett ärende om ingripande före prövningen av ett ärende om återkallelse av tillstånd när företaget förklarat sig avstå från tillståndet. På så sätt hindras tillsynsobjektet att disponera över Finans- inspektionens behörighet att utöva tillsyn. Vidare kan det enligt utred- ningen finnas ett befogat intresse av att få till stånd ett beslut om in-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">575</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_576">
<P class="p621 ft2">Prop. 2016/17:162 gripande som kan tjäna till ledning vid en eventuell ny ansökan om till-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">stånd eller som praxis.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Utredningen föreslår därför, med förebild av förslaget i den nämnda</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">promemorian, att det i ett enskilt fall ska vara möjligt att besluta att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">frågan om återkallelse av tillstånd på frivillig grund ska handläggas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">gemensamt med ärendet om ingripande, och att Finansinspektionen får</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">avgöra sistnämnda ärende innan beslut om återkallelse fattas.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>anför att den kunnat konstatera att det förekommer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">att värdepappersinstitut under ett pågående sanktionsförfarande förklarar</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">sig avstå från tillståndet och på så sätt undandrar sig en sanktion. Finans-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">inspektionen ser det som en allvarlig brist i nuvarande lagstiftning att den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">som är föremål för tillsyn på detta sätt kan disponera över myndighetens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">möjlighet att bedriva effektiv tillsyn. Inspektionen ser därför positivt på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">möjligheten för den att avsluta ett ärende om ingripande före det att ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ärende om återkallelse av tillstånd på egen begäran prövas.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Regeringen anser, i likhet med utredningen och Finansinspektionen, att</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">det bör tas in en uttrycklig regel i lag som skapar förutsättningar för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Finansinspektionen att, i de fall det bedöms motiverat, utreda om regel-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">överträdelser skett hos ett företag och sedan fatta ett beslut om ingrip-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ande. Regeringen anser emellertid att en sådan möjlighet bör utformas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">något annorlunda än i utredningens förslag.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Som Finansinspektionen anför riskerar ett krav på att det ska vara till</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p30 ft2">nytta för utredningen att även efter det att ett företag avstått från sitt till-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">stånd pröva om det förekommit regelöverträdelser att kraftigt inskränka</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">utrymmet för inspektionen att använda sig av den föreslagna möjlig-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">heten. En uttrycklig möjlighet för Finansinspektionen att fortsätta hand-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">läggningen även efter det att ett företag avstått från sitt tillstånd är en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">formell förutsättning för att utredningen alls ska kunna drivas vidare, vil-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ket Finansinspektionen också påpekar. Regeringen anser därför att det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">inte bör ställas upp något krav på att det ska vara till nytta för utred-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ningen att fortsätta handläggningen när ett företag avstått från sitt till-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">stånd.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Enligt regeringens uppfattning bör möjligheten att fortsätta handlägg-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ningen av ett ärende om ingripande inte vara beroende av vilken olägen-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">het som det medför för det berörda företaget. Som Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">anför skulle ett sådant kriterium skapa oklarhet om när inspektionen kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">använda sig av möjligheten. Syftet är att Finansinspektionen ska kunna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">ingripa mot fler regelöverträdelser än i dag. För att det syftet ska uppnås,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">bör det inte ställas upp något krav på att Finansinspektionen ska ha möj-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">lighet att fortsätta handläggningen bara om det inte vållar betydande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">olägenhet för företaget i fråga.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Möjligheten för Finansinspektionen att göra en prövning av om det har</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">skett regelöverträdelser hos ett företag som avstår från sitt tillstånd bör</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">inte heller, så som i utredningens förslag, begränsas till de situationer då</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">det hos inspektionen redan pågår ett ärende mot företaget om misstänkta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">regelöverträdelser. I stället bör Finansinspektionen kunna pröva om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">regelöverträdelser har skett även när ett företag avstår från sitt tillstånd i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">en situation när det inte redan pågår ett sådant ärende. Det skulle näm-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ligen kunna vara fallet att den omständigheten att ett företag avstår från</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">sitt tillstånd ger Finansinspektionen anledning att befara att det har skett</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">576</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">regelöverträdelser i företagets verksamhet. Finansinspektionen bör då</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_577">
<P class="p186 ft4">inte vara förhindrad att inleda en utredning på grund av att det inte Prop. 2016/17:162 pågick något ärende om regelöverträdelser hos företaget vid tidpunkten</P>
<P class="p19 ft2">när företaget meddelade att det avstår från sitt tillstånd.</P>
<P class="p144 ft2">En möjlighet för Finansinspektionen att utreda om det förekommit regelöverträdelser hos ett företag som avstår från sitt tillstånd bör enligt regeringens uppfattning inte utformas som en möjlighet att förena ärenden till gemensam handläggning. Den bör i stället utformas som ett undantag från den huvudregel som innebär att tillståndet ska återkallas om företag avstår från det. En regel om gemensam handläggning av ärenden (efter mönster från 14 kap. 6 § rättegångsbalken) ter sig mindre ändamålsenlig för handläggningen av ärenden hos en förvaltnings- myndighet som Finansinspektionen. Det kan noteras att varken förvalt- ningslagen eller förvaltningsprocesslagen innehåller någon sådan regel.</P>
<P class="p429 ft2">Hur ett ärende om avstående från ett tillstånd att utöva verksamhet ska handläggas får avgöras i det enskilda fallet utifrån förvaltningslagen och allmänna förvaltningsrättsliga principer. Genom förslaget får Finans- inspektionen en uttrycklig rätt att avvakta med återkallelse av ett tillstånd när ett företag förklarat sig avstå från det. Kravet på effektiv handlägg- ning i förvaltningslagen (7 §) innebär därför inte att ett sådant ärende måste handläggas genast.</P>
<P class="p357 ft2">Finansinspektionens möjligheter att göra en prövning av och, i före- kommande fall, ingripa mot regelöverträdelser bör, så som inspektionen anför, även omfatta andra situationer än då ett företag har förklarat sig avstå från sitt tillstånd. Annars skulle, som Finansinspektionen anger, den föreslagna regeln kunna kringgås av det företag som befarar ett ingripande och som vill undvika detta. Det kan tänkas att ett företag låter bli att driva verksamhet under sex månader så att dess tillstånd ska åter- kallas av det skälet (25 kap. 5 § första stycket 4 lagen om värdepappers- marknaden). Det kan vidare tänkas att ett svenskt aktiebolag som har tillstånd att driva en reglerad marknad eller clearingverksamhet agerar på så sätt att bolagets egna kapital understiger två tredjedelar av det registre- rade aktiekapitalet och att tillståndet därför ska återkallas (25 kap. 5 § första stycket 5 samma lag). För att undvika sådana kringgåenden bör därför möjligheten att pröva om det förekommit regelöverträdelser och, i förekommande fall, ingripa även omfatta de fall ett företag inte drivit verksamhet enligt sitt tillstånd under en sammanhängande tid av sex månader eller ett svenskt aktiebolag inte har tillräckligt eget kapital.</P>
<P class="p430 ft2">Som anges i avsnitt 14.3.4 bör återkallelse av ett företags tillstånd att driva värdepappersrörelse eller en reglerad marknad inte utesluta ett in- gripande mot en fysisk person som ingår i företagets styrelse eller är dess verkställande direktör, eller ersättare för någon av dem, på grund av en överträdelse hos företaget (se prop. 2014/15:57 s. 41). Det innebär att det, till skillnad från i utredningens förslag, inte finns skäl att i den nu aktuella regeln ange att Finansinspektionen får pröva om det finns skäl att ingripa mot en fysisk person på grund av företagets överträdelse och i förekommande fall besluta om ett sådant ingripande.</P>
<P class="p1448 ft2">577</P>
</DIV>
<DIV id="page_578">
<TABLE cellpadding=0 cellspacing=0 class="t175">
<TR>
<TD class="tr43 td231"><P class="p597 ft2">Prop. 2016/17:162 <SPAN class="ft113">14.6</SPAN></P></TD>
<TD class="tr43 td265"><P class="p23 ft21">Frågor om preskription och betalningssäkring</P></TD>
</TR>
<TR>
<TD class="tr54 td231"><P class="p823 ft129">14.6.1</P></TD>
<TD class="tr54 td265"><P class="p23 ft129">Inledning</P></TD>
</TR>
</TABLE>
<P class="p1449 ft4">Förslagen om utökade ingripandebefogenheter mot fysiska personer i företagens ledningsorgan föranleder även överväganden om preskription, vilka behandlas i avsnitt 14.6.2. I avsnitt 14.6.3 behandlas överväganden med anledning av reglerna i MiFID II om frysning av tillgångar och kvarstad (artikel 69.2 första stycket e).</P>
<TABLE cellpadding=0 cellspacing=0 class="t138">
<TR>
<TD class="tr1 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr1 td191"><P class="p80 ft127">14.6.2</P></TD>
<TD class="tr1 td386"><P class="p39 ft129">Preskription</P></TD>
</TR>
<TR>
<TD class="tr53 td42"><P class="p23 ft57"> </P></TD>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>En sanktion mot en fysisk person för en över-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">trädelse av ett svenskt värdepappersinstitut, en börs eller ett företag</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">som hör hemma utanför EES och som driver värdepappersrörelse från</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">filial i Sverige får bara beslutas om sanktionsföreläggande har delgetts</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">den som sanktionen riktas mot inom två år från den tidpunkt då över-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">trädelsen ägde rum.</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p175 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Den nuvarande preskriptionstiden om</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">två år för ingripande mot en fysisk person för en överträdelse av ett</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">värdepappersbolag bör inte ändras. Det bör inte införas några nya</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">preskriptionsbestämmelser.</P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>avviker från regeringens förslag och bedömning</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">genom att utredningen föreslår att tiden mellan överträdelse och sank-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">tionsföreläggande ska kunna uppgå till tre år.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har inget att invända mot det. <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>anser att</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">det bör klargöras när en överträdelse ska anses ha skett då överträdelsen</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utgörs av ett utdraget händelseförlopp. Vidare anser förvaltningsrätten att</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">det bör införas en tidsgräns inom vilken Finansinspektionen senast hos</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">förvaltningsrätten kan ansöka om utdömande av sanktionsavgift för en</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">fysisk person.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Enligt lagen om</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">värdepappersmarknaden får en sanktion mot en fysisk person för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft27">värdepappersbolags överträdelse beslutas bara om sanktionsföreläggande</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har delgetts den som sanktionen riktas mot inom två år från den tidpunkt</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">då överträdelsen ägde rum (25 kap. 10 d §). Detsamma bör gälla även be-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">träffande de sanktioner som enligt förslagen i denna proposition ska</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">kunna påföras fysiska personer för överträdelser av svenska värdepap-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">persinstitut, börser och företag som hör hemma utanför EES och som</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">från filial i Sverige driver värdepappersrörelse.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Enligt lagen om värdepappersmarknaden får tiden mellan överträdelse</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">och sanktionsföreläggande således uppgå till högst två år. Den tidsfristen</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">infördes vid genomförandet i svensk rätt av kapitaltäckningsdirektivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">Regeringen anförde då att en tid om två år stod i överensstämmelse med</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">det som gäller enligt t.ex. lagen om handel med finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">(6 kap. 3 k §) och lagen (2012:735) med kompletterande bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">till EU:s blankningsförordning (8 §) och framstod som väl avvägd (se</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">prop. 2014/15:57 s. 63 f.). Två år är också den tid som gäller vid över-</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">578</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">trädelser enligt lagen om bank- och finansieringsrörelse (15 kap. 9 d §)</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_579">
<DIV>
<DIV id="id_1">
<P class="p116 ft4">och lagen om värdepapperscentraler och kontoföring av finansiella instrument (9 kap. 23 §).</P>
<P class="p150 ft2">När det gäller preskriptionstidens längd föreslår utredningen att tiden mellan överträdelsen och delgivning av sanktionsföreläggande ska kunna uppgå till tre år. Utredningen anför bl.a. att regelöverträdelser i regel uppdagas bara i samband med Finansinspektionens tillsynsverksamhet, och att det då redan kan ha passerat en längre tid sedan överträdelsen ägt rum. Vidare anför utredningen att vissa av de aktuella regelöverträdel- serna är betydligt mer komplicerade att utreda än de som regleras i lagen om handel med finansiella instrument och lagen med kompletterande bestämmelser till EU:s blankningsförordning, bl.a. ingår en prövning av subjektiva rekvisit. Utredningen hänvisar även till en av Finansinspek- tionen beslutad undersökningsprocess. Enligt denna bör ett överträdelse- ärende normalt inte ta mer än nio månader innan det avslutas eller över- lämnas för sanktionsprövning. I den sistnämnda prövningen ingår bl.a. upprättande av en begäran om yttrande, tid för företaget att yttra sig och upprättande och kvalitetssäkring av utkast till sanktionsbeslut samt slutlig bearbetning av utkastet. Vidare anger utredningen att det möjligen finns anledning att låta en fysisk person yttra sig först sedan Finans- inspektionen anser sig ha klarlagt att företaget brutit mot reglerna, något som kan medföra en längre handläggningstid än annars.</P>
<P class="p573 ft2">Regeringen har nyligen gjort bedömningen att en preskriptionstid om två år är väl avvägd när det gäller överträdelser enligt kapitaltäcknings- direktivet. En motsvarande tid gäller även vid överträdelser av andra regelverk på finansmarknadsområdet. Regeringen finner inte skäl att göra någon annan bedömning när det gäller överträdelser enligt MiFID II eller MiFIR.</P>
<P class="p623 ft2"><SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>anser att det bör klargöras när en över- trädelse ska anses ha ägt rum då denna utgörs av ett utdraget händelse- förlopp. Enligt regeringens uppfattning är det emellertid något som får överlämnas till rättstillämpningen.</P>
<P class="p912 ft2">Förvaltningsrätten i Stockholm anför också att det bör införas en tids- frist inom vilken Finansinspektionen senast kan ansöka hos förvaltnings- rätten om utdömande av sanktionsavgift för en fysisk person. En bestäm- melse om yttersta preskriptionsfrist har förordats även av Lagrådet i sam- band med genomförandet i svensk rätt av öppenhetsdirektivet (se prop. 2015/16:26 s. 349 f.). Regeringen ansåg dock inte att det hade fram- kommit tillräckliga skäl för att införa en sådan bestämmelse beträffande de sanktionsavgifter som föreslogs (samma prop. s. 118). Regeringen angav att erfarenheten talade för att en sådan bestämmelse inte behövdes och underströk att Finansinspektionen liksom andra myndigheter har en skyldighet att handlägga ärenden bl.a. så enkelt och snabbt som möjligt utan att säkerheten eftersätts. Frågan har även lyfts i samband med genomförandet i svensk rätt av UCITS <NOBR>V-direktivet.</NOBR> Inte heller då ansåg regeringen att det borde införas en bestämmelse av det aktuella slaget. I det sammanhanget framhölls att även om det finns argument som talar för en bestämmelse av det aktuella slaget så bör lagarna på finansmark- nadsområdet vara enhetliga i detta avseende (se prop. 2015/16:170 s. 131). Regeringen gör inte någon annan bedömning när det gäller nu aktuella sanktionsavgifter enligt MiFID II.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">579</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_580">
<TABLE cellpadding=0 cellspacing=0 class="t151">
<TR>
<TD colspan=2 class="tr1 td206"><P class="p40 ft2">Prop. 2016/17:162 <SPAN class="ft129">14.6.3</SPAN></P></TD>
<TD class="tr1 td385"><P class="p23 ft129">Betalningssäkring för sanktionsavgift</P></TD>
</TR>
<TR>
<TD class="tr53 td42"><P class="p23 ft57"> </P></TD>
<TD colspan=2 class="tr67 td364"><P class="p23 ft144"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Betalningssäkring ska få göras för en sanktions-</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">avgift på grund av en överträdelse eller misstänkt överträdelse av</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">lagen om värdepappersmarknaden. En ansökan om betalningssäkring</P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2">ska prövas av allmän förvaltningsdomstol.</P></TD>
</TR>
<TR>
<TD class="tr66 td365"><P class="p23 ft142"> </P></TD>
<TD colspan=2 class="tr64 td367"><P class="p23 ft140"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer i huvudsak med regeringens</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förslag. Utredningen föreslår dock att betalningssäkring ska kunna göras</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">endast för sanktionsavgifter på grund av vissa angivna överträdelser.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">Utredningens förslag omfattar inte heller betalningssäkring i det fall</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">sanktionsavgift har fastställts. Utredningen föreslår inte några bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">melser om verkställighet av ett beslut om betalningssäkring för en sank-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td255"><P class="p23 ft27">tionsavgift.</P></TD>
<TD class="tr26 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har inget att invända mot det. <SPAN class="ft3">Kronofogdemyndigheten </SPAN>anser att det bör</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">införas bestämmelser där det framgår att det är den myndigheten som har</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">i uppgift att verkställa beslut om betalningssäkring på begäran av Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">inspektionen och att hänvisning bör göras till vissa bestämmelser om</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">verkställighet i skatteförfarandelagen. Vidare anser myndigheten att en</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">hänvisning bör göras till lagen (1993:891) om indrivning av statliga ford-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ringar m.m. som tydliggör att avgifterna ska handläggas som allmänna</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td255"><P class="p23 ft2">mål.</P></TD>
<TD class="tr31 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr62 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr62 td235"><P class="p23 ft25">Skälen för regeringens förslag</P></TD>
</TR>
<TR>
<TD class="tr33 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td235"><P class="p23 ft3">Inledning och utgångspunkter</P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p23 ft2">Enligt MiFID II ska de behöriga myndigheterna ha befogenhet att kräva</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">att tillgångar fryses eller beläggs med kvarstad, eller båda (artikel 69.2</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">första stycket e). Motsvarande regler finns i MiFID I (artikel 50.2 f). Det</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">får antas att ett bakomliggande syfte med befogenheten är att säkerställa</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">att sanktionsavgifter verkligen betalas.</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p39 ft2">Några allmänna regler om frysning av tillgångar finns inte i svensk</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">rätt. Däremot finns regler om erkännande och verkställighet av andra</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">medlemsstaters frysningsbeslut i lagen (2005:500) om erkännande och</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">verkställighet inom Europeiska unionen av frysningsbeslut. Vid genom-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">förandet i svensk rätt av MiFID I ansågs direktivet vara uppfyllt genom</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">rättegångsbalkens bestämmelser om kvarstad (se prop. 2006/07:115</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">s. 495). Det anmärktes att dessa regler också i ett tidigare lagstiftnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ärende hade ansetts tillgodose syftena bakom frysningsinstitutet.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Kvarstadsinstitutet som sådant uppfyller enligt utredningen sannolikt</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">kraven i direktivet, men det är enligt utredningen nödvändigt att befogen-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">heten också görs tillgänglig för Finansinspektionen genom en rätt att be-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">gära att tillgångar hos den som är föremål för ett överträdelseärende be-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">läggs med kvarstad. Någon sådan möjlighet finns inte i dag när det gäller</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">överträdelser enligt lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">När det gäller sanktioner och andra administrativa åtgärder för överträ-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">delser enligt den lagen innebär beslutsordningen att Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">fattar beslut eller, när det gäller ingripande mot fysiska personer för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">företags överträdelse, utfärdar sanktionsföreläggande. Det är allmän</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr54 td42"><P class="p969 ft2">580</P></TD>
<TD colspan=2 class="tr31 td235"><P class="p23 ft2">förvaltningsdomstol som prövar en ansökan om att påföra sanktioner om</P></TD>
</TR>
<TR>
<TD class="tr68 td255"><P class="p23 ft151"> </P></TD>
<TD class="tr68 td385"><P class="p23 ft151"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_581">
<P class="p186 ft4">ett utfärdat sanktionsföreläggande inte godkänts och prövar beslut av Prop. 2016/17:162 Finansinspektionen som har överklagats.</P>
<P class="p264 ft2">Det är inte möjligt för allmän förvaltningsdomstol att med tillämpning av rättegångsbalkens regler besluta om kvarstad. Inte heller bör allmän för- valtningsdomstol ges möjlighet att besluta om kvarstad, eftersom den gällande principen är att en domstol som tillämpar rättegångsbalken, dvs. allmän domstol, beslutar om kvarstad medan en domstol som tillämpar förvaltningsprocesslagen, dvs. allmän förvaltningsdomstol, beslutar om betalningssäkring (se prop. 2003/04:121 s. 165). Vidare kan det enligt utredningen inte anses vara lämpligt att prövningen av en begäran om kvarstad handläggs av allmän domstol när överträdelseärendet i sak av- görs i allmän förvaltningsdomstol i de fall ett sanktionsföreläggande inte har godkänts eller ett beslut av Finansinspektionen har överklagats. Allmän förvaltningsdomstol, som tillämpar förvaltningsprocesslagen, har dock möjlighet att besluta om betalningssäkring. Fråga uppstår då om bestämmelserna om betalningssäkring i stället kan tillämpas. Det skulle i viss mån innebära en principiell nyhet.</P>
<P class="p526 ft3">Betalningssäkring enligt gällande rätt</P>
<P class="p920 ft2">Med betalningssäkring avses att Skatteverket tar en betalningsskyldigs egendom i anspråk för att säkerställa betalning av skatt, avgift, särskild avgift eller ränta (46 kap. 2 § skatteförfarandelagen). Syftet med betal- ningssäkring är att, i situationer då det finns en påtaglig risk för att den som är betalningsskyldig drar sig undan sin skyldighet, tillfälligt säker- ställa det allmännas fordringsanspråk till dess att fordringen frivilligt betalas eller kan bli föremål för indrivning.</P>
<P class="p429 ft2">Betalningssäkring liknar således kvarstadsinstitutet. Det är en provi- sorisk tvångsåtgärd som ligger vid sidan av det ordinarie förfarandet att bestämma och debitera skatter och avgifter. Förutom skatt omfattas bl.a. skattetillägg, förseningsavgift eller liknande avgift, om den fordran som tillägget eller avgiften avser får betalningssäkras. Betalningssäkring är också möjlig för vissa kontrollavgifter. I förarbetena uttalas att det saknas skäl att i detta avseende behandla kontrollavgifterna annorlunda än skattetilläggen och förseningsavgifterna och att betalningssäkring därför bör få göras även för dessa (prop. 2010/11:165 s. 431). Betalningssäkring får användas också om annan än den skatt- eller avgiftsskyldige är betal- ningsskyldig för belopp som får betalningssäkras, vilket enligt för- arbetena avses framgå av skatteförfarandelagen (46 kap. 2 §). Det rör sig då om fall där en företrädare för en juridisk person har ålagts betalnings- ansvar för den juridiska personens skatt, s.k. företrädaransvar. Sådant ansvar kan komma i fråga om företrädaren har agerat uppsåtligt eller varit grovt oaktsam (59 kap. <NOBR>12–14</NOBR> §§ skatteförfarandelagen, se samma prop. s. 430 f. och <NOBR>903–905).</NOBR></P>
<P class="p1450 ft4">Av skatteförfarandelagen framgår uttryckligen att beslut enligt den lagen bara får fattas om skälen för beslutet uppväger det intrång eller men i övrigt som beslutet innebär för den som beslutet gäller eller för något annat motstående intresse (2 kap. 5 §).</P>
<P class="p1451 ft2">581</P>
</DIV>
<DIV id="page_582">
<P class="p1452 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Betalningssäkring för sanktionsavgift enligt lagen om värdepappersmarknaden</P>
<P class="p1407 ft2">Bestämmelserna om betalningssäkring är tillämpliga på skatt. De kan dock, som framgår ovan, tillämpas även i fråga om betalningsskyldighet som uppkommit på grund av företrädaransvar. Vidare kan de användas för att säkra betalning av fordringar som avser vissa särskilda avgifter och kontrollavgifter, dvs. ett slags administrativa sanktionsavgifter som utgör en reaktion på en regelöverträdelse. Även om sanktionsavgifter enligt lagen om värdepappersmarknaden saknar koppling till skatter bör det enligt utredningen vara möjligt att i den lagen införa en bestämmelse som, efter förebild av bestämmelser i skatteförfarandelagen (46 kap. 5– 7 §§), ger Finansinspektionen en möjlighet att ansöka om betalnings- säkring för sanktionsavgifter. En sådan ansökan kan prövas av allmän förvaltningsdomstol, varvid vissa angivna bestämmelser i skatteför- farandelagen bör tillämpas. Enligt utredningen kan kraven i MiFID II därigenom uppfyllas samtidigt som processen i sin helhet även i fortsätt- ningen är förlagd till allmän förvaltningsdomstol.</P>
<P class="p1453 ft27">Regeringen anser i likhet med utredningen att det bör vara möjligt med betalningssäkring för en sanktionsavgift på grund av en överträdelse eller misstänkt överträdelse av lagen om värdepappersmarknaden. Bestäm- melser om betalningssäkring för bl.a. sanktionsavgift föreslås i svensk rätt när det gäller överträdelser av marknadsmissbruksförordningen (se 3 kap. <NOBR>8–10</NOBR> §§ lagen med kompletterande bestämmelser till EU:s marknadsmissbruksförordning och prop. 2016/17:22 s. <NOBR>165–169).</NOBR> Enligt regeringens uppfattning bör det tas in motsvarande bestämmelser om betalningssäkring i lagen om värdepappersmarknaden. I likhet med betal- ningssäkring för t.ex. skatter bör betalningssäkring för en sanktionsavgift enligt lagen om värdepappersmarknaden få användas endast när vissa särskilt angivna förutsättningar är uppfyllda. Det bör krävas att det är sannolikt att en sådan kommer att fastställas, att det ska finnas en påtaglig risk för att företaget eller personen i fråga, genom att avvika, skaffa undan egendom eller förfara på annat sätt, undandrar sig att betala avgiften, och att betalningsskyldigheten avser ett betydande belopp. Enligt utredningens förslag kan betalningssäkring inte beslutas för en sanktionsavgift som fastställts. Regeringen anser dock att betalningssäkring bör kunna komma i fråga även i ett sådant fall, vilket överensstämmer med det som gäller på marknadsmissbruksområdet enligt lagen med kompletterande bestämmelser till EU:s marknadsmissbruksförordning.</P>
<P class="p1454 ft4">Det bör, liksom i skatteförfarandelagen, anges att åtgärden ska vara proportionerlig (se 2 kap. 5 § skatteförfarandelagen). Enligt regeringens uppfattning bör detta anges uttryckligen i lagen om värdepappersmark- naden.</P>
<P class="p575 ft2">Genom hänvisningar till bestämmelser i skatteförfarandelagen bör det gälla att ett beslut om betalningssäkring enligt lagen om värdepappers- marknaden ska upphävas helt eller delvis om det inte längre finns förut- sättningar för beslutet eller beslutet av någon annan anledning inte bör kvarstå. Det som anges i skatteförfarandelagen om förvaltningsrättens prövning av beslutet, rätt till muntlig förhandling, underrättelse om ett beslut om betalningssäkring och om upphörande av beslutet om inte</P>
<P class="p535 ft2">betalningsskyldighet fastställts inom viss tid bör tillämpas även när det</P>
<P class="p19 ft2">582</P>
</DIV>
<DIV id="page_583">
<P class="p186 ft4">gäller beslut om betalningssäkring enligt lagen om värdepappersmark- Prop. 2016/17:162 naden. Vidare bör bestämmelserna i skatteförfarandelagen om ersättning</P>
<P class="p113 ft2">för skada på grund av betalningssäkring gälla för beslut om betalnings- säkring för sanktionsavgift enligt lagen om värdepappersmarknaden.</P>
<P class="p144 ft2">Utredningens förslag innebär att betalningssäkring endast kan göras vid vissa angivna överträdelser. Enligt regeringens mening bör dock bestämmelserna om betalningssäkring för sanktionsavgift gälla generellt för samtliga sanktionsavgifter som kan beslutas enligt lagen om värde- pappersmarknaden.</P>
<P class="p357 ft2">Regeringen instämmer med <SPAN class="ft3">Kronofogdemyndigheten </SPAN>att det bör införas bestämmelser om verkställighet av ett beslut om betalningssäkring för en sanktionsavgift och att hänvisning bör göras till vissa bestämmelser i skatteförfarandelagen (69 kap. <NOBR>13–18</NOBR> §§). På så sätt kommer det att framgå att det är Kronofogdemyndigheten som på begäran av Finans- inspektionen har till uppgift att verkställa ett beslut om betalningssäkring av sanktionsavgift, vad som gäller för återlämnande av egendom om beslutet om betalningssäkring upphävs, vilka bestämmelser i utsöknings- balken som ska tillämpas i fråga om verkställigheten, vad som gäller för ställande av säkerhet och dess ianspråktagande samt vad som gäller i fråga om överklagande av Kronofogdemyndighetens beslut. Vidare bör genom hänvisning framgå vad som gäller för verkställighet av ett beslut om att ta säkerhet i anspråk (se 71 kap. 1 § första stycket skatteför- farandelagen). Regeringen anser dock, till skillnad från Kronofogde- myndigheten, att det inte behövs en särskild hänvisning till lagen om indrivning av statliga fordringar m.m.</P>
<P class="p1325 ft1">15 Prövningsförfaranden</P>
<P class="p1326 ft21"><SPAN class="ft121">15.1</SPAN><SPAN class="ft160">Inledning</SPAN></P>
<P class="p1064 ft2">Möjligheterna till överklagande när det gäller sanktionsavgifter och andra ingripanden som beslutas av Finansinspektionen behandlas i avsnitt 14. I avsnitt 15 behandlas möjligheterna till överklagande av övriga beslut som fattas med stöd av bestämmelser som i svensk rätt genomför MiFID II eller med stöd av MiFIR (avsnitt 15.2), kraven på att offentliga organ eller konsumentorganisationer ska kunna vidta åtgärder i konsumenters intresse samt kraven på effektiva och ändamålsenliga förfaranden och organ för hantering av klagomål och tvistlösning mellan konsumenter och värdepappersföretag (avsnitt 15.3).</P>
<TABLE cellpadding=0 cellspacing=0 class="t137">
<TR>
<TD class="tr47 td55"><P class="p96 ft121">15.2</P></TD>
<TD class="tr47 td349"><P class="p32 ft21">Rätt till domstolsprövning</P></TD>
<TD class="tr47 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr63 td364"><P class="p23 ft139"> </P></TD>
<TD class="tr60 td158"><P class="p23 ft120"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Beslut som Finansinspektionen fattar med stöd</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">av MiFIR ska få överklagas till allmän förvaltningsdomstol.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">Prövningstillstånd krävs vid överklagande till kammarrätten.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p21 ft2">Ett svenskt företag som ansöker om tillstånd att tillhandahålla data-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p57 ft2">rapporteringstjänster ska få begära förklaring hos allmän förvaltnings-</P></TD>
<TD class="tr25 td158"><P class="p20 ft2">583</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_584">
<DIV id="dimg1">
<INGENBILD zsrc="H403162584x1.jpg/" id="img1">
</DIV>
<DIV class="dclr"></DIV>
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">584</P>
</DIV>
<DIV id="id_2">
<P class="p1416 ft2">domstol att ärendet onödigt uppehålls, om Finansinspektionen inte har meddelat beslut i tillståndsfrågan inom sex månader från det att ansökan gavs in (s.k. dröjsmålstalan). Detsamma ska gälla ett företag som hör hemma utanför EES och som ansöker om tillstånd att driva värdepappersrörelse från filial i Sverige.</P>
<P class="p1455 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Förvaltningslagens bestämmelser om en myndighets skyldighet att motivera sina beslut och om att beslut överklagas till allmän förvaltningsdomstol överensstämmer med kraven i MiFID II. Nuvarande bestämmelser i lagen om värdepappers- marknaden om att Finansinspektionens beslut får överklagas till allmän förvaltningsdomstol och att prövningstillstånd krävs vid överklagande till kammarrätten uppfyller kravet i MiFID II på rätt till domstolsprövning när det gäller beslut som Finansinspektionen fattar med stöd av lagar och andra författningar som har antagits i enlighet med det direktivet. Någon särskild bestämmelse om möjlighet att väcka talan avseende beslut som privaträttsliga subjekt fattar med stöd av MiFIR behöver inte införas i lagen om värdepappersmarknaden.</P>
<P class="p1456 ft2"><SPAN class="ft25">Utredningen </SPAN>behandlar inte frågan.</P>
<P class="p1425 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tar inte upp frågan.</P>
<P class="p398 ft25">Skälen för regeringens förslag och bedömning</P>
<P class="p1086 ft3">Reglerna i MiFID II och MiFIR</P>
<P class="p1175 ft2">MiFID II ställer krav på att alla beslut som har meddelats i enlighet med bestämmelserna i MiFIR eller med stöd av lagar och andra författningar som antagits i enlighet med direktivet ska vara väl motiverade (se mer om detta begrepp nedan) och kunna överklagas i domstol (artikel 74.1 första meningen). Rätten till domstolsprövning ska enligt direktivet (artikel 74.1 andra meningen) finnas även i fall där beslut om aukto- risation inte har meddelats inom sex månader från det att en ansökan som innehåller alla begärda uppgifter har lämnats in.</P>
<P class="p385 ft2">Reglerna i MiFID II om rätt att överklaga beslut överensstämmer i huvudsak med dem i MiFID I (artikel 52.1). En skillnad när det gäller MiFID II är dock att regelverket inte bara finns i direktivet utan även i MiFIR. Enligt MiFID II gäller rätten till överklagande även beslut som fattas med stöd av förordningen.</P>
<P class="p506 ft2">Finansinspektionen får i egenskap av behörig myndighet enligt MiFIR rätt att fatta beslut i enskilda fall om undantag från kravet att offentlig- göra viss information före handel för marknadsoperatörer och värde- pappersföretag som driver en handelsplats (artikel 4), tillstånd att skjuta upp offentliggörandet av uppgifter om transaktioner för marknadsopera- törer och värdepappersföretag (artiklarna 7 och 11), att vägra en central motpart tillträde till clearingsystem för finansiella instrument (artiklarna 35.4 och 36.4) och att under en övergångsperiod undanta en central mot- part från tillämpning av vissa krav i fråga om överlåtbara värdepapper och penningmarknadsinstrument (artikel 35.5). Rätten att överklaga enligt MiFID II (artikel 74.1 första meningen) omfattar därför även så- dana beslut som fattas enligt MiFIR.</P>
<P class="p1176 ft4">I MiFIR har kommissionen fått rätt att fatta beslut om fastställande av likvärdighet i fråga om regelverk och tillsynssystem i tredjeland när det</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_585">
<P class="p186 ft4">gäller tjänster som tillhandahålls av tredjelandsföretag eller handels- Prop. 2016/17:162 platser i tredjeland (artikel 47). Ett sådant beslut om likvärdighet, liksom</P>
<P class="p1226 ft2">underlåtenhet att fatta ett sådant beslut, överklagas till <NOBR>EU-domstolen</NOBR> i särskild ordning (artiklarna <NOBR>263–266</NOBR> i fördraget om Europeiska unionens funktionssätt). Detsamma gäller för Esmas och Ebas beslut om tillfälligt ingripande (artiklarna 40 och 41), och Esmas beslut om positionshante- ring och registrering (artiklarna 45, 46 och 49). MiFIR (skäl 41) möjlig- gör även för nationella instanser att besluta om huruvida företag från tredjeland ska få tillhandahålla tjänster i unionen när ett beslut om faktisk likvärdighet inte kan fattas. Sådana beslut kan därmed omfattas av nationella bestämmelser om överklagande.</P>
<P class="p165 ft3">Skyldigheten att motivera beslut</P>
<P class="p920 ft2">I den svenska språkversionen av MiFID II (artikel 74.1 första meningen) anges att alla beslut som har meddelats i enlighet med bestämmelserna i MiFIR eller med stöd av lagar och andra författningar som antagits i en- lighet med direktivet ska vara väl ”underbyggda”, medan den engelska språkversionen använder termen ”reasoned”. Det kan därför diskuteras om kravet ska tolkas som att det tar sikte på de skäl som anges i beslutet, dvs. motiveringen, eller om det i stället avser beslutsunderlaget, dvs. att man inom den behöriga myndigheten ska ha tagit fram tillräckligt med underlag för att kunna fatta ett väl underbyggt beslut. Samma terminologi används även i de båda språkversionerna MiFID I (artikel 52.1). Vid genomförandet i svensk rätt av MiFID I konstaterades endast att direk- tivet ställer upp krav på att beslut ska vara ”motiverade” (se prop. 2006/07:115 s. 522 f.). Regeringen finner inte skäl att göra någon annan bedömning när det gäller motsvarande krav i MiFID II. Kravet i direktivet tar enligt regeringens uppfattning således sikte på själva motiveringen av besluten. Ett krav på att beslut ska vara ”underbyggda” i den meningen att de ska baseras på ett tillräckligt beslutsunderlag ställs dessutom redan på svenska myndigheter (se 4 § förvaltningslagen och prop. 1985/86:80 s. 59) samt genom att myndigheterna enligt allmänna förvaltningsrättsliga principer och vägledande rättspraxis anses ha ett ansvar för att dess ärenden blir tillräckligt utredda (se RÅ 2006 ref. 15). Det nu aktuella kravet i MiFID II (artikel 74.1 första meningen) skulle därför vara uppfyllt även vid en sådan tolkning av dess innebörd.</P>
<P class="p1457 ft2">I förvaltningslagen finns bestämmelser om en förvaltningsmyndighets skyldighet att i sina beslut ange de skäl och omständigheter som har bestämt utgången (20 §). Endast i vissa speciella fall får skälen utlämnas helt eller delvis, t.ex. om beslutet inte går någon part emot, om det av någon annan anledning är uppenbart obehövligt eller om ärendet är så brådskande att det inte finns tid att utforma skälen. Kraven i MiFID II (artikel 74.1 första meningen) på att beslut som fattas med stöd av lagar eller andra författningar som har antagits i enlighet med det direktivet eller med stöd av MiFIR ska vara väl underbyggda, får därmed anses uppfyllt genom befintlig lagstiftning. Samma bedömning gjordes vid genomförandet i svensk rätt av motsvarande regler i MiFID I (se prop. 2006/07:115 s. 523).</P>
<P class="p1458 ft2">585</P>
</DIV>
<DIV id="page_586">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">586</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft3">Rätten att överklaga</P>
<P class="p1175 ft2">Reglerna i MiFID II och MiFIR föranleder enligt regeringens uppfattning inte någon ändring när det gäller de två undantag från rätten att överklaga som finns i lagen om värdepappersmarknaden (26 kap. 1 § första stycket) för vissa beslut som Finansinspektionen fattar i sin tillsyn (se samma prop.). MiFID II innebär att tillämpningsområdet utvidgas jämfört med MiFID I och därmed att Finansinspektionen kommer att fatta beslut i fler frågor än i dag. De nuvarande bestämmelserna om överklagande i lagen om värdepappersmarknaden innebär att beslut som fattas enligt den lagen, med undantag för beslut i de två fall som nämns ovan, får överklagas till allmän förvaltningsdomstol. Regeringen anser därför att det krav som ställs upp i MiFID II (artikel 74.1 första meningen) om möjligheten till överklagande ryms inom ramen för gällande lagstiftning när det gäller beslut som Finansinspektionen fattar enligt bestämmelser som genomför det direktivet.</P>
<P class="p302 ft2">Enligt MiFID II ska emellertid även beslut som den behöriga myn- digheten fattar med stöd av MiFIR få överklagas (artikel 74.1 första meningen). Regeringen anser därför att beslut som Finansinspektionen fattar i enlighet med förordningen bör få överklagas till allmän förvalt- ningsdomstol och att krav på prövningstillstånd ska gälla vid över- klagande till kammarrätten, i likhet med det som gäller i dag för beslut som Finansinspektionen fattar enligt lagen om värdepappersmarknaden.</P>
<P class="p1113 ft2">Utöver beslut som fattas av medlemsstaternas behöriga myndigheter och beslut som fattas av <NOBR>EU-organ</NOBR> (t.ex. Esma, Eba och kommissionen) omfattar MiFIR en tredje kategori beslut som fattas av privaträttsliga subjekt, t.ex. centrala motparters beslut att avslå ansökan om tillträde till clearingsystem (artikel 35.3). Beslut av Finansinspektionen som behörig myndighet föreslås således omfattas av bestämmelserna om överklag- ande i lagen om värdepappersmarknaden och beslut av <NOBR>EU-organ</NOBR> kan bli föremål för särskilda överprövningsförfaranden inom unionen. Det kan emellertid diskuteras om det bör införas en särskild möjlighet att väcka talan avseende sådana beslut som privaträttsliga subjekt fattar enligt MiFIR, t.ex. i likhet med det som i dag gäller för börser enligt lagen om värdepappersmarknaden (26 kap. 4 §). Möjligheten att väcka talan mot en börs beslut att avslå en ansökan om inregistrering av ett överlåtbart värdepapper motsvarar i huvudsak det som gällde enligt den numera upphävda lagen (1992:543) om börs- och clearingverksamhet (se prop. 1991/92:113 s. 211 och prop. 2006/07:115 s. <NOBR>475–477</NOBR> och 647). Efter- som MiFIR är direkt tillämplig finns det dock inget som hindrar att den som driver en handelsplats väcker talan i allmän domstol på grundval av förordningen mot en central motpart som den anser inte har fullgjort sina skyldigheter enligt densamma. Avsaknaden av en särskild bestämmelse i lagen om värdepappersmarknaden förtar därför inte möjligheten att väcka talan avseende sådana beslut, även om det i och för sig skulle kunna underlätta tillämpningen om man inför en specifik bestämmelse om detta i lagen. Regeringen uppmärksammar frågan men anser inte att ett sådant förtydligande behöver göras i nuläget för dessa kategorier av beslut som får fattas med stöd av MiFIR.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_587">
<DIV>
<DIV id="id_1">
<P class="p19 ft3">Dröjsmålstalan</P>
<P class="p1216 ft2">Den rätt till domstolsprövning även om beslut i ett ärende om auktori- sation inte fattas inom sex månader som finns i MiFID II (artikel 74.1 andra meningen) finns även i MiFID I (artikel 52.1 andra meningen). Reglerna om auktorisation i MiFID I gäller värdepappersföretag (artik- larna <NOBR>5–7)</NOBR> och reglerade marknader (artikel 36). Motsvarande regler finns även i MiFID II (artiklarna <NOBR>5–8</NOBR> och 44). I MiFID II finns regler om auktorisation även när det gäller företag som tillhandahåller datarapport- eringstjänster (artiklarna 1.2 d och <NOBR>59–61)</NOBR> och företag utanför EES som tillhandahåller investeringstjänster eller utför investeringsfilial från filial i ett land inom EES (artiklarna 1.2 b och <NOBR>39–41).</NOBR> Rätten till domstols- prövning gäller enligt MiFID II (artikel 74.1 andra meningen) därför även om den behöriga myndigheten inte fattar beslut i ett sådant ärende inom sex månader från det att en fullständig ansökan gavs in.</P>
<P class="p432 ft2">Reglerna i MiFID I om rätt till domstolsprövning även när den be- höriga myndigheten inte fattar beslut i ett ärende om tillstånd inom sex månader, har i svensk rätt genomförts i lagen om värdepappersmark- naden (26 kap. 2 §) som en möjlighet för ett värdepappersbolag eller en börs att begära förklaring av allmän förvaltningsdomstol att ärendet onödigt uppehålls om Finansinspektionen i ett ärende om tillstånd inte meddelat beslut inom sex månader (prop. 2006/07:115 s. 523 f.). Vid en sådan dröjsmålstalan prövar domstolen i princip endast om ärendet är färdigt för avgörande och om samtliga handlingar och uppgifter som behövs som underlag för beslutet har lämnats in. Om domstolen finner att ärendet är färdigt för avgörande börjar en ny period om sex månader att löpa. Om Finansinspektionen vid utgången av denna frist fortfarande inte har fattat något beslut i ärendet, ska det anses som att ansökan har avslagits. Först då kan sökanden överklaga och få en prövning i sak. En rätt till sådan s.k. dröjsmålstalan finns även i annan lagstiftning på finansmarknadsområdet, t.ex. i lagen om bank- och finansieringsrörelse (17 kap. 2 §) och lagen om värdepappersfonder (14 kap. 2 §).</P>
<P class="p1331 ft2">I MiFID II finns regler om tillstånd även för att tillhandahålla data- rapporteringstjänster (artikel 59) och om tillstånd för företag som hör hemma utanför EES att tillhandahålla investeringstjänster eller utföra investeringsverksamhet från filial i ett land inom EES (artikel 39). Reglerna i MiFID II (artikel 74.1 andra meningen) om att det ska finnas en möjlighet till domstolsprövning om den behöriga myndigheten inte meddelar beslut även i ett sådant ärende inom sex månader från det att en fullständig ansökan gavs in, bör enligt regeringens uppfattning genom- föras i svensk rätt genom att möjligheten till dröjsmålstalan utvidgas till att gälla även sådana fall. Motsvarande bedömning gjordes när det gäller genomförandet i svensk rätt av MiFID I som också innebar att möjlig- heten till dröjsmålstalan utvidgades till fler tillståndsärenden jämfört med tidigare (se prop. 2006/07:115 s. 523). Möjligheten att begära förklaring hos allmän förvaltningsdomstol om Finansinspektionen inte har meddelat beslut inom sex månader från det att en ansökan gavs bör därför gälla även om ett svenskt företag ansöker om tillstånd att tillhandahålla data- rapporteringstjänster eller om ett företag som hör hemma utanför EES ansöker om tillstånd att driva värdepappersrörelse från filial i Sverige. Det saknas skäl att i förevarande lagstiftningsärende frångå en ordning</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">587</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_588">
<DIV id="dimg1">
<INGENBILD zsrc="H403162588x1.jpg/" id="img1">
</DIV>
<P class="p820 ft42">Prop. 2016/17:162 för prövning av dröjsmålstalan som har utformats efter förebild av befint- lig reglering på finansmarknadsområdet.</P>
<P class="p1034 ft21"><SPAN class="ft21">15.3</SPAN><SPAN class="ft160">Hantering av klagomål och tvistlösning</SPAN></P>
<P class="p1387 ft4"><SPAN class="ft103">Regeringens bedömning: </SPAN>Kraven i MiFID II om att offentliga organ eller konsumentorganisationer ska kunna vidta åtgärder i konsument- ers intresse samt krav på effektiva och ändamålsenliga förfaranden och organ för hantering av klagomål och för tvistlösning mellan kon- sumenter och värdepappersföretag kräver inte någon lagstiftnings- åtgärd.</P>
<P class="p711 ft4"><SPAN class="ft103">Utredningens bedömning </SPAN>överensstämmer med regeringens bedöm- ning.</P>
<P class="p576 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker bedömningen eller har inget att invända mot den. <SPAN class="ft45">Allmänna reklamationsnämnden </SPAN>önskar få möjlighet att senare lämna synpunkter på regeringens närmare reglering av vad som kommer att krävas av nämnden med anledning av kraven på samverkan och rapportering i artikel 75 i MiFID II, bl.a. när det gäller lagvals- och forumfrågor.</P>
<P class="p1140 ft25">Skälen för regeringens bedömning</P>
<P class="p1459 ft3">Reglerna i MiFID II och MiFIR</P>
<P class="p1179 ft2">Enligt MiFID II ska medlemsstaterna föreskriva att ett eller flera av vissa i direktivet uppräknade typer av organ ska kunna vidta åtgärder vid domstol eller behörig administrativ myndighet för att säkerställa att MiFIR och de bestämmelser som antagits för att genomföra direktivet tillämpas (artikel 74.2). De organ som anges är</P>
<P class="p810 ft2"><SPAN class="ft2">a)</SPAN><SPAN class="ft40">offentliga organ eller dess företrädare,</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">b)</SPAN><SPAN class="ft48">konsumentorganisationer som har ett legitimt intresse av att skydda konsumenterna, och</SPAN></P>
<P class="p538 ft4"><SPAN class="ft2">c)</SPAN><SPAN class="ft48">yrkesorganisationer som har ett legitimt intresse av att agera för att skydda sina medlemmar.</SPAN></P>
<P class="p575 ft2">Medlemsstaterna ska enligt MiFID II även, där så är lämpligt genom att använda befintliga organ, säkerställa upprättandet av effektiva och ändamålsenliga klagomåls- och tvistlösningsförfaranden utanför domstol för konsumenttvister rörande värdepappersföretags tillhandahållande av investerings- och sidotjänster (artikel 75.1). Medlemsstaterna ska se till att dessa organ samarbetar aktivt med sina motparter i andra medlems- stater för att lösa gränsöverskridande tvister (artikel 75.2). I direktivet (skäl 151) anges att sådana organ bör beakta kommissionens rekommen- dation 98/257/EG om principer som ska tillämpas på de instanser som är ansvariga för förfaranden för reglering av konsumenttvister utanför domstol och kommissionens rekommendation 2001/310/EG om principer som ska tillämpas på extrajudiciella organ som deltar i reglering av konsumenttvister som görs upp i godo. Vidare anges att medlemsstaterna bör uppmuntras att använda befintliga mekanismer för gränsöver- skridande samarbete vid genomförandet av bestämmelserna om rekla-</P>
<P class="p964 ft2">588</P>
</DIV>
<DIV id="page_589">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">mationer och förfaranden för reglering av tvister utanför domstol, särskilt nätverket för klagomål mot finansiella tjänster <NOBR>(FIN-Net).</NOBR></P>
<P class="p181 ft2">Enligt MiFID II (artikel 75.3) ska de behöriga myndigheterna under- rätta Esma om de klagomåls- och tvistlösningsförfaranden som finns till- gängliga inom deras jurisdiktion.</P>
<P class="p313 ft42">Dessa regler i MiFID II (artiklarna 74.2 och 75) motsvarar i huvudsak reglerna i MiFID I (artiklarna 52.2 och 53).</P>
<P class="p511 ft3">Befintliga förfaranden och organ för hantering av tvister och klagomål</P>
<P class="p953 ft2">Vid genomförandet i svensk rätt av de nu aktuella reglerna MiFID I (artiklarna 52.2 och 53) konstaterade regeringen att kraven i direktivet var tillgodosedda genom de regelverk och organisationer som redan fanns på plats (prop. 2006/07:115 s. <NOBR>525–527).</NOBR> Regeringen hänvisade till de bestämmelser i den numera upphävda marknadsföringslagen (1995:450) som syftade till att motverka marknadsföring som är otill- börlig mot konsumenter. Den lagen har numera ersatts av marknads- föringslagen (2008:486). I sistnämnda lag finns en bestämmelse (23 §) om att en näringsidkare vars marknadsföring strider mot god marknads- föringssed eller på något annat sätt är otillbörlig mot konsumenter får förbjudas att fortsätta med marknadsföringen eller att vidta någon annan, liknande åtgärd. Detsamma gäller en anställd eller någon annan som handlar på näringsidkarens vägnar samt var och en som väsentligt har bidragit till marknadsföringen. Av samma lag framgår att en närings- idkare som vid sin marknadsföring låter bli att lämna sådan information som är av särskild betydelse från konsumentsynpunkt får åläggas att lämna informationen (24 §). Ett sådant förbud eller åläggande ska förenas med vite, om det inte av särskilda skäl är obehövligt (26 §). Talan om ett sådant förbud eller åläggande väcks vid Patent- och mark- nadsdomstolen (46 a §). En sådan talan får väckas av bl.a. Konsument- ombudsmannen (KO) och en sammanslutning av konsumenter, närings- idkare eller löntagare (47 §).</P>
<P class="p1460 ft2">En konsument har även möjlighet att direkt vända sig till Finansinspek- tionen. Om inspektionen på grundval av konsumentens uppgifter finner att det finns anledning därtill, kan inspektionen utreda om ett värdepap- persinstitut har brutit mot någon av de regler som gäller för institutet. Alla klagomål registreras och används av inspektionen inom ramen för dess tillsyn. Vidare följer det av den delegerade förordningen till MiFID II (artikel 26.6) att värdepappersinstitut ska tillhandahålla Finans- inspektionen viss information om klagomål. Finansinspektionen kan därigenom få kännedom om samtliga inkomna klagomål och kan vidta eventuella åtgärder med anledning av dessa. Finansinspektionen har även beslutat om allmänna råd (FFFS 2002:23) om klagomålshantering av- seende finansiella tjänster till konsumenter. Råden är tillämpliga på alla institut som står under Finansinspektionens tillsyn. Enligt råden bör varje institut ha en policy och en instruktion för klagomålshantering samt utse en eller flera klagomålsansvariga personer som missnöjda kunder kan hänvisas till. Institut bör enligt råden även lämna uppgifter om befatt- ningshavare som myndigheten kan kontakta när det gäller institutens klagomålshantering samt på ett lämpligt sätt registrera inkomna klagomål</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">589</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_590">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">590</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">och upplysa missnöjda kunder om möjligheten att få en tvist prövad av Allmänna reklamationsnämnden eller i allmän domstol.</P>
<P class="p487 ft2">Allmänna reklamationsnämnden är en statlig myndighet som har till huvuduppgift att på ett opartiskt sätt pröva tvister mellan konsumenter och näringsidkare som härrör från ett avtal om köp av en vara eller tjänst eller annan nyttighet som tillhandahållits huvudsakligen för enskilt bruk (se förordningen [2015:739] med instruktion för Allmänna reklamationsnämnden). Nämndens prövning är kostnadsfri och utmynnar i en rekommendation om hur tvisten bör lösas. Nämnden prövar inte bara tvister mellan en enskild konsument och en näringsidkare utan får också pröva tvister mellan en grupp konsumenter och en näringsidkare. Tvister av det senare slaget tas upp till prövning efter anmälan av KO eller, om KO för ett visst fall har beslutat att inte göra någon anmälan, av en sammanslutning av konsumenter eller löntagare. Allmänna reklamationsnämnden medverkar i olika <NOBR>EU-nätverk</NOBR> för instanser som vid sidan av domstolar prövar tvister mellan konsumenter och närings- idkare, bl.a. nätverket för prövning av finansiella tvister <NOBR>(FIN-Net).</NOBR> Det finns även ett <NOBR>EU-direktiv</NOBR> om alternativ tvistlösning för konsumenter (Europaparlamentets och rådets direktiv 2013/11/EU av den 21 maj 2013 om alternativ tvistlösning vid konsumenttvister och om ändring av för- ordning [EG] nr 2006/2004 och direktiv 2009/22/EG). Det direktivet innehåller vissa kvalitetskrav på alternativa tvistlösningsorgan men bygger på frivillighet när det gäller näringsidkares deltagande. Direktivet gäller med några få undantag för alla typer av avtalsrättsliga tvister mellan konsumenter och näringsidkare. Direktivet har i svensk rätt genomförts i lagen (2015:671) om alternativ tvistlösning i konsument- förhållanden och en ny förordning med instruktion för Allmänna reklamationsnämnden. Genom lagen har Allmänna reklamationsnämndens kompetensområde utvidgats.</P>
<P class="p1461 ft2">Konsumenter kan även vända sig till Konsumenternas bank- och finansbyrå och Konsumenternas Försäkringsbyrå för att få kostnadsfri information och vägledning vid klagomål. Byråerna är självständiga organ som driver verksamheten i stiftelseform. Huvudmän för stiftelsen bakom Konsumenternas bank- och finansbyrå är Finansinspektionen, Konsumentverket, Fondbolagens förening, Svenska Bankföreningen och Svenska Fondhandlareföreningen. Huvudmän för stiftelsen bakom Konsumenternas Försäkringsbyrå är Konsumentverket, Finansinspek- tionen och Svensk Försäkring. Stiftelserna drivs av en styrelse som består av representanter för huvudmännen och verksamheterna bekostas av branschen. Byråerna bistår i första hand konsumenter i frågor som rör finansiella tjänster på <NOBR>bank-,</NOBR> värdepappers- och försäkringsområdena där de lämnar information och vägledning såväl före som efter köp av en finansiell tjänst. Byråerna har också till uppgift att fånga upp och vidare- befordra konsumentsynpunkter till sina huvudmän.</P>
<P class="p526 ft3">Överväganden</P>
<P class="p1211 ft4">De flesta av de verktyg som en konsument har till sitt förfogande för klagomål och tvistlösning i dag fanns som redovisas ovan redan när MiFID I genomfördes i svensk rätt. Det finns dock en skillnad mellan MiFID I och MiFID II när det gäller system för konsumenters klagomål</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_591">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">utanför domstol, genom att det i MiFID II (artikel 75.1 och 75.2) finns ett uttryckligt krav på att medlemsstaterna säkerställer upprättandet av effektiva och ändamålsenliga system, att alla värdepappersföretag ansluts till sådana system samt att dessa system samarbetar aktivt med sina mot- parter i andra medlemsstater för att lösa gränsöverskridande tvister. I MiFID I (artikel 53.1 och 53.2) anges däremot endast att medlems- staterna ska uppmuntra till upprättandet av sådana system och tillse att lagstiftning och andra regler inte hindrar dessa organ från att samarbeta effektivt för att lösa gränsöverskridande tvister. När MiFID I genom- fördes i svensk rätt gjorde regeringen, som nämns ovan, bedömningen att kraven i direktivet på sådana system och samarbete var tillgodsedda genom befintliga system, bl.a. genom Allmänna reklamationsnämnden. Nämnden kan pröva tvister mellan konsumenter och näringsidkare som härrör från ett avtal om köp av en vara, tjänst eller annan nyttighet och rekommendera en lösning av tvisten (3 § förordningen med instruktion för Allmänna reklamationsnämnden). Alla värdepappersinstitut omfattas således av nämndens möjlighet att pröva tvister, även om de inte är före- mål för något anslutningsförfarande (jfr artikel 75.1 i MiFID II). Nämnd- ens beslut är i och för sig inte rättsligt bindande, men det anses vara god marknadssed att följa beslutet. För värdepappersinstitutens del kan det strida mot kravet i lagen om värdepappersmarknaden (8 kap. 1 §) att handla hederligt, rättvist och professionellt att inte följa nämndens beslut. Den nuvarande ordningen uppfyller därför enligt regeringens bedömning även kravet i MiFID II att alla värdepappersinstitut ska vara anslutna till ett organ för tvistlösning.</P>
<P class="p1037 ft2">Regeringen gör således sammantaget bedömningen att kraven på hantering av klagomål och tvistlösning MiFID II får anses tillgodosedda genom befintliga regelverk och organisationer, även med beaktande av att direktivet innebär strängare krav jämfört med MiFID I i detta av- seende. Därtill kommer de förslag i denna proposition som innebär att kund- och konsumentskyddet förstärks genom bl.a. skydd för vissel- blåsare (avsnitt 13.5), kompetens- och lämplighetskrav hos personer som utför investeringsrådgivning (avsnitten 8.4 och 8.5) och hos ledningen i ett värdepappersinstitut (avsnitt 12.2.2), informationskrav vid rådgivning om finansiella instrument, investeringstjänster eller sidotjänster (avsnitt- en 8.2 och 8.3), utökad dokumentationsskyldighet (avsnitt 8.12), sär- skilda regler om intressekonflikter (avsnitt 9.2) samt begränsningar i rätten att ta emot ersättning från tredjepart vid rådgivning i vissa fall (avsnitt 9.3). Enligt regeringens uppfattning bör de nu aktuella reglerna i MiFID II därför inte föranleda några ytterligare lagstiftningsåtgärder.</P>
<P class="p573 ft2">När det gäller kravet i MiFID II (artikel 75.3) på de behöriga myndig- heterna att underrätta Esma om de klagomåls- och tvistlösningsförfar- anden som finns tillgängliga inom deras jurisdiktion anser regeringen att detta krav – i likhet med motsvarande krav i MiFID I (artikel 53.3) – uppfylls genom den skyldighet som Finansinspektionen har enligt lagen om värdepappersmarknaden att samarbeta och utbyta information med Esma (23 kap. 5 §, se avsnitt 13.4.2 och prop. 2011/12:70 s. 59).</P>
<P class="p573 ft4">Kravet på aktivt samarbete i MiFID II (artikel 75.2) är inte villkorat av krav på medlemsstaterna att införa bestämmelser i lagvals- och forum- frågor. Genomförandet i svensk rätt av kraven på samverkan och rapport- ering i MiFID II (artikel 75.2 och 75.3) kommer därför inte att föranleda</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">591</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_592">
<P class="p1252 ft42">Prop. 2016/17:162 några sådana ändringar i svensk rätt som <SPAN class="ft51">Allmänna reklamations- nämnden </SPAN>utgår ifrån i sitt remissvar.</P>
<TABLE cellpadding=0 cellspacing=0 class="t176">
<TR>
<TD class="tr0 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr0 td255"><P class="p1462 ft138">16</P></TD>
<TD class="tr0 td385"><P class="p23 ft1">Ändringar i regleringen som rör</P></TD>
</TR>
<TR>
<TD class="tr45 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr45 td255"><P class="p23 ft7"> </P></TD>
<TD class="tr45 td385"><P class="p23 ft1">marknadsmissbruk</P></TD>
</TR>
<TR>
<TD class="tr30 td42"><P class="p23 ft34"> </P></TD>
<TD colspan=2 class="tr49 td364"><P class="p23 ft75"> </P></TD>
</TR>
<TR>
<TD class="tr27 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td366"><P class="p57 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Tillämpningsområdet för lagen om straff för</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">marknadsmissbruk på värdepappersmarknaden utvidgas så att det</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">omfattar dels finansiella instrument som handlas på en <NOBR>OTF-plattform,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">dels ageranden i samband med auktionering av utsläppsrätter på en</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">auktionsplattform enligt auktioneringsförordningen. Det klargörs att</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">det som gäller för order också ska gälla bud i en auktion enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">auktioneringsförordningen. Straffbestämmelserna och bestämmelserna</P></TD>
</TR>
<TR>
<TD class="tr25 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td366"><P class="p57 ft2">om tillsynsmyndighetens befogenheter när det gäller marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">missbruk i lagen om handel med utsläppsrätter tas bort. Innebörden av</P></TD>
</TR>
<TR>
<TD class="tr26 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td366"><P class="p57 ft2">uttrycket handel på värdepappersmarknaden utvidgas så att det även</P></TD>
</TR>
<TR>
<TD class="tr31 td365"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr31 td366"><P class="p57 ft2">avser handel på en <NOBR>OTF-plattform.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr64 td365"><P class="p23 ft140"> </P></TD>
<TD colspan=2 class="tr65 td367"><P class="p23 ft6"> </P></TD>
</TR>
<TR>
<TD class="tr2 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr2 td235"><P class="p39 ft25">Utredningens förslag (SOU 2014:46) <SPAN class="ft2">överensstämmer i huvudsak</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">med regeringens förslag. Utredningens förslag avviker från regeringens</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">förslag genom att det inte omfattar bestämmelserna som rör tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">myndighetens befogenheter i lagen om handel med utsläppsrätter.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2"><SPAN class="ft25">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P></TD>
</TR>
<TR>
<TD class="tr31 td42"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td255"><P class="p23 ft2">det.</P></TD>
<TD class="tr31 td385"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr62 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr62 td235"><P class="p23 ft25">Skälen för regeringens förslag</P></TD>
</TR>
<TR>
<TD class="tr33 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td235"><P class="p23 ft3"><NOBR>OTF-plattformar</NOBR></P></TD>
</TR>
<TR>
<TD class="tr24 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr24 td235"><P class="p23 ft2">På <NOBR>EU-nivå</NOBR> finns regler om marknadsmissbruk i marknadsmissbruksför-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ordningen och i Europaparlamentets och rådets direktiv 2014/57/EU av</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">den 16 april 2014 om straffrättsliga påföljder för marknadsmissbruk (i</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">det följande benämnt marknadsmissbruksdirektivet). Marknadsmiss-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bruksförordningen har ersatt Europaparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">2003/6/EG av den 28 januari 2003 om insiderhandel och otillbörlig</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknadspåverkan (marknadsmissbruk) (i det följande benämnt 2003 års</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknadsmissbruksdirektiv). Bestämmelser som kompletterar eller</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">genomför dessa <NOBR>EU-rättsakter</NOBR> finns i lagen med kompletterande bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">melser till EU:s marknadsmissbruksförordning och lagen om straff för</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknadsmissbruk på värdepappersmarknaden (prop. 2016/17:22). Dessa</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">lagar trädde i kraft den 1 februari 2017.</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p39 ft2">Förbuden mot marknadsmissbruk i marknadsmissbruksförordningen är</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tillämpliga bl.a. på finansiella instrument som är upptagna till handel på</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">en reglerad marknad eller som handlas på en <NOBR>MTF-plattform</NOBR> eller OTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">plattform. De bestämmelser som avser <NOBR>OTF-plattformar</NOBR> ska dock inte</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">börja tillämpas förrän den 3 januari 2018 när MiFID II ska vara genom-</P></TD>
</TR>
<TR>
<TD class="tr25 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">fört. Detsamma gäller nationella bestämmelser som genomför marknads-</P></TD>
</TR>
<TR>
<TD class="tr26 td42"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">missbruksdirektivet (artikel 13.1). Före den 3 januari 2018 finns det inga</P></TD>
</TR>
<TR>
<TD class="tr27 td42"><P class="p969 ft2">592</P></TD>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2"><NOBR>OTF-plattformar.</NOBR> När lagen om straff för marknadsmissbruk på värde-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_593">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">pappersmarknaden infördes bedömdes det att tillämpningsområdet för den lagen borde utvidgas i samband med genomförandet av MiFID II till att avse även finansiella instrument som handlas på en <NOBR>OTF-plattform</NOBR> och finansiella instrument vilkas värde är beroende av sådana instrument (samma prop. s. 258). Som en konsekvens av införandet av <NOBR>OTF-plattfor-</NOBR> mar bör även definitionen av uttrycket ”handel på värdepappersmarknad- en” (1 kap. 4 §), som har betydelse för straffbestämmelsen om insider- brott, justeras så att det även omfattar handel på en <NOBR>OTF-plattform.</NOBR></P>
<P class="p165 ft3">Utsläppsrätter</P>
<P class="p953 ft2">Kommissionen har antagit en förordning som innehåller bestämmelser om marknadsmissbruk när det gäller utsläppsrätter som inte klassificeras som finansiella instrument. Förordningens fullständiga beteckning är kommissionens förordning (EU) nr 1031/2010 av den 12 november 2010 om tidsschema, administration och andra aspekter av auktionering av utsläppsrätter för växthusgaser i enlighet med Europaparlamentets och rådets direktiv 2003/87/EG om ett system för handel med utsläppsrätter för växthusgaser inom gemenskapen (i det följande benämnd auktione- ringsförordningen). Enligt den förordningen ska medlemsstaterna se till att det finns sanktioner för marknadsmissbruk (insiderhandel, obehörigt röjande av insiderinformation och otillbörlig marknadspåverkan) avseende utsläppsrätter som inte är finansiella instrument (artiklarna 36– 43). Sanktionerna ska motsvara de sanktioner som gäller för marknads- missbruk avseende finansiella instrument enligt 2003 års marknads- missbruksdirektiv. De behöriga myndigheterna ska vidare ha de tillsyns- och utredningsbefogenheter som föreskrivs i 2003 års marknadsmiss- bruksdirektiv. Straffbestämmelser och utredningsbefogenheter avseende utsläppsrätter i form av <NOBR>2-dagars</NOBR> spotkontrakt har därför införts i lagen om handel med utsläppsrätter (prop. 2011/12:143). Bestämmelserna gäller endast handel på primärmarknaden, dvs. i samband med auktions- förfarandet. Handel på sekundärmarknaden, dvs. vidareförsäljning från den som har köpt utsläppsrätter i en auktion, omfattas inte (se samma prop. s. 28).</P>
<P class="p1287 ft2">När de bestämmelser som i svensk rätt genomför MiFID II börjar tillämpas kommer alla typer av utsläppsrätter som erkänts med avseende på kraven i handelsdirektivet att klassificeras som finansiella instrument (se avsnitt 6.2.6) och därmed omfattas av marknadsmissbruksförord- ningen samt lagen med kompletterande bestämmelser till EU:s mark- nadsmissbruksförordning (se artikel 2.1 andra stycket i marknadsmiss- bruksförordningen). I marknadsmissbruksförordningen finns bestäm- melser som särskilt tar sikte på utsläppsrätter eller deltagare på mark- naden för utsläppsrätter. Exempelvis finns det bestämmelser om att vissa deltagare på marknaden för utsläppsrätter ska offentliggöra insiderinfor- mation (artikel 17.2).</P>
<P class="p432 ft4">Enligt marknadsmissbruksdirektivet ska de straffbestämmelser som genomför direktivet också omfatta beteenden i samband med auktion- ering av utsläppsrätter och andra auktionerade produkter baserade på sådana utsläppsrätter enligt auktioneringsförordningen, inbegripet när auktionerade produkter inte är finansiella instrument (artikel 1.2 andra stycket). Enligt direktivet ska de regler i direktivet som avser ”handels-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">593</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_594">
<P class="p1286 ft2">Prop. 2016/17:162 order” tillämpas på motsvarande sätt för ”bud” som lämnas i en auktion som hålls enligt auktioneringsförordningen (artikel 1.2 andra stycket). I direktivet, liksom i lagen om straff för marknadsmissbruk på värde- pappersmarknaden, finns bestämmelser som straffbelägger läggande, ändring eller återkallelse av en order i vissa fall. Nationella bestämmelser avseende utsläppsrätter ska i detta avseende börja tillämpas den 3 januari 2018 (artikel 13.1 i direktivet jämförd med artikel 39.4 i marknadsmiss- bruksförordningen).</P>
<P class="p1463 ft2">För att i svensk rätt genomföra marknadsmissbruksdirektivet även i dessa avseenden bör bestämmelser som avser utsläppsrätter och andra auktionerade produkter införas i lagen om straff för marknadsmissbruk på värdepappersmarknaden. Det görs lämpligen på ett direktivnära sätt, genom att konstatera att lagens bestämmelser ska tillämpas på ageranden i samband med auktionering av utsläppsrätter och andra auktionerade produkter och att det som anges i lagen om order även ska gälla bud i en auktion enligt auktioneringsförordningen. Däremot är det inte nödvändigt att ange att lagen är tillämplig även på auktionerade produkter som inte är finansiella instrument. Efter den 3 januari 2018 kommer det nämligen inte att finnas några auktionerade produkter som inte är finansiella instrument. Auktionsprodukter beskrivs i auktioneringsförordningen som futurekontrakt, forwardkontrakt, <NOBR>2-dagars</NOBR> spotkontrakt eller <NOBR>5-dagars</NOBR> futurekontrakt (artikel 4). Det är endast <NOBR>2-dagars</NOBR> spotkontrakt som inte redan är finansiella instrument, och dessa kontrakt kommer att omfattas av definitionen av finansiella instrument när de bestämmelser som i svensk rätt genomför MiFID II har trätt i kraft.</P>
<P class="p1203 ft2">Genom nu nämnda lagändringar kommer lagen om straff för mark- nadsmissbruk på värdepappersmarknaden att omfatta all handel med utsläppsrätter på primärmarknaden. Handel på sekundärmarknaden kommer att omfattas under förutsättning att det finansiella instrument som handlas finns upptaget till handel på en reglerad marknad eller <NOBR>MTF-plattform,</NOBR> eller handlas på en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> (1 kap. 2 §).</P>
<P class="p1203 ft2">Bestämmelserna som rör marknadsmissbruk i lagen om handel med utsläppsrätter behövs därmed inte längre. Det gäller både straffbestäm- melserna och de bestämmelser som rör tillsynsmyndighetens befogen- heter som införts till följd av auktioneringsförordningen. Dessa bestäm- melser bör därför upphävas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t177">
<TR>
<TD class="tr43 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td102"><P class="p275 ft1">17</P></TD>
<TD class="tr43 td405"><P class="p21 ft1">Övriga finansmarknadsfrågor</P></TD>
</TR>
<TR>
<TD class="tr57 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr57 td102"><P class="p275 ft21">17.1</P></TD>
<TD class="tr57 td405"><P class="p21 ft21">Inledning</P></TD>
</TR>
<TR>
<TD class="tr54 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr54 td247"><P class="p275 ft2">I avsnitt 17 behandlas inledningsvis ändringar i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">marknaden, lagen om bank- och finansieringsrörelse och lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">handel med finansiella instrument som avser hur den högsta sanktions-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">avgiften ska beräknas för juridiska personer som ingår i en koncern (av-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">snitt 17.2). Dessa ändringar kompletterar lagändringar som tidigare har</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr2 td148"><P class="p20 ft2">594</P></TD>
<TD class="tr27 td102"><P class="p275 ft2">gjorts</P></TD>
<TD class="tr27 td405"><P class="p23 ft2">för att i svensk rätt genomföra kapitaltäckningsdirektivet,</P></TD>
</TR>
<TR>
<TD class="tr66 td102"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td405"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_595">
<P class="p19 ft4">ändringsdirektivet till öppenhetsdirektivet och krishanteringsdirektivet. Prop. 2016/17:162 I samma avsnitt behandlas även frågan om en ändring som avser hur den</P>
<P class="p272 ft2">högsta sanktionsavgiften ska beräknas i förhållande till den ekonomiska fördel som en fysisk eller juridisk person erhållit till följd av en över- trädelse.</P>
<P class="p197 ft2">Därutöver behandlas en ändring i lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag som avser ingripandemöjlig- heter för Finansinspektionen vid s.k. pelare <NOBR>2-beslut,</NOBR> dvs. beslut som innebär att ett institut under vissa angivna förutsättningar ska uppfylla ett särskilt kapitalbaskrav utöver den kapitalbas som krävs enligt tillsynsförordningen (avsnitt 17.3).</P>
<P class="p1464 ft4">Slutligen behandlas en ändring i lagen om värdepappersmarknaden som innebär att det införs ett bemyndigande för att göra det möjligt för Finansinspektionen att meddela föreskrifter om informationssäkerhet och <NOBR>it-verksamhet</NOBR> för clearingorganisationer (avsnitt 17.4).</P>
<TABLE cellpadding=0 cellspacing=0 class="t178">
<TR>
<TD class="tr45 td55"><P class="p96 ft121">17.2</P></TD>
<TD class="tr45 td349"><P class="p32 ft21">Beräkning av sanktionsavgiftens storlek vid</P></TD>
<TD class="tr45 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td349"><P class="p32 ft21">sanktioner mot juridiska personer enligt</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td349"><P class="p32 ft21"><NOBR>kapitaltäcknings-,</NOBR> krishanterings- och</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr36 td55"><P class="p23 ft7"> </P></TD>
<TD class="tr36 td349"><P class="p32 ft21">öppenhetsdirektivet</P></TD>
<TD class="tr36 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr53 td364"><P class="p23 ft57"> </P></TD>
<TD class="tr61 td158"><P class="p23 ft136"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p178 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Bestämmelserna om högsta sanktionsavgift</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">utifrån en viss procentsats av den juridiska personens omsättning som</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">finns i lagen om värdepappersmarknaden, lagen om bank- och</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">finansieringsrörelse och lagen om handel med finansiella instrument</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p178 ft2">kompletteras så att den högsta sanktionsavgiften ska kunna fastställas</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">utifrån sådan omsättning på koncernnivå som motsvarar den typ av</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p57 ft2">omsättning som den juridiska personen har.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td371"><P class="p295 ft2">I bestämmelserna i de lagarna om fastställande av sanktionsavgift</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td371"><P class="p178 ft2">för en fysisk eller juridisk person tas hänvisningarna till de kostnader</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr27 td371"><P class="p57 ft2">som undvikits till följd av en regelöverträdelse bort.</P></TD>
<TD class="tr27 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr64 td374"><P class="p23 ft140"> </P></TD>
<TD class="tr66 td158"><P class="p23 ft142"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr24 td235"><P class="p894 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer delvis med regeringens för-</P></TD>
<TD class="tr24 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">slag. Promemorians förslag avviker från regeringens förslag genom att</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">promemorians förslag innebär att koncernens omsättning bestäms enbart</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">utifrån det yttersta moderföretagets redovisning, dvs. oavsett vilken typ</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">av omsättning den juridiska person som är föremål för ingripande har.</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">Promemorians förslag innebär inte någon ändring när det gäller hän-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">visningar till kostnader som undvikits till följd av en regelöverträdelse.</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p894 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">har inget att invända mot det. <SPAN class="ft3">Förvaltningsrätten i Stockholm </SPAN>noterar att</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">det inte föreslås någon ändring när det gäller bestämmelserna om beräk-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">ning av sanktionsavgift baserad på den vinst som erhållits till följd av</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">regelöverträdelsen. Enligt befintliga bestämmelser synes det endast vara</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">möjligt att beakta den vinst som den juridiska personen som sådan er-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">hållit. I direktiven anges att den administrativa sanktionsavgiften får upp-</P></TD>
<TD class="tr25 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">gå till ”två gånger beloppet för den fördel som erhållits genom överträd-</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">elsen” (se t.ex. artikel 66.2 e i kapitaltäckningsdirektivet), vilket enligt</P></TD>
<TD class="tr26 td158"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD colspan=2 class="tr33 td235"><P class="p23 ft2">förvaltningsrättens mening bör förstås på så vis att även vinst som upp-</P></TD>
<TD class="tr33 td158"><P class="p20 ft2">595</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_596">
<P class="p994 ft4">Prop. 2016/17:162 kommit hos ett annat subjekt ska kunna beaktas. En ändring som liknar den som föreslås beträffande omsättningsbaserad sanktionsavgift bör där-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">för övervägas även när det gäller bestämmelsen om beräkning baserad på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uppkommen vinst till följd av regelöverträdelsen. <SPAN class="ft3">Finansinspektionen</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">anser att det tydligare kan framgå av förarbetena att det är det yttersta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">moderföretagets koncernredovisning som ska beaktas när den högsta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sanktionsavgiften ska beräknas för ett företag som ingår i en koncern</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som består av flera underkoncerner. Vidare bör det förtydligas vad som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gäller i förhållande till moderföretag belägna utanför EES. Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tionen ser även vissa svårigheter med tolkningen av förslagen när det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller kreditinstitut och värdepappersbolag och framhåller att det är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">oklart om uttrycket ”den relevanta bruttointäkten” i artikel 67.2 andra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stycket i kapitaltäckningsdirektivet enbart avser de bruttointäkter som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">specificeras i punkt e eller om det avser ”omsättning” inbegripet de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft3"><SPAN class="ft2">relevanta bruttointäkterna. </SPAN>Juridiska fakultetsnämnden vid Stockholms</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">universitet </SPAN>tillstyrker förslaget men anser att den konsoliderade synen på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finansiella företagsgrupper kan ifrågasättas, särskilt som det i det här</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fallet gäller bestämmande av höga sanktionsavgifter. Det är långtifrån</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">självklart att sanktionsavgifter för ett dotterföretag eller företag längre</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ner i en koncernstruktur ska bestämmas med utgångspunkt även i moder-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företags omsättning. Dotterföretag kan inte besluta om tillskott från över-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ordnade företag för att täcka de sanktionsavgifter som blir följden. Detta</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">talar för att koncernstrukturer ska beaktas så lite som möjligt av den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">svenska lagstiftaren vid genomförandet av <NOBR>EU-rättsakterna.</NOBR> Åt motsatt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">håll talar intresset av att lagstiftningen på samtliga områden blir enhetlig</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">samt även att de skillnader som skulle bli följden av ett icke enhetligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">genomförande (dvs. ett minimigenomförande) av de olika rättsakterna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tycks vara ganska liten. Det sistnämnda innebär att intresset av enhet-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">lighet väger över. <SPAN class="ft3">Finansbolagens förening </SPAN>framhåller, beträffande lagen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om bank- och finansieringsrörelse, att svensk rätt inte bör gå utöver det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som krävs enligt kapitaltäckningsdirektivet och att det i lagen inte heller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">bör anges ”koncern” utan att man bör utgå från det som anges i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">direktivet. <SPAN class="ft3">Länsförsäkringar AB </SPAN>anser att den högsta sanktionsavgiften</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bör bestämmas utifrån det yttersta moderföretaget i en ”konsoliderad</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">situation” enligt definitionen i artikel 4.1 i tillsynsförordningen. Koncern</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">är ett vidare begrepp än ”konsoliderad situation” enligt tillsynsförord-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningen. Länsförsäkringar AB noterar även att frågan om hur bestäm-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">melserna bör tillämpas på företag som tillämpar lagen (1995:1560) om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">årsredovisning i försäkringsföretag (ÅRFL) inte behandlas i prome-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">morian. Frågan om hur omsättning hänförlig till försäkringsverksamhet</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ska hanteras vid fastställande av koncernens omsättning bör analyseras</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ytterligare. Sanktionsavgiften bör inte heller få sättas så högt att den</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">konsoliderade situationens, eller koncernens, finansiella ställning även-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tyras. I det ligger att ett företag inte bör få åläggas en så stor avgift att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">den äventyrar de i företagskonstellationen ingående företagens förmåga</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att fullgöra sina förpliktelser enligt Solvens <NOBR>II-reglerna</NOBR> respektive</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">konglomeratregelverket. Detta är i linje med proportionalitetskravet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><SPAN class="ft3">Nasdaq Stockholm AB </SPAN>anser att det är angeläget att genomförandet av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kapitaltäckningsdirektivet i svensk rätt inte blir mer långtgående än vad</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som krävs av direktivet och inte är strängare än genomförandet i andra</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">596</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">länder inom EES. Därför förespråkas att det förtydligas att ”koncern”</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_597">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td134"><P class="p23 ft2">avser en koncern med svenskt moderföretag, eller i andra hand ett</P></TD>
<TD class="tr24 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">moderföretag inom EES. Även <SPAN class="ft3">Svenskt Näringsliv </SPAN>anser att förslaget om</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">hur den högsta sanktionsavgiften ska beräknas för juridiska personer som</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">ingår i en koncern inte bör gå utöver de i <NOBR>EU-rätten</NOBR> angivna miniminivå-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">erna och framhåller vikten av ett <NOBR>EU-konformt</NOBR> genomförande i svensk</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p23 ft2">rätt så att inte svenska företags konkurrenskraft onödigtvis försämras.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">Skälen för regeringens förslag</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft3">Beräkning av sanktionsavgifter enligt <NOBR>EU-direktiven</NOBR></P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Kapitaltäckningsdirektivet, krishanteringsdirektivet och öppenhetsdirek-</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">tivet innehåller regler om de högsta sanktionsavgifter som ska kunna</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">påföras juridiska personer. Reglerna har genomförts i svensk rätt i lagen</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">om bank- och finansieringsrörelse, lagen om värdepappersmarknaden</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">och lagen om handel med finansiella instrument.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">I kapitaltäckningsdirektivet föreskrivs att sanktionsavgifter för jurid-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">iska personer (kreditinstitut och värdepappersbolag) ska kunna uppgå till</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">tio procent av företagets totala årliga nettoomsättning under det före-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">gående räkenskapsåret (artikel 66.2 c respektive artikel 67.2 e). I de fall</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">beloppen går att fastställa, ska sanktionsavgiften för både fysiska och</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">juridiska personer kunna även kunna uppgå till två gånger den fördel som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">erhållits till följd av regelöverträdelsen (artikel 66.2 e) respektive två</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">gånger den vinst som erhållits eller de förluster som undvikits till följd av</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">regelöverträdelsen (artikel 67.2 g). I kapitaltäckningsdirektivet föreskrivs</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">vidare (artikel 66.2 andra stycket och artikel 67.2 andra stycket) att om</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">den juridiska personen är ett dotterföretag till ett moderföretag, ska den</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">relevanta bruttointäkten vara den bruttointäkt som följer av de konso-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">liderade räkenskaperna för det sista moderföretaget under det föregående</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">räkenskapsåret. Liknande regler finns i krishanteringsdirektivet (artik-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">el 111.2 d).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">I öppenhetsdirektivet (artikel 28b.1 första stycket c i lydelsen enligt</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">ändringsdirektivet) anges att sanktionsavgifter för juridiska personer ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">kunna uppgå till 10 miljoner euro, fem procent av årsomsättningen när-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">mast föregående räkenskapsår, eller, i de fall beloppen går att fastställa,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">upp till två gånger den vinst som erhållits eller upp till två gånger de</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">förluster som undvikits till följd av regelöverträdelsen. I det direktivet</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">anges vidare att om den juridiska personen är ett moderföretag eller ett</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">dotterföretag till ett moderföretag som är skyldigt att upprätta konsoli-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">derad redovisning enligt redovisningsdirektivet ska den totala omsätt-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">ningen i fråga vara den totala årliga omsättningen eller motsvarande typ</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">av intäkt enligt de relevanta räkenskapsdirektiven enligt senast tillgäng-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">liga konsoliderade årliga redovisning som godkänts av styrelsen för det</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">yttersta moderföretaget. Med konsoliderad redovisning enligt redovis-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">ningsdirektivet avses koncernredovisning (se 7 kap. årsredovisningslagen</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">[1995:1554]).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Enligt öppenhetsdirektivet är uppräkningen inte uttömmande (artik-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">el 28b.3). Det finns alltså en möjlighet för medlemsstaterna att införa</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">ytterligare sanktioner eller högre sanktionsavgifter. Även beträffande</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">kapitaltäckningsdirektivet och krishanteringsdirektivet framgår att det är</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">fråga om minimiregler, eftersom det i direktiven anges att medlems-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">staterna ska se till att de administrativa sanktionerna och andra admi-</P></TD>
<TD class="tr33 td67"><P class="p20 ft2">597</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_598">
<P class="p727 ft4">Prop. 2016/17:162 nistrativa åtgärder inbegriper ”minst” eller ”åtminstone följande” (artik- larna 66.2 och 67.2 i kapitaltäckningsdirektivet och artikel 111.2 i kris- hanteringsdirektivet).</P>
<P class="p575 ft2">I lagen om bank- och finansieringsrörelse finns i dag bestämmelser om högsta och lägsta belopp för en sanktionsavgift för ett kreditinstitut och för fysiska personer (15 kap. 8 och 8 a §§). Motsvarande bestämmelser finns avseende värdepappersinstitut, emittenter och fysiska personer i lagen om värdepappersmarknaden (25 kap. 9, 9 a, 19 och 19 a §§) samt för de juridiska personer som avses i lagen om handel med finansiella instrument (6 kap. 3 b §). Bestämmelserna i de tre lagarna överens- stämmer med det som anges i direktiven på så sätt att det finns alternativa beräkningssätt för att fastställa högsta möjliga sanktions- avgift, för juridiska personer nämligen utifrån årsomsättningen eller utifrån erhållna ekonomiska fördelar och för fysiska personer bl.a. utifrån erhållna ekonomiska fördelar. Det högsta beloppet enligt de alternativa beräkningarna utgör ett avgiftstak. Finansinspektionen har att beakta den ram som detta avgiftstak ställer upp och sanktionerna ska vara proportionella i förhållande till överträdelsen i fråga (se prop. 2013/14:28 s. 235 f. och prop. 2015/16:26 s. <NOBR>95–97).</NOBR> Lagarna innehåller också bestämmelser om omständigheter som ska beaktas vid fastställande av sanktionsavgifter (15 kap. 9 § lagen om bank- och finansieringsrörelse, 25 kap. 10 och 19 d §§ lagen om värdepappersmarknaden och 6 kap. 3 f § lagen om handel med finansiella instrument). Bland de omständigheter som ska beaktas ingår de ekonomiska fördelar som erhållits.</P>
<P class="p1421 ft4">När det gäller en högsta möjliga sanktionsavgift beräknad i förhållande till årsomsättning framgår det däremot inte av de tre angivna lagarna att beräkningen i förekommande fall ska göras utifrån omsättningen på koncernnivå.</P>
<P class="p575 ft2">För ett korrekt genomförande i svensk rätt av direktiven måste därför bestämmelserna i lagen om bank- och finansieringsrörelse, lagen om värdepappersmarknaden och lagen om handel med finansiella instrument ändras så att det framgår att sanktionsavgiften ska beräknas utifrån omsättningen på koncernnivå i de fall det företag som ingripandet riktas mot ingår i en koncern. Vad som närmare bör avses med detta behandlas nedan.</P>
<P class="p654 ft4"><SPAN class="ft45">Lagrådet </SPAN>föreslår att bestämmelserna om fastställande av sanktionsavgift utifrån erhållna ekonomiska fördelar justeras i de tre angivna lagarna. Regeringen anser att bestämmelserna bör justeras med anledning av Lagrådet synpunkter. Även denna fråga behandlas nedan.</P>
<P class="p1465 ft45">Reglerna i direktiven om beräkning av sanktionsavgift på koncernnivå bör genomföras på ett enhetligt sätt</P>
<P class="p1289 ft2">Reglerna i direktiven är utformade på olika sätt, men måste antas ha samma syfte, dvs. att det vid beräkningen av sanktionsavgiftens storlek i förekommande fall ska beaktas att den juridiska personen ingår i en koncern. Regeringen anser att det oavsett de skillnader som finns mellan reglerna i direktiven är eftersträvansvärt med en enhetlig reglering i de olika lagarna på finansmarknadsområdet. Detta finns det förutsättningar</P>
<P class="p535 ft2">för eftersom direktiven i dessa delar innebär en minimireglering.</P>
<P class="p353 ft2">598</P>
</DIV>
<DIV id="page_599">
<DIV>
<DIV id="id_1">
<P class="p150 ft2">En skillnad att notera är att det i kapitaltäckningsdirektivet inte talas om koncernredovisning i enlighet med redovisningsdirektivet. Detsamma gäller krishanteringsdirektivet. I kapitaltäckningsdirektivet nämns endast att det ska vara fråga om ett ”dotterföretag” och att beräkning ska ske utifrån ”de konsoliderade räkenskaperna för det sista moderföretaget”. <SPAN class="ft3">Finansbolagens förening </SPAN>påpekar att ”koncern” inte nämns i direktivet. <SPAN class="ft3">Länsförsäkringar AB </SPAN>anser att direktivet innebär att man ska utgå från ”konsoliderad situation” enligt tillsynsförordningen, dvs. att ”det sista moderföretaget” bör avse det yttersta moderföretaget i en konsoliderad situation. Länsförsäkringar anser att de delar av en koncern som inte är reglerade under kapitaltäckningsdirektivet inte bör ligga till grund för sanktionsavgiftens beräkning, och att det måste finnas ett logiskt förhållande mellan den reglerade verksamhetens omfattning och sanktionsavgiftens storlek. Den tolkning av kapitaltäckningsdirektivet som Länsförsäkringar förespråkar får stöd i Europeiska centralbankens förordning (EU) nr 468/2014 av den 16 april 2014 om upprättande av ramen för samarbete inom den gemensamma tillsynsmekanismen mellan Europeiska centralbanken och nationella behöriga myndigheter samt med nationella utsedda myndigheter (ramförordning om den gemensamma tillsynsmekanismen [SSM]). Enligt den förordningen ska sanktions- avgiften för en enhet som ingår i en grupp under tillsyn bestämmas utifrån den totala årsomsättningen från den senast tillgängliga konsoli- derade årsredovisningen för denna grupp (artikel 128).</P>
<P class="p1037 ft2">Regeringen konstaterar emellertid att det i öppenhetsdirektivet, men även i övriga <NOBR>EU-rättsakter</NOBR> på finansmarknadsområdet som innehåller bestämmelser om sanktionsavgifter, talas om koncernredovisning i enlig- het med redovisningsdirektivet, vilket måste anses innebära att taket för sanktionsavgiften inte kan bestämmas utifrån ”konsoliderad situation”, som är ett mer begränsat begrepp än koncern och som endast är relevant i förhållande till kreditinstitut och värdepappersbolag. Som framgår ovan anser regeringen att <NOBR>EU-rättsakterna</NOBR> bör genomföras på ett enhetligt sätt, dvs. kapitaltäckningsdirektivet och krishanteringsdirektivet bör inte ges en egen tolkning.</P>
<P class="p912 ft2">Det bör således vara koncernredovisningen för det yttersta moderföre- taget som är avgörande för vilket tak som ska gälla för sanktionsavgiften i ett enskilt fall, även om detta företag är en annan typ av företag än det som sanktionen ska riktas mot. Som <SPAN class="ft3">Finansinspektionen </SPAN>påpekar gäller detta även i en koncern som består av flera underkoncerner.</P>
<P class="p624 ft2">Vad som är ett moderföretag bör bedömas utifrån årsredovisnings- lagen, som i svensk rätt genomför redovisningsdirektivet. Det är enligt regeringens mening inte möjligt att, såsom <SPAN class="ft3">Nasdaq Stockholm AB </SPAN>före- språkar, begränsa tillämpningsområdet till en koncern med ett svenskt moderföretag. En relevant fråga, som även <SPAN class="ft3">Finansinspektionen </SPAN>tar upp, är dock vad som ska gälla när det yttersta moderföretaget är beläget utanför EES. <NOBR>EU-rättsakterna</NOBR> kan inte anses ge ett tydligt svar på den frågan. Den definition av moderföretag som det hänvisas till i t.ex. kapitaltäckningsdirektivet är i och för sig tillämplig även på företag utanför EES, samtidigt som flera av <NOBR>EU-rättsakterna</NOBR> hänvisar till koncernredovisning enligt ett direktiv som gäller inom EES. Regeringen ser dock ingen anledning att göra någon åtskillnad mellan situationen att det yttersta moderföretaget är beläget inom eller utanför EES. Om det</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">599</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_600">
<P class="p727 ft2">Prop. 2016/17:162 yttersta moderföretaget är beläget utanför EES bör ett sådant moder- företags redovisning kunna användas för beräkning av den högsta sanktionsavgiften, om det är möjligt med hänsyn till den aktuella redovisningens innehåll och utformning. Avgörande är om den aktuella redovisningen är jämförbar med en koncernredovisning enligt de redovisningsregler som gäller för ett moderföretag beläget inom EES. Om det inte finns en sådan likvärdig redovisning bör i stället koncern- redovisningen för det yttersta <NOBR>EES-baserade</NOBR> moderföretaget användas som utgångspunkt.</P>
<P class="p1466 ft3">Relevant omsättning bör bestämmas utifrån de redovisningsregler som gäller för den juridiska person som är föremål för ingripande</P>
<P class="p1407 ft2"><NOBR>EU-rättsakterna</NOBR> är dock inte helt tydliga när det gäller vilka poster i redo- visningen som bör inkluderas i beräkningen av omsättningen. Det bör noteras att det i förhållande till kapitaltäckningsdirektivet och krishante- ringsdirektivet endast kan vara kreditinstitut och värdepappersbolag som gör sig skyldiga till regelöverträdelser, medan det i förhållande till öppenhetsdirektivet – och även vissa andra <NOBR>EU-rättsakter</NOBR> som innehåller regler om sanktionsavgifter – kan vara fråga om alla typer av företag, både finansiella och <NOBR>icke-finansiella.</NOBR> Frågan är vad som bör avses med omsättning på koncernnivå, särskilt när koncernen består av olika typer av företag.</P>
<P class="p580 ft2"><SPAN class="ft3">Finansinspektionen </SPAN>påpekar att reglerna i kapitaltäckningsdirektivet inte är helt tydliga när det gäller vad som utgör omsättning på koncern- nivå. För den juridiska personen framgår där att omsättningen inbegriper vissa bruttointäkter som räknas upp i direktivet (artikel 66.2 c). Det är dock oklart om ”den relevanta bruttointäkten” på koncernnivå enbart avser de bruttointäkter som specificeras avseende den juridiska personen eller om det avser ”omsättning” inbegripet de relevanta bruttointäkterna. Ett tänkbart sätt att genomföra reglerna i direktivet i denna del skulle en- ligt inspektionen vara att det även på koncernnivå ska vara de upp- räknade slagen av bruttointäkter (dvs. ränteintäkter och liknande intäkter, intäkter från aktier och andra värdepapper med rörlig eller fast avkast- ning samt provisionsintäkter) som ska ligga till grund för beräkningen av taket för sanktionsavgiften. Ett annat sätt att genomföra direktivet skulle vara att anse att den relevanta omsättningen för koncernen ska bestäm- mas som den årliga nettoomsättningen, inbegripet de bruttointäkter som anges i kapitaltäckningsdirektivet (i bl.a. artikel 66.2 c).</P>
<P class="p807 ft2">Promemorians förslag innebär att omsättningen ska bestämmas utifrån koncernredovisningen för det yttersta moderföretaget. Om detta företag är ett företag som upprättar sin redovisning enligt årsredovisningslagen utgörs omsättningen av nettoomsättningen och övriga intäkter. Finans- inspektionen påpekar att det som anges i promemorians författnings- kommentar i vissa fall kommer att leda till att de relevanta intäkterna från ett kreditinstitut som sanktionen ska riktas mot inte ingår i posterna ”nettoomsättningen” respektive ”övriga intäkter” i det yttersta moder- företagets koncernredovisning. Detta skulle innebära att intäkterna från det företag som sanktionen riktas mot över huvud taget inte ligger till grund för beräkningen av den högsta möjliga sanktionsavgiften, utan</P>
<P class="p356 ft2">600</P>
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<P class="p116 ft4">bara intäkterna från de övriga företagen inom koncernen. Regeringen anser att det senare inte är en lämplig reglering.</P>
<P class="p150 ft2">Oavsett utformningen av reglerna i kapitaltäckningsdirektivet är det möjligt att tolka <NOBR>EU-rättsakterna</NOBR> så att det är redovisningen för det företag som är föremål för ingripande som avgör vad som är den relevanta omsättningen på koncernnivå. I öppenhetsdirektivet, men även i t.ex. marknadsmissbruksförordningen, talas i koncernsituationen om den totala årsomsättningen eller motsvarande typ av inkomst respektive intäkt i enlighet med de relevanta redovisningsdirektiven. På <NOBR>EU-nivå</NOBR> finns särskilda redovisningsdirektiv för kreditinstitut och värdepappers- bolag respektive för försäkringsföretag. För övriga företag gäller redovisningsdirektivet, som i svensk rätt har genomförts i årsredovis- ningslagen. Det framgår alltså att omsättningen kan skilja sig åt beroende på vilken typ av företag som ingripandet riktas mot. De redovisnings- direktiv som avses handlar både om årsredovisning för juridisk person och om koncernredovisning. Vilka typer av omsättning som finns kan därför avgöras utifrån tillämpliga redovisningsregler, dvs. de <NOBR>EU-rättsliga</NOBR> redovisningsdirektiven och hur de har genomförts i nationell rätt.</P>
<P class="p624 ft2">Regeringen anser att det är en rimlig tolkning av <NOBR>EU-rättsakterna</NOBR> att den relevanta omsättningen ska bestämmas utifrån det företag som är föremål för ingripande. En annan sak är att posterna för beräkning av omsättningen måste hämtas ur koncernredovisningen för det yttersta moderföretaget. Ur denna redovisning bör således hämtas de intäkts- poster som motsvarar omsättningen enligt de redovisningsregler som gäller för det företag som ingripandet riktas mot. Om exempelvis bank- verksamhet har delats upp i flera olika företag, blir det omsättningen hänförlig till bankverksamheten i samtliga företag i koncernen som ligger till grund för sanktionsavgiftens tak. Om det företag som en sanktion ska riktas mot är ett företag som upprättar sin årsredovisning enligt årsredo- visningslagen, räknas på koncernnivå all omsättning som redovisas på samma sätt, dvs. som inte kommer från bank- eller försäkringsverksam- het. Detta är en rimlig slutsats också mot bakgrund av att bank- eller försäkringsverksamhet inte kan bedrivas i t.ex. ett industriföretag.</P>
<P class="p573 ft4">Ovanstående innebär alltså att det finns flera olika omsättningstyper, även på koncernnivå.</P>
<P class="p150 ft2">Som <SPAN class="ft3">Länsförsäkringar AB </SPAN>påpekar behandlas inte frågan om vad som utgör omsättning i försäkringsverksamhet i promemorian. Även för för- säkringsverksamhet är det möjligt att definiera vad som motsvarar om- sättning i årsredovisningen. Frågan utvecklas i författningskommentaren.</P>
<P class="p623 ft2">Det kan påpekas att även den finska lagstiftningen innebär att olika omsättningsbegrepp gäller beroende på om den juridiska personen är ett kreditinstitut eller värdepappersföretag (intäkter enligt artikel 316 i tillsynsförordningen), ett företag som bedriver försäkringsverksamhet (premieintäkter eller avgiftsintäkter) eller ett annat företag (omsättning enligt den finska bokföringslagen). Beträffande kreditinstitut och värde- pappersföretag är det summan av de konsoliderade intäkterna som ligger till grund för taket om företaget ingår i en finansiell företagsgrupp, medan det för de som bedriver försäkringsverksamhet är premieintäkter eller avgiftsintäkter enligt koncernbokslutet som ligger till grund för taket. I fråga om andra typer av företag är det omsättningen enligt</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">601</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">602</P>
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<P class="p486 ft4">koncernbokslutet som är avgörande (41 a § lagen om Finansinspektionen [878/2008]).</P>
<P class="p332 ft2">Regeringen finner sammanfattningsvis att den högsta sanktionsavgiften beräknad utifrån omsättning när den juridiska personen ingår i en kon- cern bör bestämmas utifrån sådan omsättning på koncernnivå som mot- svarar den typ av omsättning som den juridiska personen har. Utifrån befintliga redovisningsregler kan det anses finnas tre typer av omsätt- ning: omsättning från verksamhet som redovisas enligt årsredovisnings- lagen, omsättning från verksamhet som redovisas enligt ÅRKL och omsättning från verksamhet som redovisas enligt lagen (1995:1560) om årsredovisning i försäkringsföretag (förkortad ÅRFL). Det innebär således en avvikelse i förhållande till promemorians förslag.</P>
<P class="p397 ft3">Beräkning av sanktionsavgift utifrån erhållen ekonomisk fördel</P>
<P class="p1175 ft2">I reglerna i kapitaltäckningsdirektivet förekommer, som redovisas ovan, två olika sätt att uttrycka hur beräkning av den högsta sanktionsavgiften ska kunna göras utifrån den fördel som följer av en överträdelse. Beräk- ningen ska i det ena fallet ske utifrån den fördel som erhållits (artikel 66.2 e) och i det andra fallet utifrån den vinst som erhållits eller de för- luster som undvikits till följd av överträdelsen (artikel 67.2 g). Mot- svarande regler i öppenhetsdirektivet är utformade på det senare sättet (artikel 28b.1 första stycket c). I krishanteringsdirektivet görs i stället en hänvisning endast till den vinst som gjorts (artikel 111.2 f). MiFID II innehåller, som behandlas i avsnitt 14.3.8, regler enligt vilka beräkningen ska göras utifrån den fördel som erhållits (artikel 70.6 h). Motsvarande regler finns även i andra <NOBR>EU-rättsakter.</NOBR></P>
<P class="p1113 ft2">I lagen om bank- och finansieringsrörelse, lagen om värdepappers- marknaden och lagen om handel med finansiella instrument har de nämnda reglerna i kapitaltäckningsdirektivet, öppenhetsdirektivet och krishanteringsdirektivet genomförts i bestämmelser i vilka det anges att den högsta sanktionsavgiften får beräknas utifrån den vinst som erhållits eller de kostnader som undvikits till följd av överträdelsen (15 kap. 8 och 8 a §§ lagen om bank- och finansieringsrörelse, 25 kap. 9, 9 a och 19 §§ lagen om värdepappersmarknaden och 6 kap. 3 b § lagen om handel med finansiella instrument).</P>
<P class="p302 ft2"><SPAN class="ft3">Lagrådet </SPAN>konstaterar att uttryckssättet i EU:s rättsakter har varierat över åren och att det vanliga varit att erhållen vinst varit en bas för avgiftsberäkningen och undvikna förluster en annan men att det numera förekommer att avgiftsbasen knyts till ett nettobelopp i form av den fördel eller den vinst som erhållits genom överträdelsen. Lagrådet fram- håller att vinst – dvs. intäkter minskat med kostnader – och kostnader inte är något naturligt par av baser för avgiftsberäkningen. Enligt Lagrådet är det inte heller rimligt att basera avgiften på kostnaderna om ett företag i samband med regelöverträdelsen går miste om intäkter som svarar mot kostnaderna. Mot den bakgrunden anser Lagrådet att kost- nader inte bör användas som självständig bas vid avgiftsberäkningen och att en anpassning till uttryckssättet i EU:s rättsakter bör göras i bestäm- melserna i nämnda lagar. Lagrådet anser att anpassningen bör göras på så sätt att nuvarande hänvisning till beräkning i förhållande erhållen vinst behålls och hänvisningen till undvikna kostnader utgår.</P>
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<P class="p181 ft2">Regeringen anser med hänsyn till det som Lagrådet framför att det i de nu aktuella bestämmelserna inte bör göras någon hänvisning till de kostnader som undvikits till följd av en regelöverträdelse. I stället bör beräkningen lämpligen knytas till ett nettobelopp, som i enlighet med Lagrådets förslag, kan uttryckas som den vinst som gjorts till följd av överträdelsen. Det uttrycket omfattar såväl den vinst som erhållits som de förluster som undvikits till följd av överträdelsen, dvs. den fördel som erhållits. Regeringen instämmer med Lagrådet att det är lämpligt att i förevarande sammanhang göra motsvarande ändringar i samtliga bestäm- melser om beräkning av sanktionsavgift i lagen om bank- och finansie- ringsrörelse, lagen om värdepappersmarknaden och lagen om handel med finansiella instrument. Ändringar bör således göras dels i de nyss nämnda bestämmelserna om beräkning av högsta sanktionsavgift, dels i bestäm- melserna om fastställande av sanktionsavgift (15 kap. 9 § lagen om bank- och finansieringsrörelse, 25 kap. 10 och 19 d §§ lagen om värdepappers- marknaden och 6 kap. 3 f § lagen om handel med finansiella instrument). Regeringen konstaterar att det även i andra lagar finns bestämmelser om beräkning av sanktionsavgift som är utformade på motsvarande sätt som i de tre nu aktuella lagarna. Som Lagrådet framhåller får tillfället för denna anpassning emellertid anses lägligt eftersom ändringarna föreslås i tre centrala lagar på finansmarknadsområdet.</P>
<P class="p1422 ft3">Övrigt</P>
<P class="p1216 ft2">Den högsta sanktionsavgift som föreslås är, som framgår ovan, ett tak för sanktionsavgift som baseras på omsättning eller gjord vinst. I det en- skilda fallet måste Finansinspektionen bestämma hur hög sanktions- avgiften ska vara utifrån bl.a. de försvårande och förmildrande omstän- digheter som pekas ut i de olika lagarna, och det kommer sällan vara aktuellt att påföra den högsta möjliga sanktionsavgiften. Proportionali- tetsprincipen gäller vid bestämningen av alla typer av sanktionsavgifter. Regeringen instämmer med <SPAN class="ft3">Länsförsäkringar AB </SPAN>att sanktionsavgiften därmed inte bör sättas så högt att den juridiska personens, eller kon- cernens, finansiella ställning äventyras.</P>
<P class="p164 ft2">De ändringar i lagen om värdepappersmarknaden som föreslås ovan kommer att, förutom värdepappersinstitut, även avse börser och clearing- organisationer. Sådana ändringar föranleds inte av genomförandet i svensk rätt av kapitaltäckningsdirektivet eller någon annan <NOBR>EU-rättsakt.</NOBR> De motiveras dock av att det är lämpligt med en enhetlig reglering av sanktionerna för juridiska personer.</P>
<P class="p164 ft2">Förvaltningsrätten i Stockholm anser att även bestämmelserna om sanktionsavgifter utifrån den vinst som erhållits till följd av regel- överträdelsen bör justeras så att hänsyn kan tas till ekonomiska fördelar som regelöverträdelsen lett till hos ett annat företag inom koncernen. Regeringen konstaterar att <NOBR>EU-rättsakterna</NOBR> ger utrymme för att så sker. Nyligen har det även införts bestämmelser som kompletterar marknads- missbruksförordningen som innebär att ekonomiska fördelar som er- hållits av ”någon annan” ska kunna beaktas (se 5 kap. <NOBR>6–9</NOBR> §§ lagen med kompletterande bestämmelser till EU:s marknadsmissbruksförordning). Överträdelser av marknadsmissbruksförordningen kan innebära att det är en annan person än regelöverträdaren som erhåller en vinst (t.ex. till följd</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">603</P>
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<P class="p727 ft4">Prop. 2016/17:162 av insiderhandel för någon annans räkning). Det är dock svårare att förutse en situation i förhållande till nu aktuella regelverk som innebär att någon annan, men inte regelöverträdaren, skulle få en ekonomisk fördel av överträdelsen. Regeringen finner därför inte att det finns skäl att föreslå ändringar i de bestämmelser som anger att sanktionsavgiften ska kunna fastställas utifrån de ekonomiska fördelar som den juridiska personen har erhållit.</P>
<P class="p1467 ft23"><SPAN class="ft21">17.3</SPAN><SPAN class="ft162">Kapitalbaskrav – ingripandemöjligheter vid pelare </SPAN><NOBR>2-beslut</NOBR></P>
<P class="p1089 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Finansinspektionen ska få möjlighet att ingripa enligt lagen om särskild tillsyn över kreditinstitut och värdepappers- bolag med administrativa sanktioner mot ett institut som inte uppfyller ett särskilt kapitalbaskrav eller ett särskilt likviditetskrav.</P>
<P class="p1019 ft4"><SPAN class="ft103">Regeringens förslag </SPAN>överensstämmer med promemorians förslag. <SPAN class="ft103">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller</P>
<P class="p646 ft2">har inget att invända mot det. <SPAN class="ft3">Sveriges riksbank </SPAN>anser att det ska framgå att Finansinspektionen ska – inte får – tillämpa ingripandebestämmelser mot institut som inte uppfyller ett särskilt kapitalbaskrav eller ett särskilt likviditetskrav. Riksbanken noterar vidare att bestämmelser om ingrip- ande finns i flera lagar som reglerar institutens verksamhet. Riksbanken anser därför att det bör förtydligas vilka lagar som avses i detta samman- hang.</P>
<P class="p576 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Enligt 2 kap. 1 § lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag (i det följande benämnd tillsynslagen) ska Finansinspektionen besluta att ett institut ska uppfylla ett särskilt kapitalbaskrav utöver den kapitalbas som krävs enligt Europaparlamentets och rådets förordning (EU) nr 575/2013 av den 26 juni 2013 om tillsynskrav för kreditinstitut och värdepappers- företag och om ändring av förordning (EU) nr 648/2012 (i det följande benämnd tillsynsförordningen) och lagen (2014:966) om kapitalbuffertar (i det följande benämnd buffertlagen), om någon av förutsättningarna i punkterna <NOBR>1–3</NOBR> i paragrafen är uppfyllda (pelare <NOBR>2-beslut).</NOBR></P>
<P class="p975 ft2">Finansinspektionen hade även innan tillsynslagen trädde i kraft möjlig- het att fatta pelare <NOBR>2-beslut,</NOBR> då med stöd av 2 kap. 2 § lagen (2006:1371) om kapitaltäckning och stora exponeringar (kapitaltäckningslagen). I samband med införandet av den bestämmelsen fördes ett resonemang kring Finansinspektionens möjligheter att ingripa om ett företag inte höll sig till den nivå på kapitalbasen som inspektionen beslutat om (se prop. 2006/07:5 s. 363). Då gjordes bedömningen att de allmänna reglerna om ingripande inte räckte till, eftersom dessa förutsätter att en överträdelse sker av lag eller annan författning. Det infördes därför en bestämmelse i 2 kap. 1 § första stycket kapitaltäckningslagen om att ett instituts kapital- bas ska uppgå till minst den nivå som framgår av lagen eller den nivå som Finansinspektionen beslutat om. Detta fick till följd att om ett företag gick under den nivå som inspektionen beslutat om i ett enskilt fall</P>
<P class="p384 ft2">604</P>
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<P class="p116 ft4">så bröt företaget mot lagen och de allmänna bestämmelserna om ingripande kunde tillämpas.</P>
<P class="p150 ft2">I lagförslaget i kapitaltäckningsutredningens betänkande Förstärkta kapitaltäckningsregler (SOU 2013:65) fanns en bestämmelse som mot- svarade 2 kap. 1 § kapitaltäckningslagen (utredningens förslag till 2 kap. 1 § tillsynslagen). En sådan bestämmelse infördes dock inte i den slutliga tillsynslagen (jfr prop. 2013/14:228).</P>
<P class="p150 ft2">I förarbetena till tillsynslagen anges att om ett institut inte uppfyller kapitalkravet enligt tillsynsförordningen eller ett pelare <NOBR>2-beslut</NOBR> så ska de vanliga bestämmelserna om ingripande i sektorslagstiftningen tillämpas (se författningskommentaren till bestämmelsen i 2 kap. 2 § tillsynslagen i prop. 2013/14:228 s. 273).</P>
<P class="p623 ft2">Enligt t.ex. 15 kap. 1 § lagen om bank- och finansieringsrörelse ska ingripande ske om institutet åsidosatt sina skyldigheter enligt denna lag eller enligt andra författningar som reglerar institutets verksamhet. Ett s.k. pelare <NOBR>2-beslut</NOBR> är ett myndighetsbeslut. Även om skyldigheten för Finansinspektionen att fatta ett sådant beslut anges i lag är det inte självklart att detta innebär att det som framgår av beslutet kan betraktas som ett lagkrav för det företag som berörs av beslutet. Det torde inte heller finnas någon annan bestämmelse som hanterar den uppkomna situationen. Bestämmelsen i 2 kap. 2 § tillsynslagen berör endast den situationen att företaget uppfyller kraven i tillsynsförordningen och det som framgår av ett pelare <NOBR>2-beslut</NOBR> men inte kraven enligt buffertlagen, och är därför inte relevant i sammanhanget. I 2 kap. 1 § buffertlagen nämns i och för sig att det kombinerade buffertkravet gäller utöver de krav som följer av tillsynsförordningen och av ett beslut enligt 2 kap. 1 § tillsynslagen. Denna bestämmelse synes snarast som en erinran om att det finns andra kapitalkrav än buffertkraven, och det torde inte med stöd av denna bestämmelse gå att hävda att det som framgår av Finansinspek- tionens beslut ska betraktas som ett lagkrav.</P>
<P class="p1043 ft4">Mot denna bakgrund bedöms att det bör tydliggöras att Finansinspek- tionen har möjlighet att direkt kunna ingripa mot ett institut som inte har följt ett pelare <NOBR>2-beslut.</NOBR></P>
<P class="p150 ft2">Det kan vidare anmärkas att samma problem skulle kunna uppstå när Finansinspektionen fattar ett beslut om särskilt likviditetskrav enligt 2 kap. 3 § tillsynslagen. I detta fall har det dock inte funnits någon mot- svarande bestämmelse tidigare.</P>
<P class="p150 ft2">För att lösa den uppkomna oklarheten bör det i tillsynslagen införas en bestämmelse som anger att ingripandebestämmelserna ska tillämpas i de fall ett företag har överträtt ett pelare <NOBR>2-beslut</NOBR> eller ett beslut om särskilt likviditetskrav (jfr bestämmelsen i 8 kap. 6 § andra stycket 1 buffertlagen som anger att de sedvanliga ingripandebestämmelserna gäller om ett institut inte uppfyller en systemriskbuffert som beslutats av Finans- inspektionen).</P>
<P class="p622 ft4"><SPAN class="ft45">Sveriges riksbank </SPAN>anser att det ska framgå att Finansinspektionen ska – inte får – tillämpa ingripandebestämmelser mot institut som inte uppfyller ett särskilt kapitalbaskrav eller ett särskilt likviditetskrav.</P>
<P class="p622 ft4">Enligt regeringens bedömning är det inte fråga om att Finansinspek- tionen inte ska ingripa utan förslaget avser att komma till rätta med den uppkomna oklarheten, om Finansinspektionen har möjlighet att direkt kunna ingripa mot ett institut som inte har följt t.ex. ett pelare <NOBR>2-beslut.</NOBR></P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">605</P>
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<P class="p727 ft4">Prop. 2016/17:162 Regeringen anser att förslaget förtydligar vilka ingripandemöjligheter Finansinspektionen har att tillämpa i sådana fall, dvs. tillämplig sektor- lagstiftning. Bestämmelsens formulering överensstämmer även med motsvarande bestämmelse i 8 kap. 6 § buffertlagen.</P>
<P class="p575 ft2">Riksbanken noterar vidare att bestämmelser om ingripande finns i flera lagar som reglerar institutens verksamhet. Riksbanken anser därför att det bör förtydligas vilka lagar som avses i detta sammanhang.</P>
<P class="p576 ft2">Regeringen anser inte att ett förtydligande i detta avseende är påkallat, att de mer detaljerade bestämmelserna om ingripande mot institut återfinns i tillämplig sektorlagstiftning och inte i direkt anslutning till kapitaltäckningsreglerna gäller såväl för minimikapitalkraven enligt tillsynsförordningen som för pelare <NOBR>2-beslut</NOBR> (jfr prop. 2006/07:5 och genomförandet i svensk rätt av Europaparlamentets och rådets direktiv [2006/48/EG] av den 14 juni 2006 om rätten att starta och driva verk- samhet i kreditinstitut och Europaparlamentets och rådets direktiv [2006/49/EG] av den 14 juni 2006 om kapitalkrav för värdepappers- företag och kreditinstitut).</P>
<P class="p1468 ft23"><SPAN class="ft21">17.4</SPAN><SPAN class="ft162">Informationssäkerhet och </SPAN><NOBR>it-verksamhet</NOBR> för clearingorganisationer</P>
<P class="p1243 ft129"><SPAN class="ft127">17.4.1</SPAN><SPAN class="ft161">Bakgrund</SPAN></P>
<P class="p927 ft2">Den finansiella infrastrukturen i Sverige består av system där betalningar genomförs och transaktioner med finansiella instrument hanteras. I denna proposition avses med den finansiella infrastrukturen Riksbankens betal- ningssystem för överföring av kontoförda pengar (RIX), Euroclear Sweden AB:s avvecklingssystem för värdepapper <NOBR>(VPC-systemet),</NOBR> Nasdaq Clearing AB:s centrala motpartssystem för finansiella derivat, råvaruderivat samt repor och Bankgirocentralen BGC AB:s betalnings- system för clearing av massbetalningar (Bankgirocentralen). Den finan- siella infrastrukturen har en central roll och är en förutsättning för att det finansiella systemet ska fungera. Det är därför viktigt att infrastrukturen präglas av en hög grad av säkerhet och effektivitet. Detta ställer stora krav på företagens informationssäkerhet och <NOBR>it-verksamhet.</NOBR></P>
<P class="p1020 ft2">Tillsyn och övervakning av den finansiella infrastrukturen utförs av Finansinspektionen och Riksbanken som ansvarar för RIX samt över- vakning av den finansiella infrastrukturen inom ramen för sitt uppdrag att verka för ett säkert och effektivt betalningsväsende. Regleringen på om- rådet tar till stor del sin utgångspunkt i internationella standarder utgivna av Committee on Payments and Market Infrastructures (CPMI) och Internationella organisationen för värdepapperstillsyn (International Organization of Securities Commissions, Iosco) – Principles for financial market infrastructures (förkortat PFMI eller i det följande benämnda principerna). Principerna påminner om allmänna råd och syftar till att stärka den finansiella infrastrukturen. Bland annat innehåller principerna krav kring företagens <NOBR>it-säkerhet.</NOBR> <NOBR>CPMI-Iosco</NOBR> har nyligen producerat ett utkast till en ”cybervägledning” för finansiella infrastrukturföretag. Väg- ledningen avser att komplettera PFMI. Infrastrukturföretagen utvärderar</P>
<P class="p946 ft2">606</P>
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<P class="p186 ft4">själva, i dialog med Finansinspektionen och Riksbanken, hur väl de lever Prop. 2016/17:162 upp till de krav som ställs upp i PFMI.</P>
<P class="p144 ft2">Den <NOBR>EU-rättsliga</NOBR> regleringen på området har dessutom utvecklats i flera omgångar för att bl.a. fånga de allt mer detaljerade krav som ställs i principerna. Nasdaq Clearings verksamhet omfattas av förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister och lagen med kompletterande regler till EU:s förordning om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister. Övrig clearingverksamhet regleras i lagen om värdepappersmarknaden (se 1 kap. 1 § fjärde och femte styckena). När det gäller Euroclear Sweden AB:s verksamhet kommer den typen av verksamhet framöver att kräva auktorisation som värde- papperscentral i enlighet med förordningen om värdepapperscentraler och lagen om värdepapperscentraler och kontoföring av finansiella instrument. En ansökan om auktorisation ska göras inom sex månader från dagen för ikraftträdandet av samtliga tekniska standarder för tillsyn antagna enligt vissa artiklar i förordningen. Under mellantiden tillämpas äldre bestämmelser av kontoföringslagen och lagen om värdepappers- marknaden (se prop. 2015/16:10 s. <NOBR>322–326).</NOBR></P>
<P class="p426 ft2">Förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions- register och förordningen om värdepapperscentraler innehåller detal- jerade regler avseende <NOBR>it-verksamhet</NOBR> och informationssäkerhet. De prin- ciper som nämns ovan har i stor utsträckning genomförts i respektive regelverk, vilket innebär att principerna är eller kommer att bli bindande för de företag som omfattas av någon av förordningarna. Finansinspek- tionen kan därför ingripa mot ett sådant företag om det inte uppfyller kraven i förordningarna. Något motsvarande regelverk finns dock inte för övriga clearingorganisationer, som inte omfattas av de nya <NOBR>EU-regel-</NOBR> verken. Finansinspektionen har, med anledning därav, i en begäran om bemyndigande till Finansdepartementet i april 2015 begärt att inspek- tionen bemyndigas att meddela föreskrifter om informationssäkerhet och <NOBR>it-verksamhet</NOBR> (it) för sådana clearingorganisationer som i dag inte omfattas av bindande regler.</P>
<P class="p430 ft2">I dagsläget finns endast ett svenskt företag som omfattas av det regel- verk för clearingorganisationer som Finansinspektionens begäran avser, nämligen Bankgirocentralen. Bankgirocentralen erbjuder produkter och tjänster för clearing av massbetalningar och är den centrala aktören vid förmedling av massbetalningar i Sverige.</P>
<P class="p1469 ft131"><SPAN class="ft127">17.4.2</SPAN><SPAN class="ft163">Föreskrifter om säkerhetskrav för clearingorganisationer</SPAN></P>
<P class="p1322 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Regeringen eller den myndighet som regeringen bestämmer får meddela föreskrifter om vad en clearingorganisation ska iaktta i fråga om <NOBR>it-verksamhet</NOBR> och informationssäkerhet för att tillgodose de säkerhetskrav som är förenade med verksamheten.</P>
<P class="p1028 ft4"><SPAN class="ft103">Regeringens förslag </SPAN>överensstämmer med promemorians förslag. <SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot</P>
<P class="p353 ft2">det.</P>
<P class="p947 ft2">607</P>
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<DIV id="page_608">
<P class="p727 ft2">Prop. 2016/17:162 <SPAN class="ft25">Skälen för regeringens förslag: </SPAN>Lagen om värdepappersmarknaden innehåller bestämmelser som gäller för clearingorganisationer. Specifika bestämmelser för sådan verksamhet finns i <NOBR>19–21</NOBR> kap. Därutöver finns vissa allmänna bestämmelser i 1 och <NOBR>23–26</NOBR> kap. avseende bl.a. tillsyn och ingripande. För sådan clearingverksamhet som avses i förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister gäller dock endast vissa bestämmelser i den lagen (se 1 kap. 1 § tredje och fjärde styckena). I detta avsnitt behandlas emellertid inte sådan clearingverk- samhet. För verksamheten gäller även Finansinspektionens allmänna råd (FFFS 2005:1) om intern styrning och kontroll. Vidare tillämpar Finans- inspektionen i sin tillsyn principerna PFMI, se avsnitt 17.4.1.</P>
<P class="p580 ft2">En clearingorganisation ska driva sin verksamhet hederligt, rättvist och professionellt och på ett sätt så att allmänhetens förtroende för värde- pappersmarknaden upprätthålls (20 kap. 1 § första stycket lagen om värdepappersmarknaden). Vidare ska en clearingorganisation tillgodose de säkerhetskrav som är förenade med verksamheten. När det gäller säkerhetskravet har regeringen i tidigare lagstiftningsärenden ansett att det inte är ändamålsenligt att i lag närmare precisera tekniska krav som, med hänsyn till den tekniska utvecklingen, inom en kort tid kan bli inaktuella. I stället är det lämpligt att tillsynsmyndigheten prövar om de tekniska systemen är utformade så att de uppfyller de krav som man från tid till annan bör ställa (prop. 1991/92:113 s. 59). Regeringen har tidigare även anfört att stora krav måste ställas på en clearingorganisations data- och kommunikationssystem och att en granskning av kravet på säkra tek- niska system inte bara bör ske vid tillståndsgivning utan även vid väsent- liga förändringar eller införande av nya system (prop. 1995/96:50 s. 85).</P>
<P class="p711 ft2">I Finansinspektionens allmänna råd om intern styrning och kontroll anges bl.a. att ett företag genom en god intern kontroll kan säkerställa t.ex. effektiv drift och förvaltning av informationssystem och att god intern kontroll kan uppnås t.ex. genom kontroller för informationssäkerhet (3 kap. 1 och 4 §§). Finansinspektionens allmänna råd är generellt utformade och medger alternativa lösningar.</P>
<P class="p654 ft2">I takt med den tekniska utvecklingen har företagens <NOBR>it-system</NOBR> blivit alltmer omfattande och komplexa. Detta har ökat den operativa risken för företagen, och gjort dem mer sårbara för systemfel. En störning i ett verksamhetskritiskt <NOBR>it-system</NOBR> kan få omedelbara och betydande konse- kvenser för det drabbade företaget, och kan, genom att företagen i allt högre utsträckning är sammankopplade genom sina system, leda till spridningseffekter i det finansiella systemet. Vidare blir riktade angrepp mot finansiella företag, t.ex. överbelastningsattacker och dataintrång, allt vanligare. Enligt Finansinspektionens bedömning (se Tillsyn över bankerna och kreditmarknadsbolagen 2016) är <NOBR>it-riskerna</NOBR> en av de största operativa riskerna för många banker och kreditmarknadsbolag. Till skillnad mot flera andra risker kan små störningar i <NOBR>it-verksamheten</NOBR> få omedelbara och omfattande konsekvenser för företagens verksamhet, dess kunder och för stabiliteten i det finansiella systement. Det ligger naturligtvis i företagens eget intresse att ha säkra <NOBR>it-system,</NOBR> men att exempelvis ersätta föråldrade <NOBR>it-system</NOBR> är ofta förenat med väsentliga risker och stora kostnader. Finansinspektionen anser att angrepp mot it- system utgör ett allt större hot mot det finansiella systemet.</P>
<P class="p1114 ft2">608</P>
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<P class="p747 ft4">En clearingorganisation ska tillgodose de säkerhetskrav som är före- Prop. 2016/17:162 nade med verksamheten (20 kap. 1 § första stycket lagen om värdepap-</P>
<P class="p113 ft2">persmarknaden). Det finns dock varken i lag eller i andra föreskrifter någon närmare reglering av hur en clearingorganisation ska uppfylla detta krav. De allmänna råd och internationella riktlinjer som en clearing- organisation har att följa är inte bindande och innebär en begränsad möjlighet för Finansinspektionen att ställa krav på att företaget ska följa dem. Detta innebär en skillnad i förhållande till den reglering som finns för andra företag inom den finansiella infrastrukturen och gör det svårt att ställa samma krav på clearingorganisationer som på övriga jämförbara företag som står under tillsyn av Finansinspektionen.</P>
<P class="p426 ft2">För en clearingorganisation som omfattas av förordningen om OTC- derivat, centrala motparter och transaktionsregister finns i dag ett tydlig- are stöd för Finansinspektionen att ingripa för de fall ett företags system uppvisar brister. Detsamma gäller de företag som kommer att omfattas av förordningen om värdepapperscentraler. Resultatet av den nuvarande ordningen blir att de krav som kan ställas när det gäller <NOBR>it-verksamhet</NOBR> och informationssäkerhet riskerar att bli olika för företagen inom den finansiella infrastrukturen. Vidare kan avsaknaden av bindande före- skrifter för clearingorganisationer hindra en effektiv tillsyn av sådana företag. Det bedöms därför att en närmare reglering på detta område är lämplig. Mot bakgrund av den tekniska utvecklingen på området och att regelverket löpande kan behöva anpassas till nya och ändrade för- hållanden lämpar sig det mindre väl för reglering i lag. Regeringen eller den myndighet som regeringen bestämmer bör därför få meddela före- skrifter om vad en clearingorganisation ska iaktta i fråga om <NOBR>it-verk-</NOBR> samhet och informationssäkerhet för att tillgodose de säkerhetskrav som är förenade med verksamheten.</P>
<P class="p1470 ft155"><SPAN class="ft1">18</SPAN><SPAN class="ft172">Ikraftträdande- och övergångsbestämmelser</SPAN></P>
<P class="p1074 ft21"><SPAN class="ft121">18.1</SPAN><SPAN class="ft160">MiFID II och MiFIR</SPAN></P>
<P class="p998 ft4"><SPAN class="ft103">Regeringens förslag: </SPAN>Ändringarna i lagen om värdepappersmark- naden och övriga lagändringar med anledning av MiFID II och MiFIR ska träda i kraft den 3 januari 2018.</P>
<P class="p1058 ft2">Nuvarande bestämmelser ska fortfarande gälla för överträdelser som har ägt rum före ikraftträdandet.</P>
<P class="p1058 ft2">Finansinspektionen får ta ut en avgift för ansökningar, anmälningar och underrättelser enligt de nya bestämmelserna i lagen och i förord- ningen om marknader för finansiella instrument även när dessa har kommit in till inspektionen före ikraftträdandet av lagen.</P>
<P class="p1058 ft4">En <NOBR>CTP-leverantör</NOBR> ska före den 3 januari 2019 inte behöva samla in, slå samman och tillgängliggöra information som offentliggjorts efter handel med obligationer, strukturerade finansiella produkter, utsläpps-</P>
<P class="p1229 ft159">rätter och derivat.</P>
<P class="p596 ft2">609</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">610</P>
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<P class="p1110 ft4">Finansinspektionen får t.o.m. den 3 juli 2021 bevilja undantag från EU:s förordning om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions- register när det gäller</P>
<P class="p1110 ft2"><SPAN class="ft2">–</SPAN><SPAN class="ft40">clearingkrav och vissa riskhanteringsförfaranden för </SPAN><NOBR>C6-energi-</NOBR> derivatkontrakt som har ingåtts av <NOBR>icke-finansiella</NOBR> motparter vars positioner i <NOBR>OTC-derivatkontrakt</NOBR> överstiger ett tröskelvärde för clearingskyldighet och av <NOBR>icke-finansiella</NOBR> motparter som för första gången får tillstånd att driva värdepappersrörelse efter den 2 januari 2018, och</P>
<P class="p1110 ft4"><SPAN class="ft2">–</SPAN><SPAN class="ft48">att </SPAN><NOBR>C6-energiderivatkontrakt</NOBR> ska betraktas som <NOBR>OTC-derivatkontrakt</NOBR> när det gäller tröskelvärde för clearing.</P>
<P class="p1417 ft2"><SPAN class="ft25">Regeringens bedömning: </SPAN>Under tiden fr.o.m. det datum då ändringarna i lagen om värdepappersmarknaden har utfärdats och offentliggjorts t.o.m. den 2 januari 2018 bör Finansinspektionen kunna påbörja en granskning av en ansökan, anmälan eller underrättelse enligt de nya bestämmelserna i lagen och i förordningen om mark- nader för finansiella instrument. Ett beslut om tillstånd bör dock inte kunna gälla förrän tidigast den 3 januari 2018.</P>
<P class="p1471 ft2"><SPAN class="ft25">Utredningens förslag </SPAN>överensstämmer delvis med regeringens förslag och bedömning. Utredningen föreslår tidigare ikraftträdandedatum och datum till vilka övergångsbestämmelserna ska tillämpas. I utredningens förslag finns inte någon övergångsbestämmelse om att Finansinspek- tionen får bevilja undantag från EU:s förordning om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister i fråga om clearingkrav och riskhanteringsförfaranden för <NOBR>C6-energiderivatkontrakt</NOBR> som ingåtts av andra <NOBR>icke-finansiella</NOBR> motparter än sådana som får tillstånd att driva värdepappersrörelse eller att sådana derivatkontrakt ska betraktas som <NOBR>OTC-derivatkontrakt</NOBR> när det gäller tröskelvärde för clearing. Utred- ningen behandlar inte frågorna om granskning av ansökningar m.m. enligt de nya bestämmelserna eller om uttagande av avgifter för dessa i tiden innan de nya bestämmelserna i lagen om värdepappersmarknaden träder i kraft och MiFIR börjar tillämpas.</P>
<P class="p1113 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. Några remissinstanser – <SPAN class="ft3">Sparbankernas Riksförbund</SPAN>, <SPAN class="ft3">Svensk Försäkring</SPAN>, S<SPAN class="ft3">venska försäkringsförmedlares förening</SPAN>, <SPAN class="ft3">Sveriges advokatsamfund</SPAN>, <SPAN class="ft3">Strukturerade Placeringar i Sverige (SPIS) Folksam</SPAN>, <SPAN class="ft3">Hjerta</SPAN>, <SPAN class="ft3">Max Matthiessen</SPAN>, <SPAN class="ft3">Sparbanken Syd</SPAN>, <SPAN class="ft3">Säkra </SPAN>och</P>
<P class="p1276 ft2"><SPAN class="ft3">Söderberg & Partners </SPAN>– framför synpunkter när det gäller utredningens förslag till förbud mot tredjepartsersättningar vid investeringsrådgivning. Dessa remissinstanser framhåller att förslaget kräver att det införs över- gångsregler för redan ingångna avtal och för rådgivning som lämnats innan de nya reglerna trätt i kraft. <SPAN class="ft3">Sveriges advokatsamfund </SPAN>anser även att övergångsregler bör införas för ersättningar vid diskretionär portfölj- förvaltning när ersättning betalas ut till följd av placeringar som gjorts innan förbudet mot tredjepartsersättning trätt i kraft. Vissa remiss- instanser – <SPAN class="ft3">Svensk Försäkring</SPAN>, <SPAN class="ft3">SPIS</SPAN>, <SPAN class="ft3">BlackRock</SPAN>, <SPAN class="ft3">Folksam </SPAN>och <SPAN class="ft3">Söder- berg & Partners </SPAN>– framhåller också att det krävs en omställningsperiod för att berörda företag ska kunna anpassa sig till ett förbud mot tredje- partsersättningar.</P>
<P class="p1472 ft2"><SPAN class="ft25">Promemorians förslag </SPAN>överensstämmer med regeringens förslag.</P>
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<DIV>
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<P class="p150 ft2"><SPAN class="ft25">Remissinstanserna: </SPAN>Flertalet remissinstanser tillstyrker förslaget eller har inget att invända mot det. <SPAN class="ft3">Svenska Bankföreningen </SPAN>och <SPAN class="ft3">Svenska Fondhandlareföreningen </SPAN>noterar att det inte finns någon övergångs- bestämmelse när det gäller reglerna om produktstyrning. Föreningarna efterfrågar därför ett klargörande hur bestämmelserna ska tolkas för befintliga produkter per den 3 januari 2018.</P>
<P class="p623 ft25">Skälen för regeringens förslag och bedömning: <SPAN class="ft2">Efter det att utred- ningen redovisade sitt uppdrag har MiFID II och MiFIR ändrats genom ändringsdirektivet respektive ändringsförordningen. Ändringarna innebär bl.a. att tidpunkterna då rättsakterna ska börja tillämpas och att möjlig- heterna att tillämpa vissa övergångsregler flyttas ett år framåt i tiden jäm- fört med den ursprungliga lydelsen av MiFID II (artiklarna </SPAN><NOBR><SPAN class="ft2">93–95).</SPAN></NOBR><SPAN class="ft2"> Hän- visningarna till MiFID II och MiFIR avser i det följande lydelsen enligt ändringsdirektivet respektive ändringsförordningen.</SPAN></P>
<P class="p912 ft2">Medlemsstaterna ska senast den 3 juli 2017 anta och offentliggöra de lagar och andra författningar som är nödvändiga för att genomföra MiFID II. De nationella bestämmelser som genomför MiFID II ska tillämpas fr.o.m. den 3 januari 2018 (artikel 93.1). Detsamma gäller för det delegerade direktivet till MiFID II (artikel 14). De lagändringar som i svensk rätt genomför MiFID II bör därför träda i kraft den 3 januari 2018.</P>
<P class="p1473 ft2">Även MiFIR ska börja tillämpas den 3 januari 2018 (artikel 55). Ett undantag är dock reglerna om referensvärden (artikel <NOBR>37.1–37.3)</NOBR> som ska börja tillämpas den 3 januari 2020. De lagändringar som föranleds av MiFIR avser bestämmelser som ska tillämpas fr.o.m. den 3 januari 2018 (beträffande dessa lagändringar, se avsnitt 7). Lagändringarna bör därför träda i kraft vid den tidpunkten. Eftersom MiFIR är en direkt tillämplig <NOBR>EU-förordning</NOBR> föranleder den förordningen i övrigt inte några ikraft- trädande- eller övergångsbestämmelser i lag.</P>
<P class="p912 ft2">Även de delegerade förordningar och genomförandeförordningar till MiFID II och MiFIR som har antagits av kommissionen är direkt tillämp- liga. De föranleder därför inte heller några ikraftträdande- eller över- gångsbestämmelser. I huvudsak ska också reglerna i de förordningarna tillämpas fr.o.m. den 3 januari 2018. Det delegerade direktivet till MiFID II ska genomföras i svensk rätt. I förevarande proposition föreslås att reglerna i det direktivet genomförs i myndighetsförskrifter (se av- snitten 5.1, 8.11, 8.14, 9.3.3, 9.3.5 och 10.4). Det delegerade direktivet föranleder därför inte några ikraftträdande- eller övergångsbestämmelser i lag.</P>
<P class="p913 ft2">De skyldigheter som enligt MiFID II (artikel 65.2) gäller för en CTP- leverantör i fråga om insamling, sammanslagning och tillgängliggörande av information som offentliggjorts efter handel med obligationer, strukturerade finansiella produkter, utsläppsrätter och derivat ska tillämpas först fr.o.m. den 3 januari 2019 (artikel 93.1). I lagen om värdepappersmarknaden bör det därför tas in en övergångsbestämmelse om att de bestämmelser i lagen som genomför de berörda reglerna i MIFID II inte behöver tillämpas före den 3 januari 2019.</P>
<P class="p573 ft4">I MiFID II finns vissa övergångsregler som gäller s.k. <NOBR>C6-energideri-</NOBR> vatkontrakt (artikel 95). Med <NOBR>C6-energiderivatkontrakt</NOBR> avses optioner, terminer, swappar och andra derivatkontrakt som nämns i punkt 6 i avsnitt C i bilaga I till direktivet avser kol eller olja, handlas på en OTF-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">611</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_612">
<P class="p994 ft4">Prop. 2016/17:162 plattform och måste avvecklas fysiskt (artikel 4.1.16). Sådana energideri- vatkontrakt är enligt MiFID II (punkt 6 i avsnitt C i bilaga I), till skillnad</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">från det som gäller enligt MiFID I, finansiella instrument. Detta medför</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att de omfattas av regleringen i förordningen om <NOBR>OTC-derivat,</NOBR> centrala</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">motparter och transaktionsregister. Enligt den förordningen utgör C6-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">energiderivatkontrakt s.k. <NOBR>OTC-derivatkontrakt</NOBR> (enligt definitionen i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">artikel 2.7) och kan bli föremål för bl.a. clearingskyldighet och krav på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">riskhanteringsförfaranden (artiklarna 4 och 11). Enligt övergångsreglerna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i MiFID II får dock den behöriga myndigheten t.o.m. den 3 juli 2021</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bevilja ett företag undantag från clearingskyldighet och vissa riskhante-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ringsförfaranden när det gäller <NOBR>C6-energiderivatkontrakt.</NOBR> Clearingskyl-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">digheten och de riskhanteringsförfaranden som avses i övergångsreglerna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gäller, något förenklat, för kontrakt mellan företag som enligt förord-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finansiella motparter – t.ex. värdepappersföretag och kreditinstitut – eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2"><NOBR>icke-finansiella</NOBR> motparter vars positioner i <NOBR>OTC-derivatkontrakt</NOBR> över-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">stiger ett tröskelvärde för clearingskyldighet (artiklarna 4 och 11.3 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">samma förordning). Undantaget får enligt övergångsreglerna beviljas för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kontrakt som ingåtts av <NOBR>icke-finansiella</NOBR> motparter som uppfyller nämnda</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">villkor eller <NOBR>icke-finansiella</NOBR> motparter som för första gången ska få</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillstånd som värdepappersföretag fr.o.m. den 3 januari 2018 (och där-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med är att betrakta som en finansiell motpart enligt artikel 2.8 i förord-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">Den behöriga myndigheten får vidare bevilja undantag från att inkludera</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sådana <NOBR>C6-energidervatkontrakt</NOBR> vid beräkningen av en <NOBR>icke-finansiell</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">motparts positioner i <NOBR>OTC-derivat</NOBR> när det gäller tröskelvärde för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">clearingskyldighet (enligt artikel 10 i samma förordning). Övergångs-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">reglerna påverkar inte övriga krav som gäller beträffande <NOBR>C6-energi-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">derivatkontrakt enligt förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och transaktionsregister. Dessa övergångsregler i MiFID II bör genom-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">föras i svensk rätt i övergångsbestämmelser till lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">marknaden enligt vilka Finansinspektionen får bevilja nämnda undantag</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">från förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">register när det gäller <NOBR>C6-energiderivatkontrakt.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Nuvarande bestämmelser bör gälla för överträdelser som ägt rum före</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ikraftträdandet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Ansökningar, anmälningar och underrättelser enligt de nya bestämmel-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">serna i lagen om värdepappersmarknaden och förordningen om mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">nader för finansiella instrument kan komma att lämnas in till Finans-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inspektionen före den 3 januari 2018. Detta gäller t.ex. ansökningar om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tillstånd för drift av <NOBR>OTF-plattformar</NOBR> och tillhandahållande av data-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rapporteringstjänster. Det är önskvärt att Finansinspektionen kan pröva</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sådana ansökningar innan bestämmelserna träder i kraft och att inspek-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tionen för detta inte använder anslagsmedel som är avsedda för tillsyns-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">verksamhet. Det är därför lämpligt att Finansinspektionen får möjlighet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att ta ut avgifter för prövningen av ansökningar, anmälningar och under-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rättelser innan lagändringarna har trätt i kraft. Detta bör dock förutsätta</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att riksdagen dessförinnan har fattat beslut om de aktuella lagändringarna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">och att dessa har utfärdats och därigenom offentliggjorts. Något beslut</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">om tillstånd ska under alla förhållanden inte gälla förrän tidigast den</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">612</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">3 januari 2018.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_613">
<DIV id="dimg1">
<INGENBILD zsrc="H403162613x1.jpg/" id="img1">
</DIV>
<P class="p747 ft45"><SPAN class="ft4">Som </SPAN>Svenska Bankföreningen <SPAN class="ft4">och </SPAN>Svenska Fondhandlareföreningen <SPAN class="ft4">Prop. 2016/17:162 noterar finns det varken i MiFID II eller i det delegerade direktivet till</SPAN></P>
<P class="p1226 ft2">MiFID II några övergångsregler som rör hur de nya reglerna om produkt- styrning ska tillämpas för befintliga produkter per den 2 januari 2018 (artiklarna 16.3 <NOBR>andra–sjunde</NOBR> styckena och 24.2 i MiFID II). Enligt för- eningarnas uppfattning blir reglerna för producenter av finansiella instru- ment tillämpliga för producenter som efter detta datum emitterar eller sätter samman nya produkter och för distributörer blir reglerna tillämp- liga för produkter och tjänster som aktivt erbjuds kunder efter detta datum. Det är enligt föreningarnas mening dock inte rimligt att kräva att värdepappersinstituten t.ex. analyserar målgrupp för existerande produk- ter som inte längre erbjuds eller kan köpas av kund. Enligt regeringens uppfattning bör det som anges i MiFID II (artikel 16.3 andra och fjärde styckena) förstås på så sätt att reglerna för producenternas del omfattar finansiella instrument som marknadsförs, erbjuds eller distribueras till kunder efter det att reglerna ska börja tillämpas. På motsvarande sätt bör reglerna för distributörernas del omfatta finansiella instrument som er- bjuds eller rekommenderas efter det att reglerna ska börja tillämpas (se artikel 24.2 andra stycket i MiFID II). Det innebär, så som föreningarna anför, att ett värdepappersinstitut inte behöver t.ex. specificera en fast- ställd målgrupp för existerande finansiella instrument som efter det att det de bestämmelser som i svensk rätt genomför dessa regler i MiFID II har trätt i kraft inte erbjuds till eller kan köpas av kunder.</P>
<P class="p1474 ft23"><SPAN class="ft121">18.2</SPAN><SPAN class="ft162">Ändringar avseende övriga finansmarknadsfrågor</SPAN></P>
<P class="p1107 ft2"><SPAN class="ft25">Regeringens förslag: </SPAN>Ändringarna i lagen om värdepappersmark- naden, lagen om bank- och finansieringsrörelse och lagen om handel med finansiella instrument om beräkning av den högsta sanktions- avgiften för juridiska personer i en koncern och om beräkning av sanktionsavgift för fysiska och juridiska personer utifrån gjord vinst, i lagen om särskild tillsyn över kreditinstitut och värdepappersbolag om ingripandemöjligheter vid s.k. pelare <NOBR>2-beslut</NOBR> samt i lagen om värdepappersmarknaden om bemyndigande att meddela föreskrifter om informationssäkerhet och <NOBR>it-verksamhet</NOBR> för clearingorganisationer ska träda i kraft den 1 augusti 2017.</P>
<P class="p1093 ft42">Nuvarande bestämmelser om beräkning av sanktionsavgifter ska gälla för överträdelser som ägt rum före ikraftträdandet.</P>
<P class="p960 ft4"><SPAN class="ft103">Promemorians förslag </SPAN>överensstämmer inte med regeringens förslag beträffande datumet för ikraftträdande.</P>
<P class="p144 ft4"><SPAN class="ft103">Remissinstanserna </SPAN>tillstyrker förslaget eller har inget att invända mot det.</P>
<P class="p144 ft2"><SPAN class="ft25">Skälen för regeringens förslag: </SPAN>De föreslagna ändringarna i lagen om handel med finansiella instrument, lagen om bank- och finansierings- rörelse och i 25 kap. 9 och 19 §§ lagen om värdepappersmarknaden, som avser hur den högsta sanktionsavgiften ska beräknas för juridiska per-</P>
<P class="p19 ft145">soner som ingår i en koncern, är föranledda av regler i kapitaltäcknings-</P>
<P class="p596 ft2">613</P>
</DIV>
<DIV id="page_614">
<P class="p820 ft4">Prop. 2016/17:162 direktivet, ändringsdirektivet till öppenhetsdirektivet och krishanterings- direktivet som redan skulle ha varit genomförda i nationell rätt. Det är</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=2 class="tr27 td235"><P class="p23 ft2">därför angeläget att ett fullständigt genomförande i svensk rätt av direk-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">tiven kan ske så snart som möjligt. De föreslagna ändringarna bör därför</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">träda i kraft så snart det är möjligt, vilket bedöms vara den 1 augusti</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">2017. Detsamma gäller ändringarna i samma lagar som avser beräk-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">ningen av sanktionsavgift för fysiska och juridiska personer utifrån gjord</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">vinst, vilka även de rör genomförandet av de nämnda direktiven (6 kap.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">3 b och 3 f §§ lagen om handel med finansiella instrument, 15 kap. 8–</P></TD>
</TR>
<TR>
<TD class="tr26 td142"><P class="p23 ft2">9 §§ lagen om</P></TD>
<TD class="tr26 td341"><P class="p20 ft2">bank- och finansieringsrörelse, 25 kap. <NOBR>9–10,</NOBR> 19 och</P></TD>
</TR>
<TR>
<TD class="tr25 td142"><P class="p23 ft2">19 d §§ lagen</P></TD>
<TD class="tr25 td341"><P class="p20 ft2">om värdepappersmarknaden). Nuvarande bestämmelser</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">bör gälla för överträdelser som ägt rum före ikraftträdandet.</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p30 ft2">Övriga föreslagna ändringar i lagen om särskild tillsyn över kreditinsti-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">tut och värdepappersbolag som avser ingripandemöjligheter för Finans-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">inspektionen vid s.k. pelare <NOBR>2-beslut</NOBR> samt i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">marknaden som avser ett bemyndigande för Finansinspektionen att med-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr25 td235"><P class="p23 ft2">dela föreskrifter om informationssäkerhet och <NOBR>it-verksamhet</NOBR> för clearing-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td235"><P class="p23 ft2">organisationer bör likaså träda i kraft så snart det är möjligt, dvs. den</P></TD>
</TR>
<TR>
<TD class="tr27 td142"><P class="p23 ft2">1 augusti 2017.</P></TD>
<TD class="tr27 td341"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p845 ft1">19 Förslagens konsekvenser</P>
<P class="p1240 ft21">19.1 Förslagets syfte och alternativa lösningar</P>
<TABLE cellpadding=0 cellspacing=0 class="t97">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">I denna proposition finns förslag till lagändringar som är nödvändiga för</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att i svensk rätt genomföra MiFID II och för att anpassa svensk rätt till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFIR.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Syftet med MiFID II och MiFIR är att öka transparensen, förbättra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">investerarskyddet och förstärka förtroendet för de finansiella marknad-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">erna. Målet är också att reglera några tidigare oreglerade områden,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">minska potentiellt skadliga effekter av svagheter i bolagsstyrnings-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">arrangemang och se till att behöriga myndigheter har tillräckliga be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fogenheter för att fullgöra sina uppgifter. Varje medlemsstat ska säker-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ställa att reglerna i direktivet genomförs i nationell rätt. Om så inte sker</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">eller om de till följd av direktivet nödvändiga anpassningarna av gällande</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rätt inte görs, riskerar Sverige att kommissionen inleder ett förfarande om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">fördragsbrott. Att avstå från att genomföra direktivet utgör alltså inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">något alternativ.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">MiFID II är som huvudregel ett fullharmoniseringsdirektiv, dvs. med-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">lemsstaterna får inte införa strängare regler. Genomförandet av de änd-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rade och nya reglerna lämnar dock ett begränsat utrymme för nationell</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">särreglering. När det gäller vissa investerarskyddsregler får en medlems-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">stat i undantagsfall införa ytterligare krav, om dessa är objektivt motive-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">rade och proportionella för att hantera specifika risker som är särskilt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">viktiga för medlemsstatens marknadsstruktur (artikel 24.12). En utgångs-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">punkt för förslagen i propositionen är dock att inte gå längre än vad som</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">är nödvändigt för ett korrekt genomförande. Det finns dock ett fall där</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr2 td57"><P class="p140 ft2">614</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">förslagen i propositionen innebär att Sverige går längre än direktivet. Det</P></TD>
</TR>
<TR>
<TD class="tr66 td368"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_615">
<P class="p186 ft4">gäller vilket urval av finansiella instrument som ett värdepappersinstitut Prop. 2016/17:162 får erbjuda en kund när institutet har informerat kunden om att investe-</P>
<P class="p353 ft2">ringsrådgivningen lämnas på oberoende grund (avsnitt 19.5).</P>
<P class="p1475 ft21"><SPAN class="ft121">19.2</SPAN><SPAN class="ft160">Problembeskrivning</SPAN></P>
<P class="p1476 ft2">Utredningens konsekvensanalys kritiseras av flera remissinstanser, exem- pelvis Regelrådet. <SPAN class="ft3">Regelrådet </SPAN>framför att konsekvensutredningen är bristfällig och saknar en redogörelse för vilka företag som kommer att beröras av det nya regelverket. Det anför att det saknas en beskrivning av hur dessa företag är fördelade storlekmässigt och vilka konsekvenser regelverket kommer att få på företagens kostnader, tidsåtgång och verksamhet. Regelrådet anger även att det saknas en redogörelse för förslagets effekter på konkurrensförhållanden och att det inte framgår om det tagits särskild hänsyn till små företag vid reglernas utformning.</P>
<P class="p960 ft4">MiFID II innehåller nya regler inom ett stort antal områden och berör många olika aktörer. I det följande görs en sammanställning av de konse- kvenser som regeringen bedömer är de mest centrala för värdepappersbolag, kreditinstitut, handelsplatser, leverantörer av datarapporteringstjänster, fondbolag, <NOBR>AIF-förvaltare,</NOBR> investerare, Finansinspektionen och Sveriges Domstolar.</P>
<P class="p1023 ft21"><SPAN class="ft121">19.3</SPAN><SPAN class="ft160">Ikraftträdande</SPAN></P>
<P class="p990 ft2">Medlemsstaterna ska senast den 3 juli 2017 anta och offentliggöra de lagar och andra författningar som är nödvändiga för att genomföra MiFID II. De nationella bestämmelser som genomför MiFID II ska tillämpas fr.o.m. den 3 januari 2018 (artikel 93.1). Detsamma gäller för det delegerade direktivet till MiFID II (artikel 14). De lagändringar som i svensk rätt genomför MiFID II bör därför träda i kraft den 3 januari 2018. Även MiFIR ska börja tillämpas den 3 januari 2018 (artikel 55). Eftersom MiFIR är en direkt tillämplig <NOBR>EU-förordning</NOBR> föranleder den förordningen inte några ikraftträdande- eller övergångsbestämmelser i lag. Även de delegerade förordningar till MiFID II och MiFIR som har antagits av kommissionen är direkt tillämpliga. De föranleder därför inte heller några ikraftträdande- eller övergångsbestämmelser. I huvudsak ska också reglerna i de förordningarna tillämpas fr.o.m. den 3 januari 2018. Det delegerade direktivet till MiFID II ska genomföras i svensk rätt. I förevarande proposition föreslås att reglerna i det direktivet genomförs i myndighetsföreskrifter (se avsnitt 5.1). Det delegerade direktivet föranleder därför inte några ikraftträdande- eller övergångsbestämmelser i lag.</P>
<P class="p1477 ft21">19.4 Berörda företag och andra aktörer</P>
<TABLE cellpadding=0 cellspacing=0 class="t179">
<TR>
<TD class="tr24 td359"><P class="p23 ft2">MiFID II och MiFIR berör värdepappersbolag, kreditinstitut med till-</P></TD>
<TD class="tr24 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p23 ft2">stånd att driva värdepappersrörelse, börser, utländska företag som driver</P></TD>
<TD rowspan=2 class="tr1 td147"><P class="p20 ft2">615</P></TD>
</TR>
<TR>
<TD class="tr67 td359"><P class="p23 ft144"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_616">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p23 ft2">värdepappersrörelse i Sverige, Finansinspektionen och Sveriges</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">Domstolar. Utöver dessa aktörer berörs även fondbolag, utländska för-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">valtningsbolag och <NOBR>AIF-förvaltare.</NOBR> I mars 2017 finns 109 värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">bolag och 74 svenska kreditinstitut med tillstånd att driva värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">rörelse. Storleken på värdepappersbolagen kan variera från små bolag</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">med ett fåtal anställda och en relativt okomplicerad verksamhet till större</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">internationellt verksamma bolag med en omfattande verksamhet. Kredit-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">instituten består bl.a. av bankaktiebolag, sparbanker, och kreditmark-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">nadsbolag. Även kreditinstitutens verksamhet och antal anställda varierar</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">kraftigt. I Sverige finns det i dag två företag (börser) som driver</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">reglerade marknader och tre företag som driver <NOBR>MTF-plattformar.</NOBR> De</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">företag som har tillstånd att driva en eller flera reglerade marknader är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">börserna Nasdaq Stockholm AB och Nordic Growth Market NGM AB.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">De tre företag som i dag driver handelsplattformar <NOBR>(MTF-plattformar)</NOBR> är</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">börserna Nasdaq Stockholm AB, Nordic Growth Market NGM AB och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">värdepappersbolaget ATS Finans AB (Aktietorget). Det finns 40 fond-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">bolag och 62 <NOBR>AIF-förvaltare</NOBR> som vid rådgivning inom den ordinarie</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">verksamheten (fondverksamheten) enligt förslagen i denna proposition</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">kommer att behöva tillämpa vissa av de bestämmelser i lagen om</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">värdepappersmarknaden som i svensk rätt genomför MiFID II. Av dessa</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">har 5 fondbolag och 11 <NOBR>AIF-förvaltare</NOBR> även tillstånd för diskretionär</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">portföljförvaltning och investeringsrådgivning. Fondbolag eller <NOBR>AIF-för-</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">valtare som utför investeringsrådgivning som sidotjänst ska i den verk-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">samheten tillämpa de bestämmelser i lagen om värdepappersmarknaden</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">som gäller när värdepappersinstitut utför sådana tjänster.</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p125 ft2">Med anledning av att MiFID II har ett vidare tillämpningsområde än</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">MiFID I påverkas även vissa företag som i dag inte omfattas av till-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">ståndsplikt eller andra krav i lagen om värdepappersmarknaden. För-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">slagen i denna proposition innebär en inskränkning av de undantag från</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">krav på tillstånd för värdepappersrörelse som gäller i dag för handel med</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">råvaruderivat och tillämpningsområdet för regelverket utvidgas genom</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">att definitionen av finansiella instrument ändras så att den omfattar</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">utsläppsrätter. Vissa undantagsregler tas bort, vilket innebär att bl.a.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">företag som ägnar sig åt algoritmisk högfrekvenshandel omfattas av</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">lagen. Utöver handel på de i dag reglerade handelsplatserna – reglerade</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">marknader och handelsplattformar <NOBR>(MTF-plattformar)</NOBR> – införs det genom</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">MiFID II en ny typ av handelsplattform. Den typen av handelsplattform,</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2"><NOBR>OTF-plattform,</NOBR> är tänkt att komplettera befintliga handelsplatser och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">målsättningen är att öka den mängd handel som är reglerad och därmed</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">träffas av transparensreglerna. De tillgångsslag som förväntas handlas på</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2"><NOBR>OTF-plattformar</NOBR> är finansiella instrument som t.ex. obligationer och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">derivatinstrument (aktier och finansiella instrument som liknar aktier får</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">dock inte handlas på en sådan plattform, se avsnitt 7.3.1). Tillämpnings-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">området för regelverket utvidgas även genom att vissa datarapporterings-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">tjänster blir tillståndspliktiga. Det är inte möjligt att på förhand specifi-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">cera hur många företag som kommer att omfattas av det utökade tillämp-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">ningsområdet. I det följande ges dock vissa exempel och uppskattningar.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p125 ft2">I kommissionens delegerade förordning (EU) av den 1 december 2016</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p23 ft2">om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">avseende tekniska tillsynsstandarder när det gäller kriterier för att</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">616</P></TD>
<TD class="tr27 td235"><P class="p23 ft2">fastställa när en verksamhet ska betraktas som en sidoverksamhet till den</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_617">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">huvudsakliga verksamheten (C[2016] 7643 final) delas råvaruderivat upp i åtta klasser: el, olja, gas, kol, jordbruksprodukter, metaller, utsläpps- rätter samt derivat såsom fraktrater och inflation. De företag som är verksamma inom dessa områden och som säkrar sina priser genom att använda råvaruderivat kan påverkas av de nya reglerna. Det är svårt att uppskatta hur många företag som agerar inom dessa sektorer och vilka av dem som prissäkrar, alternativt investerar, i råvaruderivat. Några företag som agerar inom dessa sektorer har dock redan i dag tillstånd för värde- pappersrörelse och står därmed under Finansinspektionens tillsyn. De företag som har sådant tillstånd är Alfa kraft, Bixia, Shepherd energy, Statskraft, SKM AB och Telge krafthandel. En förväntan är att det, utöver dessa, tillkommer ytterst få nya tillståndspliktiga företag med anledning av de nya reglerna. Anledningen är att företagen förväntas anpassa sin handel för att komma under de gränsvärden som medför krav på tillstånd. Företagen Axpo, Dalakraft, Göteborg energi, Modity energy trading, Mälarenergi, Skellefteå kraft och Vattenfall är några exempel på företag som verkar på den finansiella elmarknaden. Inom oljesektorn kan nämnas Lundin petroleum samt Preem och inom metallsektorn Boliden och Lundin mining. Inom jordbrukssektorn är tre exempel på aktörer Lantmännen, Svenska Foder AB och AAK AB. En uppskattning är att dessa tre aktörer erbjuder möjligheter att prissäkra till de totalt 9 000– 10 000 lantbrukare som regelbundet använder sig av prissäkring. Utöver detta bygger de flesta avtal med industrikunder på prissäkrade kontrakt. Lantmännen, Svenska Foder AB och AAK AB behöver som en konsekvens av detta handla på råvarubörser för att säkra sina marginaler. De företag som handlar med utsläppsrätter för annans räkning kommer att omfattas av det nya regelverket. Detta är företrädesvis de större aktör- erna inom energibranschen samt banker. De mäklare som används mest frekvent bland svenska aktörer är SKM AB och ICAP som är baserat i Norge. De handelsplatser som används mest av svenska aktörer är främst Intercontinental Exchange (ICE), och till viss del även Nasdaq Stock- holm AB, vilka redan omfattas av det regelverk som genomför MiFID I.</P>
<P class="p1478 ft2">De professionella investerare som agerar på sådant sätt att de anses ägna sig åt algoritmisk högfrekvenshandel kan komma att behöva ansöka om tillstånd för värdepappersrörelse. Dessa är främst utländska speciali- serade aktörer, varav flera redan står under tillsyn utomlands, samt stor- bankerna, vilka även de står under tillsyn. Uppskattningsvis finns det 5– 10 svenska och <NOBR>20–50</NOBR> utländska högfrekvenshandlare som berörs.</P>
<P class="p1235 ft2">Det är inte möjligt att på förhand bedöma exakt hur många och vilka aktörer som kommer att ansöka om tillstånd för att driva en <NOBR>OTF-platt-</NOBR> form. Det kan vara någon av de större svenska bankerna eller en börs eller ett värdepappersinstitut som redan i dag driver en <NOBR>MTF-plattform,</NOBR> dvs. troligtvis aktörer som redan har ett tillstånd enligt lagen om värde- pappersmarknaden och står under Finansinspektionens tillsyn.</P>
<P class="p269 ft2">Tillämpningsområdet för MiFID II innebär en utvidgning i förhållande till MiFID I även genom att tre nya datarapporteringstjänster blir till- ståndspliktiga. Både befintliga företag och nystartade företag kan tänkas vara intresserade av att leverera datarapporteringstjänster och därmed ansöka om tillstånd för denna typ av verksamhet. Att på förhand avgöra hur många företag som kan tänkas ansöka om tillstånd är inte möjligt. Det kan även bli så att denna typ av verksamhet till stor del kommer att</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">617</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_618">
<P class="p1479 ft4">Prop. 2016/17:162 drivas gränsöverskridande och att svenska värdepappersbolag köper dessa tjänster av utländska aktörer.</P>
<P class="p576 ft2">Ett värdepappersinstitut och en börs har även rätt att driva verksamhet i andra länder inom EES med stöd av sitt tillstånd i hemlandet. Den gränsöverskridande verksamheten till Sverige av de tjänster som det är fråga om består av 38 utländska värdepappersföretag från andra länder inom EES som driver verksamhet från filial i Sverige. Det finns även 2 704 utländska värdepappersföretag från andra länder inom EES som driver gränsöverskridande verksamhet i Sverige utan att inrätta filial. Därutöver finns det tio utländska värdepappersföretag som genom an- knutna ombud driver verksamhet i Sverige. När det gäller svenska före- tags gränsöverskridande verksamhet är det sex värdepappersbolag som har anmält att de har inrättat filial i ett annat land inom EES. Det finns inga svenska värdepappersbolag som har ansökt om tillstånd för att in- rätta filial i ett land utanför EES. Det finns 30 svenska värdepappers- bolag som har anmält att de driver gränsöverskridande verksamhet i andra länder inom EES utan att inrätta filial. Enligt Finansinspektionens uppgifter använder sig tio svenska värdepappersbolag av anknutna om- bud i andra länder inom EES.</P>
<P class="p949 ft21"><SPAN class="ft21">19.5</SPAN><SPAN class="ft160">Konsekvenser för företag och enskilda</SPAN></P>
<P class="p917 ft129"><SPAN class="ft127">19.5.1</SPAN><SPAN class="ft161">Konsekvenser för berörda företag</SPAN></P>
<P class="p1480 ft3">Inledning</P>
<P class="p918 ft2">Konsekvenserna till följd av genomförandet i svensk rätt av MiFID II och av MiFIR är många och av varierande art. I avsnitt 19.5 beskrivs för- väntade konsekvenser till följd av ändrade regler för transaktionsrapport- ering, bolagsstyrning, system för visselblåsare, verksamhet över gräns- erna samt för algoritmisk handel och högfrekvenshandel. Därtill behand- las de förväntade konsekvenserna till följd av det utökade tillämpnings- området för regelverket när det gäller verksamhet som rör råvaruderivat, utsläppsrätter och datarapporteringstjänster. Avslutningsvis behandlas de konsekvenser som förväntas uppstå på grund av de nya investerarskydds- och rörelseregler och regler för intressekonflikter och ersättningar till och från tredjepart som föreslås i denna proposition. I avsnitt 19.6 görs en uppskattning av de kostnader och den tidsåtgång som kan uppstå för företagen med anledning av regelverket.</P>
<P class="p948 ft3">Konsekvenser till följd av nya regler om transaktionsrapportering</P>
<P class="p936 ft2">MiFIR innehåller regler på flera områden. Förordningsformen innebär att reglerna kommer att bli direkt tillämpliga i medlemsstaterna. En stor för- ändring är att transaktionsrapporteringen dels utökas väsentligt jämfört med nuvarande regelverk, dels regleras i MiFIR i stället för i lagen om värdepappersmarknaden. Värdepappersinstitut rapporterar redan i dag transaktioner med finansiella instrument till Finansinspektionen. Den mängd finansiella instrument som omfattas ökar dock och mängden information som ska rapporteras för varje instrument förväntas mer än</P>
<P class="p535 ft2">tredubblas.</P>
<P class="p19 ft2">618</P>
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<P class="p181 ft2">För det första skapas en ny skyldighet för värdepappersinstitut och den som driver en handelsplats att lagra data som ska vara tillgängliga för Finansinspektionen i minst fem år. För det andra utvidgas tillämpnings- området för rapporteringen så att det anpassas till det som gäller på marknadsmissbruksområdet. För det tredje kommer kvaliteten på rapporteringen att förbättras genom ökade krav på de uppgifter som rapporteras. Detta kommer att ske genom bättre identifiering av de kunder för vars räkning ett värdepappersinstitut har utfört en transaktion och även av de personer som är ansvariga för utförandet av transak- tionen. Dessutom införs det krav på att den som driver en handelsplats ska rapportera transaktioner som har utförts på handelsplatsen av företag som inte själva omfattas av rapporteringsskyldighet.</P>
<P class="p526 ft3">Konsekvenser till följd av nya regler om transparens</P>
<P class="p1216 ft2">I MiFIR finns regler om transparens före och efter handel med aktier, depåbevis, s.k. börshandlade fonder, certifikat och andra liknande finan- siella instrument (i den svenska språkversionen av förordningen benäm- nda aktieinstrument) och för finansiella instrument som inte liknar aktier såsom obligationer, strukturerade finansiella produkter, utsläppsrätter och derivat (i den svenska språkversionen av förordningen felaktigt be- nämnda <NOBR>icke-aktierelaterade</NOBR> instrument, i den engelska språkversionen benämnda <NOBR>non-equity</NOBR> instruments).</P>
<P class="p432 ft2">För den svenska obligationsmarknaden finns det redan i dag regler om transparens efter handel med krav offentliggörandet av aggregerad infor- mation dagen efter handelsdagen. På en marknad med relativt få aktörer, som på den svenska räntemarknaden, kan kraven i MiFIR innebära att det inte bara ska offentliggöras uppgifter om handeln utan även om en- skilda aktörers positioner. Detta kan påverka viljan och möjligheten för t.ex. marknadsgaranter att ta stora positioner. Resultatet kan bli en sämre marknadslikvidet, vilket i sin tur kan få konsekvenser för såväl investe- rare som emittenter i form av en mindre stabil prisbild. En annan tänkbar konsekvens är att ökad transparens kan underlätta för nya aktörer att delta i räntemarknaden och bidra positivt till marknadslikviditeten. Enligt Finansinspektionens initiala bedömning är det inte säkert att transpa- rensen efter handel nödvändigtvis kommer att öka. Det kan lika väl bli så att transparensen minskar i vissa avseenden när det gäller svenska obliga- tioner. För order kommer transparensen före handel att öka, eftersom det i dag saknas regler för detta i Sverige.</P>
<P class="p398 ft3">Börser och värdepappersinstitut som driver en handelsplats</P>
<P class="p953 ft2">Börser och värdepappersinstitut som driver en handelsplats kommer att behöva samla in stora mängder data och anpassa sina system till det nya regelverket. De kommer att behöva göra investeringar i nödvändiga marknadsaktiviteter, kravspecificering, systemutveckling och testning för att uppfylla kraven i MiFID II. Detta kommer att kräva <NOBR>it-utveckling</NOBR> av handelsplatserna vilket i sin tur leder till att de som deltar i handeln måste göra förändringar i sina system.</P>
<P class="p164 ft42">De nya kraven för kontroller och hantering av system för algoritmisk handel och direkt elektroniskt tillträde kommer troligen att till viss del</P>
</DIV>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">619</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_620">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">620</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft42">innebära ökade kostnader för tekniska system hos börser och värde- pappersinstitut som driver handelsplatser.</P>
<P class="p511 ft3">Systematiska internhandlare</P>
<P class="p1211 ft2">En systematisk internhandlare definieras som ett värdepappersinstitut som på ett organiserat, frekvent, systematiskt och omfattande sätt handlar för egen räkning när den utför kundorder utanför en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> (se avsnitt 7.11.2). System- atiska internhandlare kommer att få en mer central roll och utökade krav till följd av det nya regelverket. Enligt Finansinspektionen är det inget svenskt värdepappersinstitut som har anmält att det driver sådan verk- samhet. Enligt de nya reglerna utvidgas den systematiska internhandlare- rollen till att gälla i princip alla finansiella instrument. Detta kommer att skapa en rad olika konsekvenser för värdepappersinstituten. De ska själva göra en bedömning utifrån sin handel om de är systematiska internhandlare eller inte i ett visst finansiellt instrument. Det kommer inte att krävas något nytt tillstånd för dessa värdepappersinstitut men de måste meddela Finansinspektionen att de uppfyller kraven i definitionen av en systematisk internhandlare som i sin tur meddelar Esma som ska upprätta ett register över alla systematiska internhandlare i unionen. Därefter ska de följa vissa krav som kommer att påverka hur de hanterar sin handel i verksamheten som systematiska internhandlare. Flera värdepappersinstitut förväntas anmäla till Finansinspektionen att de uppfyller kraven i definitionen av systematiska internhandlare men hur många är osäkert. Kraven som det innebär att vara systematisk intern- handlare leder till förändrade behov av systemstöd samt nya processer för handel och riskhantering. Detta gäller främst då värdepappersinstitut ställer priser mot kunder i marknaden samt vid rapportering av transak- tioner. Systematiska internhandlare ska även via ett godkänt publice- ringsarrangemang <NOBR>(APA-leverantör)</NOBR> offentliggöra bud och transaktioner i enlighet med reglerna i MiFIR.</P>
<P class="p930 ft3">Bolagsstyrning</P>
<P class="p1272 ft2">Genomförandet i svensk rätt av MiFID II innebär att det i lagen om värdepappersmarknaden ställs upp fler och utökade krav på dem som leder verksamheten i värdepappersbolag och börser (se avsnitt 12). I lagen införs även krav på de som leder verksamheten i företag som till- handahåller vissa datarapporteringstjänster. De nya reglerna för bolags- styrning kommer att innebära ökade och mer detaljerade krav på före- tagens styrelser och riskhantering. Detta betyder att valberedningens be- fintliga rutiner måste anpassas och att kostnader kopplade till att tillsätta styrelser förväntas öka. Även styrelsernas befintliga sammansättning kan behöva anpassas till följd av de nya reglerna. Tillgången till kompetenta och erfarna kandidater kan förväntas utgöra en initialt försvårande om- ständighet som kan bli kostnadsdrivande. En positiv effekt, när anpass- ningen väl har skett, kan förväntas bli att rekryteringsarbetet på sikt underlättas i takt med att fler personer i en bredare krets får erfarenhet av arbete i styrelser och därmed är tillgängliga för nya uppdrag. Kostnads- bilden kan dessutom påverkas av att företagen sannolikt måste öka ersätt- ningarna till styrelseledamöter för att kompensera dem för att antalet</P>
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</DIV>
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<DIV>
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<P class="p163 ft4">styrelseuppdrag som de kan åta sig kommer att minska. Merparten av dessa regler har, för värdepappersbolagens och kreditinstitutens del, emellertid redan trätt i kraft i och med genomförandet i svensk rätt av kapitaltäckningsdirektivet, se prop. 2013/14:228.</P>
<P class="p167 ft3">Visselblåsare</P>
<P class="p952 ft2">I propositionen föreslås åtgärder för att stärka skyddet för visselblåsare (se avsnitt 13.5). De åtgärderna berör alla företag som omfattas av MiFID II, dvs. värdepappersbolag, kreditinstitut, börser, leverantörer av datarapporteringstjänster och företag som hör hemma utanför EES som driver värdepappersrörelse från filial i Sverige. De föreslagna åtgärderna innebär krav dels på effektiva system för rapportering och skydd för den som rapporterar överträdelser till den behöriga myndigheten, dels på att tillståndspliktiga företag ska inrätta sådana system för intern rapport- ering. Därutöver ska identiteten på både anmälaren och på den som an- mäls (om det är en fysisk person) som huvudregel skyddas. Kravet inne- bär att en anställd som identifierat en allvarlig överträdelse ska kunna rapportera denna utan att riskera repressalier, diskriminering och andra former av missgynnande behandling. Att inrätta system för visselblåsare kan initialt innebära vissa administrativa kostnader för de berörda före- tagen. Kostnaderna kommer att avse antingen uppbyggnad av interna system (inköps- och underhållskostnader) eller anlitande av en extern part såsom en advokatbyrå. Även utvidgningen av kraven på system för visselblåsare till börser och leverantörer av datarapporteringstjänster kan innebära vissa administrativa kostnader för berörda företag. I detta sammanhang bör dock noteras att krav på system för visselblåsare ställs upp även i andra <NOBR>EU-rättsakter</NOBR> på finansmarknadsområdet (t.ex. prop. 2013/14:228 s. <NOBR>243–259</NOBR> och prop. 2015/16:10 s. <NOBR>213–232).</NOBR> Dessa rätts- akter är redan genomförda i svensk rätt, vilket medför att många företag redan är skyldiga att följa de krav som nu ställs upp med anledning av genomförandet av MiFID II.</P>
<P class="p911 ft3">Algoritmisk handel och högfrekvenshandlare</P>
<P class="p951 ft2">Genomförandet i svensk rätt av MiFID II påverkar s.k. högfrekvens- handlare genom att det införs krav på tillstånd för värdepappersrörelse för att driva sådan verksamhet (se avsnitten 6.6.3 och 7.6.2). De ökade kostnaderna som det medför kan innebära att företag ändrar sina handels- strategier (lägga färre order) för att undvika tillståndsplikt, alternativt ändrar affärsmodell helt och hållet. Större företag har lättare att hantera högre kostnader. Finansinspektionen kommer att få större insyn i de före- tag som ställs under inspektionens tillsyn, vilket bör leda till bättre kon- troll över deras risker, system och handel. Finansinspektionens förväntan är att endast enstaka aktörer kommer att ansöka tillstånd för värdepap- persrörelse för verksamhet som högfrekvenshandlare. Detta på grund av att majoriteten av dem som driver sådan verksamhet är utländska företag men även på grund av de ökade kostnader som reglerna medför. Den som yrkesmässigt handlar för egen räkning utan att erbjuda några tjänster till kunder omfattas i dag av undantag från tillståndsplikt. Enligt förslagen i denna proposition kommer det inte längre att gälla om ett företag har direkt elektroniskt tillträde till en handelsplats (se avsnitt 7.6.4). Detta</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">621</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_622">
<P class="p820 ft42">Prop. 2016/17:162 kan komma att medföra att vissa professionella investerare måste ansöka om tillstånd som värdepappersbolag.</P>
<P class="p940 ft3">Råvaruderivat</P>
<P class="p1179 ft2">I propositionen föreslås att Finansinspektionen ska fastställa gränser i form av kvantitativa trösklar för hur stora positioner i råvaruderivat en fysisk eller juridisk person får ha under en viss tidsperiod. En börs eller ett värdepappersinstitut som driver en handelsplats ska övervaka de positioner i råvaruderivat som någon har. Den som driver handelsplatsen ska också kunna tvinga fram en stängning eller minskning av en position i råvaruderivat.</P>
<P class="p1020 ft2">Råvarupriser kan variera kraftigt över tiden och råvaruderivat skapar en möjlighet att öka, minska eller helt undvika effekterna av framtida förändringar av priset på råvaror. Reglerna om positionslimiter för råvaruderivat kommer att påverka både de företag som driver handels- platser där sådana finansiella instrument handlas och de företag som handlar med instrumenten. De nya kraven på rapportering och offentlig- görande av positioner i råvaruderivat kommer att kräva anpassningar hos dessa företag. Företagen ska även lämna information till Finansinspek- tionen, vilket medför att även myndigheten påverkas av reglerna. De företag på finansmarknadsområdet som kommer att påverkas av de nya reglerna är främst företag som utför omfattande handel eller investerings- tjänster när det gäller råvaruderivat. Dessutom påverkas olika typer av intermediärer (mäklare och handlare) för el och jordbruksprodukter som kan komma att omfattas av tillståndsplikt. Den som driver en handels- plats kommer att beröras av nya krav på clearing när det gäller de finan- siella instrument som handlas på handelsplatsen. Värdepappersinstitut och de aktörer som i dag handlar OTC träffas av nya rapporteringsregler. De nya positionsbegränsningarna kommer att omfatta samtliga berörda aktörer. Det finns dock ett undantag för dem som säkrar sina priser (hedging) genom att använda råvaruderivat. Det undantaget innebär att positionslimiterna inte ska vara tillämpliga på positioner som innehas för en <NOBR>icke-finansiell</NOBR> enhets räkning och som på ett objektivt mätbart sätt minskar risker som står i direkt samband med affärsverksamheten hos denna <NOBR>icke-finansiella</NOBR> enhet.</P>
<P class="p1481 ft2">Företag kan träffas både direkt eller indirekt av det nya regelverket. De kan träffas direkt genom ökade krav på administration och rapportering och indirekt genom begränsad handel som en följd av positionslimiter (se avsnitt 7.14). De indirekta effekterna av de nya reglerna om positions- limiter för råvaruderivat påverkar en stor grupp jordbrukare som utgör små och medelstora företag. Många jordbrukare använder möjligheten att prissäkra framtida kontrakt på spannmål, oljeväxter och foder. Deras möjligheter att hantera sin affärsrisk genom prissäkring påverkas negativt om likviditeten i terminsmarknaden minskar. Möjligheten att säkra priset kan minska om kostnaderna för hantering av råvaruderivat på handels- plattformar gör att antalet aktörer eller aktörernas vilja att erbjuda tjänster minskar.</P>
<P class="p1482 ft2">622</P>
</DIV>
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<DIV>
<DIV id="id_1">
<P class="p19 ft3">Utsläppsrätter</P>
<P class="p1216 ft2">Handel med utsläppsrätter infördes i Sverige 2005 som ett sätt att minska utsläppen av växthusgaser i enlighet med Kyotoprotokollet (Kyotoproto- kollet är en internationell överenskommelse som trädde i kraft den 16 februari 2005 och som hade som mål att de årliga globala utsläppen av växthusgaser skulle minska med minst 5,2 procent från år 1990 till perioden <NOBR>2008–2012).</NOBR> Utsläppsrätter delas ut gratis varje år till företag med tillstånd att släppa ut växthusgaser. För varje utsläpp måste före- tagen överlämna utsläppsrätter och alla transaktioner av utsläppsrätter ska registreras i ett särskilt register för utsläppsrätter, det s.k. unions- registret, som administreras av Energimyndigheten. En utsläppsrätt motsvarar ett ton koldioxid eller motsvarande i andra växthusgaser. De företag som klarar av att minska sina utsläpp kan sälja sina utsläppsrätter till andra företag som finner det billigare att köpa utsläppsrätter än att minska sina egna utsläpp. Detta skapar en sekundärmarknad för handel med utsläppsrätter. Handeln med utsläppsrätter sker främst bilateralt mellan köpare och säljare <NOBR>(OTC-handel)</NOBR> och på marknadsplatsen Inter- continental Exchange (ICE) men även till viss del genom mäklare och då OTC.</P>
<P class="p1287 ft2">Enligt Finansinspektionens bedömning kan utsläppsrätter och derivat- instrument hänförliga till utsläppsrätter vara alltför illikvida för att om- fattas av handelsskyldighet och clearingkrav. Däremot blir positions- rapportering ett krav som omfattar alla aktörer som handlar med ut- släppsrätter. Eftersom handeln med utsläppsrätter i dagsläget är ytterst begränsad, bedömer Finansinspektionen att alla som vill utnyttja undan- taget från tillståndsplikt kan göra det i enlighet med undantaget för per- soner som tillhandahåller investeringstjänster som rör råvaruderivat eller utsläppsrätter men som inte utför handel för egen räkning. Finansinspek- tionen bedömer att även marknadsgaranter och andra som handlar för egen räkning med råvaruderivat eller utsläppsrätter men som inte utför kundorder bör kunna utnyttja undantaget från tillståndsplikt (se avsnitt 6.6.5). Däremot står exempelvis SKM AB under tillsyn eftersom före- taget är ett värdepappersbolag med anledning av att det utför andra investeringstjänster.</P>
<P class="p398 ft3">Datarapporteringstjänster</P>
<P class="p953 ft2">Finansinspektionen, börser och värdepappersinstitut som driver handels- platser är de som främst förväntas beröras av förslagen om reglering av vissa datarapporteringstjänster (se avsnitt 7.15). En tjänst som avses är tillhandahållande av ett godkänt publiceringsarrangemang <NOBR>(APA-leveran-</NOBR> tör) vilket innebär att offentliggöra, för ett värdepapperspappersinstituts räkning, transaktioner i enlighet med reglerna i MiFIR. En annan tjänst är att tillhandahålla konsoliderad handelsinformation <NOBR>(CTP-leverantör),</NOBR> vilket ger en samlad bild av transaktioner med ett och samma finansiella instrument från flera olika handelsplatser och aktörer. Den tredje tjänsten är att tillhandahålla en godkänd rapporteringsmekanism <NOBR>(ARM-leveran-</NOBR> tör), vilket innebär rapportering, för ett värdepappersinstitut räkning, av transaktioner till Finansinspektionen och Esma.</P>
<P class="p1094 ft4">Förutsättningarna för tillstånd och vad som krävs av ett företag med tillstånd för datarapporteringstjänster liknar de förutsättningar och krav</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">623</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_624">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">624</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">som i dag gäller för värdepappersbolag. Både befintliga företag och ny- startade företag kan tänkas vara intresserade av att leverera datarapport- eringstjänster. Det är viktigt att dessa företag kan ansöka om tillstånd hos Finansinspektionen och starta verksamheten när de nya reglerna träder i kraft den 3 januari 2018. Det är även viktigt för många andra företag att datarapporteringsföretagen har startat sin verksamhet eftersom de är beroende av dessa tjänster i syfte att kunna följa MiFIR och de bestäm- melser som i svensk rätt genomför MiFID II.</P>
<P class="p165 ft3">Investerarskydds- och rörelseregler</P>
<P class="p1188 ft2">Värdepappersbolag och kreditinstitut samt fondbolag och <NOBR>AIF-förvaltare</NOBR> som erbjuder investeringsrådgivning eller portföljförvaltning kommer att påverkas av förslagen i denna proposition om skärpta krav för dem som tillhandahåller investeringstjänster och sidotjänster. Ändringarna innebär bl.a. att kraven på kunskap och kompetens hos de personer som ger investeringsråd eller information om finansiella instrument införs i lag. I dag finns reglerna om kunskap och kompetens i myndighetsföreskrifter och de omfattar endast personer som lämnar investeringsrådgivning till konsumenter. Förslagen i denna proposition förväntas innebära att antalet personer som utför investeringsrådgivning och som omfattas av regler om krav på kunskap och kompetens kommer att öka eftersom reglerna nu kommer att gälla investeringsrådgivning i förhållande till alla kunder (se avsnitt 8.4). Det föreslås också ytterligare krav när det gäller lämplig- hetsbedömning vid investeringsrådgivning (avsnitt 8.2). I fråga om icke- professionella kunder tillkommer dessutom ett krav på att ett värdepap- persinstitut innan en transaktion genomförs för en kunds räkning ska lämna en förklaring till kunden på ett varaktigt medium om lämpligheten av lämnade råd. Den omständigheten att värdepappersinstitutet skriftlig- en ska motivera varför ett råd är att anse som lämpligt torde minska risk- en för att institutet låter sig påverkas av ersättningar från tredjepart och som följd lämnar råd som inte ligger i kundens intresse (se avsnitt 8.6). Om ett värdepappersinstitut erbjuder en kombination av en investerings- tjänst och en annan produkt eller tjänst som ett paket, ska institutet sär- skilt informera kunden om möjligheten att köpa de olika delarna separat, kostnaderna och avgifterna för de olika komponenterna samt eventuell förändring i risknivån på grund av kombinationen (se avsnitt 8.7).</P>
<P class="p1177 ft2">För att genomföra MiFID II i svensk rätt föreslås även regler om pro- duktstyrning. De innebär att ett värdepappersinstitut som producerar finansiella instrument bl.a. ska fastställa en lämplig målgrupp för varje instrument och säkerställa att instrumentet svarar mot målgruppens be- hov (se avsnitt 8.11).</P>
<P class="p385 ft4">En följd av dessa regler är en större administrativ börda för företagen som utför investeringsrådgivning och andra tjänster. Den administrativa bördan är dock motiverat med hänsyn till det ökade kundskyddet som reglerna medför liksom det faktum att reglerna i MiFID II måste genom- föras i svensk rätt.</P>
<P class="p167 ft3">Intressekonflikter och ersättningar till och från tredjepart</P>
<P class="p1272 ft42">MiFID II och de kompletterande reglerna i de rättsakter som kommis- sionen har antagit om hur värdepappersinstitut ska hantera intresse-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_625">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">konflikter och ersättningar från tredjepart utgör ett omfattande och detalj- erat regelverk. Direktivet och de delegerade rättsakterna innehåller nya och strängare regler som, i betydande omfattning, skärper villkoren när det gäller ersättningar till och från tredjepart vid tillhandahållandet av investeringsrådgivning och andra investeringstjänster. MiFID II innebär exempelvis mer preciserade krav på den information om kostnader som ett värdepappersinstitut ska ge till en kund både innan institutet tillhanda- håller en investeringstjänst eller sidotjänst och även därefter på periodisk basis. Informationen ska omfatta uppgifter om alla kostnader och avgifter och inkludera kostnader för rådgivning för det finansiella instrumentet som rekommenderas eller marknadsförs till kunden.</P>
<P class="p624 ft2">I denna proposition finns också förslag om krav när det gäller hur värdepappersinstitut ersätter sin personal (se avsnitt 9.2.3). MiFID II innehåller även särskilda regler om investeringsrådgivning på oberoende grund. Regelverket skiljer därmed mellan investeringsrådgivning på oberoende grund och annan investeringsrådgivning, vilket innebär en möjlighet för en differentiering av den rådgivning som tillhandahålls på marknaden för investeringsrådgivning. Värdepappersinstitut kommer därmed att kunna välja om de vill erbjuda investeringsrådgivning på oberoende grund eller annan investeringsrådgivning, eller både och. Om ett värdepappersinstitut väljer att erbjuda båda formerna av investerings- rådgivning, ska institutet uppfylla särskilda organisatoriska krav och ha kontroller på plats för att säkerställa att båda typerna av rådgivning är tydligt separerade från varandra och att en kund inte ska bli osäker om vilken typ av rådgivning som institutet lämnar henne eller honom. Detta kan innebära vissa organisatoriska utmaningar för värdepappersinsti- tuten.</P>
<P class="p979 ft2">Förslagen i denna proposition innebär att reglerna i MiFID II genom- förs i svensk rätt. När det gäller det utbud av produkter som får tillhanda- hållas vid investeringsrådgivning på oberoende grund föreslås dock att Sverige utnyttjar möjligheten att införa strängare krav än i direktivet (se avsnitt 9.3.4). De strängare kraven avser vilket urval av finansiella instrument som ett värdepappersinstitut får erbjuda en kund när institutet har informerat kunden om att investeringsrådgivningen lämnas på oberoende grund. Ett värdepappersinstitut ska i så fall bedöma ett till- räckligt stort och diversifierat urval av finansiella instrument som är till- gängliga på marknaden för att säkerställa att kundens investeringsmål på lämpligt sätt kan tillgodoses. Urvalet får inte omfatta finansiella instru- ment utgivna, utfärdade eller tillhandahållna av institutet, företag som institutet har nära förbindelser med eller andra företag till vilka institutet har ett sådant rättsligt eller ekonomiskt förhållande att det kan riskera att försämra förutsättningarna för institutet att lämna oberoende investe- ringsråd. Därutöver måste värdepappersinstitutet även tillhandahålla ett tillräckligt stort antal produkter från olika aktörer. Regeringen gör bedömningen att förslaget att i svensk rätt införa strängare krav än dem i direktivet inte ger några stora konsekvenser för de värdepappersinstitut som tillhandahåller investeringsrådgivning. Regeringen anser att det är motiverat att ge begreppet investeringsrådgivning på oberoende grund en mer tydlig innebörd och att det dessutom bör öka både kundskyddet och kundnyttan.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">625</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_626">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">626</P>
</DIV>
<DIV id="id_2">
<P class="p487 ft4">Genom införandet av tydliga regler om investeringsrådgivning på oberoende grund är det möjligt att antalet värdepappersinstitut som er- bjuder denna tjänst kommer att öka.</P>
<P class="p487 ft2">Ett värdepappersinstitut som tillhandahåller investeringsrådgivning på oberoende grund får enligt förslaget i denna proposition inte ta emot och behålla ersättningar från tredjepart, utom i vissa undantagsfall. Begräns- ningar när det gäller tredjepartsersättningar föreslås även för värdepap- persinstitut som tillhandahåller annan investeringsrådgivning eller utför andra investeringstjänster eller sidotjänster. Ett värdepappersinstitut ska kunna visa belägg för att alla avgifter, provisioner eller <NOBR>icke-monetära</NOBR> förmåner som betalas till eller tas emot av institutet är utformade för att höja kvaliteten på den relevanta tjänsten. Detta ska säkerställas genom interna förteckningar över alla ersättningar som tagits emot av en tredje- part i samband med investeringsrådgivning eller sidotjänst. Dessutom ska värdepappersinstitutet registrera hur ersättningarna som betalats till eller förmånerna som tagits emot av institutet höjer kvaliteten på den tjänst som det tillhandahåller till de berörda kunderna. Det ska även framgå vilka åtgärder som värdepappersinstitutet har vidtagit för att se till att institutets förutsättningar att uppfylla sina skyldigheter att agera heder- ligt, rättvist och professionellt i enlighet med kunden bästa intresse inte försämras. Alla dessa krav förväntas öka den administrativa bördan för värdepappersinstituten.</P>
<P class="p972 ft3">Fondbolag och <NOBR>AIF-förvaltare</NOBR></P>
<P class="p1211 ft2">Fondbolag och <NOBR>AIF-förvaltare</NOBR> får ge råd om andelar i fonder inom sin fondverksamhet och då gäller i dag de näringsrättsliga reglerna i rådgiv- ningslagen. För denna rådgivning krävs det inte något särskilt tillstånd från Finansinspektionen. I syfte att uppnå en likartad reglering för de aktörer som utför rådgivning på finansmarknadsområdet föreslås i denna proposition (se avsnitt 10.4) att de näringsrättsliga reglerna i rådgiv- ningslagen inte längre ska gälla för fondbolag och <NOBR>AIF-förvaltare</NOBR> när de lämnar råd inom fondverksamheten. Enligt förslaget ska i stället de näringsrättsliga reglerna om investeringsrådgivning i lagen om värdepap- persmarknaden tillämpas i den verksamheten. Fondbolag och <NOBR>AIF-förval-</NOBR> tare ska således tillämpa bestämmelserna i lagen om värdepappersmark- naden om krav på rådgivarnas kompetens, om intressekonflikter, om ersättningssystem, om information till kund vid investeringsrådgivning, om ersättningar till och från tredjepart, om lämplighetbedömning och om rapportering och lämplighetsförklaring till kund. Det är svårt att bedöma vilka konsekvenser som förslaget kommer att få för fondbolag eller AIF- förvaltare. Anledningen till det är att antalet fondbolag och AIF- förvaltare som utför rådgivning om fondandelar inom fondverksamheten är okänt eftersom verksamheten inte kräver något särskilt tillstånd. Enligt Fondbolagens förening är det få fondbolag och <NOBR>AIF-förvaltare</NOBR> som utför rådgivning inom fondverksamheten. Däremot kan de nya reglerna om ersättningar till eller från tredjepart eventuellt ge den effekten att fondbolag och <NOBR>AIF-förvaltare,</NOBR> i större utsträckning än i dag, väljer att distribuera andelarna i de fonder som de förvaltar genom egna kanaler. Om så sker kan det innebära att fondbolag och <NOBR>AIF-förvaltare</NOBR> i större utsträckning kommer att ge råd om fondandelar inom fondverksamheten.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_627">
<DIV>
<DIV id="id_1">
<P class="p181 ft2">Fondbolag och <NOBR>AIF-förvaltare</NOBR> kan även lämna råd med stöd av ett till- stånd för sidotjänster om de samtidigt har tillstånd för diskretionär port- följförvaltning. De ska i den verksamheten tillämpa de bestämmelser i lagen om värdepappersmarknaden som gäller när värdepappersinstitut utför sådana tjänster. <NOBR>AIF-förvaltare</NOBR> ska enligt förslaget i denna proposition även tillämpa bestämmelserna i samma lag om försäljning och rådgivning i samband med strukturerade insättningar samt reglerna om passandebedömning. Förslagen förväntas påverka fondbolag och <NOBR>AIF-förvaltare</NOBR> på liknande sätt som för värdepappersinstitut som utför liknande tjänster.</P>
<P class="p397 ft3">Tillämpningsområdet för investeringsrådgivning</P>
<P class="p952 ft2">I denna proposition föreslås att det i lagen om värdepappersmarknaden tas in en definition av investeringstjänsten investeringsrådgivning som motsvarar den i MiFID II (se avsnitt 6.3.6). När det gäller rådgivning som avser finansiella instrument som ingår olika försäkringslösningar och i premiepensionssystemet anser regeringen i likhet med utredningen att även sådan rådgivning bör anses utgöra investeringsrådgivning enligt direktivet. Det innebär en ändring i förhållande till hur sådan rådgivning bedöms enligt Finansinspektionens nuvarande praxis. Investeringsråd- givning som avser finansiella instrument kommer därmed att få utföras av värdepappersinstitut eller anknutna ombud till värdepappersinstitut eller i viss mån av försäkringsförmedlare som har tillstånd för sidoverk- samhet. De konsekvenser som det kan innebära för försäkringsförmed- lare kommer att redovisas närmare i det lagstiftningsärende som behand- lar genomförandet i svensk rätt av direktivet om försäkringsdistribution.</P>
<P class="p526 ft3">Tillväxtmarknader för små och medelstora företag</P>
<P class="p952 ft2">I syfte att underlätta för små och medelstora företag att få finansiering via kapitalmarknaderna, föreslås i denna proposition att det införs en möjlighet att registrera en <NOBR>MTF-plattform</NOBR> som en tillväxtmarknad för små och medelstora företag (se avsnitt 7.5.7). Den börs eller det värde- pappersinstitut som driver en <NOBR>MTF-plattform</NOBR> kan välja att ansöka om att få handelsplattformen registrerad som en tillväxtmarknad för små och medelstora företag, om handelsplattformen uppfyller vissa villkor. Vissa specifika krav kommer då att gälla för handelsplattformen, exempelvis att majoriteten av emittenter vars finansiella instrument är upptagna till handel på plattformen ska vara små och medelstora företag. I Sverige finns redan i dag några <NOBR>MTF-plattformar</NOBR> som är inriktade på handel med aktier i små och medelstora företag: Aktietorget som drivs av värdepap- persbolaget ATS Finans AB, First North som drivs av börsen Nasdaq Stockholm AB och Nordic MTF som drivs av börsen Nordic Growth Market NGM AB. De regler och krav som föreslås gälla för tillväxtmark- nader för små och medelstora företag liknar dem som redan gäller för så- dana handelsplattformar och förslaget bedöms därför inte få några betyd- ande konsekvenser för dem. Ansökan om registrering av en handelsplatt- form som tillväxtmarknad för små och medelstora företag är dessutom frivillig.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">627</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_628">
<P class="p621 ft3"><SPAN class="ft2">Prop. 2016/17:162 </SPAN>Verksamhet över gränserna</P>
<P class="p1407 ft2">Värdepappersinstitut och börser har redan i dag rätt att driva verksamhet i andra länder inom EES med stöd av sitt tillstånd enligt lagen om värde- pappersmarknaden. I MiFID I regleras inte hur företag som hör hemma i länder utanför EES får driva verksamheten inom EES. Enligt gällande svensk rätt får ett företag som hör hemma utanför EES driva värdepap- persrörelse från filial i Sverige efter tillstånd från Finansinspektionen.</P>
<P class="p1020 ft2">I MiFID II finns regler som innebär att varje land inom EES får välja att kräva att företag som hör hemma utanför EES får erbjuda investe- ringstjänster eller utföra investeringsverksamhet i det landet endast om det inrättar en filial i landet (se avsnitt 11.3). Eftersom det redan enligt gällande svensk rätt finns ett sådant krav innebär det inte någon ändring när det gäller möjligheten för sådana företag att driva verksamhet i Sverige. För att i svensk rätt genomföra MiFID II krävs dock att det ställs upp ytterligare krav på sådana företag. Konsekvensen blir därför något fler krav för att företag som hör hemma utanför EES ska få tillhandahålla investeringstjänster och utföra investeringsverksamhet i Sverige. Mark- nadens funktionssätt förväntas dock inte påverkas, eftersom det redan i dag krävs att företag som hör hemma utanför EES inrättar filial i Sverige för att få driva värdepappersrörelse här i landet.</P>
<P class="p807 ft2">Det finns även regler i MiFIR om gränsöverskridande verksamhet för företag som hör hemma utanför EES (se avsnitt 11.3). Sådana företag får i dag inte erbjuda investeringstjänster i Sverige utan att inrätta en filial här i landet. De nya reglerna i MiFIR innebär att ett sådant företag, utan att inrätta en filial, får erbjuda tjänster till jämbördiga motparter och professionella kunder i Sverige, om kommissionen har fattat ett beslut om likvärdighet rörande det land som företaget hör hemma i och före- taget har registrerats i ett register som ska föras av Esma. Reglerna i MiFIR gäller också inom hela EES, vilket innebär att företag som är registrerade hos Esma får erbjuda tjänster inom hela EES.</P>
<P class="p1274 ft3">Rådgivning avseende s.k. strukturerade insättningar</P>
<P class="p939 ft2">Om ett värdepappersinstitut säljer eller lämnar råd om s.k. strukturerade insättningar, som inte är finansiella instrument, ska vissa bestämmelser i lagen om värdepappersmarknaden gälla (se avsnitt 6.5). Det är bestäm- melser om kundskydd och organisation som gäller när ett värdepappers- institut säljer eller utför rådgivning om finansiella instrument som ska tillämpas även när ett institut säljer eller lämnar råd om strukturerade insättningar. Eftersom värdepappersinstituten redan följer dessa bestäm- melser bör det inte medföra några stora konsekvenser för dem, om de skulle vilja tillhandahålla tjänster även när det gäller strukturerade insätt- ningar.</P>
<TABLE cellpadding=0 cellspacing=0 class="t180">
<TR>
<TD class="tr1 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr1 td368"><P class="p139 ft129">19.5.2 Konsekvenser för små företag</P></TD>
</TR>
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p139 ft2">Det är möjligt att de krav som ställs med anledning av genomförandet i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">svensk rätt av MiFID II kan komma att bli särskilt betungande för små</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företag med begränsade resurser. Kostnaderna kommer bl.a. att bestå av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">kostnader för systemutveckling, utbildning av personal, förändring av</P></TD>
</TR>
<TR>
<TD class="tr31 td57"><P class="p140 ft2">628</P></TD>
<TD class="tr31 td368"><P class="p139 ft2">processen i den dagliga verksamheten och säkerställandet av interna</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_629">
<P class="p186 ft4">kontrollmiljöer för att ta hänsyn till de nya och ändrade reglerna. Kost- Prop. 2016/17:162 naden för företagen kan antas variera beroende på deras kapacitet att</P>
<P class="p1226 ft2">absorbera regelförändringar. Det kan förväntas bli svårare för ett mindre värdepappersbolag att rekrytera styrelse enligt de nya krav som föreslås. Det kan även tänkas att små värdepappersbolag blir tvungna att utlokali- sera vissa delar av sin verksamhet (outsourca) för att kunna leva upp till de nya kraven. Det går inte att utesluta att det nya regelverket och kost- naderna det medför kan få aktörer att ändra inriktning på sin verksamhet. När det gäller <SPAN class="ft3">Regelrådets </SPAN>fråga om behovet av att ta särskild hänsyn till små företag konstaterar regeringen att MiFID II inte ger något utrymme för att införa mildare krav för små företag. Det är därför inte möjligt att ta särskilda hänsyn till små företag vid utformningen av förslagen i denna proposition utan det är av överordnad betydelse att de nya reglerna är harmoniserade.</P>
<P class="p1023 ft129"><SPAN class="ft127">19.5.3</SPAN><SPAN class="ft161">Påverkan på konkurrensförhållanden</SPAN></P>
<P class="p1483 ft2">Ett viktigt syfte med MiFID II är att harmonisera regelverket för handel med finansiella instrument i Europa. Harmoniserade regler skapar lika villkor och förväntas därmed främja konkurrens. Regelverkets omfatt- ning och många regler kan dock skapa vissa fördelar för stora företag vilka kan förväntas ha bättre förutsättningar att anpassa sig till regel- förändringar.</P>
<P class="p1158 ft2">Med anledning av att det i denna proposition föreslås regler för värdepappersinstitut som tillhandahåller portföljförvaltning eller utför investeringsrådgivning på oberoende grund kan en ny typ av aktörer ta plats på marknaden för rådgivning. Det skapas således en möjlighet att konkurrera med denna typ av investeringsrådgivning. Förslaget innebär även att möjligheten i direktivet att införa strängare krav utnyttjas när det gäller det utbud av finansiella instrument som ett värdepappersinstitut får erbjuda en kund när det utför investeringsrådgivning på oberoende grund. Genom att endast sådana finansiella instrument som utfärdas av någon annan än värdepappersinstitutet självt eller någon som institutet har nära förbindelser med får erbjudas blir denna nya kategori av investeringsrådgivning ännu tydligare. Detta kan öka möjligheten till konkurrens eftersom kunderna i framtiden kan göra ett tydligt val mellan investeringsrådgivning på oberoende grund respektive annan investe- ringsrådgivning.</P>
<P class="p1484 ft21"><SPAN class="ft121">19.6</SPAN><SPAN class="ft160">Företagens kostnader och tidsåtgång</SPAN></P>
<P class="p1074 ft129"><SPAN class="ft127">19.6.1</SPAN><SPAN class="ft161">Utgångspunkter</SPAN></P>
<P class="p943 ft2">I avsnitt 19.6 analyseras de kostnader för företagen som kan förväntas uppkomma med anledning av MiFIR och genomförandet i svensk rätt av MiFID II. Det görs även ett försök att kvantifiera kostnaderna i den mån det är möjligt. För aktörer på värdepappersmarknaden kommer kostnad- erna bl.a. att bestå av kostnader för systemutveckling, utbildning av per-</P>
<P class="p19 ft2">sonal, förändring av processen för att ta fram produkter och säker-</P>
<P class="p1069 ft2">629</P>
</DIV>
<DIV id="page_630">
<P class="p1286 ft2">Prop. 2016/17:162 ställandet av interna kontrollmiljöer för att ta hänsyn till de nya och ändrade reglerna. I vilken utsträckning ändringar i regelverket påverkar kostnaderna beror på faktorer som är unika för respektive aktör, främst med hänsyn till befintlig affärsmodell som avgör vilka delar av regel- verket som ett företag berörs av. Förekomsten av verksamhet som ett företag uppdrar åt någon annan att utföra (outsourcing) kan förväntas öka markant. Däri finns en risk att företagen i förlängningen tappar möjlig- heten att själva bilda sig en uppfattning om nödvändiga kontroller av riskerna i den egna verksamheten. Det finns också en risk att efterfrågan på tjänster som kan utföras av någon annan överstiger utbudet av kvali- ficerade tjänsteleverantörer. Kostnaden för företagen kan antas variera beroende på deras kapacitet att absorbera regelförändringar. I syfte att uppskatta företagens kostnader har kontakt tagits med branschorganisa- tioner, börser och Finansinspektionen. Det har visat sig svårt att göra exakta bedömningar om företagens kostnader och de uppskattningar som görs kan avvika mycket från de faktiska och slutliga kostnaderna. Det ska tilläggas att det fortfarande finns många osäkra faktorer för företagen eftersom det nya regelverket ska börja tillämpas först om drygt ett halvår.</P>
<TABLE cellpadding=0 cellspacing=0 class="t181">
<TR>
<TD class="tr1 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr1 td213"><P class="p275 ft129">19.6.2</P></TD>
<TD class="tr1 td334"><P class="p23 ft129">Finansiella, materiella och övriga kostnader</P></TD>
</TR>
<TR>
<TD class="tr42 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr42 td213"><P class="p275 ft3">Inledning</P></TD>
<TD class="tr42 td334"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td247"><P class="p275 ft2">De kostnader som identifierats i detta avsnitt är kostnader med anledning</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">av krav på tillstånd och tillsyn, samt ett estimat av de totala aggregerade</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">kostnaderna som handelsplatser och värdepappersinstitut beräknar att få</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">med anledning av MiFIR och genomförandet i svensk rätt av MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">De aggregerade kostnaderna inkluderar alla de kostnader som kan upp-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">komma med anledning av det nya regelverket. Det rör sig om förbered-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">elsearbetet för transaktionsrapportering och kostnader med anledning av</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">nya regler för bolagsstyrning, system för visselblåsare, regler om algo-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">ritmisk handel och högfrekvenshandel. Dessutom kostnader till följd av</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">det utökade tillämpningsområdet för regelverket när det gäller råvaru-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">derivat, utsläppsrätter och datarapporteringstjänster. De aggregerade</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">kostnaderna kan även uppstå på grund av nya investerarskydds- och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">rörelseregler och regler för intressekonflikter och ersättningar till och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">från tredjepart. För att kvantifiera kostnaderna används, när det är möj-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">ligt, spann på total nivå för värdepappersinstitut, börser och värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">persinstitut som driver handelsplattformar, nya aktörer och fondbolag</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr27 td247"><P class="p275 ft2">och <NOBR>AIF-förvaltare.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr44 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr44 td247"><P class="p275 ft3">Värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr33 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td247"><P class="p275 ft2">I vilken utsträckning de föreslagna ändringarna i regelverket påverkar</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">kostnaderna för värdepappersbolag och kreditinstitut är beroende på</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">faktorer som är unika för respektive aktör, främst med hänsyn till be-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">fintlig affärsmodell som avgör vilka delar av regelverket som företagen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">berörs av. De kostnader som uppstår för värdepappersinstituten kan bl.a.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td247"><P class="p275 ft2">hänföras till de ändringar som föreslås när det gäller systematiska intern-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">handlare och som kommer innebära ökade kostnader för systemstöd och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td247"><P class="p275 ft2">processer för handel och riskhantering och rapportering av transaktioner.</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p20 ft2">630</P></TD>
<TD colspan=2 class="tr31 td247"><P class="p275 ft2">En annan kostnad som kan uppstå är för de värdepappersinstitut som</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_631">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">handlar med råvaruderivat. Det kan innebära ökade kostnader för regel- efterlevnad (compliance), system och kontroller för riskhantering och be- manning av dessa funktioner. Värdepappersinstituten kan även få ökade kostnader på grund av att de måste anpassa sig till de nya investerar- skydds- och rörelsereglerna. Dessutom krävs det resurser och system för att hantera de nya reglerna om intressekonflikter och ersättningar till och från tredjepart. Det kommer att krävas vissa investeringar för att klara kraven på t.ex. lämplighetsförklaring och inspelning av samtal. I denna del bör det dock främst handla om förändringar i befintliga system och processer. De nya och ändrade sanktionsreglerna bedöms inte öka den administrativa bördan för värdepappersinstituten. De nya kraven för kontroller och hantering av system för algoritmisk handel och direkt elektroniskt tillträde kommer troligen att till viss del innebära ökade kostnader för tekniska system hos värdepappersinstitut. Därutöver kan det uppstå kostnader för att inrätta system för visselblåsare och för att följa de nya kraven för bolagsstyrning.</P>
<P class="p432 ft2">I syfte att estimera de kostnader som kan uppkomma för ett värdepap- persinstitut har kontakt tagits med Svenska Fondhandlareföreningen. Svenska Fondhandlareföreningen är en branschförening som represen- terar gemensamma intressen hos de företag som driver värdepappers- rörelse i Sverige. Branschföreningen har för närvarande 27 medlemmar som består av banker och värdepappersbolag. I syfte att uppskatta de kostnader som uppkommer med anledning av MiFID II och MiFIR har föreningen tagit kontakt med ett urval av sina medlemmar. Enligt till- frågade medlemmar som varit beredda att kvantifiera sina kostnader är den sammanlagda kostnaden inom intervallet <NOBR>10–500</NOBR> miljoner kronor. Det lägre beloppet avser värdepappersinstitut vars verksamhet till stor del är inriktad på viss nischad verksamhet medan det högre beloppet avser de institut som tillhandahåller de flesta investeringstjänster och utför investeringsverksamhet. Den sammanlagda kostnaden består av den för- väntade resursåtgången för bankers och värdepappersbolags analyser, informationsinhämtning och anpassningsinsatser vilket inkluderar de anpassningar som måste göras i företagens <NOBR>it-system.</NOBR> De tillfrågade värdepappersinstituten har även beskrivit kostnaderna som hur stor del av sina totala personalresurser som används för anpassning till MiFID II och MiFIR. De uppgifter som Svenska Fondhandlareföreningen tagit del av visar ett intervall mellan 2 och 15 procent. Den lägre procentsatsen gäller för stora värdepappersinstitut och den högre siffran gäller för mindre värdepappersinstitut. Detta kan tolkas så att kostnaderna tynger de mindre aktörerna relativt sett i betydligt större utsträckning.</P>
<P class="p1485 ft4">Dessa kostnader uppskattas täcka in alla de ändringar som det nya regelverket förväntas innebära för värdepappersinstituten. Utöver det som anges ovan ska också nämnas att det kan vara så att värdepappers- institut kan överväga att lägga om, lägga till eller lägga ner verksamheter till följd av det nya regelverket.</P>
<P class="p167 ft3">Börser och värdepappersinstitut som driver handelsplattformar</P>
<P class="p951 ft4">Redan i dag rapporterar börser och värdepappersinstitut som driver handelsplattformar transaktioner till Finansinspektionen på uppdrag av värdepappersbolag enligt gällande regelverk (10 kap. lagen om värde-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">631</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_632">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">632</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">pappersmarknaden). Den rapporteringen som kommer att krävas enligt MiFIR är betydligt mer omfattande eftersom andelen finansiella instru- ment och antalet uppgifter för varje transaktion ökar. Dessutom ska transaktionsrapporter skickas in från samtliga handelsplatser (inte bara från reglerade marknader enligt gällande regler). Detta krav gäller även systematiska internhandlare. Det innebär att mycket mer information ska rapporteras från fler aktörer. Transaktionsrapporteringen ska även valideras och i förekommande fall rättas. Det är även strängare krav på kontroll i MiFIR än vad som gäller i dag. Transaktionen rapporteras till Finansinspektionen av värdepappersinstitut, via en <NOBR>ARM-leverantör</NOBR> eller via en handelsplats. En <NOBR>ARM-leverantör</NOBR> måste ansluta sig till Finans- inspektionens system för rapportering och eventuellt även andra tillsyns- myndigheters system. Detta innebär krav på utveckling och test för data- överföring även till andra parter, dvs. utöver Finansinspektionen. Kost- nader för detta krävs för utveckling, test och implementering. För Finans- inspektionen innebär det en teknisk prövning för att godkänna tjänsten, liknande den som finns i dag för det bolag som påbörjar transaktions- rapportering.</P>
<P class="p1176 ft2">För en börs eller ett värdepappersinstitut som driver en handelsplatt- form kan det även uppkomma kostnader med anledning av att råvaru- derivat ska handlas på en reglerad handelsplats. Kostnader består i att anpassa vissa produkter till central motpartsclearing, in- och utrapport- ering, tillståndsförfarande för drift av <NOBR>OTF-plattform,</NOBR> bestämning av till- gängligt utbud och utestående balanser i råvaruderivat som underlag för positionsbegränsningar och övervakning av positionsbegränsningar. Det är svårt att uppskatta vilka kostnader som detta föranleder. Flera av nämnda faktorer innebär dock även nya intäktsmöjligheter.</P>
<P class="p385 ft2">Finansinspektionen kommer att behöva ta ut en avgift för att pröva om en <NOBR>MTF-plattform</NOBR> motsvarar de kriterier som gäller för registrering som en tillväxtmarknad för små och medelstora företag. Finansinspektionen har i mars 2017 remitterat ett förslag om en avgift på 90 000 kronor för ett sådant ärende.</P>
<P class="p506 ft2">De nya krav som föreslås för kontroller och hantering av system för algoritmisk handel och direkt elektroniskt tillträde kommer troligen att till viss del innebära ökade kostnader för tekniska system hos börser och värdepappersinstitut som driver handelsplattformar.</P>
<P class="p385 ft2">I syfte att estimera de totala kostnader som uppkommer för börser och värdepappersinstitut som driver handelsplattformar har kontakt tagits med de företag som i dag driver sådan verksamhet i Sverige. Dessa aktörer uppskattar att de totala kostnader som uppkommit på grund av investeringar i nödvändiga marknadsaktiviteter, kravspecificering, systemutveckling, implementering, testning och förberedelser på att följa regelverket och uppfylla kraven som följer av genomförandet av MiFID II rör sig inom intervallet 3 miljoner till över 100 miljoner kronor.</P>
<P class="p165 ft3">Nya aktörer</P>
<P class="p1211 ft4">Finansinspektionen tar ut en avgift för prövning av ansökan om tillstånd för att driva värdepappersrörelse och en årlig avgift av värdepappers- institut. Avgiften för prövning av ansökan om tillstånd är i dag 350 000 kronor. Värdepappersrörelse inrymmer flera investeringstjänster</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_633">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">och investeringsverksamheter som var och en kräver tillstånd. För den som har tillstånd för värdepappersrörelse är avgiften 90 000 kronor för prövning av ansökan om tillstånd till ytterligare en eller flera investe- ringstjänster eller investeringsverksamheter. Ansökningskostnaden är av engångskaraktär och i detta sammanhang främst relevant för företag som för första gången ansöker om tillstånd. Utöver detta tar Finans- inspektionen ut en årlig avgift enligt förordningen (2007:1135) om årliga avgifter för finansiering av Finansinspektionens verksamhet. Den årliga avgiften är som lägst 30 000 kronor. I förordningen anges inte något tak för avgiften. Avgiften är beroende av flera olika faktorer och varierar mellan olika företag beroende på deras balansomslutning. Det innebär att varje företag ska betala en avgift som är proportionell i förhållande till företagets storlek. De företag som kan förväntas ansöka om tillstånd att driva värdepappersrörelser är företag som avser driva en <NOBR>OTF-plattform</NOBR> eller tillhandahålla datarapporteringstjänster eller företag som ägnar sig åt högfrekvenshandel.</P>
<P class="p432 ft2">För de företag som planerar att driva en <NOBR>OTF-plattform</NOBR> uppskattas kostnaderna vara betydande. För att driva en <NOBR>OTF-plattform</NOBR> kommer det att behövas lika stora investeringar som för att driva en <NOBR>MTF-plattform.</NOBR> Kostnaderna kommer att bestå av <NOBR>it-kostnader</NOBR> för att bygga en plattform som klarar av att leva upp till kraven på transparens och kostnader som hänför sig till regelefterlevnad (compliance). Dessutom kommer det att krävas personalkostnader för att driva verksamheten. Det tillkommer även en avgift för prövning av ansökan om tillstånd för att driva verk- samheten. I det förslag som Finansinspektionen har remitterat i mars 2017 uppgår avgiften för sådana ärenden till mellan 350 000 och 2 800 000 kronor.</P>
<P class="p164 ft2">Både befintliga företag och nystartade företag kan förväntas vara intresserade av att leverera någon av de nya datarapporteringstjänsterna. Detta kan ske antingen genom affärsutveckling eller genom anpassning av befintliga tjänster och processer. Om ett företag behöver anpassa sina befintliga system och strukturer, alternativt ta fram ett helt nytt system, kommer det att uppstå kostnader för utveckling, test och implementering. Hur stora dessa utvecklingskostnader kommer att bli är svåra att uppskatta. Kostnader som dessutom tillkommer för att ett företag ska få tillhandahålla tjänsterna är i huvudsak hänförliga till ansöknings- förfarandet. Med detta avses kostnader förknippade med själva tillståndsprocessen, jfr ovan om nuvarande avgifter för prövning av ansökan att driva en handelsplattform eller att driva värdepappersrörelse.</P>
<P class="p1094 ft4">För de aktörer som i dag inte är värdepappersinstitut men som enligt förslaget kommer att definieras som högfrekvenshandlare kan det inne- bära att de måste ansöka om tillstånd för värdepappersrörelse för att fortsätta att driva sådan verksamhet.</P>
<P class="p167 ft3">Fondbolag och <NOBR>AIF-förvaltare</NOBR></P>
<P class="p952 ft2">För att uppskatta de kostnader som fondbolag och <NOBR>AIF-förvaltare</NOBR> kan tänkas få med anledning av förslaget i denna proposition att de ska tillämpa bestämmelserna i lagen om värdepappersmarknaden vid rådgiv- ning både inom fondverksamheten och som sidotjänst har kontakt tagits med Fondbolagens förening. Föreningen har över 40 medlemsbolag som</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">633</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_634">
<P class="p727 ft2">Prop. 2016/17:162 tillsammans förvaltar merparten av fondsparandet i Sverige. Medlems- bolagen representerar en mångfald av fondbolag av olika storlek. Före- ningens bedömning är att fondbolagens pågående verksamheten inte kommer att påverkas i någon större utsträckning av de nya regler som föreslås för att i svensk rätt genomföra MiFID II. Anledningen till det är att det är få fondbolag som ger råd inom den egna fondverksamheten. Däremot kan förslaget om särskilda regler om ersättningar till och från tredjepart påverka hur distributionen av andelar i fonder kommer att ske i framtiden. Det är möjligt att fondbolag kommer att se ett större behov av att själva distribuera andelarna i de fonder som de förvaltar genom egna kanaler direkt till kund. Om det sker kan behovet av att även ge råd kring fonderna öka. Kostnaderna som det innebär är svåra att estimera på förhand. <NOBR>AIF-förvaltare</NOBR> är en mindre homogen grupp varför konsekvens- erna för dem med anledning av förslagen i denna proposition är ännu svårare att bedöma.</P>
<P class="p807 ft4">Enligt förslaget i denna proposition ska fondbolag och <NOBR>AIF-förvaltare</NOBR> som utför investeringsrådgivning som sidotjänst i den verksamheten tillämpa de bestämmelser i lagen om värdepappersmarknaden som gäller när värdepappersinstitut utför sådana tjänster. Fondbolag och <NOBR>AIF-förval-</NOBR> tare påverkas då på motsvarande sätt som värdepappersinstitut som utför sådana tjänster.</P>
<P class="p1440 ft129">19.6.3 Administrativa kostnader</P>
<TABLE cellpadding=0 cellspacing=0 class="t167">
<TR>
<TD class="tr2 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td368"><P class="p139 ft2">Administrativa kostnader utgörs i första hand av företagens kostnader för</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att upprätta, lagra eller överföra information eller uppgifter som föran-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">letts av krav i lagar, förordningar och myndigheters föreskrifter eller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">anvisningar i allmänna råd. Ett företag som avser att driva värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rörelse måste ansöka om tillstånd hos Finansinspektionen för att få göra</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">det. Den tid det tar att upprätta en sådan ansökan innebär en administrativ</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">kostnad. En ansökan om tillstånd att driva värdepappersrörelse ska bl.a.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">innehålla uppgift om vilken eller vilka investeringstjänster eller investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ringsverksamheter samt eventuella sidotjänster och sidoverksamheter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som ansökan avser. Ansökan ska även innehålla en verksamhetsplan,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">uppgifter för ägarprövning och ledningsprövning samt uppgifter om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ekonomiska förhållanden. Ett företag ska i sin ansökan lämna uppgifter</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">om vilka ledamöter och eventuella suppleanter som ingår i företagets</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">styrelse. De aktörer som förväntas upprätta en ansökan om tillstånd är</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">främst de företag som avser att tillhandahålla datarapporteringstjänster</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">eller driva en <NOBR>OTF-plattform,</NOBR> registrera en tillväxtmarknad för små och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">medelstora företag, eller de professionella investerare som kommer att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">definieras som högfrekvenshandlare, men även andra företag som avser</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att starta verksamhet som är tillståndspliktig.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Det saknas statistik eller en sammanställning av den arbetstid som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företag lägger ner för att upprätta en ansökan om tillstånd att driva värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">pappersrörelse. Det antal timmar som behöver läggas ner är beroende av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">verksamhetens komplexitet, vilka tillstånd som ansökan avser samt huru-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">vida man valt att anlita ombud. Finansinspektionen gör en mycket grov</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">uppskattning av att det skulle kunna röra sig om ca 350 timmar totalt för</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr1 td57"><P class="p140 ft2">634</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">ett företag och ombud att förbereda ansökan med tillhörande handlingar.</P></TD>
</TR>
<TR>
<TD class="tr53 td368"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_635">
<P class="p1486 ft4">Det ska dock tilläggas att en del av den tid som läggs ner samtidigt kan Prop. 2016/17:162 hänföras till åtgärder som t.ex. att inventera risker och intressekonflikter</P>
<P class="p1487 ft2">samt att upprätta sådana rutiner som företaget har användning av i sin fortsatta verksamhet. För att uppskatta kostnaden per arbetad timme an- vänds statistik från Statistiska centralbyrån. Arbetskostnaden per arbetad timme visar vad arbetsgivaren får betala i genomsnitt för en faktiskt ar- betad timme. Arbetskostnaden inkluderar löner, arbetsgivaravgifter enligt lagar och avtal samt övriga arbetskostnader för personal. Ett genomsnitt av de två näringsgrenar som fanns tillgängliga hos SCB och som bäst motsvarar relevanta företag har används för att estimera timkostnaden. Nedanstående exempel visar den uppskattade administrativa kostnaden för ett företag som använder intern arbetskraft för att upprätta en an- sökan.</P>
<TABLE cellpadding=0 cellspacing=0 class="t182">
<TR>
<TD class="tr24 td302"><P class="p73 ft2">Kreditinstitut och försäkringsbolag</P></TD>
<TD class="tr24 td195"><P class="p23 ft2">557 kronor/timme</P></TD>
</TR>
<TR>
<TD class="tr25 td406"><P class="p73 ft2">Banker och andra kreditinstitut</P></TD>
<TD class="tr25 td407"><P class="p23 ft2">567 kronor/timme</P></TD>
</TR>
<TR>
<TD class="tr27 td302"><P class="p73 ft25">Genomsnittlig timkostnad</P></TD>
<TD class="tr27 td195"><P class="p23 ft25">562 kronor/timme</P></TD>
</TR>
</TABLE>
<P class="p1488 ft2">350 timmar * 562 kronor = 196 700 kronor per företag</P>
<P class="p1489 ft2">En grov uppskattning av arbetskostnaden för att upprätta en ansökan om tillstånd att driva värdepappersrörelse är således 196 700 kronor. Ett företag som har tillstånd att driva värdepappersrörelse och som ansöker om tillstånd att tillhandahålla sidotjänster behöver främst lägga ner arbete på att justera företagets verksamhetsplan. Detta borde innebära att den tid som läggs ner är mindre än vid ansökan om tillstånd för värdepappers- rörelse. Det är inte osannolikt att ett företag tar hjälp av extern arbetskraft för att upprätta en ansökan, vilket i så fall förändrar kostnaden. Följden är troligtvis att kostnaderna blir högre för de som anlitar extern arbets- kraft. Sammanfattningsvis är kostnaden och antal arbetstimmar för att sammanställa en ansökan om tillstånd för att driva värdepappersrörelse mycket svåra att uppskatta.</P>
<P class="p1490 ft21"><SPAN class="ft121">19.7</SPAN><SPAN class="ft160">Konsekvenser för investerare</SPAN></P>
<P class="p1491 ft2">I denna proposition föreslås att de förstärkta och utvecklade investerar- skyddsreglerna i MiFID II genomförs i svensk rätt. Det innebär en höj- ning av kraven för värdepappersinstitut som utför investeringsrådgiv- ning, portföljförvaltning och andra investeringstjänster. Investerarkollek- tivet kommer att tillhandahållas mer information och mer transparens vilket bör stärka kundskyddet. Även de nya reglerna om ersättnings- system och reglerna om ersättningar till och från tredjepart innebär ett ökat investerarskydd. Det förväntas dock innebära en ökad administra- tion för värdepappersinstituten och det finns därför en risk att kunderna kommer att få bära kostnaden för de utvecklingskrav som kommer att ställas på instituten. Investerare kommer att kunna välja mellan investe- ringsrådgivning på oberoende grund respektive annan investeringsråd- givning. De företag som erbjuder investeringsrådgivning på oberoende</P>
<P class="p1492 ft2">grund kommer att ta betalt för dessa tjänster direkt från kunden. Betal-</P>
<P class="p1493 ft2">635</P>
</DIV>
<DIV id="page_636">
<P class="p727 ft2">Prop. 2016/17:162 ning kan förväntas utgå från olika modeller t.ex. genom avgift beräknad utifrån nedlagd tid eller genom en procentandel av förvaltad förmögen- het, eller genom en procentandel av värdeutvecklingen. I Sverige finns det i dag få aktörer som erbjuder oberoende finansiell rådgivning. Genom ett tydligt regelverk för rådgivning på oberoende grund ges kunderna en möjlighet att göra informerade och medvetna val kring vilken slags rådgivning de vill ha. En förhoppning är att antalet aktörer som erbjuder investeringsrådgivning på oberoende grund därmed kommer att öka i och med att det nu föreslås särskilda regler för sådan verksamhet.</P>
<P class="p1020 ft2">De föreslagna nya reglerna om produktstyrning bör minska riskerna för att olämpliga produkter når kunder och att ett värdepappersinstitut till en kund lämnar råd om eller säljer produkter som inte är lämpliga för kunden. Reglerna om produktstyrning kan även innebära att det utbud av produkter som erbjuds en kund vid ett rådgivningstillfälle blir mer be- gränsat avseende produktens typ och karaktär.</P>
<P class="p580 ft2">När det gäller ersättningar innebär förslaget bl.a. att eventuella betal- ningar eller förmåner från tredjepart ska redovisas separat för kunden. Det innebär att det för kunden bör bli tydligare vad han eller hon betalar för. Det bör även öka kundens möjlighet att bilda sig en uppfattning om alla kostnader för investeringstjänsten eller det finansiella instrumentet och på så sätt göra en bedömning av om han eller hon är beredd att betala den kostnaden för tjänsten eller instrumentet.</P>
<P class="p1494 ft23"><SPAN class="ft21">19.8</SPAN><SPAN class="ft162">Konsekvenser för stat, myndigheter och domstolar</SPAN></P>
<P class="p1010 ft129"><SPAN class="ft127">19.8.1</SPAN><SPAN class="ft161">Konsekvenser för staten</SPAN></P>
<P class="p927 ft2">Förslagen i denna proposition bedöms få konsekvenser för staten primärt genom påverkan på Finansinspektionens verksamhet i egenskap av behörig myndighet. Det ändringar som föreslås när det gäller sanktioner vid överträdelser av regelverket bedöms även kunna medföra vissa konsekvenser för domstolsväsendet. Utöver den sedvanliga informationen om nya regelverk som Finansinspektionen tillhandahåller bedöms förslagen i denna proposition inte medföra något behov av några särskilda informationsinsatser från samhällets sida.</P>
<P class="p654 ft2">För Riksgäldskontoret, som ansvarar för statsskuldsförvaltningen, är reglerna i MiFIR mycket centrala. Det beror bl.a. på att kraven i MiFIR på ökad transparens vid handel med obligationer och andra räntebärande instrument riskerar att försämra förutsättningarna för den handel som marknadsgaranter i dag svarar för när det gäller svenska statspapper (se</P>
<P class="p936 ft4">närmare avsnitt 7.2 om räntemarknaden<SPAN class="ft173">)</SPAN>. Det kan försämra likviditeten ytterligare och på sikt höja statens lånekostnader. Med hänsyn till att dessa regler finns i MiFIR omfattas de dock inte av förslaget i denna proposition.</P>
<P class="p1495 ft2">636</P>
</DIV>
<DIV id="page_637">
<P class="p19 ft129">19.8.2 Konsekvenser för Finansinspektionen <SPAN class="ft2">Prop. 2016/17:162</SPAN></P>
<P class="p1483 ft2">Finansinspektionen är den myndighet som ansvarar för tillsynen över att både de bestämmelser i svensk rätt som föreslås för att genomföra MiFID II och MiFIR följs. Finansinspektionen beslutar också om in- gripande vid regelöverträdelser antingen direkt eller, när det gäller fysiska personer i ett finansiellt företags ledning, genom sanktionsföre- läggande. Finansinspektionen kommer att behöva anpassa sin tillstånds- och tillsynsverksamhet med anledning av det föreslagna nya och ändrade regelverket. I vissa avseenden är det fråga om samma slags anpassningar som är nödvändiga också på grund av genomförandet i svensk rätt av andra <NOBR>EU-rättsakter</NOBR> på finansmarknadsområdet. Det gäller bl.a. i fråga om handläggning av ärenden om överträdelser och den föreslagna be- slutsordningen avseende fysiska personer i företagens ledning. I mate- riellt hänseende bedöms de ändringar som är en följd av genomförandet av reglerna i MiFID II och av MiFIR inte medföra någon större föränd- ring av antalet sådana ärenden hos Finansinspektionen.</P>
<P class="p960 ft2">För att säkerställa att regelverket i MiFID II och MiFIR ska fungera som tänkt krävs en del utveckling av <NOBR>it-stöden</NOBR> eftersom en stor mängd information och data ska kunna flöda mellan marknadens aktörer, nation- ella tillsynsmyndigheter och Esma. Vidare ska Finansinspektionen be- stämma positionslimiter för råvaruderivat, ta emot och vidarebefordra rapportering till Esma och utöva tillsyn över exempelvis positions- kontroller och rapportering. Den löpande administrationen ställer krav på Finansinspektionens system och rutiner. Övriga konsekvenser för Finans- insektionen är att inspektionen löpande ska utöva tillsyn över att de tillståndspliktiga företagen följer regelverket. Konsekvenserna för Finansinspektionen när det gäller reglerna om råvaruderivat och utsläppsrätter kan initialt kräva ökad hantering av ansökningar om tillstånd och granskning av anmälningar om undantag. För företag som ägnar sig åt högfrekvenshandel kommer det att krävas tillstånd för värde- pappersrörelse. De professionella investerare som driver sådan verksamhet att de kommer att definieras som högfrekvenshandlare kommer också att behöva ansöka om tillstånd. De nya ärendeslag som tillkommer i övrigt är främst ansökningar om tillstånd att driva OTF- plattform eller att tillhandahålla datarapporteringstjänster samt om undantag från transparenskraven och om undantag från positions- begränsningar för <NOBR>icke-finansiella</NOBR> enheter. Finansinspektionens prövning av ärenden finansieras genom avgifter som tas ut av dem som gör en ansökan eller anmälan eller lämnar in en underrättelse. Myndigheten disponerar dessa intäkter. Övrig verksamhet, såsom tillsyn och regel- givning, finansieras via anslag i statens budget.</P>
<P class="p1457 ft42">Regeringen anser att eventuella ökade kostnader ska hanteras inom myndighetens befintliga ramar.</P>
<P class="p911 ft129">19.8.3 Konsekvenser för Sveriges Domstolar</P>
<P class="p943 ft4">Förslagen i denna proposition innebär att Finansinspektionen även i fort- sättningen ska besluta om ingripanden gentemot de företag som omfattas av tillståndsplikt enligt lagen om värdepappersmarknaden, vissa</P>
<P class="p596 ft2">637</P>
</DIV>
<DIV id="page_638">
<P class="p727 ft2">Prop. 2016/17:162 utländska företag som driver verksamhet i Sverige samt mot den som driver verksamhet utan att vara berättigad till det och den som inte an- mält förvärv eller avyttringar av kvalificerade innehav i ett värdepappers- bolag, en börs eller en svensk clearingorganisation. Finansinspektionen ska även besluta om ingripande mot den som överträder en positions- limit.</P>
<P class="p654 ft2">När det gäller sanktioner mot ansvariga fysiska personer i ledningen för ett företag vid överträdelser från företagets sida, föreslås att Finans- inspektionen ska besluta om ingripande genom att utfärda ett sanktions- föreläggande. Om föreläggandet inte godkänns inom utsatt tid, har myn- digheten möjlighet att ansöka hos allmän förvaltningsdomstol om att sanktionen ska beslutas. Ansökan ska i sådana fall göras hos den förvalt- ningsrätt som är behörig att pröva ett överklagande av Finansinspek- tionens beslut om ingripande mot företaget i fråga (dvs. Förvaltnings- rätten i Stockholm). Sanktionsbefogenheten när det gäller fysiska per- soner i företagens ledningsorgan bör inte tillgripas regelmässigt, utan endast vid överträdelser som bedöms vara av allvarlig art och om den fysiska personen av uppsåt eller grov oaktsamhet har orsakat över- trädelsen (avsnitt 14.3.4).</P>
<P class="p580 ft3">Kammarrätten i Stockholm <SPAN class="ft2">och </SPAN>Förvaltningsrätten i Stockholm <SPAN class="ft2">framför att förslagen kan komma att medföra en ökad måltillströmning. Kammar- rättens uppfattning är att införandet av den alltmer omfattande och kom- plexa regleringen på finansmarknadsområdet med ökade ingripande- och tillsynsmöjligheter har medfört och kommer att medföra ett ökat antal överklaganden av Finansinspektionens beslut till allmän förvaltnings- domstol. I detta avseende anför förvaltningsrätten att utredningens beskrivning av förslagens konsekvenser endast rör de nya reglerna om sanktioner mot fysiska personer men att beslut av Finansinspektionen, med vissa undantag, kan överklagas till allmän förvaltningsdomstol. Förvaltningsrätten framhåller bl.a. att måltillströmningen kan komma att öka med hänsyn till det stora antalet ändringar som görs i lagen om värdepappersmarknaden och lagens utökade tillämpningsområde. Enligt förvaltningsrätten kan också antas att det stora flertalet av de sanktioner som tas upp av Finansinspektionen genom sanktionsföreläggande kommer att bli föremål för domstolsprövning. Domstolarna framhåller vidare att de aktuella målen är arbetskrävande. Kammarrätten, som anger att de aktuella målen tillhör de mest arbetskrävande och dessutom kräver skyndsam handläggning, hänvisar bl.a. till att målen rör komplexa regel- verk och komplicerade finansiella transaktioner, ofta innehåller omfatt- ande utredningar och frågor som inte varit föremål för domstolsprövning tidigare, samt att den </SPAN><NOBR><SPAN class="ft2">EU-rättsliga</SPAN></NOBR><SPAN class="ft2"> förankringen överlämnar till rätts- praxis att besvara svåra tolkningsfrågor. Förvaltningsrätten anför i detta avseende, att även om måltillströmningen inte ökar kraftigt, kan det antas att de mål som tillkommer kommer att röra komplexa ekonomiska och juridiska frågor som kräver en stor arbetsinsats. Förvaltningsrätten hän- visar vidare bl.a. till att målen kan behöva handläggas med viss skynd- samhet, avgöras med förstärkt sits eller kräva muntlig förhandling samt medföra delgivningsproblem i förhållande till utländska aktörer, svårig- heter att hålla telefonförhör och frågor om ytterligare parters inträde i processen.</SPAN></P>
<P class="p354 ft2">638</P>
</DIV>
<DIV id="page_639">
<P class="p747 ft4"><SPAN class="ft45">Domstolsverket </SPAN>är inte övertygat om att måltillströmningen kan han- Prop. 2016/17:162 teras utan resurstillskott och utgår från att Sveriges Domstolar kompen-</P>
<P class="p113 ft2">seras för den kostnadsökning som förslagen kan innebära. Verket anger att det är svårt att utifrån det som utredningen redovisar bedöma hur stor måltillströmningen kommer att bli, men framhåller bl.a. att den aktuella typen av mål tillhör de mest arbetskrävande i de allmänna förvaltnings- domstolarna.</P>
<P class="p429 ft2">Regeringen konstaterar att förslagen bl.a. innebär att fler verksamheter kommer att bli föremål för tillståndsplikt och att antalet organisatoriska krav på de berörda företagen ökar. Därmed kan det antas att Finans- inspektionen kan komma att fatta fler beslut som kan överklagas. Finans- inspektionen kommer dessutom troligen att fatta fler beslut om sanktionsförelägganden mot fysiska personer. Regeringen instämmer i Förvaltningsrätten i Stockholms bedömning att dessa sanktioner som regel kommer att bli föremål för domstolsprövning. Förslagen kommer därför sannolikt att innebära en viss ökning av antalet mål i domstol. Regeringen bedömer emellertid att de merkostnader som kan bli aktuella ryms inom Sveriges Domstolars befintliga anslag. Detsamma gäller för de beslut som Finansinspektionen fattar med stöd av MiFIR som får överklagas till allmän förvaltningsdomstol och vid dröjsmålstalan (avsnitt 15.2).</P>
<P class="p1484 ft21"><SPAN class="ft121">19.9</SPAN><SPAN class="ft160">Övriga konsekvenser</SPAN></P>
<P class="p1064 ft2">De ändringar i regelverket som föreslås medför bl.a. ökad transparens och ökade kontrollmöjligheter av handeln med finansiella instrument. Därmed torde det också genom allmänprevention ha en viss brottsföre- byggande inverkan på bl.a. vissa former av marknadsmissbruk och annan ekonomisk brottslighet. Förslagen bedöms däremot inte medföra några uppenbara konsekvenser av betydelse för den kommunala självstyrelsen, sysselsättningen och offentlig service i olika delar av landet, jämställdheten mellan kvinnor och män eller möjligheterna att nå de integrations- politiska målen.</P>
<P class="p1496 ft1">20 Författningskommentar</P>
<P class="p1497 ft4">De ändringar som föreslås i detta lagstiftningsärende innebär ändringar i framför allt lagen om värdepappersmarknaden. Det finns även behov av följdändringar i andra författningar. I de flesta fall är det fråga om okomplicerade följdändringar, främst i form av justering av hänvisningar till paragrafer i nämnda lag. Dessa okomplicerade ändringar kommenteras inte särskilt.</P>
<P class="p1498 ft2">639</P>
</DIV>
<DIV id="page_640">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">640</P>
</DIV>
<DIV id="id_2">
<P class="p1499 ft23"><SPAN class="ft21">20.1</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (2007:528) om värdepappersmarknaden</SPAN></P>
<P class="p1086 ft25">20 kap.</P>
<P class="p1086 ft25">8 §</P>
<P class="p1175 ft4">Paragrafen innehåller bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter för clearingorganisa- tioner.</P>
<P class="p487 ft2">I <SPAN class="ft3">punkt 1 </SPAN>införs ett nytt bemyndigande. Regeringen eller den myndig- het som regeringen bestämmer får därigenom meddela föreskrifter om vad en clearingorganisation ska iaktta i fråga om <NOBR>it-verksamhet</NOBR> och informationssäkerhet för att tillgodose de säkerhetskrav som är förenade med verksamheten enligt 1 § första stycket. Dessa säkerhetskrav avser bl.a. krav på riskhanteringssystem och tekniska system (jfr prop. 1995/96:50 s. <NOBR>78–87).</NOBR></P>
<P class="p1500 ft42"><SPAN class="ft51">Punkt 2 </SPAN>överensstämmer med nuvarande bemyndigande. Övervägandena finns i avsnitt 17.4.</P>
<P class="p165 ft25">25 kap.</P>
<P class="p1086 ft25">9 §</P>
<P class="p1501 ft4">Paragrafen anger hur sanktionsavgifter för värdepappersinstitut, börser och clearingorganisationer enligt 8 § ska beräknas.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>förtydligas att vid bestämmande av sanktionsavgiftens storlek utgör det högsta av de beräknade beloppen det högsta belopp som får fastställas (jfr 19 och 19 a §§ och prop. 2015/16:26 s. 148 f. samt 12 kap. 8 och 8 a §§ lagen [2004:46] om värdepappersfonder och prop. 2015/16:170 s. 158 f.).</P>
<P class="p487 ft2">Ändringen i <SPAN class="ft3">punkt 1 </SPAN>genomför delvis artikel 66.2 andra stycket och artikel 67.2 andra stycket i kapitaltäckningsdirektivet. Ändringen mot- svarar ändringen i 6 kap. 3 b § lagen (1991:980) om handel med finan- siella instrument, se författningskommentaren till den bestämmelsen i avsnitt 20.3.</P>
<P class="p506 ft2">Ändringen i <SPAN class="ft3">punkt 2 </SPAN>är endast språklig. <SPAN class="ft3">Punkt 3 </SPAN>tas bort och de kostnader som undvikits till följd av överträdelsen anges inte längre som grund för beräkning av högsta sanktionsavgift. Uttrycket ”den vinst som gjorts” i punkt 2 avser ett nettobelopp och omfattar de vinster som erhållits och de förluster som undvikits, dvs. den fördel som erhållits. Detta innebär att den högsta sanktionsavgiften kan bestämmas i för- hållande till både den vinst som erhållits eller den förlust som undvikits.</P>
<P class="p1502 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitten 14.3.8 och 17.2.</P>
<P class="p165 ft25">9 a §</P>
<P class="p1188 ft4">Paragrafen innehåller bestämmelser om den högsta sanktionsavgift som Finansinspektionen får besluta för en fysisk person.</P>
<P class="p487 ft42">I <SPAN class="ft51">första stycket </SPAN>förtydligas att vid bestämmande av sanktionsavgiftens storlek utgör det högsta av de beräknade beloppen det högsta belopp som får fastställas (jfr 9, 19 och 19 a §§ och prop. 2015/16:26 s. 148 f. samt</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_641">
<P class="p186 ft4">12 kap. 8 och 8 a §§ lagen om värdepappersfonder och prop. Prop. 2016/17:162 2015/16:170 s. 158 f.).</P>
<P class="p144 ft2">Ändringarna i <SPAN class="ft3">punkterna 1 </SPAN>och <SPAN class="ft3">2 </SPAN>är endast språkliga. <SPAN class="ft3">Punkt 3 </SPAN>tas bort. Det innebär att den högsta sanktionsavgiften kan bestämmas både i förhållande till den vinst som erhållits eller den förlust som undvikits, se författningskommentaren till 9 §.</P>
<P class="p1503 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitten 14.3.3, 14.3.8 och 17.2.</P>
<P class="p165 ft25">10 §</P>
<P class="p1283 ft4">Paragrafen reglerar vilka hänsyn som ska tas när sanktionsavgiftens storlek fastställs.</P>
<P class="p144 ft2">Ändringen innebär att de kostnader som undvikits inte längre anges som en omständighet som det ska tas särskild hänsyn till när sanktions- avgiftens storlek fastställs. Uttrycket ”den vinst som gjorts” avser ett nettobelopp och omfattar de vinster som erhållits och de förluster som undvikits, dvs. den fördel som erhållits (se författningskommentaren till 9 §). Det innebär att särskild hänsyn ska tas till både den vinst som erhållits eller den förlust som undvikits.</P>
<P class="p1504 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns avsnitt 17.2.</P>
<P class="p165 ft25">19 §</P>
<P class="p920 ft4">Paragrafen reglerar när sanktionsavgifter ska tas ut av en emittent och hur sanktionsavgiften ska fastställas.</P>
<P class="p147 ft2">Ändringarna i <SPAN class="ft3">punkterna 1 </SPAN>och <SPAN class="ft3">3 </SPAN>är endast språkliga.</P>
<P class="p144 ft2">Ändringen i <SPAN class="ft3">punkt 2 </SPAN>genomför delvis artikel 28b.1 första stycket c i första strecksatsen i öppenhetsdirektivet (artikel 1.21 i ändringsdirektivet till öppenhetsdirektivet). Ändringen motsvarar ändringen i 6 kap. 3 b § lagen om handel med finansiella instrument, se författningskommentaren till den bestämmelsen.</P>
<P class="p144 ft4"><SPAN class="ft45">Punkt 4 </SPAN>tas bort. Den ändringen motsvarar ändringen i 9 §, se författ- ningskommentaren till den paragrafen.</P>
<P class="p1505 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 17.2.</P>
<P class="p165 ft25">19 a §</P>
<P class="p1283 ft4">Paragrafen reglerar när sanktionsavgifter ska tas ut av en fysisk person för en emittents överträdelse och hur sanktionsavgiften ska fastställas.</P>
<P class="p144 ft2">Ändringarna i <SPAN class="ft3">tredje stycket punkterna 1 </SPAN>och <SPAN class="ft3">2 </SPAN>är endast språkliga. <SPAN class="ft3">Punkt 3 </SPAN>tas bort. Den ändringen motsvarar ändringen i 9 a §, se författ- ningskommentaren till den paragrafen.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 17.2.</P>
<P class="p398 ft25">19 d §</P>
<P class="p943 ft42">Paragrafen reglerar vilka hänsyn som ska tas när sanktionsavgiftens storlek fastställs.</P>
<P class="p1025 ft2">641</P>
</DIV>
<DIV id="page_642">
<P class="p820 ft4">Prop. 2016/17:162 Ändringen motsvarar ändringen i 10 §, se författningskommentaren till den paragrafen.</P>
<P class="p697 ft2">Övervägandena finns avsnitt 17.2.</P>
<P class="p1168 ft25">Ikraftträdande- och övergångsbestämmelser</P>
<P class="p1169 ft2"><SPAN class="ft3">Punkt 1 </SPAN>anger när lagen träder i kraft.</P>
<P class="p654 ft4">Av <SPAN class="ft45">punkt 2 </SPAN>följer att äldre bestämmelser gäller för överträdelser som ägt rum före ikraftträdandet. För sådana överträdelser kan den högsta sanktionsavgiften således inte bestämmas utifrån omsättning på koncern- nivå.</P>
<P class="p1506 ft23"><SPAN class="ft21">20.2</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (2007:528) om värdepappersmarknaden</SPAN></P>
<P class="p1507 ft25">1 kap.</P>
<P class="p1169 ft25">1 §</P>
<P class="p1169 ft2">Paragrafen genomför delvis artikel 67.1 i MiFID II.</P>
<P class="p575 ft2">I <SPAN class="ft3">andra stycket </SPAN>ersätts nuvarande upplysning om lagens innehåll med en upplysning om att ytterligare bestämmelser om värdepappersmark- naden finns i MiFIR. Vidare anges att Finansinspektionen är behörig myndighet enligt den förordningen (se även definitionen av behörig myndighet i 4 b §).</P>
<P class="p654 ft4">Hänvisningen till <NOBR>EU-förordningen</NOBR> är utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p1508 ft4">Nuvarande <NOBR>tredje–femte</NOBR> styckena överförs till nya 1 a §. Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 13.1.</P>
<P class="p1274 ft25">1 a §</P>
<P class="p1509 ft4">Paragrafen, som är ny, innehåller bestämmelser om clearingverksamhet. Paragrafen motsvarar nuvarande 1 § <NOBR>tredje–femte</NOBR> styckena. Ändringarna i <SPAN class="ft45">första </SPAN>och <SPAN class="ft45">andra styckena </SPAN>utgör följdändringar med</P>
<P class="p646 ft2">anledning av ändringar i paragrafnumreringen i 25 kap. och redaktionella justeringar. Detta innebär inte någon ändring i sak.</P>
<P class="p575 ft2">I <SPAN class="ft3">tredje stycket </SPAN>ändras hänvisningen till <NOBR>EU-förordningen</NOBR> till att vara utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p629 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P>
<P class="p1168 ft25">1 b §</P>
<P class="p1169 ft2">Paragrafen, som är ny, genomför artikel 1.5 och 1.6 i MiFID II.</P>
<P class="p575 ft4">I paragrafen anges vilka bestämmelser som är tillämpliga på den som är undantagen från tillståndsplikt.</P>
<P class="p576 ft4"><SPAN class="ft45">Första stycket </SPAN>innebär att även den som är undantagen från tillstånds- plikt enligt lagen ska tillämpa bestämmelserna i 15 a kap. om positions-</P>
<P class="p353 ft2">642</P>
</DIV>
<DIV id="page_643">
<P class="p186 ft4">limiter och hantering av positioner avseende råvaruderivat och utsläpps- Prop. 2016/17:162 rätter.</P>
<P class="p144 ft2"><SPAN class="ft3">Andra stycket </SPAN>innebär att den som är deltagare i handeln på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> och som omfattas av vissa undantag från tillståndsplikt enligt lagen ändå ska tillämpa bestämmelserna om algoritmisk handel, direkt elektroniskt tillträde och clearingmedlem för andra personer och omfattas av tillsyn enligt vissa bestämmelser i 23 kap. I direktivet anges medlem eller deltagare på en reglerad marknad eller en <NOBR>MTF-plattform.</NOBR> I svensk rätt används enbart termen deltagare på en handelsplats. Detta innefattar dock att vara medlem på en handelsplats i en jurisdiktion som använder sig av termen medlem, se författnings- kommentaren till 2 kap. 5 § första stycket 7 b.</P>
<P class="p1510 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 6.6.8.</P>
<P class="p165 ft25">3 §</P>
<P class="p1283 ft4">I paragrafen anges vilka bestämmelser om styrelsen eller dess ledamöter i denna lag som också gäller för tillsynsorganet eller dess ledamöter i dualistiskt organiserade europabolag och europakooperativ (se lagen om europabolag och lagen om europakooperativ).</P>
<P class="p144 ft4">Ändringen i <SPAN class="ft45">första stycket </SPAN>innebär att hänvisningarna till bestämmelser i 8 kap. ersätts av hänvisningar till motsvarande bestämmelser i 9 kap. och är en följdändring. Detta innebär inte någon ändring i sak.</P>
<P class="p397 ft25">4 §</P>
<P class="p1283 ft4">Paragrafen genomför artikel 4.1.15, 4.1.17, 4.1.44, 4.1.45, 4.1.47, 4.1.50 och 4.1.60 och avsnitt C i bilaga I till MiFID II.</P>
<P class="p144 ft2">I paragrafen finns definitioner av termen finansiella instrument och av olika typer av finansiella instrument. Paragrafen omfattar de finansiella instrument som anges i avsnitt C i bilaga I till MiFID II. Paragrafen ändras redaktionellt så att definitionerna anges i bokstavsordning och numreringen av definitionerna tas bort.</P>
<P class="p264 ft2"><SPAN class="ft3">Lagrådet </SPAN>anser att paragrafen även fortsättningsvis bör inledas med en definition av vad som avses med finansiella instrument varefter de olika instrumenten i sin tur definieras i den ordning de förekommer i denna definition. Regeringen anser emellertid att det blir tydligare om de termer och uttryck som definieras i särskilda paragrafer i lagen genomgående anges i bokstavsordning.</P>
<P class="p264 ft3"><SPAN class="ft2">Definitionerna av </SPAN>penningmarknadsinstrument <SPAN class="ft2">och </SPAN>överlåtbara värdepapper<SPAN class="ft2">, som genomför artikel 4.1.17 och 4.1.44 i MiFID II, kvarstår i sak oförändrade i paragrafen. Den nuvarande definitionen av fondandelar tas bort (se avsnitt 6.2.4). I lagen används i stället uttrycket andel i företag för kollektiva investeringar som är det uttryck som används i direktivet, se nedan.</SPAN></P>
<P class="p429 ft4">Definitionen av <SPAN class="ft45">certifikat </SPAN>i <SPAN class="ft45">första stycket </SPAN>är ny och genomför arti- kel 4.1.47 i MiFID II. Med certifikat avses värdepapper som kan bli föremål för handel på kapitalmarknaden och vilka, om emittenten betalar tillbaka en investering, har företräde framför aktier men efterställs obligations-</P>
<P class="p19 ft159">instrument utan säkerhet eller andra liknande instrument.</P>
<P class="p596 ft2">643</P>
</DIV>
<DIV id="page_644">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td235"><P class="p20 ft2">Även definitionen av <SPAN class="ft3">depåbevis </SPAN>är ny. Av definitionen av överlåtbara</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">värdepapper följer att depåbevis för aktier och skuldförbindelser är över-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">låtbara värdepapper. I stället för uttrycket <NOBR>icke-etablerad</NOBR> emittent i artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">4.1.45 i MiFID II anges i paragrafen en emittent som är etablerad i ett</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">annat land. Det innebär inte någon skillnad i sak.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">I definitionen av <SPAN class="ft3">finansiella derivatinstrument </SPAN>läggs utsläppsrätter till i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">punkt 1 </SPAN>(nuvarande a) och tas bort i <SPAN class="ft3">punkt 7 </SPAN>(nuvarande g). Dessa</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">ändringar är endast en följd av att definitionen av finansiella instrument</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">utvidgas till att omfatta även vissa utsläppsrätter och innebär en anpass-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ning till MiFID II (punkterna 1 och 7 motsvarar punkterna 4 och 10 i av-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p30 ft2">snitt C i bilaga I). Terminskontrakt kan utgöras av antingen futures eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">forwards. Det som skiljer de båda åt är att resultatet av en forward nor-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">malt regleras först på slutdagen, medan det för en future beräknas ett</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">resultat och utbetalas medel dagligen. Priset på en termin ändras löpande</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">under handelsdagen. Futures kan säljas och köpas under hela löptiden,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">vilket inte är möjligt med forwards. För att tydliggöra vilken typ av</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">terminskontrakt som avses i de olika punkterna i definitionen införs i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">överensstämmelse med lydelsen av avsnitt C i bilaga I till MiFID II ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">förtydligande om att hänvisningen till terminskontrakt i <SPAN class="ft3">punkterna 1</SPAN>, <SPAN class="ft3">3</SPAN></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">och <SPAN class="ft3">7 </SPAN>avser futures. I <SPAN class="ft3">punkt 2 </SPAN>tydliggörs att med terminskontrakt avses</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">både futures och forwards. Skälet för det är att termen räntesäkringsavtal</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">(i den engelska språkversionen ”forward rate agreement”) i punkt 5 i av-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">snitt C i bilaga I till MiFID I i MiFID II har ersatts med termen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">”forwards” (även i den engelska språkversionen). Punkt 2 omfattar redan</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">terminskontrakt i betydelsen futures i enlighet med punkt 5 i avsnitt C i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">bilaga I till både MiFID I och MiFID II. Även i <SPAN class="ft3">punkt 4 </SPAN>tydliggörs att</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">med terminskontrakt avses både futures och forwards. Detta utgör ingen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">ändring i sak (i den svenska språkversionen har termen terminer i punkt 7</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">i avsnitt C i bilaga I till MiFID I i MiFID II ersatts med termen forwards,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">medan det i den engelska språkversionen anges ”forwards” i både</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">MiFID I och MiFID II) utan innebär endast en språklig justering med</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">anledning av den justering som har gjorts i den svenska språkversionen</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">av direktivet. I <SPAN class="ft3">punkt 3 </SPAN>görs ett tillägg som innebär en anpassning till</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">MiFID II (punkt 3 motsvarar punkt 6 i avsnitt C i bilaga I). Det tillägget</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">avser vissa råvaruderivat och innebär att grossistenergiprodukter som</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">handlas på en <NOBR>OTF-plattform</NOBR> och som måste avvecklas fysiskt inte anses</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">som finansiella derivatinstrument. Med grossistenergiprodukt avses</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">detsamma som i MiFID II (se definitionen i artikel 4.1.58). I <SPAN class="ft3">punkterna 4</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">och <SPAN class="ft3">7 </SPAN>tas slutleden bort på motsvarande sätt som har gjorts i punkterna 7</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">och 10 i avsnitt C i bilaga I till MiFID II jämfört med samma punkter i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p23 ft2">MiFID I.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">I definitionen av <SPAN class="ft3">finansiellt instrument</SPAN>, som genomför artikel 4.1.15 i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">MiFID II, ersätts termen fondandelar med uttrycket andelar i företag för</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">kollektiva investeringar. Det innebär inte någon ändring i sak utan endast</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">en anpassning till terminologin i MiFID II (se punkt 3 i avsnitt C i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">bilaga I). Det som avses är bl.a. sådana fonder som omfattas av UCITS-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">direktivet och även andra typer av fonder, t.ex. alternativa investerings-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">fonder och olika slags utländska fonder (se prop. 2006/07:115 s. 287).</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td235"><P class="p20 ft2">I definitionen av finansiella instrument görs också ett tillägg av vissa ut-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td235"><P class="p20 ft2">släppsrätter. Det innebär en ändring i sak genom att termen finansiella</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">644</P></TD>
<TD class="tr27 td235"><P class="p20 ft2">instrument utvidgas till att omfatta även sådana utsläppsrätter. Utsläpps-</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_645">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">rätter är inte finansiella instrument i dag (se samma prop. s. 285). Genom ändringen i definitionen omfattar den sådana utsläppsrätter som är finan- siella instrument enligt MiFID II (punkt 11 i avsnitt C i bilaga I).</P>
<P class="p147 ft2">Definitionen av finansiellt instrument har utformats i enlighet med</P>
<P class="p19 ft3">Lagrådets <SPAN class="ft2">förslag.</SPAN></P>
<P class="p181 ft2">Definitionen av <SPAN class="ft3">råvaruderivat </SPAN>genomför artikel 4.1.50 i MiFID II. Defini- tionen utgörs av en hänvisning till definitionen i MiFIR, som i sin tur hänvisar tillbaka till MiFID II med vissa tillägg. Det som avses är dels överlåtbara värdepapper, som ger rätt att överlåta eller förvärva ett över- låtbart värdepapper eller som resulterar i en kontantavräkning, som hän- för sig till en råvara eller ett basvärde (som anges i punkt 10 i avsnitt C i bilaga I till MiFID II), dels olika derivatinstrument som inte är överlåt- bara värdepapper (som anges i punkterna 5, 6, 7 och 10 i avsnitt C i bi- laga I till direktivet). I den svenska språkversionen av MiFIR (artikel 2.1.30) används termen ”basvärde” i definitionen, där det i den engelska språkversionen anges ”underlying”. Termen basvärde används varken i övrigt i MiFIR eller i MiFID II. Där det i de engelska språkversionerna av de båda rättsakterna anges ”underlying”, anges det i de svenska språkversionerna ”underliggande tillgång”. Det som avses med ”bas- värde” bör därför vara den tillgång eller faktor som värdepapperet hänför sig till.</P>
<P class="p164 ft4">Definitionen av <SPAN class="ft45">statspapper </SPAN>genomför artikel 4.1.61 i MiFID II. En defini- tion av statlig emittent finns i 4 b §.</P>
<P class="p181 ft2">Definitionen av <SPAN class="ft3">utsläppsrätter </SPAN>överensstämmer med punkt 11 i avsnitt C i bilaga I till MiFID II. Hänvisningen till Europaparlamentets och rådets direktiv 2003/87/EG är utformad på så sätt att den avser direktivet i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P class="p181 ft4">Definitionen av utsläppsrätter har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag.</P>
<P class="p181 ft2">I <SPAN class="ft3">andra stycket </SPAN>ändras hänvisningen till de ytterligare bestämmelser om definitionerna i paragrafen som finns i den delegerade förordningen till MiFID II. I förordningen preciseras vad som gäller vid fysisk avveckling av grossistenergiprodukter (artikel 5). När det gäller vilka derivatinstru- ment som avses i definitionen av finansiella derivatinstrument motsvaras artiklarna 38 och 39 i genomförandeförordningen till MiFID I av artik- larna 7 och 8 i den delegerade förordningen till MiFID II. I dessa artiklar finns ytterligare bestämmelser om <SPAN class="ft3">punkt 4 </SPAN>(artikel 7 om övriga finan- siella derivatinstrument som avses i punkt 7 i avsnitt C i bilaga I till MiFID II) och om <SPAN class="ft3">punkt 7 </SPAN>(artikel 8 om vilka derivatkontrakt som avses i punkt 10 i avsnitt C i bilaga I). Vidare finns i den delegerade för- ordningen ytterligare bestämmelser om sådana derivatinstrument som avses i <SPAN class="ft3">punkterna 1 </SPAN>och <SPAN class="ft3">3 </SPAN>i definitionen av finansiella instrument (artik- el 10 om egenskaper hos andra derivatkontrakt som avser valutor och artikel 6 om vad som utgör ett energiderivatkontrakt som avser olja, kol och grossistenergiprodukter). Vidare finns en definition av råvara (artik- el 2.6) liksom ytterligare bestämmelser om vad som avses med penning- marknadsinstrument (artikel 11).</P>
<P class="p1511 ft2">Övervägandena finns i avsnitten <NOBR>6.2.3–6.2.5</NOBR> och 6.8.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">645</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_646">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">646</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">4 a §</P>
<P class="p1175 ft4">Paragrafen, som är ny, innehåller benämningar av olika <NOBR>EU-rättsakter</NOBR> i bokstavsordning.</P>
<P class="p487 ft2"><SPAN class="ft3">Lagrådet </SPAN>förordar att rättsakterna redovisas med förordningar först och därefter direktiv – inbördes i kronologisk ordning – och sist den dele- gerade förordningen. Regeringen anser emellertid att det blir tydligare om benämningarna av rättsakterna – i likhet med termer och uttryck som definieras i särskilda paragrafer i lagen – anges i bokstavsordning.</P>
<P class="p332 ft4">Genomförandeförordningen till MiFID I har upphävts eftersom MiFID I har upphävts och benämningen av den förordningen (nuvarande 5 § 11) tas därför bort.</P>
<P class="p487 ft3"><SPAN class="ft2">Benämningen av </SPAN>direktivet om marknader för finansiella instrument <SPAN class="ft2">motsvarar nuvarande 5 § 7; hänvisningen ändras dock till MiFID II eftersom MiFID I har upphävts.</SPAN></P>
<P class="p487 ft2">En benämning av <SPAN class="ft3">marknadsmissbruksförordningen </SPAN>införs i paragrafen. Hänvisningar till förordningen finns bl.a. i bestämmelserna om mark- nadsövervakning och om algoritmisk handel (8 kap. 16, 21, 23 och 28 §§).</P>
<P class="p1512 ft4">Benämningen av <SPAN class="ft45">öppenhetsdirektivet </SPAN>överförs från nuvarande 5 § 29. Benämningarna av <SPAN class="ft45">krishanteringsdirektivet </SPAN>och <SPAN class="ft45">tillsynsförordningen</SPAN></P>
<P class="p19 ft2">överförs från nuvarande 5 § 39 och 43.</P>
<P class="p487 ft2">Hänvisningarna till <NOBR>EU-förordningarna</NOBR> i paragrafen är utformade på så sätt att de avser förordningarna i den vid varje tidpunkt gällande lydel- sen, s.k. dynamisk hänvisning. Hänvisningarna till <NOBR>EU-direktiven</NOBR> är ut- formade på så sätt att de avser direktiven i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P class="p1425 ft2">Övervägandena finns i avsnitt 6.8.</P>
<P class="p398 ft25">4 b §</P>
<P class="p1188 ft4">Paragrafen genomför artikel 4.1.1, 4.1.10, 4.1.12, 4.1.17, 4.1.18, 4.1.20– 4.1.24, 4.1.26, 4.1.27, 4.1.29, <NOBR>4.1.52–4.1.54,</NOBR> 4.1.60, 4.1.63 och 4.1.64 i MiFID II.</P>
<P class="p487 ft2">Paragrafen, som är ny, innehåller definitioner av olika aktörer på värdepappersmarknadsområdet. Flera av definitionerna är nya och en del definitioner överförs från nuvarande 5 §.</P>
<P class="p487 ft2">Definitionerna av <SPAN class="ft3">behörig myndighet </SPAN>(genomför artikel 4.1.26 i MiFID II), <SPAN class="ft3">börs</SPAN>, <SPAN class="ft3">clearingdeltagare </SPAN>och <SPAN class="ft3">clearingorganisation </SPAN>överförs i sak oförändrade från nuvarande 5 § <NOBR>1–5.</NOBR> I definitionen av clearingorgani- sation ändras hänvisningen till <NOBR>EU-förordningen</NOBR> till att vara utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydel- sen, s.k. dynamisk hänvisning.</P>
<P class="p487 ft2"><SPAN class="ft3">Lagrådet </SPAN>framför att det kan övervägas om inte definitionen av behörig myndighet bör kompletteras med att Finansinspektionen är behörig myn- dighet enligt MiFIR. Regeringen anser att det inte finns skäl att komp- lettera definitionen med hänsyn till att det, i enlighet med Lagrådets förslag, anges i 1 § andra stycket att Finansinspektionen är behörig myndighet enligt den förordningen.</P>
<P class="p1113 ft42">Definitionen av <SPAN class="ft51">anknutet ombud</SPAN>, som genomför artikel 4.1.29 i MiFID II, överförs från nuvarande 5 § 1. Ändringen i punkt 4 är en följd av ändringen av benämningen av investeringstjänsten investerings-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_647">
<DIV>
<DIV id="id_1">
<P class="p796 ft4">rådgivning i 2 kap. 1 §. Det innebär inte någon ändring i sak utan utgör endast en anpassning till hur investeringstjänsten benämns i direktivet.</P>
<P class="p147 ft27">Definitionen av <SPAN class="ft26">emittent </SPAN>överförs oförändrad från nuvarande 5 § 9. Definitionen av <SPAN class="ft26">godkänd rapporteringsmekanism </SPAN><NOBR><SPAN class="ft26">(ARM-leverantör)</SPAN></NOBR><SPAN class="ft26"> </SPAN>är ny</P>
<P class="p796 ft2">och genomför artikel 4.1.54 i MiFID II. Med <NOBR>ARM-leverantör</NOBR> avses en fysisk eller juridisk person som har tillstånd att tillhandahålla tjänsten att för ett värdepappersinstituts räkning rapportera transaktioner till behöriga myndigheter eller Esma. Det som avses är huvudsakligen transaktions- rapportering enligt artikel 26 i MiFIR. En <NOBR>ARM-leverantör</NOBR> som hör hemma i Sverige behöver tillstånd från Finansinspektionen. Detta tillstånd kan endast ges till aktiebolag, se 10 kap. En börs eller ett svenskt värdepappersinstitut som har tillstånd att driva en handelsplats behöver inte något särskilt tillstånd för att driva verksamhet som <NOBR>ARM-leverantör</NOBR> (se 10 kap. 1 § och författningskommentaren till den paragrafen). Även sådana företag omfattas av definitionen.</P>
<P class="p797 ft3"><SPAN class="ft2">Definitionen av </SPAN>godkänt publiceringsarrangemang <NOBR>(APA-leverantör)</NOBR> <SPAN class="ft2">är ny och genomför artikel 4.1.52 i MiFID II. En </SPAN><NOBR><SPAN class="ft2">APA-leverantör</SPAN></NOBR><SPAN class="ft2"> är en fysisk eller juridisk person som har tillstånd att tillhandahålla tjänsten att för ett värdepappersinstituts räkning offentliggöra transaktioner enligt artiklarna 20 och 21 i MiFIR. En </SPAN><NOBR><SPAN class="ft2">APA-leverantör</SPAN></NOBR><SPAN class="ft2"> som hör hemma i Sverige behöver tillstånd från Finansinspektionen. Detta tillstånd kan endast ges till aktiebolag, se 10 kap. En börs eller ett svenskt värdepap- persinstitut som har tillstånd att driva en handelsplats behöver inte tillstånd för att driva verksamhet som </SPAN><NOBR><SPAN class="ft2">APA-leverantör</SPAN></NOBR><SPAN class="ft2"> (se 10 kap. 1 § och författ- ningskommentaren till den paragrafen). Även sådana företag omfattas av definitionen.</SPAN></P>
<P class="p269 ft2">Definitionen av <SPAN class="ft3">handelsplats </SPAN>är ny och genomför artikel 4.1.24 i MiFID II. Med handelsplats avses reglerade marknader, <NOBR>MTF-platt-</NOBR> formar och <NOBR>OTF-plattformar.</NOBR> Det innebär att definitionen omfattar enbart sådana handelsplatser som finns inom EES, se definitionerna av MTF- plattform, <NOBR>OTF-plattform</NOBR> och reglerad marknad.</P>
<P class="p195 ft2">Definitionen av <SPAN class="ft3">handelsplattform </SPAN>ändras i förhållande till den nuvar- ande definitionen i 5 § 12 på så sätt att den omfattar även <NOBR>OTF-platt-</NOBR> formar. Ändringen innebär att handelsplattformar blir en gemensam be- nämning för <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR> I flera avseenden gäller samma regler för <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar,</NOBR> men i några avseenden skiljer sig reglerna åt för de olika plattformstyperna. Be- nämningen handelsplattform används i lagen när båda plattformstyperna avses.</P>
<P class="p797 ft4">Definitionen av <SPAN class="ft45">kreditinstitut</SPAN>, som genomför artikel 4.1.27 i MiFID II, överförs i sak oförändrad från nuvarande 5 § 17.</P>
<P class="p193 ft3"><SPAN class="ft2">Definitionen av </SPAN>leverantör av datarapporteringstjänster <SPAN class="ft2">är ny och genomför artikel 4.1.63 i MiFID II. Leverantör av datarapporterings- tjänster är en gemensam benämning för </SPAN><NOBR><SPAN class="ft2">ARM-leverantör,</SPAN></NOBR><SPAN class="ft2"> </SPAN><NOBR><SPAN class="ft2">APA-leverantör</SPAN></NOBR><SPAN class="ft2"> och </SPAN><NOBR><SPAN class="ft2">CTP-leverantör,</SPAN></NOBR><SPAN class="ft2"> se definitionerna av dessa leverantörer.</SPAN></P>
<P class="p1235 ft4">Definitionen av <SPAN class="ft45">marknadsgarant </SPAN>är ny och genomför artikel 4.1.7 i MiFID II. En marknadsgarant är vanligtvis ett värdepappersinstitut som med stöd av tillstånd att handla för egen räkning (2 kap. 1 § första stycket 3) tillhandahåller likviditet så att t.ex. handeln i ett visst finansiellt instrument ska fungera. I definitionen anges egna tillgångar i stället för eget kapital som anges i definitionen i direktivet. Detta innebär inte</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">647</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_648">
<P class="p621 ft2">Prop. 2016/17:162 någon skillnad i sak (jfr författningskommentaren till definitionen av</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td368"><P class="p139 ft2">handel för egen räkning i 4 c §).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen av <SPAN class="ft3">marknadsoperatör</SPAN>, som genomför artikel 4.1.18 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II, avser en eller flera juridiska personer som driver en eller flera</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">reglerade marknader och får vara den reglerade marknaden själv. Defini-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">tionen omfattar både svenska marknadsoperatörer, som betecknas börser</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(se definitionen av börs), och utländska operatörer.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Definitionen av <NOBR><SPAN class="ft3">MTF-plattform</SPAN></NOBR><SPAN class="ft3"> </SPAN>genomför artikel 4.1.22 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen i MiFID II är i sak densamma som i artikel 4.1.15 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID I, som har genomförts i svensk rätt i nuvarande 5 § 12. I defini-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">tionen tas dels hänvisningen till ”som drivs av ett värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">eller en börs” bort, dels ändras ”leder till avslut” till ”leder till kontrakt”.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Ändringarna är endast redaktionella och innebär inte någon ändring i sak.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Se även definitionen av multilateralt system i 5 §.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen av <NOBR><SPAN class="ft3">OTF-plattform</SPAN>,</NOBR> som är ny, genomför artikel 4.1.23 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II. Drift av en <NOBR>OTF-plattform</NOBR> är en ny investeringsverksamhet i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">MiFID II (punkt 9 i avsnitt A i bilaga I). För att driva en <NOBR>OTF-plattform</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">krävs därför tillstånd för värdepappersrörelse enligt 2 kap. 1 § första</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">stycket 9. Även en börs kan dock få tillstånd att driva en <NOBR>OTF-plattform,</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p30 ft2">se 13 kap. 12 § andra stycket 1. Se även definitionen av multilateralt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">system i 5 §.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen av <SPAN class="ft3">professionell kund </SPAN>genomför artikel 4.1.10 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Definitionen motsvarar nuvarande 5 § 19. En kund som inte uppfyller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kriterierna för att vara professionell kund är en <NOBR>icke-professionell</NOBR> kund,</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">se artikel 4.1.11 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Definitionen av <SPAN class="ft3">reglerad marknad </SPAN>genomför artikel 4.1.21 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen överförs i huvudsak oförändrad från nuvarande 5 § 20.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">I definitionen ändras dels termen tredje man till tredjepart, dels ändras</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">”leder till avslut” till ”leder till kontrakt”. Ändringarna är endast</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">redaktionella och innebär inte någon ändring i sak. I direktivet anges</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">också uttryckligen att det multilaterala systemet ska vara auktoriserat och</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">löpande verksamt. I denna lag motsvarar kravet på tillstånd i 12 kap. 1 §</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">kravet på auktorisation. Av 25 kap. 5 § första stycket 4 följer att till-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ståndet kan återkallas om en börs under en sammanhängande tid av sex</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">månader inte har drivit en reglerad marknad som den har tillstånd för. Se</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">även definitionen av multilateralt system i 5 §.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen av <SPAN class="ft3">statlig emittent</SPAN>, som är ny, genomför artikel 4.1.60 i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">MiFID II. Definitionen omfattar endast emittenter som hör hemma inom</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">EES. I definitionen anges uttrycket ”stat inom EES” i stället för termen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">”medlemsstat”, som anges i direktivet. Termen används i lagen enbart i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">definitionen av statspapper (4 §).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">Definitionen av <SPAN class="ft3">systematisk internhandlare </SPAN>genomför artikel 4.1.20 i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">MiFID II. Definitionen överförs i sak oförändrad från nuvarande 5 § 24.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">Tillägget ”utan att utnyttja ett multilateralt system” i definitionen innebär</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">ingen ändring i sak. Huruvida ett värdepappersinstitut i en frekvent och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">systematisk omfattning handlar för egen räkning genom att utföra</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">kundorder utanför en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller OTF-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">plattform utan att utnyttja ett multilateralt system ska, enligt artikel 4.1.20</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p20 ft2">andra stycket i direktivet, bedömas utifrån det antal <NOBR>OTC-transaktioner</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p20 ft2">med det finansiella instrumentet som värdepappersinstitutet genomför för</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">648</P></TD>
<TD class="tr27 td368"><P class="p20 ft2">egen räkning genom att utföra kundorder. Om det rör sig om en väsentlig</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_649">
<DIV>
<DIV id="id_1">
<P class="p116 ft2">omfattning ska bedömas antingen utifrån volymen på värdepappers- institutets <NOBR>OTC-handel</NOBR> i förhållande till institutets totala handel med ett specifikt finansiellt instrument, eller utifrån volymen på institutets OTC- handel i förhållande till den totala handeln inom unionen med ett specifikt finansiellt instrument. Definitionen av systematisk internhandlare ska inte tillämpas om inte båda de uppsatta gränserna – den för vad som är en frekvent och systematisk omfattning och den för vad som är en väsentlig omfattning – överskrids. Ett värdepappersinstitut kan dock frivilligt välja att vara en systematisk internhandlare och följa de regler som gäller för denna verksamhet, även om kriterierna i definitionen inte är uppfyllda. I den delegerade förordningen till MiFID II finns ytterligare bestämmelser som preciserar definitionen av systematiska internhandlare avseende olika finansiella instrument. I förordningen preciseras definitionen av systematiska internhandlare för aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument (artikel 12), för obligationer (artikel 13), för strukturerade finansiella produkter (artikel 14), för derivat (artikel 15) och för emissionsrätter (artikel 16). Relevanta bedömningsperioder avseende villkoren när det gäller de olika finansiella instrumenten anges också i förordningen (artikel 17).</P>
<P class="p1043 ft26"><SPAN class="ft27">Definitionen av </SPAN>tillhandahållare av konsoliderad handelsinformation <NOBR>(CTP-leverantör)<SPAN class="ft27">,</SPAN></NOBR><SPAN class="ft27"> som är ny, genomför artikel 4.1.53 i MiFID II. En </SPAN><NOBR><SPAN class="ft27">CTP-leverantör</SPAN></NOBR><SPAN class="ft27"> är en fysisk eller juridisk person som tillhandahåller en samlad bild av transaktioner från flera olika handelsplatser, vilket underlättar för marknadsaktörer att få tillgång till relevant information, se skäl 117 till MiFID II. En </SPAN><NOBR><SPAN class="ft27">CTP-leverantör</SPAN></NOBR><SPAN class="ft27"> som hör hemma i Sverige behöver tillstånd från Finansinspektionen. Detta tillstånd kan endast ges till aktiebolag, se 10 kap. En börs eller ett svenskt värdepappersinstitut som har tillstånd att driva en handelsplats behöver inte tillstånd för att driva verk- samhet som </SPAN><NOBR><SPAN class="ft27">CTP-leverantör</SPAN></NOBR><SPAN class="ft27"> (se 10 kap. 1 § och författningskommentaren till den paragrafen). Även sådana företag omfattas av definitionen.</SPAN></P>
<P class="p269 ft3"><SPAN class="ft2">Definitionen </SPAN>tillväxtmarknad för små och medelstora företag <SPAN class="ft2">genomför artikel 4.1.12 i MiFID II. I 5 § finns en definition av uttrycket små och medelstora företag. Med tillväxtmarknad för små och medelstora företag avses en </SPAN><NOBR><SPAN class="ft2">MTF-plattform</SPAN></NOBR><SPAN class="ft2"> som registrerats som en tillväxtmarknad för små och medelstora företag hos Finansinspektionen enligt 11 kap. </SPAN><NOBR><SPAN class="ft2">13–15</SPAN></NOBR><SPAN class="ft2"> §§ eller hos en behörig myndighet i ett annat land inom EES. Med små och medelstora företag avses företag som har ett genomsnittligt börsvärde som understiger 200 miljoner euro, beräknat på slutkurser för de tre före- gående kalenderåren. Enligt skäl 135 till MiFID II ska bedömningen grun- das på börsvärdet de tre föregående kalenderåren, för att garantera en smidig övergång från en tillväxtmarknad till en ordinarie handelsplats. Börsvärdet bör beräknas som betalkurs för det största aktieslaget multiplicerat med totalt antal aktier. Beräkningen ska utgå ifrån ett genomsnitt av slutkurserna den sista handelsdagen för respektive kalenderår, och alltså inte ifrån ett genomsnitt av slutkurserna för alla handelsdagar under de aktuella kalenderåren (se prop. 2011/12:129 s. 83 f.). Be- stämmelser om tillväxtmarknader för små och medelstora företag finns i 11 kap. </SPAN><NOBR><SPAN class="ft2">13–15</SPAN></NOBR><SPAN class="ft2"> §§.</SPAN></P>
<P class="p1142 ft42">Definitionen av <SPAN class="ft51">utländskt kreditinstitut </SPAN>överförs i sak oförändrad från nuvarande 5 § 44.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">649</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_650">
<P class="p621 ft3"><SPAN class="ft2">Prop. 2016/17:162 Definitionerna </SPAN>utländskt värdepappersföretag <SPAN class="ft2">och </SPAN>värdepappersbolag</P>
<P class="p1289 ft4">överförs oförändrade från nuvarande 5 § 25 och 26. Definitionerna genomför artikel 4.1.1 i MiFID II.</P>
<P class="p575 ft2">Definitionen av <SPAN class="ft3">värdepapperscentral</SPAN>, som genomför artikel 4.1.64 i MiFID II, är ny (jfr artikel 71.2 i förordningen om värdepappers- centraler). Med värdepapperscentral avses enligt förordningen om värde- papperscentraler (artikel 2.1.1) en juridisk person som driver ett avveck- lingssystem för värdepapper som avses i avsnitt A punkt 3 i bilagan till förordningen och som tillhandahåller minst ytterligare en huvudtjänst som förtecknas i avsnitt A i bilagan. De tjänster som anges i bilaga A till förordningen är ursprunglig registrering av värdepapper i ett kontobaserat system (notarietjänst), tillhandahållande och förande av värdepappers- konton på högsta nivå (central kontoföringstjänst) och drift av ett avveck- lingssystem för värdepapper (avvecklingstjänst). I lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument finns bestämmelser som kompletterar förordningen. Förordningen om värde- papperscentraler definieras i 4 a §.</P>
<P class="p580 ft2">Definitionen av <SPAN class="ft3">värdepappersinstitut</SPAN>, som flyttas från nuvarande 5 § 27, ändras genom ett tillägg i syfte att tydliggöra att utländska företag som har anmält ett anknutet ombud i Sverige numera ska följa de regler som gäller för filialer (jfr artikel 35.2 andra stycket i MiFID II).</P>
<P class="p1413 ft2">Övervägandena finns i avsnitten 6.8, 7.3.1, 7.4, 7.5, 7.11.2 och 7.15.</P>
<P class="p1168 ft25">4 c §</P>
<P class="p1513 ft4">Paragrafen genomför artikel <NOBR>4.1.2–4.1.6</NOBR> och 4.1.8 i MiFID II. Paragrafen, som är ny, innehåller definitioner av olika tjänster och</P>
<P class="p646 ft2">verksamheter på värdepappersmarknadsområdet. Paragrafen genomför delvis artikel 4 i MiFID II.</P>
<P class="p575 ft2">Definitionerna av <SPAN class="ft3">clearingverksamhet</SPAN>, <SPAN class="ft3">sidotjänster </SPAN>(definitionen genomför artikel 4.1.3 i MiFID II), <SPAN class="ft3">sidoverksamheter </SPAN>och <SPAN class="ft3">värdepappers- rörelse </SPAN>överförs oförändrade från nuvarande 5 § 6, 21, 22 och 28.</P>
<P class="p575 ft2">Definitionen av <SPAN class="ft3">handel för egen räkning </SPAN>är ny och genomför artikel 4.1.6 i MiFID II. Definitionen motsvarar den i artikel 4.1.6 i MiFID I. När MiFID I genomfördes i svensk rätt togs den definitionen dock inte in i lagen. I definitionen anges egna tillgångar i stället för eget kapital som anges i definitionen i direktivet. Detta innebär inte någon skillnad i sak utan syftar endast till att undvika sammanblandning med begreppet ”eget kapital” som i redovisningssammanhang utgör skillnaden mellan tillgångar och skulder och kan avse aktiekapital.</P>
<P class="p1413 ft2">Definitionen av handel för egen räkning har utformats i enlighet med</P>
<P class="p535 ft3">Lagrådets <SPAN class="ft2">förslag.</SPAN></P>
<P class="p654 ft2">Definitionen av <SPAN class="ft3">investeringsrådgivning </SPAN>genomför artikel 4.1.4 i MiFID II. Definitionen motsvarar den i artikel 4.1.4 i MiFID I. När MiFID I genomfördes togs den definitionen dock inte in i lagen. Av direktivet följer att det kan vara fråga om investeringsrådgivning, oavsett om rekommendationen tillhandahålls på kundens begäran eller på initia- tiv från värdepappersinstitutet. Det har således inte någon betydelse om det är kunden eller institutet som initierar tillhandahållandet av tjänsten för att det ska vara fråga om investeringsrådgivning. I artikel 9 i den</P>
<P class="p309 ft2">650</P>
</DIV>
<DIV id="page_651">
<P class="p186 ft4">delegerade förordningen till MiFID II finns detaljerade bestämmelser om Prop. 2016/17:162 vad som avses med en personlig rekommendation.</P>
<P class="p144 ft3"><SPAN class="ft2">I definitionen av </SPAN>investeringstjänster och investeringsverksamheter<SPAN class="ft2">, som finns i nuvarande 5 § 14, införs en hänvisning till 4 §, som inne- håller definitioner av termen finansiella instrument och av olika typer av finansiella instrument. Ändringen innebär ett förtydligande i enlighet med artikel 4.1.2 i MiFID II att definitionen avser tjänster och verksam- heter när dessa rör finansiella instrument. Detta innebär inte någon ändring i sak.</SPAN></P>
<P class="p264 ft4">Definitionen av <SPAN class="ft45">portföljförvaltning </SPAN>genomför artikel 4.1.8 i MiFID II. Definitionen motsvarar den i artikel 4.1.9 i MiFID I. När MiFID I genomfördes togs den definitionen dock inte in i lagen.</P>
<P class="p144 ft3"><SPAN class="ft2">Definitionen av </SPAN>utförande av order på kunders uppdrag<SPAN class="ft2">, som är ny, genomför artikel 4.1.5 i MiFID II. Definitionen motsvarar i huvudsak den i artikel 4.1.5 i MiFID I. När MiFID I genomfördes togs den defini- tionen dock inte in i lagen. Investeringstjänsten benämns i lagen på samma sätt som i punkt 2 i avsnitt A i bilaga I till MiFID II, vilket innebär en liten avvikelse i förhållande till hur den i den svenska språk- versionen av direktivet benämns i artikel 4.1.5. Det innebär dock inte någon avvikelse när det gäller innebörden av denna investeringstjänst. I den engelska språkversionen av direktivet betecknas tjänsten nämligen på samma sätt i både bilagan och definitionen.</SPAN></P>
<P class="p421 ft2">Övervägandena finns i avsnitten <NOBR>6.3.2–6.3.6</NOBR> och 6.4.</P>
<P class="p972 ft25">5 §</P>
<P class="p1283 ft4">Paragrafen genomför artikel 4.1.13, 4.1.19, 4.1.25, 4.1.30, 4.1.31, 4.1.34, <NOBR>4.1.38–4.1.41,</NOBR> 4.1.43, 4.1.46, 4.1.48, 4.1.55 och 4.1.62 i MiFID II.</P>
<P class="p144 ft2">I paragrafen samlas de definitioner i lagen som inte finns i <NOBR>4–4</NOBR> c §§. De nuvarande punkterna 29, 39 och 43 överförs i sak oförändrade till nya 4 a §. De nuvarande punkterna <NOBR>1–5,</NOBR> 9, 12, 17, <NOBR>19–20,</NOBR> <NOBR>24–28</NOBR> och 44 överförs i sak oförändrade till nya 4 b §. Nuvarande punkterna 6, 14, 21 och 22 överförs oförändrade till nya 4 c §.</P>
<P class="p264 ft4">Definitionerna i nuvarande punkterna 8, 15 och 23 är i sak oför- ändrade. I likhet med i 4 § anges definitionerna genomgående i bokstavs- ordning och numreringen av definitionerna tas bort.</P>
<P class="p144 ft2">Definitionen av <SPAN class="ft3">algoritmisk handel</SPAN>, som är ny, genomför artikel 4.1.39 i MiFID II. Med orderparametrar avses t.ex. om en order ska läggas över huvud taget, när ordern ska läggas, vilket pris som ska sättas på ordern, kvantitet finansiella instrument som ordern ska avse och hur ordern ska hanteras efter det att den har lagts. I definitionen ingår inte sådana system som används endast för dirigering av order till en eller flera handels- platser eller för expediering av order utan att några handelsparametrar fastställs. Inte heller system som används för bekräftelse av order eller bearbetning av utförda transaktioner efter handeln utgör algoritmisk handel enligt MiFID II. Ytterligare bestämmelser om vad som avses med algoritmisk handel finns i den delegerade förordningen till MiFID II (artikel 18).</P>
<P class="p357 ft42">I definitionen av <SPAN class="ft51">betydande filial </SPAN>hänvisas till vad som enligt kapital- täckningsdirektivet utgör en sådan filial. Hänvisningen till <NOBR>EU-direktivet</NOBR></P>
<P class="p1025 ft2">651</P>
</DIV>
<DIV id="page_652">
<P class="p820 ft4">Prop. 2016/17:162 är utformad på så sätt att den avser direktivet i den vid en viss tidpunkt gällande lydelsen, s.k. statisk hänvisning.</P>
<P class="p758 ft2">Definitionen av <SPAN class="ft3">börshandlad fond</SPAN>, som är ny, genomför artikel 4.1.46 i MiFID II. I den engelska språkversionen av direktivet anges ”exchange- traded fund”. Termen börshandlad fond är missvisande eftersom en börs enligt definitionen i förevarande lag (nuvarande punkt 3 och nya 4 b §) inte är en handelsplats utan ett svenskt aktiebolag eller en svensk eko- nomisk förening som har fått tillstånd enligt lagen att driva en eller flera reglerade marknader. Enligt definitionen är en börshandlad fond en fond där minst en andels- eller aktieklass handlas på minst en handelsplats. Av definitionen av handelsplats (nya 4 b §) följer att det innebär att det som avses är handel på en reglerad marknad, <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-platt-</NOBR> form. I den svenska språkversionen av direktivet anges substansvärde där det i den engelska språkversionen anges ”net asset value”. I regelverket på fondområdet används emellertid termen nettotillgångsvärde (se 8 kap. 7 § andra stycket lagen [2013:561] om förvaltare av alternativa investe- ringsfonder och artikel 19.2 och 19.3 i <NOBR>AIFM-direktivet)</NOBR> eller fond- andelsvärde (se 4 kap. 10 § femte stycket lagen om värdepappersfonder</P>
<P class="p936 ft2">och bl.a. artiklarna 1.2 första stycket <SPAN class="ft119">b </SPAN>och 19.3 f i <NOBR>UCITS-direktivet).</NOBR> I definitionen används därför termen nettotillgångsvärde i stället för substansvärde. Nettotillgångsvärde har samma innebörd som fondandels- värde (se prop. 2012/13:155 s. 467).</P>
<P class="p1149 ft2">Definitionen av <SPAN class="ft3">direkt elektroniskt tillträde</SPAN>, som är ny, genomför artikel 4.1.41 i MiFID II. Denna definition omfattar även arrangemang som innebär att personen använder deltagarens infrastruktur, eller något förbindelsesystem som tillhandahålls av deltagaren, för att vidare- befordra dessa order (direkt marknadstillträde) och arrangemang där en sådan infrastruktur inte används av en person (sponsrat tillträde). Med deltagare avses också en medlem av eller kund på en handelsplats, se författningskommentaren till 2 kap. 5 § första stycket 7 b. Beträffande denna definition bör det noteras att i arbetet med att ta fram den dele- gerade förordningen till MiFID II fördes det en diskussion mellan bl.a. tillsynsmyndigheterna i medlemsstaterna om definitionen bör omfatta även <NOBR>icke-professionella</NOBR> kunders handel via värdepappersinstitutens internet- tjänster. En person ska enligt den delegerade förordningen till MiFID II (artikel 20.1) inte anses ha möjlighet att elektroniskt vidarebefordra order avseende ett finansiellt instrument direkt till en handelsplats när den per- sonen inte kan handla diskretionärt när det gäller den exakta bråkdelen av en sekund av orderregistrering och orderns livslängd inom denna tids- ram. Vidare framgår av den delegerade förordningen (artikel 20.2) att en person inte ska anses ha möjlighet till sådan direkt elektronisk överföring om det äger rum genom arrangemang för optimering av processer för orderutförande som fastställer andra orderparametrar än platsen eller platserna där ordern bör lämnas in, om inte dessa arrangemang är in- bäddade i kundsystemen och inte i de system som tillhör medlemmen eller deltagaren på en reglerad marknad eller <NOBR>MTF-plattform</NOBR> eller kund hos <NOBR>OTF-plattform.</NOBR> Detta innebär att definitionen inte omfattar icke- professionella kunders handel via värdepappersinstitut.</P>
<P class="p1514 ft2">Definitionen av <SPAN class="ft3">filial </SPAN>genomför artikel 4.1.30 i MiFID II (artikel 4.1.26</P>
<P class="p535 ft2">i MiFID I). Definitionen överförs oförändrad från nuvarande punkt 10.</P>
<P class="p166 ft2">652</P>
</DIV>
<DIV id="page_653">
<DIV>
<DIV id="id_1">
<P class="p150 ft2">Definitionen av <SPAN class="ft3">hemland </SPAN>genomför artikel 4.1.55 i MiFID II (artikel 4.1.20 i MiFID I) som innehåller en definition av ”hemmedlemsstat”. En definition av hemland finns redan i nuvarande punkt 13. Definitionen i lagen skiljer sig från definitionen i MiFID II och är uttömmande på lik- nande sätt som den definition av hemland som finns i 1 kap. 5 § 8 lagen (2004:297) om bank- och finansieringsrörelse. Det bör noteras att i före- vararande lag är hemland inte detsamma som hemmedlemsstat. Hem- medlemsstat är en term som i lagen används när det gäller emittenter (7– 10 §§). I MiFID II finns, jämfört med definitionen i MiFID I, ett tillägg av ett led c som rör <NOBR>APA-leverantörer,</NOBR> <NOBR>CTP-leverantörer</NOBR> och <NOBR>ARM-leve-</NOBR> rantörer. Detta tillägg föranleder ingen lagstiftningsåtgärd, eftersom det i sak motsvarar vad som gäller för värdepappersföretag enligt direktivet och som har genomförts i svensk rätt i definitionen av hemland.</P>
<P class="p269 ft4">Definitionen av <SPAN class="ft45">koncern </SPAN>genomför artikel 4.1.34 i MiFID II. En defi- nition av koncern finns redan i nuvarande punkt 16.</P>
<P class="p193 ft2">Definitionen av <SPAN class="ft3">kvalificerat innehav </SPAN>genomför artikel 4.1.31 i MiFID II (artikel 4.1.27 i MiFID I). Definitionen överförs i sak oförändrad från nu- varande punkt 18.</P>
<P class="p150 ft2">Definitionen av <SPAN class="ft3">likvid marknad</SPAN>, som är ny, genomför artikel 4.1.25 i MiFID II. Även de specifika marknadsstrukturerna för det finansiella instrumentet eller klassen av finansiella instrument ska beaktas. Det som avses med det är den genomsnittliga transaktionsfrekvensen och trans- aktionsvolymen under ett antal marknadsvillkor med hänsyn till pro- dukternas art och livscykel inom klassen av finansiella instrument, an- talet och typen av marknadsaktörer, inbegripet förhållandet mellan an- talet marknadsaktörer och antalet instrument som handlas när det gäller en särskild produkt, samt den genomsnittliga storleken på skillnaden mellan köp- och säljkurser (spreadar), om det finns uppgift om detta. Definitionen av en likvid marknad har bl.a. betydelse för regler för handel, handelsplatser och skyldigheten att offentliggöra fasta bud (se avsnitt 7). Även i artikel 2.1.17 i MiFIR finns en definition av likvid marknad, men den ska tillämpas enbart i de artiklar i förordningen som anges i den definitionen.</P>
<P class="p1247 ft2">Definitionen av <SPAN class="ft3">matchad principalhandel</SPAN>, som är ny, genomför artik- el 4.1.38 i MiFID II. Matchad principalhandel innebär att en mellanhand gör affärer mot det egna lagret men på ett sådant sätt att denna aldrig utsätts för någon marknadsrisk, dvs. köp- och säljtransaktionerna måste utföras simultant, eller så simultant som det är tekniskt möjligt.</P>
<P class="p195 ft4">Definitionen av <SPAN class="ft45">multilateralt system</SPAN>, som är ny, genomför artik- el 4.1.19 i MiFID II. Uttrycket ingår som en del i definitionerna av MTF- plattform, <NOBR>OTF-plattform</NOBR> och reglerad marknad (nya 4 b §).</P>
<P class="p193 ft2">Definitionen av <SPAN class="ft3">små och medelstora företag</SPAN>, som är ny, genomför artikel 4.1.13 i MiFID II. Med små och medelstora företag avses företag som hade ett genomsnittligt börsvärde som understeg 200 miljoner euro beräknat på slutkurser för de tre föregående kalenderåren. Enligt skäl 135 till MiFID II ska bedömningen grundas på börsvärdet de tre föregående kalenderåren, för att garantera en smidig övergång från de specialiserade marknaderna till huvudmarknaderna. Det bör förstås så att det är ett genomsnittligt värde de tre föregående kalenderåren som avses.</P>
<P class="p797 ft42">Definitionen av <SPAN class="ft51">strukturerad insättning</SPAN>, som är ny, genomför artikel 4.1.43 i MiFID II. Det som avses är inlåning till kreditinstitut men där</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">653</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_654">
<P class="p727 ft2">Prop. 2016/17:162 insättaren – kunden – är exponerad mot något annat än en ren ränterisk. I Sverige har denna typ av placeringsprodukter normalt utformats som ett värdepapper, t.ex. som en aktieobligation, som är en obligation där avkast- ningen beror på utvecklingen av ett aktieindex. I sådana fall är det fråga om ett finansiellt instrument och kundskyddsreglerna i lagen är därför tillämpliga. Av artikel 1.4 i MiFID II följer att de flesta kundskyddsregler (information, rådgivning och orderhantering m.m.) och regler om organi- sation (krav på organisationen och hantering av intressekonflikter m.m.) ska tillämpas även om ett värdepappersinstitut säljer eller lämnar råd om strukturerade insättningar, se avsnitt 6.5. I definitionen i direktivet anges att det ska vara fråga om att räntan eller premien på insättningen ”betalas (eller riskeras)”. Avkastningen på insättningen kan således vara negativ. I <SPAN class="ft3">punkt 1 </SPAN>finns ett undantag för ränteindex. I direktivet anges Euribor och Libor som exempel på sådana ränteindex. Även STIBOR och andra ränteindex omfattas av undantaget. I <SPAN class="ft3">punkt 5 </SPAN>anges att beräkningen även kan ske utifrån andra faktorer än dem i <SPAN class="ft3">punkterna </SPAN><NOBR><SPAN class="ft3">1</SPAN>–<SPAN class="ft3">4</SPAN>.</NOBR> Av definitionen i direktivet följer nämligen att uppräkningen av de faktorer som kan ligga till grund för beräkningen av avkastningen på en strukturerad insättning endast är exempel och inte en uttömmande uppräkning.</P>
<P class="p975 ft3"><SPAN class="ft2">Definitionen av </SPAN>strukturerade finansiella produkter<SPAN class="ft2">, som är ny, genomför artikel 4.1.48 i MiFID II genom en hänvisning till definitionen i MiFIR. Det som avses är värdepapper avsedda att värdepapperisera och överföra kreditrisker kopplade till en pool av finansiella tillgångar, vilka ger värdepappersinnehavaren rätt att få regelbundna betalningar i förhållande till likviditetsflödet från de underliggande tillgångarna.</SPAN></P>
<P class="p654 ft3"><SPAN class="ft2">Definitionen av </SPAN>teknik för algoritmisk högfrekvenshandel<SPAN class="ft2">, som är ny, genomför artikel 4.1.40 i MiFID II. Algoritmisk högfrekvenshandel är en delmängd av den algoritmiska handeln och en teknik för sådan handel karakteriseras av att den är avsedd att minimera latensen, dvs. minimera svarstider mellan handlarens och handelsplatsens system (se </SPAN>punkt 1<SPAN class="ft2">). Detta kan åstadkommas genom t.ex. samlokalisering och närvärdskap – dvs. att handlarens datorer rent fysiskt placeras nära handelsplatsens datorer – och höghastighetstillträde till handelsplatsen. Sådan teknik karakteriseras även av att systemet automatiskt, utan mänsklig med- verkan, beslutar när enskilda order ska läggas, styras (routas) eller utföras och att det genererar en stor mängd order, bud eller annullerade order per dag. Ytterligare bestämmelser om vad som avses med teknik för algoritmisk högfrekvenshandel finns i den delegerade förordningen till MiFID II (artik- el 19).</SPAN></P>
<P class="p711 ft2">Definitionen av <SPAN class="ft3">varaktigt medium</SPAN>, som är ny, genomför artikel 4.1.62 i MiFID II. I syfte att inte blanda samman termen finansiella instrument med sådana ”instrument” som enligt den svenska språkversionen av direktivet utgör varaktiga medium, används termen medel i definitionen. Någon skillnad i sak är inte avsedd. Detaljerade regler om vad som avses med varaktigt medium finns i den delegerade förordningen till MiFID II (artikel 3).</P>
<P class="p1515 ft2">Övervägandena finns i avsnitten 6.5, 6.8, 7.3.2, 7.5 och 7.6.</P>
<P class="p1516 ft2">654</P>
</DIV>
<DIV id="page_655">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">5 a §</P>
<P class="p1517 ft4">Paragrafen innehåller bestämmelser om när ett innehav av aktier i bl.a. ett värdepappersbolag eller en börs ska anses utgöra ett kvalificerat inne- hav.</P>
<P class="p277 ft42">Ändringen i <SPAN class="ft51">första stycket </SPAN>är endast en följdändring med anledning av ändringen av numreringen i 5 §.</P>
<P class="p165 ft25">11 §</P>
<P class="p958 ft2">Paragrafen genomför artikel 73.1 andra stycket c i MiFID II.</P>
<P class="p181 ft2">I paragrafen regleras omfattningen av tystnadsplikten för anställda och uppdragstagare i värdepappersbolag, börser och clearingorganisationer. Den omfattar också visselblåsare, dvs. anställda och andra som internt rapporterar ett sådant företags regelöverträdelser.</P>
<P class="p277 ft2">I <SPAN class="ft3">första stycket </SPAN>görs ett tillägg av leverantörer av datarapporterings- tjänster. En leverantör av datarapporteringstjänster kan vara antingen ett företag som har tillstånd för enbart sådan verksamhet eller en börs eller ett värdepappersinstitut som även utför sådan verksamhet. Bestämmelsen gäller oavsett i vilken form verksamheten som leverantör av datarapport- eringstjänster drivs.</P>
<P class="p313 ft2">Genom ändringen i <SPAN class="ft3">andra stycket </SPAN>omfattar bestämmelsen även uppgift om identiteten på den person som utpekats som ansvarig för en över- trädelse. De överträdelser som avses är bl.a. överträdelser av lagen och MiFIR. Tystnadsplikten ska i likhet med vad som gäller enligt första stycket gälla endast obehörigt röjande.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 13.5.4.</P>
<P class="p398 ft25">2 kap.</P>
<P class="p1086 ft25">1 §</P>
<P class="p1216 ft4">Paragrafen genomför artiklarna 5.1, 6.1 och 6.2 och avsnitt A i bilaga I till MiFID II.</P>
<P class="p181 ft2">I paragrafen behandlas de olika investeringstjänster och investerings- verksamheter som är tillståndspliktiga tjänster och verksamheter enligt avsnitt A i bilaga I till MiFID II i fråga om de finansiella instrument som anges i avsnitt C i bilaga I till direktivet. Dessa tjänster och verksamheter motsvarar i huvudsak de som anges i MiFID I, förutom investerings- verksamheten drift av en <NOBR>OTF-plattform</NOBR> som är ny i MiFID II.</P>
<P class="p336 ft2">Ändringarna i benämningarna av investeringstjänsterna i <SPAN class="ft3">punkterna 2</SPAN>, <SPAN class="ft3">4</SPAN>, <SPAN class="ft3">5 </SPAN>och <SPAN class="ft3">7 </SPAN>och investeringsverksamheterna i <SPAN class="ft3">punkterna 3 </SPAN>och <SPAN class="ft3">8 </SPAN>innebär inte någon ändring i sak utan utgör endast en anpassning till hur de benämns i direktivet. Dessa ändringar görs bl.a. för att underlätta tillämpningen av det som anges i rättsakter som kommissionen har an- tagit eller i riktlinjer från Esma, se avsnitt 5.3. Definitioner av investe- ringstjänsterna och investeringsverksamheten i <SPAN class="ft3">punkterna </SPAN><NOBR><SPAN class="ft3">3</SPAN>–<SPAN class="ft3">5</SPAN></NOBR><SPAN class="ft3"> </SPAN>finns i 1 kap. 4 c § och definitionerna av handelsplattformarna, <SPAN class="ft3">punkterna 8 </SPAN>och <SPAN class="ft3">9</SPAN>, finns i 1 kap. 4 b §. När det gäller portföljförvaltning är det liksom i dag endast diskretionär förvaltning som avses. Detta följer av definitionen i 1 kap. 4 c §. Sådan rådgivande förvaltning som före genomförandet av MiFID I betraktades som portföljförvaltning enligt svensk rätt utgör inte portföljförvaltning i lagens mening (se prop. 2006/07:115 s. 309 f.).</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">655</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_656">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p21 ft2">Investeringsverksamheten drift av <NOBR>OTF-plattformar</NOBR> i <SPAN class="ft3">punkt 9 </SPAN>är ny och</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">beskrivs i avsnitt 6.3.8.</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 6.3.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td64"><P class="p57 ft25">1 a §</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td64"><P class="p57 ft2">Paragrafen, som är ny, tydliggör att ett tillstånd för någon av investe-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ringstjänsterna som anges i 1 § 1, 2 och <NOBR>4–7</NOBR> även omfattar att tjänsten</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tillhandahålls avseende strukturerade insättningar. Det innebär att ett</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">värdepappersinstitut som har tillstånd för t.ex. investeringsrådgivning</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">inom ramen för det tillståndet även kan ge råd om strukturerade insätt-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">ningar. En definition av strukturerad insättning finns i 1 kap. 5 § (se av-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">snitt 6.8). De kundskyddsregler och organisatoriska regler som ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">pappersinstitut ska tillämpa om det tillhandahåller tjänster avseende</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">strukturerade insättningar anges i 8 kap. 2 §, se författningskommentaren</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">till den paragrafen.</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 6.5.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td64"><P class="p57 ft25">1 b §</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td64"><P class="p57 ft2">Paragrafen, som är ny, genomför artikel 1.7 första stycket i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Enligt direktivet ska alla multilaterala system för handel med finan-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">siella instrument drivas som en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> eller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">som en reglerad marknad. Med multilateralt system avses ett system där</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">flera tredjeparters köp- och säljintressen i finansiella instrument kan</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">interagera inom systemet (se definitionen i 1 kap. 5 §). Bestämmelsen</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">innebär att det inte längre är möjligt för ett värdepappersinstitut att driva</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">ett sådant system med stöd av tillstånd för investeringstjänsterna mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tagande och vidarebefordran av order och utförande av order för kunders</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">räkning (1 § första stycket 1 och 2). Ett värdepappersinstitut har dock</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">möjlighet att som systematisk internhandlare (se definitionen i 1 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">4 b §) ägna sig åt organiserad och regelbunden handel med finansiella</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">instrument utan att utnyttja ett multilateralt system.</P></TD>
</TR>
<TR>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 7.3.2.</P></TD>
</TR>
<TR>
<TD class="tr62 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td64"><P class="p57 ft25">2 §</P></TD>
</TR>
<TR>
<TD class="tr24 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td64"><P class="p57 ft2">Paragrafen genomför artikel 6.1 och 6.2 och avsnitt B i bilaga I till</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Paragrafen reglerar de sidotjänster som ett värdepappersbolag kan få</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tillstånd att tillhandahålla. Sidotjänsterna i paragrafen, med undantag av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tjänsten i första stycket 8, motsvarar de sidotjänster som anges i avsnitt B</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">i bilaga I till MiFID II. De tjänsterna motsvarar, bortsett från en justering</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">när det gäller det som anges om tjänsten förvaring av finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ment för kunders räkning, de sidotjänster som anges i MiFID I (avsnitt B</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">i bilaga I). Tillägget i <SPAN class="ft3">första stycket 1 </SPAN>syftar till att tydliggöra att sido-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">tjänsten förvaring av finansiella instrument inte även innebär ett tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">att vara värdepapperscentral.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Ändringen av hänvisningen i <SPAN class="ft3">punkt 7 </SPAN>innebär inte någon ändring i sak</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">utan utgör endast en följdändring till de justeringar som görs i defini-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tionen av finansiella derivatinstrument i 1 kap. 4 § första stycket.</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">656</P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 6.4.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_657">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">3 §</P>
<P class="p1216 ft4">I paragrafen finns bestämmelser om sidoverksamhet som ett värdepap- persbolag kan få tillstånd att driva.</P>
<P class="p181 ft2">I <SPAN class="ft3">andra stycket </SPAN>tas punkt 2 bort. Eftersom sådana utsläppsrätter som avses i kommissionens förordning (EU) nr 1031/2010 numera är finan- siella instrument enligt 1 kap. 4 §, gäller de allmänna bestämmelserna i lagen om investeringstjänster, investeringsverksamhet och sidotjänster även för tjänster eller verksamhet som avser sådana utsläppsrätter.</P>
<P class="p277 ft2">I <SPAN class="ft3">fjärde stycket</SPAN>, som är nytt, införs en upplysning om att ett värde- pappersbolag som sidoverksamhet även kan få tillhandahålla vissa data- rapporteringstjänster enligt nya 10 kap. (artikel 59.1 och 59.2 i MiFID II). Se författningskommentaren till 10 kap. 1 §.</P>
<P class="p421 ft2">Övervägandena finns i avsnitten 6.2.6 och 7.15.</P>
<P class="p398 ft25">5 §</P>
<P class="p953 ft4">Paragrafen, som innehåller undantag från kravet på tillståndsplikt för att driva värdepappersrörelse, genomför artikel 2.1 och delvis artikel 3.1 i MiFID II.</P>
<P class="p181 ft2">Ändringen i <SPAN class="ft3">första stycket 2 </SPAN>innebär endast en följdändring med anled- ning av att definitionen av anknutet ombud överförs från 1 kap. 5 § till 1 kap. 4 b §.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 6 </SPAN>(artikel 2.1 c i MiFID II) är oförändrad. I den delegerade förordningen till MiFID II (artikel 4) finns det emellertid detaljerade regler om när en tjänst ska anses tillhandahållas tillfälligt i samband med annan yrkesmässig verksamhet.</P>
<P class="p411 ft27">Ändringen i <SPAN class="ft26">punkt 7 </SPAN>(artikel 2.1 d i MiFID II) innebär att undantaget för viss handel för egen räkning snävas in något i förhållande till i dag och omfattar endast fysiska och juridiska personer som handlar för egen räkning med andra finansiella instrument än råvaruderivat eller utsläpps- rätter eller derivat hänförliga till utsläppsrätter. Handel för egen räkning med råvaruderivat eller utsläppsrätter eller derivat hänförliga till ut- släppsrätter kan dock vara undantagna enligt <SPAN class="ft26">punkt 11 </SPAN>(artikel 2.1 j). En ytterligare förutsättning för att en fysisk eller juridisk person ska om- fattas av undantaget är att denne inte tillhandahåller någon annan investe- ringstjänst eller utför någon annan investeringsverksamhet med andra finansiella instrument än råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter. I nya <SPAN class="ft26">led b </SPAN>genomförs artikel 2.1 d första stycket ii i MiFID II (i lydelsen enligt artikel 1.1 i ändringsdirektivet). Enligt direktivet är det en förutsättning för detta undantag att en person varken är medlem eller deltagare på en reglerad marknad eller en <NOBR>MTF-platt-</NOBR> form. I led b används emellertid enbart termen deltagare på en reglerad marknad eller <NOBR>MTF-plattform.</NOBR> I termen deltagare inbegrips dock även den som är medlem på en handelsplats i en jurisdiktion där beteckningen medlem används (jfr prop. 2006/07:115 s. 472 f.). I led b görs skillnad mellan å ena sidan deltagare på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> och å andra sidan den som har direkt elektroniskt tillträde. Detta har betydelse för kunder på <NOBR>OTF-plattformar.</NOBR> En kund på en <NOBR>OTF-plattform</NOBR> omfattas inte och kan därför dra nytta av möjligheten att undantas från tillståndsplikt. Det gäller dock endast om kunden inte har direkt elektroniskt tillträde till en handels- plats. Om en användare av en <NOBR>OTF-plattform</NOBR> har direkt elektroniskt tillträde</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">657</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_658">
<P class="p994 ft4">Prop. 2016/17:162 till den handelsplatsen, omfattas användaren inte av undantaget. Om en medlem av eller deltagare på en reglerad marknad eller en <NOBR>MTF-plattform</NOBR></P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">eller en användare av en <NOBR>OTF-plattform</NOBR> som har direkt elektroniskt tillträde</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">är ett <NOBR>icke-finansiellt</NOBR> företag kan denna ändå omfattas av undantaget, om</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">övriga förutsättningar för undantag är uppfyllda.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Leden c </SPAN>och <SPAN class="ft3">d </SPAN>är nya och genomför artikel 2.1 d första stycket iii och iv i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">I artikel 2.1 d andra stycket i MiFID II anges att personer undantagna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt led a, i eller j i samma artikel (se punkterna 4, 10 och 11) inte be-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">höver uppfylla villkoren i led d för att vara undantagna. Undantagen i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">direktivet tillämpas emellertid kumulativt (se skäl 22). Uppräkningen i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">led d andra stycket är således inte uttömmande och den innebär därför</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inte någon begränsning i relation till övriga undantag i artikeln. Undan-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tagen i paragrafen motsvarar dem i direktivet. Det innebär att ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">undantag kan användas tillsammans med ett annat undantag under</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förutsättning att villkoren i respektive undantag är uppfyllda.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">I <SPAN class="ft3">punkt 11 </SPAN>genomförs artikel 2.1 j i MiFID II. I den svenska språkver-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sionen av direktivet används uttrycket ”sidoverksamhet till deras huvud-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sakliga verksamhet” (i den engelska språkversionen ”ancillary activity to</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">their main business”). I punkten används i stället uttrycket komplett-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">erande verksamhet. Det innebär inte någon skillnad i sak i förhållande till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">direktivet och görs endast för att undvika en sammanblandning med sido-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">verksamhet enligt 3 §. I direktivet anges att undantaget gäller för ”per-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">soner, inbegripet personer som är marknadsgaranter”. Också undantaget i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">punkten omfattar marknadsgaranter, även om det inte anges uttryckligen.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Det innebär således inte heller någon skillnad i sak i förhållande till</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">direktivet. Undantagen i paragrafen får nämligen, i enlighet med skäl 22</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">till direktivet, användas kumulativt och det finns därför inte behov av ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">sådant förtydligande. I kommissionens delegerade förordning (EU) av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">den 1 december 2016 om komplettering av Europaparlamentets och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller kriterier för att fastställa när en verksamhet ska betraktas som en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sidoverksamhet till den huvudsakliga verksamheten (C[2016] 7643 final)</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">finns detaljerade bestämmelser om de tröskelvärden som avgör om en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">verksamhet ska anses utgöra en kompletterande verksamhet. I förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningen anges marknadsandelströsklar avseende olika tillgångsklasser</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">(artikel 2) och tröskel för huvudsaklig verksamhet (artikel 3). Vidare an-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ges beräkningsförfarandet av storleken på handelsverksamhet och kapital</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt artiklarna 2 och 3 (artikel 4) och transaktioner som godtas som</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">riskreducerande (artikel 5).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Ändringen i <SPAN class="ft3">punkt 12 </SPAN>är en följd av ändringen av benämningen av</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">investeringstjänsten investeringsrådgivning i 1 §. Det innebär inte någon</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">ändring i sak utan utgör endast en anpassning till hur investeringstjänsten</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">benämns i direktivet.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 13 </SPAN>motsvarar artikel 2.1 n i MiFID II. Enligt punkten undantas</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">transaktioner med anknytning till driften av el- och gasnät. Undantaget</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gäller de aktörer som anges i punkten endast när de fullgör uppgifter</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt vissa <NOBR>EU-rättsakter</NOBR> på energiområdet. Undantaget gäller inte drift</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">av en andrahandsmarknad. I direktivet anges som exempel på en sådan</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">marknad en plattform för handel med finansiella överföringsrättigheter.</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">658</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">Nuvarande punkterna 13 och 14, som genomför artikel 2.1 k och l i</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_659">
<P class="p186 ft4">MiFID I (se prop. 2006/07:115 s. 338 f. och 562) utmönstras ur lagen då Prop. 2016/17:162 de inte motsvaras av något undantag i MiFID II, se avsnitt 6.6.3.</P>
<P class="p610 ft2"><SPAN class="ft3">Punkt 14 </SPAN>motsvarar nuvarande punkt 15 och genomför delvis artikel 3.1. Ändringen i led a är en följd av ändringen av benämningen av investeringstjänsten investeringsrådgivning i 1 §. Det innebär inte någon ändring i sak utan utgör endast en anpassning till hur investeringstjänsten benämns i direktivet. Ändringen i led c är en följd av att termen fond- andelar i definitionen av finansiella instrument i 1 kap. 4 § ersätts av andelar i företag för kollektiva investeringar, dvs. andelar i fonder och fondföretag (se avsnitt 6.2.4). Detta innebär inte någon ändring i sak.</P>
<P class="p1518 ft2">Genom undantagen i nya <SPAN class="ft3">punkterna 15 </SPAN>och <SPAN class="ft3">16 </SPAN>genomförs artikel 2.1 e och o i MiFID II. I punkt 15 undantas från tillståndsplikt för värdepap- persrörelse verksamhetsutövare enligt lagen om handel med utsläpps- rätter som handlar med utsläppsrätter för egen räkning under förutsättning att verksamhetsutövaren inte tillhandahåller andra investeringstjänster eller ägnar sig åt annan investeringsverksamhet eller tillämpar en teknik för algoritmisk högfrekvenshandel. I punkt 16 införs ett undantag från till- ståndsplikt för värdepapperscentraler när de tillhandahåller huvudtjänster eller vissa anknutna tjänster som anges i förordningen om värdepappers- centraler.</P>
<P class="p426 ft2">Hänvisningarna till <NOBR>EU-direktiven</NOBR> i paragrafen är utformade på så sätt att de avser direktiven i den vid en viss tidpunkt gällande lydelsen, s.k. statisk hänvisning. Hänvisningar till <NOBR>EU-förordningarna</NOBR> är utformade på så sätt att de avser förordningarna i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 6.6.</P>
<P class="p972 ft25">3 kap.</P>
<P class="p958 ft25">9 §</P>
<P class="p920 ft4">Paragrafen genomför artikel 84 i MiFID II. I MiFID I (artikel 60) finns regler som delvis motsvarar dessa regler i MiFID II.</P>
<P class="p144 ft2">Paragrafen reglerar Finansinspektionens skyldighet att samråda med en tillsynsmyndighet i ett annat land inom EES innan tillstånd beviljas för ett värdepappersbolag som är eller kan förväntas komma att ingå i samma företagsgrupp som ett finansiellt företag med auktorisation i det andra landet eller kontrolleras eller kan komma att kontrolleras av fys- iska eller juridiska personer som har ägarkontroll över ett sådant företag.</P>
<P class="p144 ft4">I <SPAN class="ft45">punkt 1 </SPAN>införs ett tillägg av marknadsoperatör på motsvarande sätt som i artikel 84.1 i MiFID II i förhållande till artikel 60.1 i MiFID I. Med marknadsoperatör avses en eller flera juridiska personer som driver en eller flera reglerade marknader, se definitionen i 1 kap. 4 b §.</P>
<P class="p144 ft2">Kommissionen ska enligt MiFID II (artikel 84.4) anta tekniska stand- arder för genomförande i syfte att fastställa standardformulär, mallar och förfaranden för samråd mellan behöriga myndigheter innan tillstånd be- viljas. Detta har emellertid inte skett ännu.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 13.4.3.</P>
<P class="p1519 ft2">659</P>
</DIV>
<DIV id="page_660">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">660</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">4 kap.</P>
<P class="p958 ft25">1 §</P>
<P class="p1175 ft2">Paragrafen genomför artiklarna 6.3, 34.1, 34.2 första stycket b, 35.2 och 35.6 i MiFID II. De artiklarna motsvarar, utom i den del som avser användandet av anknutna ombud, det som gäller enligt MiFID I (artik- larna 31 och 32). Paragrafen reglerar den verksamhet som ett utländskt värdepappersföretag som hör hemma i ett annat land inom EES får driva i Sverige med stöd av tillståndet i hemlandet (s.k. <NOBR>EU-pass</NOBR> eller europa- pass). I paragrafen görs motsvarande justeringar när det gäller anknutna ombud som har gjorts i MiFID II i förhållande till MiFID I.</P>
<P class="p385 ft2">Ändringarna i <SPAN class="ft3">första stycket 1 </SPAN>innebär att förfarandet blir detsamma om ett värdepappersföretag avser att driva värdepappersrörelse genom en filial i Sverige eller använda sig av ett anknutet ombud som är etablerat här i landet. Nuvarande led b tas bort med anledning av att det i stället i inledningen av punkt 1 införs ett krav på att ett värdepappersföretag som avser att använda anknutna ombud i Sverige ska underrätta den behöriga myndigheten i hemlandet som i sin tur underrättar Finansinspektionen om detta.</P>
<P class="p385 ft2">Ändringen i <SPAN class="ft3">punkt 2 </SPAN>innebär att ett utländskt värdepappersföretag, vid gränsöverskridande verksamhet, endast har möjlighet att använda anknutna ombud som är etablerade i företagets hemland. Motsvarande ändring görs i 5 kap. 1 §.</P>
<P class="p1425 ft2">Övervägandena finns i avsnitt 11.2.</P>
<P class="p972 ft25">4 §</P>
<P class="p1175 ft4">Paragrafen genomför artiklarna 39 och 41.1 första stycket i MiFID II. Dessa artiklar saknar motsvarighet i MiFID I.</P>
<P class="p487 ft2">Paragrafen reglerar vilka förutsättningar som ska vara uppfyllda för att ett utländskt företag som inte hör hemma i ett land inom EES ska få till- stånd att driva värdepappersrörelse från filial i Sverige.</P>
<P class="p487 ft2">Genom ändringarna i paragrafen utnyttjas den möjlighet som MiFID II (artikel 39) innebär för medlemsstaterna att kräva att ett företag från ett land utanför EES, som avser att tillhandahålla investeringstjänster, utföra investeringsverksamhet eller sidotjänster inom dess territorium genom etablering av en filial, i förväg har tillstånd, och uppfyller vissa krav. De nuvarande kraven för att ett företag från ett land utanför EES ska till- handahålla sådana tjänster genom filial i Sverige anpassas så att de överensstämmer med det som anges i direktivet.</P>
<P class="p506 ft4">Ändringen i <SPAN class="ft45">punkt </SPAN>1 innebär att företaget ska ha tillstånd att i sitt hem- land tillhandahålla de tjänster och driva den verksamhet som ansökan avser. Kravet att företagets behöriga myndighet ska ha tillåtit att före- taget etablerar sig i Sverige tas bort (se artikel 39.2 a i MiFID II).</P>
<P class="p487 ft2">Kravet i <SPAN class="ft3">punkt 2 </SPAN>innebär att Finansinspektionen bör ta hänsyn till rekommendationer från den internationella arbetsgruppen för finansiella åtgärder (the Financial Action Task Force, FATF) om jurisdiktioner som uppvisar brister i sina strategier mot penningtvätt och finansiering av terrorism (se artikel 39.2 a i MiFID II).</P>
<P class="p332 ft42">I <SPAN class="ft51">punkt 3 </SPAN>ställs det upp krav på samarbetsarrangemang om bl.a. informationsutbyte (se artikel 39.2 b i MiFID II).</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_661">
<P class="p747 ft2">I <SPAN class="ft3">punkt 4 </SPAN>anges krav på tillräckligt startkapital (se artikel 39.2 c i Prop. 2016/17:162 MiFID II).</P>
<P class="p187 ft2">Kraven på ledningen enligt <SPAN class="ft3">punkt 5 </SPAN>är desamma som ställs på styrelse och verkställande direktör i ett värdepappersbolag enligt 3 kap. 1 § 5 och 6 samt 5 §. Dessa krav tillsammans med de som gäller enligt Finans- inspektionens föreskrifter (FFFS 2007:16) om värdepappersrörelse genomför artiklarna 88 och 91 i kapitaltäckningsdirektivet (se artikel 39.2 d i MiFID II).</P>
<P class="p429 ft4"><SPAN class="ft45">Punkt 6 </SPAN>innebär att det ska finnas ett avtal mellan det land där företaget hör hemma och Sverige rörande skatter på inkomst och förmögenhet (se artikel 39.2 e i MiFID II).</P>
<P class="p144 ft2">I <SPAN class="ft3">punkt 7 </SPAN>finns ett krav på att filialen tillhör ett godkänt investerarskydd (se artikel 39.2 f i MiFID II). Det innebär att investerare ska ha skydd för förlust av finansiella instrument och medel hos ett värdepappersinstitut. Investerarskyddet ska ha godkänts eller erkänts i enlighet med Europaparlamentets och rådets direktiv 97/9/EG av den 3 mars 1997 om system för ersättning till investerare (se artikel 11.1). Det direktivet (investerarskyddsdirektivet) har i svensk rätt genomförts i lagen (1999:158) om investerarskydd (se <NOBR>4–6</NOBR> §§). Av MiFID II framgår att företaget ska vara medlem i ett system för ersättning till investerare (artikel 39.2 f). I paragrafen anges dock i stället filialen eftersom det både enligt investerarskyddsdirektivet och enligt lagen om investerar- skydd gäller att en filial ska tillhöra investerarskyddet. En filial är emel- lertid inte en juridisk person utan en del av det utländska företaget och det som anges i lagen överensstämmer därför med det som anges i MiFID II. Hänvisningen till <NOBR>EU-direktivet</NOBR> är utformad på så sätt att den avser direktivet i den vid en viss tidpunkt gällande lydelsen, s.k. statisk hänvisning.</P>
<P class="p357 ft4">I <SPAN class="ft45">punkt 8 </SPAN>görs ett tillägg med hänvisning till MiFIR samt andra för- fattningar som reglerar verksamheten (jfr artikel 41.1 första stycket i MiFID II).</P>
<P class="p144 ft2">Tillstånd att inrätta en filial krävs inte om ett företag som hör hemma utanför EES tillhandahåller en investeringstjänst eller utför investerings- verksamhet uteslutande på initiativ av en kund i Sverige. Ett sådant initia- tiv ger dock inte företaget rätt att marknadsföra ytterligare tjänster och produkter här i landet (artikel 42 i MiFID II).</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 11.3.</P>
<P class="p398 ft25">7 §</P>
<P class="p1520 ft4">Paragrafen, som är ny, genomför artikel 41.1 andra stycket i MiFID II. Paragrafen reglerar inom vilken tid Finansinspektionen ska ha fattat</P>
<P class="p113 ft2">beslut och underrättat företaget om huruvida det har fått tillstånd eller inte. Om Finansinspektionen inte har meddelat något beslut inom tids- fristen, får sökanden begära förklaring hos allmän förvaltningsdomstol att ärendet onödigt uppehålls (se 26 kap. 2 § och författningskommen- taren till den bestämmelsen). Bestämmelsen är utformad efter förebild av 2 kap. 7 § lagen om värdepappersfonder och 3 kap. 8 § lagen om förval- tare av alternativa investeringsfonder.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 11.3.</P>
<P class="p993 ft2">661</P>
</DIV>
<DIV id="page_662">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">662</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">8 §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 73.2 i MiFID II när det gäller företag utanför EES med filial i Sverige.</P>
<P class="p487 ft2">Paragrafen är utformad efter förebild av bl.a. 8 kap. 4 a §, se prop. 2013/14:228 s. 317. Paragrafen innebär att ett företag som hör hemma i ett land utanför EES som, efter tillstånd av Finansinspektionen, driver värdepappersrörelse från filial i Sverige ska ha ändamålsenliga system för att från anställda omhänderta anmälningar om eventuella missförhållanden inom företaget. Bestämmelsen ställer inte några särskilda krav i fråga om vilken typ av förfarande som företaget ska tillhandahålla för anställda som vill rapportera överträdelser, mer än att dessa ska vara ändamålsenliga. Det ska dock vara fråga om en särskild, oberoende och självständig kanal.</P>
<P class="p1521 ft4">Av <SPAN class="ft45">andra stycket </SPAN>följer att om användningen av ett rapporterings- system innebär en sådan strukturerad behandling av personuppgifter som avses i personuppgiftslagen, måste systemet utformas i överensstäm- melse med den lagen.</P>
<P class="p236 ft2">Övervägandena finns i avsnitt 13.5.5.</P>
<P class="p398 ft25">9 §</P>
<P class="p1188 ft2">Paragrafen, som är ny, innehåller en upplysning om att det finns ytter- ligare bestämmelser i MiFIR om möjligheten för företag som hör hemma utanför EES att tillhandahålla investeringstjänster eller driva investe- ringsverksamhet inom EES (artiklarna <NOBR>46–49</NOBR> i MiFIR).</P>
<P class="p332 ft2">Enligt MiFIR får ett företag som hör hemma i ett land utanför EES till- handahålla investeringstjänster eller utföra investeringsverksamheter till godtagbara motparter och professionella kunder inom EES utan att ha etablerat en filial om vissa krav är uppfyllda. I förevarande lag används uttrycket jämbördiga motparter för de som i MiFIR och MiFID II be- nämns godtagbara motparter (se t.ex. nuvarande 8 kap. 15 § och nya 9 kap. 3 §). Företaget måste vara registrerat i ett register över företag från tredjeland som förs av Esma. För att företaget ska registreras i registret måste vissa villkor vara uppfyllda, bl.a. ska kommissionen först ha an- tagit ett beslut om likvärdighet avseende det land där företaget hör hemma.</P>
<P class="p1472 ft2">Övervägandena finns i avsnitt 11.3.</P>
<P class="p398 ft25">5 kap.</P>
<P class="p958 ft25">1 §</P>
<P class="p1188 ft4">Paragrafen genomför artikel 35.1, 35.2 och 35.7 i MiFID II. Den artikeln motsvarar, utom i den del som avser användandet av anknutna ombud, det som gäller enligt MiFID I (artikel 32.1 och 32.2).</P>
<P class="p487 ft2">Paragrafen reglerar den underrättelse som ett värdepappersbolag ska lämna om det avser att driva värdepappersrörelse i ett annat land inom EES. I paragrafen görs motsvarande justeringar när det gäller anknutna ombud som har gjorts i MiFID II i förhållande till MiFID I.</P>
<P class="p332 ft4">Ändringarna i <SPAN class="ft45">första stycket </SPAN>innebär att förfarandet blir detsamma om ett värdepappersbolag avser att driva värdepappersrörelse genom en filial eller genom att använda sig av ett anknutet ombud i ett annat land inom</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_663">
<P class="p186 ft4">EES. De ändringarna motsvarar i huvudsak dem i 4 kap. 1 § som gäller Prop. 2016/17:162 den situation när ett utländskt värdepappersföretag som hör hemma i ett</P>
<P class="p113 ft2">annat land inom EES avser att driva verksamhet genom en filial eller ett anknutet ombud i Sverige.</P>
<P class="p144 ft2">I första stycket <SPAN class="ft3">första meningen </SPAN>görs ett tillägg så att det, på samma sätt som i 4 kap. 1 §, uttryckligen anges att det är fråga om att driva värdepappersrörelse. Den ändringen görs endast för att tydliggöra att sidotjänster får tillhandahållas enbart tillsammans med investerings- tjänster eller investeringsverksamhet. Ett värdepappersbolag får således inte driva verksamhet genom en filial eller ett anknutet ombud i ett annat land inom EES som avser endast sidotjänster (se artikel 35.1 första stycket andra meningen i MiFID II och artikel 32.1 första stycket andra meningen i MiFID I). Detta innebär inte någon ändring i sak.</P>
<P class="p284 ft27">Nuvarande punkt 2 tas bort med anledning av att det i stället i inledningen av stycket införs ett krav på att värdepappersbolag ska underrätta Finansinspektionen om bolaget avser att använda anknutna ombud i ett annat land inom EES. Ändringen i nya <SPAN class="ft26">punkt 2 </SPAN>är endast en följd av att paragrafen gäller både verksamhet som drivs genom filial och verk- samhet som drivs genom ett anknutet ombud i ett annat land inom EES.</P>
<P class="p429 ft4">Om ett värdepappersbolag använder anknutna ombud i ett annat land inom EES där bolaget har inrättat en filial är de anknutna ombuden en del av filialen, se artikel 35.2 andra stycket i MiFID II.</P>
<P class="p144 ft2"><SPAN class="ft3">Andra stycket</SPAN>, som är nytt, genomför artikel 35.7 i MiFID II. Det inne- bär att kreditinstitut med tillstånd att driva värdepappersrörelse och som avser att använda anknutna ombud etablerade i ett annat land inom EES ska tillämpa första stycket. Av tillägget i andra stycket följer att även 2 § gäller kreditinstitut. För kreditinstitut som avser att inrätta en filial i ett annat land inom EES gäller i övrigt lagen om bank- och finansierings- rörelse.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 11.2.</P>
<P class="p398 ft25">3 §</P>
<P class="p958 ft2">Paragrafen genomför artikel 35.7 och 35.10 i MiFID II.</P>
<P class="p144 ft4">I <SPAN class="ft45">första stycket </SPAN>görs motsvarande justeringar när det gäller anknutna ombud som har gjorts i MiFID II i förhållande till MiFID I.</P>
<P class="p147 ft2">Ändringarna i <NOBR><SPAN class="ft3">andra</SPAN>–<SPAN class="ft3">tredje</SPAN></NOBR><SPAN class="ft3"> styckena </SPAN>är endast språkliga.</P>
<P class="p144 ft4">Det nya <SPAN class="ft45">fjärde stycket </SPAN>innebär att paragrafen även omfattar kredit- institut som använder ett anknutet ombud i ett annat land inom EES.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 11.2.</P>
<P class="p398 ft25">4 §</P>
<P class="p920 ft4">Paragrafen genomför artikel <NOBR>34.1–34.3</NOBR> i MiFID II. Den artikeln mot- svarar, utom i den del som avser användandet av anknutna ombud, det som gäller enligt MiFID I (artikel <NOBR>31.1–31.3).</NOBR></P>
<P class="p144 ft2">Paragrafen reglerar den underrättelse som ett värdepappersbolag ska göra om det från Sverige avser att driva värdepappersrörelse i ett annat land inom EES (gränsöverskridande verksamhet). I paragrafen görs mot- svarande justeringar när det gäller anknutna ombud som har gjorts i</P>
<P class="p19 ft145">MiFID II i förhållande till MiFID I.</P>
<P class="p596 ft2">663</P>
</DIV>
<DIV id="page_664">
<P class="p727 ft2">Prop. 2016/17:162 I <SPAN class="ft3">första stycket första meningen </SPAN>görs, på motsvarande sätt som i 1 §, ett förtydligande genom att det uttryckligen anges att det är fråga om att driva värdepappersrörelse (se artikel 34.1 första stycket andra meningen i MiFID II och artikel 31.1 första stycket andra meningen i MiFID I). Detta innebär inte någon ändring i sak.</P>
<P class="p654 ft2">Ändringen i <SPAN class="ft3">punkt 3 </SPAN>innebär att ett värdepappersbolag som avser att driva gränsöverskridande verksamhet från Sverige även i fortsättningen får använda sig av anknutna ombud för denna verksamhet, men det måste i så fall vara fråga om anknutna ombud som är etablerade i Sverige. Om värdepappersbolaget avser att använda ett anknutet ombud som är etablerat i ett annat land inom EES, gäller i stället 1 §.</P>
<P class="p629 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P>
<P class="p654 ft42">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitt 11.2.</P>
<P class="p1240 ft25">6 §</P>
<P class="p1179 ft4">Paragrafen genomför artikel 34.5 i MiFID II. Den artikeln saknar mot- svarighet i MiFID I. Den nuvarande bestämmelsen, som genomför artikel 31.2 andra stycket i MiFID I, utmönstras ur lagen eftersom det inte finns någon motsvarande regel i MiFID II.</P>
<P class="p575 ft2">Paragrafen innebär en skyldighet även för ett svenskt kreditinstitut att underrätta Finansinspektionen om institutet avser att driva värdepappers- rörelse i ett annat land inom EES i form av gränsöverskridande verksam- het genom att använda ett anknutet ombud som är etablerat i Sverige. I likhet med det som gäller för värdepappersbolag, får ett sådant kredit- institut inte driva gränsöverskridande verksamhet som omfattar enbart sido- tjänster.</P>
<P class="p575 ft2">Av <SPAN class="ft3">andra stycket </SPAN>framgår den tidsfrist som gäller när Finansinspek- tionen senast ska överlämna underrättelsen till den behöriga myndigheten i värdlandet. Värdlandet ska offentliggöra information om vilka anknutna ombud som kreditinstitutet avser att använda för att tillhandahålla tjänst- er i det landet (artikel 34.5 andra stycket andra meningen i MiFID II).</P>
<P class="p1515 ft2">Övervägandena finns i avsnitt 11.2.</P>
<P class="p1168 ft25">7 §</P>
<P class="p1522 ft4">Paragrafen genomför artikel 34.6 och 34.7 i MiFID II. Ändringen i <SPAN class="ft45">första stycket </SPAN>är endast språklig.</P>
<P class="p575 ft2">Det nya <SPAN class="ft3">andra stycket </SPAN>innebär att paragrafen även omfattar kreditinsti- tut som avser att vidta åtgärder i ett annat land inom EES för att under- lätta för deltagare på distans att få tillträde till institutets handelsplatt- form.</P>
<P class="p629 ft2">Övervägandena finns i avsnitt 11.2.</P>
<P class="p1168 ft25">6 kap.</P>
<P class="p1169 ft25">1, 4, 5, 7 och 10 §§</P>
<P class="p936 ft4">Paragraferna genomför artikel 29.1, 29.2 första stycket och <NOBR>29.3–29.5</NOBR> i MiFID II. Ändringarna i 4 och 7 §§ innebär endast följdändringar med</P>
<P class="p535 ft5">anledning av att 2 § upphävs. I 1, 5 och 10 §§ görs endast följdändringar</P>
<P class="p19 ft2">664</P>
</DIV>
<DIV id="page_665">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr2 td134"><P class="p23 ft2">med anledning av att definitionen av anknutet ombud överförs från</P></TD>
<TD class="tr2 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">1 kap. 5 § till 1 kap. 4 b §.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2"><SPAN class="ft3">1 § </SPAN>har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag. Motsvarande juste-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">ring har gjorts i <SPAN class="ft3">5 § </SPAN>som också rör avtal med ett anknutet ombud som</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">avses i 1 kap. 4 b §.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 7.4.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">6 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen genomför artikel 29.2 tredje stycket och 29.4 första stycket i</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">MiFID II.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Paragrafen reglerar värdepappersinstitutens skyldighet att fortlöpande</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">kontrollera sina anknutna ombud.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Hänvisningen till 2 § tas bort eftersom den paragrafen upphävs.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">I <SPAN class="ft3">punkt 2 </SPAN>görs följdändringar med anledning av att en rad nya</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">kundskyddsregler införs vid genomförandet av MiFID II samt att vissa</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">bestämmelser som i dag finns i 8 kap. överförs till 9 kap.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 7.4.</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr62 td134"><P class="p23 ft25">8 kap.</P></TD>
<TD class="tr62 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td134"><P class="p23 ft2">Rubriken till kapitlet ändras till rörelseregler eftersom förslagen i denna</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">proposition innebär att bestämmelser om värdepappersinstitutens interna</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">styrning och organisation m.m. samlas i detta kapitel, medan regler om</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">investerarskydd samlas i 9 kap.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 5.1.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">1 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen, som motsvarar nuvarande 2 §, genomför artiklarna 16.11</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">första stycket, 19.4, 20.8 och 35.8 första stycket i MiFID II.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2"><SPAN class="ft3">Första stycket</SPAN>, som genomför artiklarna 16.11 första stycket och 35.8</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">första stycket i MiFID II, innehåller hänvisningar till de bestämmelser i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">kapitlet som ska tillämpas av utländska företag som hör hemma inom</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">EES och som driver värdepappersrörelse från filial i Sverige enligt 4 kap.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">1 § första stycket 1. Motsvarande regler finns även i MiFID I (se artiklar-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">na 13.9 och 32.7). Hänvisningarna ändras så att de omfattar de bestäm-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">melser i kapitlet över vilka den behöriga myndigheten i värdlandet, dvs.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">Finansinspektionen, ska utöva tillsyn enligt artiklarna 16.11 och 35.8 i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">MiFID II. Ett flertal av de nuvarande hänvisningarna avser paragrafer</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">som behandlar investerarskyddsregler och som förs över till 9 kap.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">Hänvisningarna till dessa paragrafer förs därför över till nya 9 kap. 2 §.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">I <SPAN class="ft3">andra stycket</SPAN>, som är nytt, genomförs artiklarna 19.4 och 20.8 i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">MiFID II. Det innebär att det på transaktioner mellan de som deltar i</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">handeln på en <NOBR>MTF-plattform</NOBR> eller i förhållandet mellan deltagarna på</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2"><NOBR>MTF-plattformen</NOBR> och det värdepappersinstitut som driver den, ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">bestämmelserna i 15 § (som genomför artikel 25.1) inte tillämpas. Om ett</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">värdepappersinstitut utför en order för en kunds räkning, ska dock dessa</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">bestämmelser tillämpas i förhållandet mellan kunden och institutet. En</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">motsvarande bestämmelse finns i 9 kap. 2 § andra stycket när det gäller</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">bestämmelser i det kapitlet som genomför artiklarna 24, 25, 27 och 28 i</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p23 ft2">MiFID II. Enligt MiFID II (artikel 20.8) finns det inte något motsvarande</P></TD>
<TD class="tr31 td67"><P class="p20 ft2">665</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_666">
<P class="p727 ft4">Prop. 2016/17:162 undantag för <NOBR>OTF-plattformar</NOBR> utan där anges i stället uttryckligen att medlemsstaterna ska säkerställa att de reglerna tillämpas på sådana transaktioner, dvs. nämnda kundskyddsbestämmelser ska tillämpas.</P>
<P class="p536 ft2">Övervägandena finns i avsnitten 7.5.2 och 13.4.5.</P>
<P class="p1168 ft25">2 §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel 1.4 i MiFID II.</P>
<P class="p576 ft4">Paragrafen innehåller bestämmelser om kundskyddsregler och organi- satoriska regler som ett värdepappersinstitut ska tillämpa om det till- handahåller tjänster avseende strukturerade insättningar. Strukturerad insättning definieras i 1 kap. 5 § (se avsnitt 6.8).</P>
<P class="p575 ft2">De uppräknade bestämmelserna i paragrafen motsvarar de artiklar som anges i artikel 1.4 i MiFID II och som är relevanta i förhållande till strukturerade insättningar. Vid tillämpningen av de kundskyddsregler och organisatoriska regler i de bestämmelser som räknas upp ska det som anges i dem om finansiella instrument även avse en strukturerad insätt- ning (se t.ex. <NOBR>13–15</NOBR> §§ och 9 kap. 11 och 12 §§). Vidare ska det som i de bestämmelser som räknas upp anges om investeringstjänster även avse en strukturerad insättning (se t.ex. 16 § och 9 kap. 1, 14, 15, 17 och 20– 25 §§, jfr 2 kap. 1 a §).</P>
<P class="p576 ft2">Hänvisningarna till 8 kap. 1 § första stycket och 9 kap. 2 § första stycket innebär att företag som driver värdepappersrörelse i Sverige en- ligt 4 kap. 1 § första stycket 1 ska tillämpa de bestämmelser som räknas upp där även vid försäljning och rådgivning som avser strukturerade insättningar.</P>
<P class="p1523 ft2">Övervägandena finns i avsnitt 6.5.</P>
<P class="p1524 ft25">8 e §</P>
<P class="p1179 ft4">Paragrafen, som är ny, genomför artikel 9.3 i MiFID II. Nuvarande 8 e § betecknas 8 f §.</P>
<P class="p575 ft2">Paragrafen innehåller en katalog över styrelsens uppgifter i ett värde- pappersinstitut. Uppgifterna syftar till att säkerställa en ansvarsfull led- ning av institutet.</P>
<P class="p575 ft2"><SPAN class="ft3">Första stycket 1 a </SPAN>innebär att styrelsen i ett värdepappersinstitut ska fastställa och övervaka genomförandet av arrangemang för styrning som säkerställer en ansvarsfull ledning av institutet. Kraven på arrangemang för styrning inbegriper krav på åtskillnad av arbetsuppgifterna inom värdepappersinstitutet och förebyggande av intressekonflikter på ett sätt som främjar marknadens integritet och kundernas intressen, se artikel 9.3 första stycket i MiFID II.</P>
<P class="p654 ft2">När det gäller styrelsens skyldighet att fastställa och övervaka insti- tutets organisation enligt <SPAN class="ft3">punkt 1 b</SPAN>, inbegriper detta de färdigheter, de kunskaper och den expertis som personalen måste ha samt resurserna, förfarandena och arrangemangen för tillhandahållandet av tjänster och utförandet av verksamhet, med beaktande av verksamhetens natur, omfattning och komplexitet och alla de krav som företaget måste uppfylla, se artikel 9.3 andra stycket a i MiFID II. En policy avseende tjänster, verksamhet och produkter som institutet erbjuder eller tillhanda-</P>
<P class="p535 ft2">håller, i enlighet med institutets risktolerans och egenskaperna och be-</P>
<P class="p353 ft2">666</P>
</DIV>
<DIV id="page_667">
<P class="p186 ft4">hoven hos institutets kunder enligt <SPAN class="ft45">punkt 1 c </SPAN>ska inbegripa genomförande Prop. 2016/17:162 av lämpliga stresstester i förekommande fall, se artikel 9.3 andra stycket b</P>
<P class="p113 ft2">i MiFID II. Med en policy för ersättning till personer som deltar i tillhandahållandet av tjänster till kunder, vilken ska syfta till att främja ansvarsfulla affärsmetoder, en rättvis behandling av kunder och till att undvika intressekonflikter i förbindelserna med kunderna enligt <SPAN class="ft3">punkt 1 d</SPAN>, avses detsamma som i artikel 9.3 andra stycket c i MiFID II.</P>
<P class="p144 ft2">Direktivet förutsätter att de uppgifter och de policyer som ska fast- ställas och övervakas av ledningsorganet även ska godkännas av led- ningsorganet (artikel 9.3 andra stycket i MiFID II). I paragrafen används dock begreppet ”fastställa”, som får anses inbegripa styrelsens god- kännande.</P>
<P class="p429 ft2"><SPAN class="ft3">Punkt 2 </SPAN>ställer upp krav på styrelsen att övervaka och regelbundet bedöma lämpligheten hos och genomförandet av värdepappersinstitutets strategiska mål i tillhandahållandet av investeringstjänster och utförandet av investeringsverksamhet och sidotjänster, effektiviteten i institutets styrningsformer, lämpligheten hos de strategier som har att göra med tillhandahållandet av tjänster till kunder och vidta lämpliga åtgärder för att rätta till eventuella brister. Det motsvarar det som anges i artikel 9.3 tredje stycket i MiFID II.</P>
<P class="p357 ft2"><SPAN class="ft3">Andra stycket </SPAN>innebär att styrelsen ska ha tillgång till den information som krävs för att ha uppsikt över och övervaka verkställande direktörens beslutsfattande och motsvarar artikel 9.3 fjärde stycket i MiFID II. I direktivet anges att det är medlemmarna i ledningsorganet som ska ha tillgång till informationen. I detta sammanhang motsvarar lednings- organet ett svenskt aktiebolags styrelse då det enligt svensk bolagsrätt är styrelsen som ska övervaka den verkställande direktörens arbete.</P>
<P class="p401 ft2">Övervägandena finns i avsnitten 12.2.1 och 12.2.3.</P>
<P class="p398 ft25">10 §</P>
<P class="p1525 ft4">Paragrafen genomför artikel 16.4 och 16.5 tredje stycket i MiFID II. <SPAN class="ft45">Första stycket </SPAN>genomför artikel 16.4 i MiFID II.</P>
<P class="p144 ft2"><SPAN class="ft3">Andra stycket</SPAN>, som är nytt, innehåller krav på skydd av information och genomför artikel 16.5 tredje stycket i MiFID II. De skyddsmeka- nismer som ett värdepappersinstitut ska ha ska skydda dels mot förvansk- ning av data, dels mot att någon obehörig kommer åt t.ex. kundinforma- tion. Skyddet ska även motverka informationsläckor.</P>
<P class="p144 ft4">Kompletterande regler om de krav som ett värdepappersinstitut måste uppfylla finns i den delegerade förordningen till MiFID II (se artiklarna 21, 23 och 24).</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 12.3.</P>
<P class="p972 ft25">12 §</P>
<P class="p1526 ft4">Paragrafen, som är ny, genomför artikel 16.3 första stycket i MiFID II. Paragrafen innebär att ett värdepappersinstitut ska organisera sin verk-</P>
<P class="p113 ft2">samhet på så sätt att det vidtar alla rimliga åtgärder för att förhindra att kundernas intressen påverkas negativt av intressekonflikter. Detaljerade regler finns i den delegerade förordningen till MiFID II (se bl.a. artiklar-</P>
<P class="p19 ft5">na 33, 34 och <NOBR>37–43).</NOBR> För att identifiera intressekonflikter ska ett värde-</P>
<P class="p596 ft2">667</P>
</DIV>
<DIV id="page_668">
<P class="p1527 ft2">Prop. 2016/17:162 pappersinstitut bl.a. beakta om institutet eller relevanta personer befinner sig i vissa angivna situationer (artikel 33). Ett värdepappersinstitut ska också införa, tillämpa och upprätthålla effektiva riktlinjer för förhind- rande av intressekonflikter (artikel 34.1). Sådana riktlinjer ska identifiera vilka omständigheter som utgör eller kan ge upphov till en intresse- konflikt som medför en betydande risk för att kunders intressen skadas samt specificera vilka förfaranden som ska tillämpas och åtgärder som ska vidtas för att förhindra och hantera intressekonflikter (artikel 34.2). Reglerna i den delegerade förordningen innehåller vidare bl.a. en förteck- ning med minimikrav när det gäller de förfaranden som ska följas och de åtgärder som ska vidtas för att förhindra eller hantera intressekonflikter (artikel 34.3).</P>
<P class="p1528 ft4">En generell bestämmelse om intressekonflikter finns också i 9 kap. 9 §. Den bestämmelsen är en kundskyddsregel, som genomför artikel 23 i MiFID II.</P>
<P class="p1529 ft2">Övervägandena finns i avsnitt 9.2.1.</P>
<P class="p1530 ft25">13 §</P>
<P class="p1531 ft4">Paragrafen, som är ny, genomför artikel 16.3 <NOBR>andra–fjärde</NOBR> styckena i MiFID II.</P>
<P class="p246 ft2">Paragrafen innehåller krav på processer – produktgodkännande och översyn – som ska finnas hos ett värdepappersinstitut som producerar finansiella instrument för försäljning till kunder.</P>
<P class="p246 ft2">Kraven gäller för värdepappersinstitut i egenskap av producent av finansiella instrument, oavsett om det självt distribuerar dem till kunder eller inte. Termen producerar ska ges en vid innebörd och innefattar skapande, utveckling, utgivning och utformning av finansiella instrument (se artikel 9.1 i det delegerade direktivet till MiFID II). Det innefattar också både den situationen när värdepappersinstitutet självt ger ut instru- mentet och när institutet tar fram det i samarbete med en annan utgivare.</P>
<P class="p1532 ft2"><SPAN class="ft3">Första stycket </SPAN>avser processen för godkännande av finansiella instru- ment och betydande ändringar i existerande instrument, medan <SPAN class="ft3">andra stycket </SPAN>avser processen för regelbunden översyn av finansiella instru- ment.</P>
<P class="p1533 ft2">Detaljerade regler om produktstyrning finns i det delegerade direktivet till MiFID II (artikel 9). De reglerna genomförs dock inte i lag utan i myndighetsföreskrifter, se bemyndigandet i 35 § 6 för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om de processer för produktgodkännande och översyn som ett värdepappers- institut ska ha enligt denna paragraf.</P>
<P class="p1534 ft2">Övervägandena finns i avsnitt 8.11.1.</P>
<P class="p1535 ft25">14 §</P>
<P class="p1536 ft4">Paragrafen, som är ny, genomför artikel 16.3 femte och sjätte styckena i MiFID II.</P>
<P class="p246 ft2"><SPAN class="ft3">Första stycket </SPAN>tar sikte på den information som ett värdepappersinstitut som producerar finansiella instrument ska förse eventuella distributörer med. <SPAN class="ft3">Andra stycket </SPAN>tar sikte på arrangemangen hos ett värdepappers-</P>
<P class="p249 ft5">institut som distribuerar finansiella instrument som det inte självt producerar.</P>
<P class="p615 ft2">668</P>
</DIV>
<DIV id="page_669">
<P class="p186 ft4">Det innebär bl.a. att ett värdepappersinstitut ska vidta alla rimliga åtgärder Prop. 2016/17:162 för att få relevant information från producenter som inte omfattas av kraven i</P>
<P class="p749 ft2">denna lag eller om producenten hör hemma i ett annat land inom EES, de krav som gäller i det landet enligt en författning som genomför motsvarande regler i MiFID II.</P>
<P class="p144 ft2">Ytterligare regler om den information som ska lämnas enligt första stycket finns i det delegerade direktivet till MiFID II (artikel 9.13). I det delegerade direktivet (artikel 10) finns även detaljerade regler om arrangemangen hos ett värdepappersinstitut som distribuerar finansiella instrument som det inte självt producerar. Där finns också detaljerade regler som gäller för såväl värdepappersinstitut som distribuerar egenprodu- cerade finansiella instrument och tjänster som finansiella instrument som produceras av ett annat företag. Dessa regler genomförs dock inte i lag utan i myndighetsföreskrifter, se bemyndigandena i 35 § för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om den information som ett värdepappersinstitut ska lämna enligt första stycket i denna paragraf (35 § 7), de arrangemang ett värdepappers- institut ska ha för att få information och för att förstå egenskaperna hos de finansiella instrumenten och den fastställda målgruppen för instru- menten enligt andra stycket i denna paragraf (35 § 8) och de arrange- mang som ett värdepappersinstitut som distribuerar finansiella instrument ska ha för urvalet av finansiella instrument och tjänster som erbjuds eller rekommenderas till kunder (35 § 9).</P>
<P class="p1537 ft2">Övervägandena finns i avsnitt 8.11.2.</P>
<P class="p398 ft25">15 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 25.1 i MiFID II.</P>
<P class="p144 ft2">Paragrafen innehåller krav på kunskap och kompetens hos de personer som lämnar investeringsrådgivning eller information om finansiella instrument eller tjänster. Kravet på tillräcklig kunskap och kompetens för att fullgöra skyldigheterna enligt denna lag tar sikte på skyldigheter i samband med att investeringsrådgivning eller information lämnas till kunder (9 kap. 1, 11, 12, <NOBR>14–17</NOBR> och <NOBR>20–29</NOBR> §§).</P>
<P class="p429 ft2">Esma har utfärdat riktlinjer som specificerar kriterierna för bedömning av den kunskap och kompetens som krävs (Esmas riktlinjer för bedöm- ning av kunskap och kompetens [ESMA/2015/1886]). I 35 § 10 finns ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om kraven för bedömning av kunskap och kompetens enligt denna paragraf.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 8.4.</P>
<P class="p398 ft25">16 §</P>
<P class="p958 ft2">Paragrafen genomför artikel 16.6 i MiFID II.</P>
<P class="p144 ft4">Genom ändringen i <SPAN class="ft45">första stycket första meningen </SPAN>framgår att den all- männa dokumentationsskyldigheten även omfattar investeringsverk- samhet.</P>
<P class="p144 ft2">Ändringen i <SPAN class="ft3">andra meningen </SPAN>innebär att dokumentationen även ska göras så att Finansinspektionen har möjlighet att utöva tillsyn och ingripa</P>
<P class="p19 ft145">i förhållande till bestämmelserna i MiFIR. Hänvisningen till kraven i</P>
<P class="p596 ft2">669</P>
</DIV>
<DIV id="page_670">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">670</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">genomförandeförordningen utmönstras eftersom den förordningen upp- hör att gälla.</P>
<P class="p487 ft2">Hänvisningarna till kraven enligt lagen och MiFIR omfattar dessa krav såsom de preciseras och kompletteras i delegerade akter och genom- förandeakter som kommissionen har antagit.</P>
<P class="p487 ft4">Enligt <SPAN class="ft45">andra stycket</SPAN>, som är nytt, ska dokumentationen också göras så att Finansinspektionen har möjlighet att övervaka att reglerna i marknadsmissbruksförordningen följs.</P>
<P class="p487 ft2">I den delegerade förordningen till MiFID II finns detaljerade regler om den nu aktuella dokumentationsskyldigheten (se artiklarna 21, 35, 72, 74 och 75). Detta innebär att utrymmet för nationella föreskrifter om doku- mentation minskar. I 35 § 11 finns dock ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer som ger möjlighet att meddela vissa ytterligare krav på dokumentation i enlighet med artik- el 72.3 i den delegerade förordningen. Bemyndigandet är avsett att om- fatta bl.a. sådana föreskrifter som i dag finns om dokumentation av annullering av kundorder (se 21 kap. 4 § Finansinspektionens föreskrifter om värdepappersrörelse). Det avser även att omfatta föreskrifter om den tid under vilken dokumentation ska sparas. Med avseende på dokumenta- tionsskyldigheten enligt artikel 16.6 i MiFID II saknas i direktivet och i de delegerade rättsakter som har antagits av kommissionen bestämmelser i detta avseende (jfr artikel 51.1 i genomförandedirektivet till MiFID I, se även författningskommentaren till 20 §).</P>
<P class="p1538 ft2">Övervägandena finns i avsnitt 8.12.</P>
<P class="p398 ft25">17 §</P>
<P class="p1188 ft4">Paragrafen, som är ny, genomför artikel 16.7 <NOBR>första–tredje</NOBR> styckena i MiFID II.</P>
<P class="p239 ft27"><SPAN class="ft26">Första stycket </SPAN>innebär att telefonsamtal och elektronisk kommunika- tion som leder till – eller är avsedda att leda till – transaktioner i finan- siella instrument vid handel för egen räkning eller tillhandahållande av investeringstjänster som rör mottagande, vidarebefordran och utförande av order på kunders uppdrag ska spelas in (telefonsamtal) eller bevaras på annat sätt (elektronisk kommunikation). Kraven på inspelning och bevarande är teknikneutrala (se artikel 76.3 i den delegerade förordingen till MiFID II). Enligt gällande rätt ska telefonsamtal vid mäklarbord, i lokaler med till- gång till handelssystemet hos en reglerad marknad och i lokaler som in- rättats särskilt för handel med finansiella instrument spelas in (se 21 kap. 3 § Finansinspektionens föreskrifter om värdepappersrörelse). Enligt gällande rätt är det alltså enbart telefonsamtal som görs i sådana lokaler där huvudverksamheten är handel med och ordermottagning avseende finansiella instrument som ska spelas in. Enligt förevarande paragraf ska dock inspelning göras i samtliga fall då samtalet leder till, eller avses leda till, transaktioner med finansiella instrument eller tillhandahållande av nämnda investeringstjänster oavsett i vilken typ av lokal samtalet tas emot. Syftet med dokumentationskraven är bl.a. att säkerställa att villkoren för kunders order stämmer överens med de transaktioner som genomförs, dvs. att det finns dokumentation av vad kunden och mäklaren har kom- mit överens om som sedan kan användas om det uppstår en tvist, och att skapa underlag som kan användas av de behöriga myndigheterna för att</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_671">
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr2 td134"><P class="p23 ft2">upptäcka och ingripa mot misstänkt marknadsmissbruk (se bl.a. skäl 57</P></TD>
<TD class="tr2 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">till MiFID II).</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Enligt <SPAN class="ft3">andra stycket </SPAN>ska värdepappersinstitutet vidta alla rimliga åt-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">gärder för att spela in telefonsamtal och bevara elektronisk kommunika-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">tion såväl när anställda eller underleverantörer använder utrustning som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">institutet tillhandahåller som när de tillåtits använda annan utrustning.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Detaljerade regler om dokumentationsskyldigheten finns i den dele-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">gerade förordningen till MiFID II (artikel 76).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 8.12.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">18 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen, som är ny, genomför artikel 16.7 <NOBR>fjärde–sjätte</NOBR> och åttonde</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">styckena i MiFID II.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska ett värdepappersinstitut informera sina kunder</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">om att telefonsamtal och elektronisk kommunikation som leder till eller</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">kan leda till transaktioner kommer att spelas in eller bevaras. Informa-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">tionen behöver bara lämnas en gång innan institutet tillhandahåller kunden</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">investeringstjänster. Informationen kan således lämnas i avtalet som upp-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">rättas när kundförhållandet inleds. Om en kund inte har informerats</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">enligt första stycket, får institutet, enligt <SPAN class="ft3">andra stycket</SPAN>, inte ta emot order</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">från den kunden per telefon eller via elektronisk kommunikation.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Av <SPAN class="ft3">tredje stycket </SPAN>följer att ett värdepappersinstitut har en skyldighet att</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">vidta alla rimliga åtgärder för att förhindra att anställda eller under-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">leverantörer genomför telefonsamtal eller elektronisk kommunikation</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">som ska spelas in eller bevaras enligt 17 § med privat utrustning som inte</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">möjliggör att institutet kan fullgöra sina skyldigheter att spela in och</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">bevara informationen.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Ytterligare regler finns i den delegerade förordningen till MiFID II (se</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">artikel 76).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 8.12.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">19 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen, som är ny, genomför artikel 16.7 sjunde stycket i MiFID II.</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">Av den följer att om kunder lägger order på annat sätt än per telefon, ska</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">det göras på ett varaktigt medium (se definitionen i 1 kap. 5 §). I artik-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">el 16.7 sjunde stycket räknas upp som exempel på varaktigt medium brev,</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">fax, <NOBR>e-post</NOBR> och dokumentation av order som läggs vid möten. Om ett</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">värdepappersinstitut tar emot order från kunder vid möten, ska institutet</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">dokumentera orderläggningen skriftligt.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Detaljerade regler om bl.a. innehållet i skriftlig dokumentation från</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">möten finns i den delegerade förordningen till MiFID II (artikel 76).</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 8.12.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">20 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen, som är ny, genomför artikel 16.7 nionde stycket i MiFID II.</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska dokumentation som spelas in eller bevaras</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">enligt 17 och 19 §§ sparas i minst fem år. Den behöriga myndigheten har</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p23 ft2">möjlighet att föreskriva att informationen ska sparas i upp till sju år.</P></TD>
<TD class="tr31 td67"><P class="p20 ft2">671</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_672">
<P class="p727 ft4">Prop. 2016/17:162 I 35 § 11 finns ett bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om att dokumentationen ska sparas längre än fem år.</P>
<P class="p575 ft2">Enligt <SPAN class="ft3">andra stycket </SPAN>ska dokumentationen tillhandahållas berörda kunder på deras begäran. Detaljerade regler om detta finns i den dele- gerade förordningen till MiFID II (artikel 76).</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 8.12.</P>
<P class="p1168 ft25">21 §</P>
<P class="p1513 ft4">Paragrafen genomför artikel 31.1 och 31.2 första stycket i MiFID II. Paragrafen, som i nuvarande lydelse betecknas 13 §, innehåller krav på</P>
<P class="p646 ft2">den marknadsövervakning som ett värdepappersinstitut ska ha om det driver en handelsplattform.</P>
<P class="p575 ft2"><SPAN class="ft3">Första stycket </SPAN>genomför artikel 31.1 i MiFID II. I stycket införs ett krav på att ett värdepappersinstitut även ska kunna upptäcka systemav- brott i handeln med ett finansiellt instrument. Av direktivet följer att övervakning av order och annullerade order ingår i övervaknings- skyldigheten.</P>
<P class="p1539 ft4">I <SPAN class="ft45">andra stycket</SPAN>, som är nytt, införs ett krav på att Finansinspektionen ska kunna få åtkomst till det system som övervakar handeln och kursbild- ningen.</P>
<P class="p575 ft2"><SPAN class="ft3">Tredje stycket</SPAN>, som är nytt, genomför artikel 31.2 första stycket i MiFID II. Vad som avses med betydande överträdelser bör bedömas i ljuset av vilka övriga situationer som Finansinspektionen ska underrättas om, näm- ligen otillbörliga marknadsförhållanden, misstänkt marknadsmissbruk och systemavbrott. Det ska alltså vara fråga om allvarliga överträdelser av handelsreglerna som påverkar övriga aktörer eller marknadens funktions- sätt. Detaljerade regler om skyldigheten att underrätta den behöriga myn- digheten finns i den delegerade förordningen till MiFID II (artiklarna 81 och 82).</P>
<P class="p1413 ft2">Övervägandena finns i avsnitt 7.5.6.</P>
<P class="p1168 ft25">23 §</P>
<P class="p936 ft4">Paragrafen, som är ny, genomför artikel 17.1 och 17.2 fjärde stycket i MiFID II.</P>
<P class="p575 ft2">I paragrafen anges krav på värdepappersinstitut som bedriver algorit- misk handel.</P>
<P class="p575 ft2">Vad som avses med algoritmisk handel definieras i 1 kap. 5 §. Kravet i <SPAN class="ft3">första stycket </SPAN>på effektiva system och kontroller innebär att värdepap- persinstitutet ska kunna förhindra att algoritmisk handel kan skapa eller bidra till en oordnad marknad, men även förhindra rent tekniska fel. Det behöver i det senare fallet inte vara fråga om tekniska fel, utan institutet ska förhindra att systemen används för sådana ageranden som inte direkt strider mot marknadsmissbruksförordningen (se andra stycket) men som på annat sätt försvårar eller skapar oreda för andra investerare, se avsnitt 7.6.2.</P>
<P class="p654 ft4">Enligt <SPAN class="ft45">andra stycket </SPAN>ska värdepappersinstitutet ha system och kon- troller som förhindrar att den algoritmiska handeln används för mark-</P>
<P class="p535 ft145">nadsmanipulation, s.k. <NOBR>front-running</NOBR> (en form av insiderhandel, se av-</P>
<P class="p19 ft2">672</P>
</DIV>
<DIV id="page_673">
<P class="p186 ft4">snitt 7.10.1) eller andra ageranden i strid mot marknadsmissbruks- Prop. 2016/17:162 förordningen. Systemen och kontrollerna ska också säkerställa att</P>
<P class="p1377 ft2">handeln sker i enlighet med handelsplatsens regler. I direktivet anges att de ska säkerställa att handeln inte sker i strid mot reglerna på en handels- plats till vilken institutet är anslutet (artikel 17.1 andra meningen). Med anledning av synpunkter från <SPAN class="ft3">FAR </SPAN>justeras lydelsen i förhållande till utredningens förslag så att den utformas på samma sätt som i direktivet. Ett värdepappersinstituts system och kontroller ska säkerställa att regler- na följs på samtliga handelsplatser som det är anslutet till och bedriver algoritmisk handel på. Om institutet är anslutet till två eller flera handelsplatser, måste det således säkerställa att handeln på varje handels- plats sker i enlighet med de regler som gäller på den handelsplatsen.</P>
<P class="p429 ft4">Av <SPAN class="ft45">tredje stycket </SPAN>följer krav på effektiva arrangemang för drift- kontinuitet för att kunna hantera alla avbrott av driften i verksamheten.</P>
<P class="p144 ft2">I <SPAN class="ft3">fjärde stycket </SPAN>finns krav på dokumentation av de åtgärder som ett värdepappersinstitut har vidtagit för att uppfylla kraven i paragrafen. Dokumentationen ska vara tillräcklig för att Finansinspektionen ska kunna övervaka att instituten följer kraven i lagen.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 7.6.2.</P>
<P class="p398 ft25">24 §</P>
<P class="p920 ft4">Paragrafen, som är ny, genomför artikel 17.2 första stycket i MiFID II. I paragrafen anges krav på anmälan till Finansinspektionen.</P>
<P class="p144 ft2">Ett värdepappersinstitut som bedriver algoritmisk handel ska på eget initiativ anmäla detta till både Finansinspektionen och, om handeln t.ex. sker på en handelsplats i ett annat land inom EES, den behöriga myn- dighet som utövar tillsyn över den handelsplatsen.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p1541 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.6.2.</P>
<P class="p1542 ft2">673</P>
</DIV>
<DIV id="page_674">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">674</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">25 §</P>
<P class="p1543 ft4">Paragrafen, som är ny, genomför artikel 17.2 femte stycket i MiFID II. Paragrafen innehåller krav på de uppgifter som ett värdepappersinstitut</P>
<P class="p486 ft2">som tillämpar en teknik för algoritmisk högfrekvenshandel ska bevara. Algoritmisk högfrekvenshandel är en underkategori av algoritmisk handel, se definitionen i 1 kap. 5 §.</P>
<P class="p487 ft4">De uppgifter som värdepappersinstitutet ska bevara om alla sina lagda order inbegriper även annulleringar av order.</P>
<P class="p487 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 7.6.2.</P>
<P class="p398 ft25">26 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 17.4 i MiFID II.</P>
<P class="p487 ft4">I paragrafen anges när ett värdepappersinstitut ska anses bedriva en marknadsgarantstrategi.</P>
<P class="p487 ft2">Med marknadsgarant avses i lagen (1 kap. 4 b §) någon som på finan- siella marknader på fortlöpande basis åtagit sig att handla för egen räk- ning genom att köpa och sälja finansiella instrument med utnyttjande av egna tillgångar. Termen marknadsgarantstrategi i paragrafen är emellertid snävare och förutsätter att det är fråga om ett värdepappersinstitut som agerar i egenskap av deltagare på en eller flera handelsplatser (att vara deltagare innefattar att vara medlem på en handelsplats, se författnings- kommentaren till 2 kap. 5 § där de båda termerna behandlas). Det ska därutöver vara fråga om att lämna fasta, samtidiga köp- och säljbud av jämförbar storlek i syfte att upprätthålla likviditeten. När en algoritmisk handel bedrivs som ett led i en marknadsgarantstrategi, gäller kraven i 27 §.</P>
<P class="p385 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p1538 ft2">Övervägandena finns i avsnitt 7.6.3.</P>
<P class="p398 ft25">27 §</P>
<P class="p964 ft2">Paragrafen, som är ny, genomför artikel 17.3 i MiFID II.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_675">
<P class="p747 ft4">Paragrafen innehåller krav som gäller för ett värdepappersinstitut som Prop. 2016/17:162 bedriver algoritmisk handel som ett led i en marknadsgarantstrategi. Vad</P>
<P class="p113 ft2">som avses med marknadsgarantstrategi anges i 26 § (jmf även skäl <NOBR>59–60</NOBR> i MiFID II).</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.6.3.</P>
<P class="p972 ft25">28 §</P>
<P class="p1526 ft4">Paragrafen, som är ny, genomför artikel 17.5 första stycket i MiFID II. Paragrafen innehåller krav på värdepappersinstitut som tillhandahåller</P>
<P class="p113 ft4">direkt elektroniskt tillträde. Direkt elektroniskt tillträde definieras i 1 kap. 5 §. Ytterligare krav på sådana institut finns i <NOBR>29–31</NOBR> §§.</P>
<P class="p144 ft2">Ett värdepappersinstitut som tillhandahåller direkt elektroniskt tillträde ska enligt <SPAN class="ft3">punkt 1 </SPAN>bedöma lämpligheten hos de kunder som erbjuds tjänsten. Enligt <SPAN class="ft3">punkt 2 </SPAN>ska institutet ha handels- och kredittrösklar samt kontrollera att kundernas handel sker inom dessa ramar. Handeln ska vidare övervakas, <SPAN class="ft3">punkt 3</SPAN>, och institutet ska enligt <SPAN class="ft3">punkt 4 </SPAN>kontrollera de risker som kan uppstå, t.ex. risker för att ett för stort antal transaktioner leder till att kunden inte kan leverera värdepapper eller pengar, risker för en oordnad handel och för att det elektroniska tillträdet används för marknadsmissbruk eller handel i strid mot handelsplatsens regler.</P>
<P class="p264 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 7.6.4.</P>
<P class="p398 ft25">29 §</P>
<P class="p1520 ft4">Paragrafen, som är ny, genomför artikel 17.5 andra stycket i MiFID II. Paragrafen innehåller ytterligare krav på värdepappersinstitut som</P>
<P class="p19 ft2">tillhandahåller direkt elektroniskt tillträde utöver dem i 28 §.</P>
<P class="p144 ft4">I <SPAN class="ft45">första stycket </SPAN>finns ett krav på värdepappersinstitut som tillhanda- håller direkt elektroniskt tillträde till sina kunder att se till att de kunder som använder tjänsten uppfyller kraven i lagen och följer handelsplatsens regler.</P>
<P class="p947 ft2">675</P>
</DIV>
<DIV id="page_676">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p21 ft2">Värdepappersinstitutet ska enligt <SPAN class="ft3">andra stycket </SPAN>övervaka att kundernas</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">handel inte strider mot bestämmelserna i lagen, leder till otillbörliga mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">nadsförhållanden eller kan innebära marknadsmissbruk. Enligt <SPAN class="ft3">tredje</SPAN></P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2"><SPAN class="ft3">stycket </SPAN>ska direkt elektroniskt tillträde alltid regleras i ett skriftligt avtal</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft27">mellan kunden och institutet, där parternas rättigheter och skyldigheter ska</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">framgå. Det ansvar som ligger på institutet, t.ex. som deltagare på en</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">handelsplats eller enligt denna lag, kan dock inte avtalas bort.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU)</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">av den 19 juli 2016 om komplettering av Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">organisatoriska krav på värdepappersföretag som bedriver algoritmisk</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">handel (C[2016] 4478 final) och i kommissionens delegerade förordning</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">(EU) av den 13 juni 2016 om komplettering av Europaparlamentets och</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">specificerar kraven för marknadsgarantavtal och marknadsgarantsystem</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">(C[2016] 3523 final).</P></TD>
</TR>
<TR>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 7.6.4.</P></TD>
</TR>
<TR>
<TD class="tr62 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td64"><P class="p57 ft25">30 §</P></TD>
</TR>
<TR>
<TD class="tr24 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td64"><P class="p57 ft2">Paragrafen, som är ny, genomför artikel 17.5 tredje stycket i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">I paragrafen finns krav på att värdepappersinstitut som tillhandahåller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">direkt elektroniskt tillträde ska anmäla det till Finansinspektionen och, i</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">förekommande fall, till en behörig myndighet i ett annat land inom EES.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Ett värdepappersinstitut som tillhandahåller direkt elektroniskt tillträde</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ska på eget initiativ anmäla detta till dels Finansinspektionen, dels den</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">behöriga myndighet, om det är en annan myndighet än Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tionen, som utövar tillsyn över den handelsplats där handeln sker.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P></TD>
</TR>
<TR>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 7.6.4.</P></TD>
</TR>
<TR>
<TD class="tr62 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td64"><P class="p57 ft25">31 §</P></TD>
</TR>
<TR>
<TD class="tr24 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td64"><P class="p57 ft2">Paragrafen, som är ny, genomför artikel 17.5 sjätte stycket i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Paragrafen innehåller ytterligare krav på dokumentation som ett värde-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">pappersinstitut som tillhandahåller direkt elektroniskt tillträde ska uppfylla</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">utöver de allmänna kraven på dokumentation.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU)</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">av den 19 juli 2016 om komplettering av Europaparlamentets och rådets</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">organisatoriska krav på värdepappersföretag som bedriver algoritmisk</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">handel (C[2016] 4478 final) och i kommissionens delegerade förordning</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">(EU) av den 13 juni 2016 om komplettering av Europaparlamentets och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">specificerar kraven för marknadsgarantavtal och marknadsgarantsystem</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">(C[2016] 3523 final).</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 7.6.4.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td64"><P class="p57 ft25">32 §</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td64"><P class="p57 ft2">Paragrafen, som är ny, kompletterar artiklarna 15.1 andra stycket och</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">676</P></TD>
<TD class="tr27 td64"><P class="p57 ft2">18.4 i MiFIR.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_677">
<P class="p747 ft4">Paragrafen innebär att ett värdepappersinstitut som driver sådan verk- Prop. 2016/17:162 samhet som avses i definitionen av systematisk internhandlare (1 kap.</P>
<P class="p113 ft2">4 b §) ska underrätta Finansinspektionen om detta. Inspektionen ska, enligt artiklarna 15.1 andra stycket och 18.4 i MiFIR, vidarebefordra sådana underrättelser till Esma, som ska upprätta en förteckning över alla systematiska internhandlare inom EES.</P>
<P class="p1503 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.6.2.</P>
<P class="p165 ft25">33 §</P>
<P class="p1283 ft2">Paragrafen, som är ny, genomför artikel 27.3 i MiFID II när det gäller skyldigheten för systematiska internhandlare, marknadsgaranter och andra tillhandahållare av likviditet att offentliggöra information om kvaliteten på sitt utförande av transaktioner. Den som utför sådana funk- tioner är – liksom reglerade marknader och handelsplattformar – att anse som en utförandeplats enligt artikel 27.3 i MiFID II (se artikel 1 i kommissionens delegerade förordning [EU] av den 8 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU om marknader för finansiella instrument avseende tekniska standarder för tillsyn när det gäller data som ska offentliggöras av handelsplatser om kvaliteten på utförandet av transaktioner (C[2016] 3333 final). Uttrycket annan tillhandahållare av likviditet motsvaras i den svenska språkver- sionen av den delegerade förordningen av termen likviditetsleverantör. Termen avser företag som utger sig för att vara villiga att handla för egen räkning och som tillhandahåller likviditet som en del av sin normala affärsverksamhet, oavsett om de har ingått formella avtal eller inte eller åtar sig att tillhandahålla likviditet kontinuerligt (se skäl 7).</P>
<P class="p1022 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska ett värdepappersinstitut som är systematisk internhandlare, marknadsgarant eller annan tillhandahållande av likvidi- tet offentliggöra information om kvaliteten på sitt utförande av transak- tioner. Motsvarande skyldighet gäller för ett värdepappersinstitut som driver en handelsplattform (11 kap. 1 a §) och för en börs (13 kap. 9 §). För systematiska internhandlare avser skyldigheten såväl finansiella instrument som omfattas av handelsskyldighet enligt artiklarna 23 och 28 i MiFIR som andra finansiella instrument. För andra utförandeplatser gäller skyldigheten finansiella instrument som inte omfattas av handels- skyldighet enligt MiFIR. Detaljerade regler om den information som ska offentliggöras m.m. finns i den ovan nämnda delegerade förordningen.</P>
<P class="p357 ft4">Enligt <SPAN class="ft45">andra stycket </SPAN>ska informationen offentliggöras minst en gång per år och den ska tillhandahållas avgiftsfritt. I den ovan nämnda dele- gerade förordningen (artikel 11) ställs det upp ytterligare krav i fråga om frekvensen för offentliggörandet.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 8.9.</P>
<P class="p398 ft25">34 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 17.6 i MiFID II.</P>
<P class="p429 ft42">I paragrafen finns krav på värdepappersinstitut som är clearingmedlem för andra personer.</P>
<P class="p1241 ft2">677</P>
</DIV>
<DIV id="page_678">
<P class="p727 ft2">Prop. 2016/17:162 Vad som är tydliga kriterier och vad som är lämpliga krav anges i kommissionens delegerade förordning (EU) av den 19 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som fastställer organisatoriska krav på värdepappersföretag som bedriver algoritmisk handel (C[2016] 4478 final) och i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantavtal och marknadsgarantsystem (C[2016] 3523 final).</P>
<P class="p1544 ft2">Övervägandena finns i avsnitt 7.9.</P>
<P class="p1524 ft25">35 §</P>
<P class="p1407 ft14">I paragrafen, som är ny, finns bemyndigande för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter. Para- grafen motsvarar delvis nuvarande 42 §. De bemyndiganden i nuvarande 42 § som syftar till att i svensk rätt genomföra reglerna i genomförande- direktivet till MiFID I (se prop. 2006/07:115 s. 594) överförs emellertid inte till förevarande paragraf. Genomförandedirektivet till MiFID I upp- hävs genom MiFID II och motsvarande detaljerade regler till MiFID II finns i huvudsak i den delegerade förordningen till MiFID II. Reglerna i den delegerade förordningen är direkt tillämpliga och genomförs därför inte i nationell rätt.</P>
<P class="p985 ft2">Bemyndigandena i <SPAN class="ft3">punkterna </SPAN><NOBR><SPAN class="ft3">1</SPAN>–<SPAN class="ft3">5</SPAN></NOBR><SPAN class="ft3"> </SPAN>och <SPAN class="ft3">12 </SPAN>motsvarar nuvarande 42 § 2– 6 och 8. Det bemyndigande som finns i nuvarande punkt 1 utgår eftersom den berörda bestämmelsen flyttas till 9 kap. Ett motsvarande bemyn- digande tas i stället in i 9 kap. 50 §.</P>
<P class="p576 ft2">I punkterna <NOBR>6–9</NOBR> införs nya bemyndiganden som avser produktstyrning. Bemyndigandet i <SPAN class="ft3">punkt 6 </SPAN>ger möjlighet att i myndighetsföreskrifter genomföra reglerna om produktion av finansiella instrument i artikel 9 i det delegerade direktivet till MiFID II. <SPAN class="ft3">Punkt 7 </SPAN>avser den information ett värdepappersinstitut som producerar finansiella instrument ska lämna till distributörer av instrumenten. Bemyndigandet ger möjlighet att i myndighetsföreskrifter genomföra reglerna om detta i artikel 9.13 i det delegerade direktivet. <SPAN class="ft3">Punkt 8 </SPAN>avser de arrangemang ett värdepappers- institut ska ha när det distribuerar finansiella instrument som produceras av ett annat företag. <SPAN class="ft3">Punkt 9 </SPAN>avser arrangemang hos ett värdepappers- institut som distribuerar finansiella instrument och tjänster, både när institutet distribuerar finansiella instrument som det själv producerar och när det distribuerar finansiella instrument som produceras av ett annat företag. De arrangemang som distributören ska ha inbegriper arrange- mang för fastställande av en målgrupp och säkerställande av att de instrument som erbjuds eller rekommenderas kunder och distributions- strategin för instrumenten är förenliga med den fastställda målgruppen. Bemyndigandena i punkterna 8 och 9 ger möjlighet att i myndighets- föreskrifter genomföra reglerna om distribution av finansiella instrument i artikel 10 i det delegerade direktivet.</P>
<P class="p807 ft4">Bemyndigandet i <SPAN class="ft45">punkt 10</SPAN>, som är nytt, behandlas i författnings- kommentaren till 15 §. Genom föreskrifter som meddelas med stöd av</P>
<P class="p535 ft5">denna punkt genomförs kravet i artikel 25.1 andra meningen i MiFID II</P>
<P class="p19 ft2">678</P>
</DIV>
<DIV id="page_679">
<P class="p186 ft4">att offentliggöra kriterierna för bedömning av kunskap och kompetens Prop. 2016/17:162 hos fysiska personer som lämnar investeringsrådgivning och information</P>
<P class="p19 ft2">till kunder.</P>
<P class="p144 ft2">Bemyndigandet avseende dokumentation i <SPAN class="ft3">punkt 11 </SPAN>har delvis samma utformning som det nuvarande bemyndigandet i punkt 7. Som anges i författningskommentaren till 16 §, är dock utrymmet för föreskrifter mer begränsat än i dag eftersom detaljerade regler om dokumentations- skyldighet finns i den delegerade förordningen till MiFID II. I punkten tas det också in ett bemyndigande att meddela föreskrifter om den tid som dokumentation i form av inspelningar av telefonsamtal och bevarad elektronisk kommunikation ska sparas enligt 20 §. Enligt huvudregeln i 20 § ska dokumentationen sparas i minst fem år, men Finansinspektionen får föreskriva att dokumentationen ska sparas i upp till sju år (se artikel 16.7 nionde stycket i MiFID II och artikel 76.8 första stycket b i den delegerade förordningen till MiFID II).</P>
<P class="p1540 ft2">Övervägandena finns i avsnitten 8.4, 8.11, 8.12 och 12.2.2.</P>
<P class="p398 ft25">9 kap.</P>
<P class="p920 ft2">Rubriken till kapitlet ändras till uppföranderegler och investerarskydds- regler, eftersom förslagen i denna proposition innebär att sådana be- stämmelser samlas i kapitlet och att bestämmelserna i nuvarande 9 kap. upphävs.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 5.1.</P>
<P class="p972 ft25">2 §</P>
<P class="p1283 ft4">Paragrafen, som är ny, genomför artiklarna 19.4, 20.8 och 35.8 första stycket i MiFID II.</P>
<P class="p144 ft2"><SPAN class="ft3">Första stycket</SPAN>, som genomför artikel 35.8 första stycket i MiFID II, innehåller hänvisningar till de bestämmelser i kapitlet som ska tillämpas av utländska företag som hör hemma inom EES och som driver värdepappersrörelse från filial i Sverige enligt 4 kap. 1 § första stycket 1. Motsvarande regler finns även i MiFID I (se artikel 32.7). Hänvisningarna omfattar de paragrafer i kapitlet som i svensk rätt genomför de artiklar i MiFID II som innehåller regler över vilka den behöriga myndigheten i värdlandet, dvs. Finansinspektionen, ska utöva tillsyn enligt artikel 35.8 första stycket i direktivet (dvs. artiklarna 24, 25, 27 och 28). Hänvisningarna till 1, 13, 14, 18, 19, <NOBR>23–27,</NOBR> 31, <NOBR>33–36</NOBR> och 38 §§ motsvarar hänvisningarna i nuvarande 8 kap. 2 § till nuvarande 8 kap. 21 <NOBR>a–33</NOBR> §§. Det tas vidare in hänvisningar till de nya <NOBR>10–12,</NOBR> 15– 17, <NOBR>20–22,</NOBR> 28, 30, 32, 37, 39, 47 och 48 §§, vilka genomför regler i direktivet över vilka Finansinspektionen har tillsyn.</P>
<P class="p357 ft2">I <SPAN class="ft3">andra stycket </SPAN>genomförs artiklarna 19.4 och 20.8 i MiFID II. Det innebär att det på transaktioner mellan de som deltar i handeln på en <NOBR>MTF-plattform</NOBR> eller i förhållandet mellan deltagarna på <NOBR>MTF-platt-</NOBR> formen och det värdepappersinstitut som driver den, ska de uppräknade bestämmelserna i 9 kap. (som genomför artiklarna 24, 25, 27 och 28) inte tillämpas. Om ett värdepappersinstitut utför en order för en kunds räk- ning, ska dock dessa bestämmelser tillämpas i förhållandet mellan</P>
<P class="p19 ft2">kunden och institutet. En motsvarande bestämmelse finns i 8 kap. 1 § när</P>
<P class="p890 ft2">679</P>
</DIV>
<DIV id="page_680">
<P class="p1286 ft2">Prop. 2016/17:162 det gäller bestämmelser i 8 kap. som genomför artiklarna 24.1 och 25.1 i MiFID II. Enligt MiFID II (artikel 20.8) finns det inte något motsvarande undantag för <NOBR>OTF-plattformar</NOBR> utan där anges i stället uttryckligen att medlemsstaterna ska säkerställa att de reglerna tillämpas på sådana trans- aktioner, dvs. nämnda kundskyddsbestämmelser ska tillämpas.</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr2 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr2 td247"><P class="p274 ft2">Övervägandena finns i avsnitten 7.5.2 och 13.4.5.</P></TD>
</TR>
<TR>
<TD class="tr57 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr57 td247"><P class="p275 ft25">3 §</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td247"><P class="p275 ft2">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 15 §, genomför</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">delvis bilaga II till MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">I paragrafen görs endast följdändringar med anledning av de ändringar</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td247"><P class="p275 ft2">som görs av beteckningarna på berörda paragrafer.</P></TD>
</TR>
<TR>
<TD class="tr62 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td247"><P class="p275 ft25">4 §</P></TD>
</TR>
<TR>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td247"><P class="p275 ft2">Paragrafen, som är ny, genomför delvis bilaga II till MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Paragrafen motsvarar nuvarande 8 kap. 16 §, som upphävs. I förhåll-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">ande till nuvarande 8 kap. 16 § görs endast språkliga justeringar i para-</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td247"><P class="p275 ft2">grafen, bl.a. i inledningen av första stycket 2.</P></TD>
</TR>
<TR>
<TD class="tr62 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td247"><P class="p275 ft25">5 och 6 §§</P></TD>
</TR>
<TR>
<TD class="tr33 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td247"><P class="p275 ft2">Paragraferna, som i nuvarande lydelse betecknas 8 kap. 17 och 18 §§,</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">genomför delvis bilaga II till MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">I paragraferna görs endast följdändringar med anledning av de änd-</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td247"><P class="p275 ft2">ringar som görs av beteckningarna på berörda paragrafer.</P></TD>
</TR>
<TR>
<TD class="tr52 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td247"><P class="p275 ft25">7 §</P></TD>
</TR>
<TR>
<TD class="tr33 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td247"><P class="p275 ft2">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 19 §, genomför</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">artikel 30.2 första stycket, 30.3 första stycket första meningen och 30.4 i</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">MiFID II. I <SPAN class="ft3">första stycket </SPAN>utgår nuvarande punkt 7. I MiFID II finns det,</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">till skillnad från i MiFID I, inte någon hänvisning till att de aktuella</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">företagen ska behandlas som jämbördiga motparter (se artikel 30.2 första</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">stycket). Dessa företag är enligt MiFID II inte heller undantagna från</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">direktivets tillämpningsområde (se vidare avsnitt 6.6.2).</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p274 ft2">I nuvarande punkt 9, som blir <SPAN class="ft3">punkt 8</SPAN>, samt i nuvarande andra och</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">tredje styckena finns bestämmelser om att vissa professionella kunder får</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">behandlas som jämbördiga motparter. Bestämmelserna genomför artikel</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">24.3 första stycket första meningen i MiFID I och artikel 50.1 i genom-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">förandedirektivet till det direktivet. I MiFID II finns i artikel 30.3 första</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">stycket första meningen regler som motsvarar de i artikel 24.3 i MiFID I.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">Dessa regler kompletteras av regler i artikel 71.1 i den delegerade förord-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">ningen till MiFID II. Eftersom de regler som kompletterar artikel 30.3 i</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">MiFID II anges i en direkt tillämplig <NOBR>EU-förordning,</NOBR> ersätts hänvis-</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">ningen till vissa professionella kunder i nuvarande punkt 9 (nya punkt 8)</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">samt andra och tredje styckena av en hänvisning till sådana enheter som</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">enligt <NOBR>EU-förordningen</NOBR> får behandlas som jämbördiga motparter.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">Termen företag ersätts med termen enhet eftersom det i förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">även hänvisas till enheter som inte är att betrakta som företag (se punkt 3</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr1 td148"><P class="p20 ft2">680</P></TD>
<TD class="tr27 td247"><P class="p275 ft2">i avsnitt I i bilaga II till MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr53 td247"><P class="p23 ft57"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_681">
<DIV>
<DIV id="id_1">
<P class="p1545 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.15.</P>
<P class="p165 ft25">8 §</P>
<P class="p1517 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 20 §, genomför artikel 30.1 första stycket, 30.2 andra stycket och 30.3 första stycket andra meningen och andra stycket i MiFID II.</P>
<P class="p181 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>får ett värdepappersinstitut som har tillstånd att ta emot och vidarebefordra order i fråga om finansiella instrument, utföra order på kunders uppdrag eller handla för egen räkning inleda eller med- verka till sådana transaktioner med jämbördiga motparter utan att tilläm- pa vissa kundskyddsregler. Hänvisningarna till de kundskyddsregler som inte behöver tillämpas justeras.</P>
<P class="p277 ft2">Hänvisningen till bestämmelserna om information i nuvarande 8 kap. 22 § (som enligt förslaget betecknas 9 kap. 14 §) utgår. Informations- kraven i förhållande till kunder och presumtiva kunder (artikel 24.4 och 24.5 i MiFID II) är enligt MiFID II, till skillnad från det som gäller enligt MiFID I, inte undantagna i förhållande till jämbördiga motparter. Vidare gäller ett krav att kommunicera på ett sätt som är rättvisande, tydligt och inte vilseledande även i förhållande till jämbördiga motparter (se artikel 30.1 andra stycket i MiFID II). Hänvisningen till bestämmelserna om rapportering i nuvarande 8 kap. 27 § (som enligt förslaget betecknas 9 kap. 27 §) utgår eftersom kravet på rapportering om utförda tjänster (artikel 25.6) inte heller längre undantas i förhållande till jämbördiga motparter. Eftersom nuvarande 8 kap. 22 a och 22 b §§ (som enligt för- slaget betecknas 9 kap. 18 och 19 §§) inte träffas av reglerna om transak- tioner med jämbördiga motparter utgår hänvisningarna till dessa bestäm- melser. I nuvarande 8 kap. 23 § (som enligt förslaget betecknas 9 kap. 23 §) finns bestämmelser som avser investeringsrådgivning och portfölj- förvaltning och alltså inte sådan verksamhet där kundskyddsregler kan undantas. Hänvisningen till dessa bestämmelser saknar därmed betydelse och tas därför bort.</P>
<P class="p1331 ft4">Nuvarande 8 kap. <NOBR>24–26</NOBR> och <NOBR>28–33</NOBR> §§ betecknas enligt förslaget 9 kap. <NOBR>24–26,</NOBR> 31, <NOBR>33–36</NOBR> och 38 §§. Hänvisningarna till dessa paragrafer justeras därför.</P>
<P class="p181 ft2">Det införs vidare hänvisningar till nya <NOBR>10–12,</NOBR> 16, 21 och 30 §§. Dessa paragrafer innehåller kundskyddsregler som motsvarar sådana som finns i artiklarna 24, 25, 27 och 28.1 i MiFID II och som enligt artikel 30.1 första stycket i direktivet inte behöver tillämpas vid transaktioner med jämbördiga motparter. Det tas, till skillnad från i utredningens förslag, inte in hänvisningar till bestämmelser i de nämnda artiklarna som tar sikte på verksamhet där kundskyddsregler inte kan undantas, t.ex. investeringsrådgivning.</P>
<P class="p313 ft4">Kravet att tillvarata kundens intressen enligt nuvarande 8 kap. 1 § (som enligt förslaget betecknas 9 kap. 1 §), som i MiFID II finns i artikel 24.1, behöver inte tillämpas vid transaktioner med jämbördiga motparter. Övriga krav i nuvarande 8 kap. 1 § (nya 9 kap. 1 §) gäller dock även i förhållande till jämbördiga motparter. I 9 kap. 1 § genomförs således artikel 30.2 andra stycket i MiFID II när det gäller skyldigheten att agera hederligt, rättvist och professionellt. I detta avseende, liksom när det</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">681</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_682">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">682</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft4">gäller skyldigheten att kommunicera på ett sätt som är rättvisande, tydligt och inte vilseledande ska karaktären hos den jämbördiga motparten och dess verksamhet beaktas.</P>
<P class="p487 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att sådana motparter som ska behandlas som jämbördiga enligt MiFID II (artikel 30.2 första stycket) kan begära att de kundskyddsregler som får undantas enligt första stycket ändå ska tillämpas (artikel 30.2 andra stycket). Regler om vad som gäller i fråga om en sådan begäran finns beträffande MiFID I i genomförandedirektivet till det direktivet (artikel 50.2). De reglerna har i svensk rätt genomförts i andra stycket andra och tredje meningarna. Motsvarande regler finns när det gäller MiFID II i stället i artikel <NOBR>71.2–71.4</NOBR> i den delegerade förord- ningen till det direktivet. Eftersom reglerna numera anges i en direkt tillämplig <NOBR>EU-förordning</NOBR> utmönstras de ur lagen.</P>
<P class="p332 ft2"><SPAN class="ft3">Tredje stycket </SPAN>gäller enheter som får behandlas som jämbördiga mot- parter enligt artikel 30.3 i MiFID II. För att en sådan enhet ska få be- handlas som jämbördig motpart krävs att den uttryckligen godtagit en sådan behandling. Ytterligare bestämmelser med avseende på ett sådant godtagande finns i den delegerade förordningen till MiFID II (se artik- el 71.5). Liksom i 7 § ersätts termen företag av termen enhet, se vidare författningskommentaren till den paragrafen.</P>
<P class="p385 ft4">Ändringarna i <SPAN class="ft45">fjärde stycket </SPAN>är en följd av att nuvarande 19 § första stycket 7 utmönstras ur lagen och att artikel 24.3 i MiFID I har ersatts av artikel 30.3 i MiFID II.</P>
<P class="p236 ft2">Övervägandena finns i avsnitt 8.15.</P>
<P class="p398 ft25">9 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 23 i MiFID II.</P>
<P class="p487 ft4">Paragrafen motsvarar delvis nuvarande 8 kap. 21 §, som upphävs. Den innehåller bestämmelser om intressekonflikter.</P>
<P class="p487 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär i förhållande till den nuvarande 8 kap. 21 § ett förtydligande så att det nu, i likhet med i artikel 23.1 första stycket i MiFID II, uttryckligen anges att intressekonflikter, för- utom att identifieras, också ska förhindras eller hanteras. I nya 8 kap. 12 § finns bestämmelser om hur ett värdepappersinstitut ska organisera sin verksamhet för att förhindra att kundernas intressen påverkas negativt av intressekonflikter. Den nyssnämnda ändringen och nya 8 kap. 12 § innebär ett krav att förhindra att kundernas intressen påverkas negativt av intressekonflikter motsvarande det enligt nuvarande punkt 2. Nuvarande punkt 2 tas därför bort. Vidare förtydligas att de intressekonflikter för vilka det ska vidtas åtgärder inkluderar sådana som orsakas av ersättningar eller förmåner från annan än kunden, institutets eget ersättningssystem eller andra incitamentsstrukturer. Bestämmelser om ersättningar och ersättningssystem finns i 10, 21 och 22 §§, se författ- ningskommentarerna till de paragraferna.</P>
<P class="p1113 ft4">I den delegerade förordningen till MiFID II finns detaljerade regler om de åtgärder som ska vidtas med avseende på olika typer av intressekon- flikter (se bl.a. artiklarna 33, 34 och <NOBR>38–43).</NOBR></P>
<P class="p487 ft42">Ändringen i förhållande till nuvarande 8 kap. 21 § i <SPAN class="ft51">andra stycket första meningen</SPAN>, som genomför artikel 23.2 i MiFID II, görs med anled- ning av att det i 8 kap. 12 § tas in en särskild bestämmelse om organisa-</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_683">
<P class="p186 ft4">toriska och administrativa förfaranden för att förhindra intressekonflikter. Prop. 2016/17:162 Hänvisningen till den bestämmelsen motsvarar hänvisningen i artikel</P>
<P class="p113 ft2">23.2 i MiFID II till artikel 16.3 första stycket i samma direktiv. På så sätt förtydligas att det som avses är detsamma som i direktivet.</P>
<P class="p144 ft2">I andra stycket införs i förhållande till nuvarande 8 kap. 21 § en <SPAN class="ft3">andra mening</SPAN>, som genomför artikel 23.3 i MiFID II. Bestämmelsen motsvarar 11 kap. 6 § Finansinspektionens föreskrifter om värdepappersrörelse och är utformad efter förebild av den bestämmelsen. Det är således inte fråga om att införa något nytt krav utan endast om att kravet numera anges i lagen i stället för i Finansinspektionens föreskrifter. Ändringen motsvarar den ändring som har gjorts i MiFID II där det har tagits in ett krav som tidigare fanns i genomförandedirektivet till MiFID I (artikel 22.4).</P>
<P class="p429 ft2">I den delegerade förordningen till MiFID II (artikel 34.4) finns detalj- erade regler om information om intressekonflikter. I den förordningen (artikel 3) finns även detaljerade regler om information som ska lämnas på ett varaktigt medium.</P>
<P class="p421 ft2">Övervägandena finns i avsnitten 9.2.1 och 9.2.2.</P>
<P class="p972 ft25">10 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 24.10 i MiFID II.</P>
<P class="p264 ft4">I paragrafen finns ett generellt krav för ett värdepappersinstituts system för ersättning till (i den engelska språkversionen ”remuneration”) och bedömning av sin personal.</P>
<P class="p144 ft2">Bestämmelsen innebär, i enlighet med MiFID II, bl.a. att ett värde- pappersinstitut inte får ha ett ersättningssystem med ersättningar, försälj- ningsmål eller annat som kan skapa incitament för personalen att rekom- mendera ett visst finansiellt instrument till en <NOBR>icke-professionell</NOBR> kund när institutet skulle kunna erbjuda ett annat instrument som bättre motsvarar kundens behov. Samma princip gäller också i andra situationer än vid just rekommendationer. Även ett ersättningssystem som t.ex. leder till att personalen vid tillhandahållandet av portföljförvaltning väljer ett visst finansiellt instrument i stället för ett som bättre motsvarar kundens behov är otillåtet. I lagtexten anges inte, såsom <SPAN class="ft3">Finansförbundet </SPAN>efterfrågar, exempel på arrangemang som är otillåtna eftersom en sådan exempli- fiering skulle kunna riskera att tolkas motsatsvis och förstås som att arrangemang som inte uttryckligen anges därmed skulle vara tillåtna.</P>
<P class="p429 ft4">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artikel 27).</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 9.2.3.</P>
<P class="p398 ft25">11 §</P>
<P class="p1520 ft4">Paragrafen, som är ny, genomför artikel 24.2 första stycket i MiFID II. Paragrafen innehåller bestämmelser om kundskyddsregler som ett</P>
<P class="p113 ft2">värdepappersinstitut ska följa när det producerar finansiella instrument för försäljning till kunder. Bestämmelserna innebär krav för ett värde- pappersinstitut när det gäller utformningen av finansiella instrument, val av distributionsstrategi för dem och att åtgärder vidtas för att instru- menten ska distribueras till den avsedda målgruppen. De kompletterar</P>
<P class="p19 ft5">bestämmelserna om produktstyrning i 8 kap. 13 §. Reglerna gäller</P>
<P class="p596 ft2">683</P>
</DIV>
<DIV id="page_684">
<P class="p820 ft4">Prop. 2016/17:162 oavsett om värdepappersinstitutet distribuerar de finansiella instrumenten eller om det är någon annan som gör det.</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 8.11.1.</P>
<P class="p1168 ft25">12 §</P>
<P class="p1546 ft4">Paragrafen, som är ny, genomför artikel 24.2 andra stycket i MiFID II. Paragrafen innehåller bestämmelser om kundskyddsregler som ett</P>
<P class="p646 ft2">värdepappersinstitut ska följa när det distribuerar finansiella instrument. Bestämmelserna innebär krav för ett värdepappersinstitut när det gäller att förstå de finansiella instrument som det distribuerar, att bedöma för- enligheten av de distribuerade instrumenten med behoven hos institutets kunder och att säkerställa att de finansiella instrumenten bara erbjuds eller rekommenderas till en kund när detta ligger i kundens intresse. De kompletterar bestämmelserna om produktstyrning i 8 kap. 13 och 14 §§. Reglerna gäller både när ett värdepappersinstitut distribuerar finansiella instrument som det själv producerar och instrument som produceras av annan.</P>
<P class="p1547 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.11.2.</P>
<P class="p1274 ft25">14 §</P>
<P class="p936 ft2">Paragrafen, som är ny, genomför artikel 24.3 och 24.4 första stycket i MiFID II när det gäller kravet att i god tid förse kunder och presumtiva kunder med lämplig information, artikel 24.5 i MiFID II när det gäller information enligt artikel 24.4 i direktivet och artikel 30.1 andra stycket när det gäller hur ett värdepappersinstitut ska kommunicera med jämbördiga motparter.</P>
<P class="p654 ft4">Paragrafen motsvarar delvis nuvarande 8 kap. 22 §, som upphävs. Den innehåller bestämmelser om information till kund.</P>
<P class="p575 ft2">MiFID II innehåller i förhållande till MiFID I mer preciserade krav på den information som ska lämnas till kunder. Med anledning av detta görs i förhållande till nuvarande 8 kap. 22 § vissa ändringar i <SPAN class="ft3">första stycket</SPAN>. Uppräkningen i de nuvarande punkterna <NOBR>1–4</NOBR> överförs till nya 15 §. Regler om information enligt nuvarande punkt 5, som delvis motsvarar kraven enligt reglerna om bästa orderutförande i artikel 27.5 i MiFID II tas i stället in i nya 34 §. Ändringarna i första stycket innebär vidare att information ska lämnas till kunder i god tid innan investeringstjänster eller sidotjänster tillhandahålls och att det förtydligas att informationen ska vara lämplig (vilket gäller även enligt artikel 19.3 i MiFID I). Inne- börden av att information ska lämnas i god tid varierar beroende på omständigheterna (se skäl 83 till MiFID II). Kraven på att information till kunden ska vara lämplig och lättbegriplig och lämnas i god tid gäller, såsom framgår av artikel 24.4 och 24.5 i MiFID II, såväl den information som generellt ska lämnas enligt 15 § som den information som ska lämnas vid investeringsrådgivning enligt 17 §. Genom hänvisningen till 16 § gäller kraven även för den information som ska lämnas vid s.k. korsförsäljning.</P>
<P class="p1548 ft2">I <SPAN class="ft3">fjärde stycket </SPAN>införs i förhållande till nuvarande 8 kap. 22 § en hän-</P>
<P class="p535 ft14">visning till marknadsföringslagens bestämmelser som ska tillämpas om</P>
<P class="p19 ft2">684</P>
</DIV>
<DIV id="page_685">
<P class="p186 ft4">ett värdepappersinstitut inte lämnar nödvändig information. Sådan infor- Prop. 2016/17:162 mation ska anses vara väsentlig information enligt 10 § tredje stycket</P>
<P class="p113 ft2">sistnämnda lag. Hänvisningen är utformad efter förebild av bl.a. 4 kap. 20 § tredje stycket lagen om värdepappersfonder och 10 kap. 3 § tredje stycket lagen om förvaltare av alternativa investeringsfonder. Hänvis- ningen till att marknadsföringslagen ska tillämpas utesluter inte tillämp- ningen av bestämmelser i den förevarande lagen, t.ex. de om Finans- inspektionens tillsyn och om ingripanden vid överträdelser av kraven i de aktuella bestämmelserna.</P>
<P class="p264 ft4">I enlighet med artikel 24.4 och 24.5 i MiFID II bör kraven i paragrafen, liksom i dag, gälla också sådan information som ett värdepappersinstitut lämnar till presumtiva kunder (jfr prop. 2006/07:115 s. 585).</P>
<P class="p144 ft2">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna 36, 38, 39 och <NOBR>44–51,</NOBR> se även artikel 3 som bl.a. anger ytterligare krav i fråga om information på varaktigt medium).</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 8.2.</P>
<P class="p398 ft25">15 §</P>
<P class="p920 ft4">Paragrafen, som är ny, genomför tillsammans med 11 § artikel 24.4 första stycket b och c samt 24.4 andra stycket i MiFID II.</P>
<P class="p144 ft2">I <SPAN class="ft3">första stycket</SPAN>, som genomför artikel 24.4 första stycket b och c i MiFID II, finns krav som avser den information som ett värdepappers- institut ska lämna till sina kunder. <SPAN class="ft3">Punkt 1 </SPAN>motsvarar nuvarande 8 kap. 22 § första stycket 1. <SPAN class="ft3">Punkt 2 </SPAN>motsvarar delvis 8 kap. 22 § första stycket 2 men innehåller i förhållande till nuvarande bestämmelser mer preciserade krav. Enligt <SPAN class="ft3">punkt 3 </SPAN>ska information lämnas om utförande- platser. Detta motsvarar delvis vad som anges i nuvarande 8 kap. 22 § första stycket 3 om handelsplatser. Med utförandeplats avses dock inte endast handelsplatser utan även systematiska internhandlare, marknads- garanter och andra tillhandahållare av likviditet samt enheter som i ett land utanför EES utför funktioner som motsvarar någon av de nämnda, se författningskommentaren till 33 §. I <SPAN class="ft3">punkt 4 </SPAN>finns krav som delvis motsvaras av nuvarande 8 kap. 22 § första stycket 4. Till skillnad från i nuvarande bestämmelser används, i enlighet med MiFID II, uttrycket ”alla kostnader och avgifter” för att beskriva vad informationen ska avse. I förhållande nuvarande bestämmelser preciseras också vad som ska ingå i informationen om kostnader och avgifter, bl.a. ska eventuella betal- ningar från tredjepart till värdepappersinstitut tas med i informationen om alla kostnader och avgifter. Termen betalningar ska i detta samman- hang ges en vid innebörd och innefattar t.ex. alla ersättningar och av- gifter som krävs för tillhandahållandet av en tjänst. Kravet på infor- mation om hur kunden får betala för kostnader och avgifter innebär att information ska lämnas om villkor för betalning eller annat fullgörande.</P>
<P class="p1450 ft4">Enligt <SPAN class="ft45">andra stycket </SPAN>ska informationen om kostnader och avgifter, som inte orsakas av underliggande marknadsrisk räknas samman så att kunden dels kan förstå den totala kostnaden, dels den kumulativa effekt- en på investeringens avkastning. Sista meningen innebär att informa- tionen även ska lämnas i efterhand till kunder med vilka värdepappers- institutet har en fortlöpande relation som är längre än ett år.</P>
<P class="p1069 ft2">685</P>
</DIV>
<DIV id="page_686">
<P class="p820 ft4">Prop. 2016/17:162 Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna 36, 38, 39 och <NOBR>44–51).</NOBR></P>
<P class="p697 ft2">Övervägandena finns i avsnitt 8.2.</P>
<P class="p1168 ft25">16 §</P>
<P class="p1546 ft4">Paragrafen, som är ny, genomför artiklarna 4.1.42 och 24.11 i MiFID II. Paragrafen innehåller särskilda krav på information som gäller om en</P>
<P class="p646 ft2">investeringstjänst erbjuds tillsammans med andra tjänster eller produkter eller som en del av ett paket eller villkor för samma överenskommelse eller paket, s.k. korsförsäljning (artikel 4.1.42 i MiFID II).</P>
<P class="p575 ft2">I <SPAN class="ft3">första stycket </SPAN>avses med villkor för samma överenskommelse eller paket (artikel 24.11 första stycket i MiFID II) ett förfarande där investe- ringstjänsten är ett villkor för värdepappersinstitutets tillhandahållande till kunden av en annan tjänst eller produkt eller ett paket av tjänster eller produkter. Hänvisningen i <SPAN class="ft3">andra stycket </SPAN>till en sådan överenskommelse tar sikte på en överenskommelse där en investeringstjänst utgör ett villkor för tillhandahållandet av en annan tjänst eller produkt eller ett paket av produkter eller tjänster (artikel 24.11 andra stycket). Av 14 § följer ett uttryckligt krav på att informationen ska vara lämplig och lättbegriplig och tillhandahållas i god tid.</P>
<P class="p580 ft2">Esma har utarbetat riktlinjer för bedömning och tillsyn över korsför- säljning enligt artikel 24.11 tredje stycket i MiFID II (Esmas riktlinjer för korsförsäljning [ESMA/2016/574]). Esmas riktlinjer omfattar även situa- tioner när korsförsäljning inte är förenlig med de allmänna principerna för tillhandahållande av investeringstjänster och sidotjänster i MiFID II (se Annex 5 och 6 i riktlinjerna).</P>
<P class="p1515 ft2">Övervägandena finns i avsnitt 8.7.</P>
<P class="p1168 ft25">17 §</P>
<P class="p1549 ft4">Paragrafen, som är ny, genomför artikel 24.4 första stycket a i MiFID II. I paragrafen finns särskilda informationskrav som gäller när ett värde- pappersinstitut tillhandahåller investeringsrådgivning. Kraven gäller ut-</P>
<P class="p535 ft2">över de allmänna informationskraven i <NOBR>14–16</NOBR> §§.</P>
<P class="p575 ft2"><SPAN class="ft3">Punkt 1 </SPAN>innebär att ett värdepappersinstut ska göra klart för kunden om investeringsrådgivningen tillhandahålls på oberoende grund eller om den inte tillhandahålls på oberoende grund. Om ett institut tillhandahåller investeringsrådgivning på oberoende grund gäller särskilda krav på urvalet av finansiella instrument som ska bedömas för att tillgodose kundens investeringsmål (se 20 §). Vidare gäller särskilda begränsningar för institutet att ta emot och behålla ersättningar och förmåner från någon annan än kunden (se 22§).</P>
<P class="p575 ft2">Av <SPAN class="ft3">punkt 2 </SPAN>följer ett krav att lämna information om den analys av finansiella instrument som investeringsrådet grundas på och om urvalet av finansiella instrument som analyserats. Sådan information ska lämnas oavsett om det är fråga om investeringsrådgivning på oberoende grund eller inte. Informationen ska särskilt avse om rådet baseras på ett urval av finansiella instrument som är begränsat till instrument utgivna, utfärdade eller tillhandahållna av institutet, företag med nära förbindelser till det</P>
<P class="p535 ft2">eller företag som har andra rättsliga eller ekonomiska förbindelser som är</P>
<P class="p353 ft2">686</P>
</DIV>
<DIV id="page_687">
<DIV>
<DIV id="id_1">
<P class="p163 ft2">så nära att det kan riskera att försämra förutsättningarna för institutet att lämna oberoende investeringsråd. Den informationen är relevant när ett värdepappersinstitut tillhandahåller investeringsrådgivning som inte är på oberoende grund. Vid investeringsrådgivning på oberoende grund får finansiella instrument som utges, utfärdas eller tillhandahålls av värde- pappersinstitutet självt, företag med nära förbindelser till institutet eller andra företag som på något annat sätt har nära anknytning till institutet, överhuvudtaget inte ingå i urvalet, se författningskommentaren till 20 §.</P>
<P class="p336 ft2">Innebörden av uttrycket nära förbindelser, som i MiFID II definieras i artikel 4.1.35, definieras i 1 kap. 6 §. Uttrycket nära anknytning, som an- vänds i den svenska språkversionen av artikel 24.4 första stycket a ii i direktivet, får förstås som att det har samma betydelse som nära förbind- elser (jfr den engelska språkversionen av angivna artiklar och skäl 73 samt artikel 24.7). Uttrycken ”utgivna, utfärdade eller tillhandahållna” och ”företag i förhållande till vilka institutet har ett sådant rättsligt eller ekonomiskt förhållande att det kan riskera att försämra förutsättningarna för institutet att lämna oberoende investeringsråd” behandlas i författ- ningskommentaren till 20 §.</P>
<P class="p336 ft4"><SPAN class="ft45">Punkt 3 </SPAN>innebär att värdepappersinstitutet ska informera kunder om huruvida det regelbundet kommer att bedöma lämpligheten av de finan- siella instrument som kunden rekommenderas.</P>
<P class="p181 ft2">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna 52 och 53).</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 8.3.</P>
<P class="p398 ft25">20 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 24.7 a i MiFID II.</P>
<P class="p181 ft4">Paragrafen innehåller särskilda krav som ett värdepappersinstitut måste uppfylla när det utför investeringsrådgivning, om det har informerat kunden om att institutet tillhandahåller rådgivningen på oberoende grund.</P>
<P class="p181 ft2">Ett värdepappersinstitut som har informerat en kund om att institutet tillhandahåller investeringsrådgivning på oberoende grund ska göra en analys av ett tillräckligt stort och diversifierat urval av finansiella instru- ment som är tillgängliga på marknaden. Urvalet ska vara diversifierat dels med avseende på instrumenttyper, dels med avseende på emittenter eller leverantörer. Urvalet av finansiella instrument får inte omfatta instrument som utges, utfärdas eller tillhandahålls av värdepappers- institutet självt, företag med nära förbindelser till institutet eller andra företag som på något annat sätt har nära anknytning till institutet. Sådana finansiella instrument får alltså inte över huvud taget ingå i värdepap- persinstitutets urval av finansiella instrument när institutet utför investe- ringsrådgivning på oberoende grund. Det kravet är mer långtgående än det som följer av artikel 24.7 a i MiFID II och utgör ett sådant ytterligare krav på värdepappersinstitut som får införas enligt artikel 24.12 i direk- tivet.</P>
<P class="p432 ft4">Vad som avses med nära förbindelser definieras i 1 kap. 6 §. Med hänsyn till att uttrycket nära förbindelser har en specifik betydelse i lagen används i förevarande paragraf även uttrycket ”företag i förhållande till vilka institutet har ett sådant rättsligt eller ekonomiskt förhållande att det kan riskera att försämra förutsättningarna för institutet att lämna obero-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">687</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_688">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">688</P>
</DIV>
<DIV id="id_2">
<P class="p486 ft2">ende investeringsråd” för att beskriva det som i artikel 24.4 och 24.7 i MiFID II uttrycks som ”andra enheter med rättsliga eller ekonomiska förbindelser […] som är så nära att det kan äventyra förutsättningarna för rådgivning på oberoende grund” (jfr även den engelska språkversionen av direktivet). Enligt MiFID II kan en sådant rättsligt eller ekonomiskt förhållande t.ex. vara ett kontraktsförhållande.</P>
<P class="p506 ft2">Med utgivna eller utfärdade avses detsamma som i den engelska språk- versionen uttrycks som ”issued”. Det engelska uttrycket används i både artikel 24.4 och 24.7 i direktivet medan det i den svenska språkversionen anges emitterats respektive utfärdats. Det som avses är således alla typer av finansiella instrument oavsett om de är utgivna eller utfärdade (jfr t.ex. definitionen av emittent i 1 kap. 4 b §, se även prop. 2006/07:115</P>
<P class="p189 ft2"><SPAN class="ft2">s.</SPAN><SPAN class="ft40">552 och prop. 2015/16:26 s. 79 f.).</SPAN></P>
<P class="p775 ft2">Detaljerade regler finns i den delegerade förordningen till MiFID II</P>
<P class="p353 ft2">(artikel 53).</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 9.3.4.</P>
<P class="p398 ft25">21 §</P>
<P class="p1188 ft2">Paragrafen, som är ny, genomför artikel 24.9 i MiFID II. Den genomför även artikel 24.5 i direktivet när det gäller information enligt artikel 24.9. Paragrafen motsvarar i huvudsak 12 kap. 1 § Finansinspektionens före- skrifter om värdepappersrörelse.</P>
<P class="p332 ft2">I paragrafen anges de krav som måste vara uppfyllda för att ett värde- pappersinstitut ska få betala eller ta emot en ersättning eller tillhanda- hålla eller ta emot en förmån från en tredjepart i samband med att det tillhandahåller en investeringstjänst eller sidotjänst. Samtliga kriterier måste vara uppfyllda för att en ersättning eller förmån ska vara god- tagbar, om kriterierna inte uppfyllda är ersättningen eller förmånen otillåten. Innebörden av bestämmelsen är således densamma som om den, på det sätt <SPAN class="ft3">Finansinspektionen </SPAN>förordar, skulle ange när ett värde- pappersinstitut inte får ta emot eller lämna en ersättning eller förmån.</P>
<P class="p385 ft2">I <SPAN class="ft3">första stycket </SPAN>anges de krav som måste vara uppfyllda för att en ersättning eller förmån som lämnas till eller tas emot av tredjepart ska vara tillåten. Det som avses är detsamma som i artikel 24.9 första och andra styckena i MiFID II. Med kund avses således även en person som agerar på kundens vägnar.</P>
<P class="p506 ft2">Kraven gäller för ett värdepappersinstitut vid alla investeringstjänster och sidotjänster och i förhållande till såväl professionella kunder som icke- professionella kunder. De måste således alltid vara uppfyllda för att ett värdepappersinstitut som tillhandahåller en investeringstjänst eller sido- tjänst till en kund ska få lämna eller ta emot en ersättning eller förmån (se dock det som anges i 8 § om kunder som är jämbördiga motparter). Vid tillhandahållande av investeringstjänster i form av investeringsrådgivning på oberoende grund eller portföljförvaltning finns dock särskilda regler i 22 § för ersättningar och förmåner som tas emot av värdepappers- institutet.</P>
<P class="p302 ft4">Med ersättning avses, liksom i 22 §, alla former av avgifter och provi- sioner. Också termen förmån har samma innebörd som i 22 § och om- fattar såväl monetära som <NOBR>icke-monetära</NOBR> förmåner, även om det i artikel 24.9 till skillnad från i artikel 24.7 b och 24.8 i MiFID II anges endast</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_689">
<DIV>
<DIV id="id_1">
<P class="p163 ft4"><NOBR>icke-monetära</NOBR> förmåner (jfr även artiklarna 11 och 12 i det delegerade direktivet till MiFID II). Olika former av rabatter omfattas också.</P>
<P class="p181 ft2">Kraven för att en ersättning eller förmån ska vara tillåten preciseras genom detaljerade regler i det delegerade direktivet till MiFID II (se artikel 11). De reglerna genomförs dock inte i lag utan i myndighetsföre- skrifter, se bemyndigandet i 50 § 3 till regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om kriterierna för att bedöma vilka ersättningar och förmåner ett värdepappersinstitut får lämna till eller ta emot av någon annan än kunden samt vilka uppgifter som ska lämnas till kunden om ersättningar och förmåner som värde- pappersinstitutet lämnar till eller tar emot av någon annan än kunden.</P>
<P class="p311 ft2">Ersättningar och förmåner som är nödvändiga för att tillhandahålla tjänsten (vilket i direktivet uttrycks som att de möjliggör eller krävs för tillhandahållandet) och till sin art är sådana att de inte kan stå i strid med värdepappersinstitutets skyldigheter mot kund är, enligt <SPAN class="ft3">andra stycket</SPAN>, undantagna från kraven i första stycket. Som exempel på sådana ersätt- ningar anges i artikel 24.9 tredje stycket i MiFID II depåkostnader, avveck- lingskostnader, börsavgifter samt rättsliga avgifter och arvoden.</P>
<P class="p313 ft2">I artikel 27.2 i MiFID II, som avser bästa orderutförande, finns ett för- bud för värdepappersinstitut att ta emot ersättningar, rabatter eller icke- monetära förmåner för att styra en order till en viss handelsplats eller utförandeplats om det skulle vara en överträdelse av bl.a. reglerna om incitament i artikel 24 i direktivet. Eftersom sådana ersättningar eller för- måner omfattas av förbudet i förevarande paragraf, krävs det inte någon särskild bestämmelse för att genomföra artikel 27.2.</P>
<P class="p401 ft2">Övervägandena finns i avsnitten 8.9 och 9.3.5.</P>
<P class="p972 ft25">22 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 24.7 b och 24.8 i MiFID II.</P>
<P class="p277 ft2">I paragrafen finns särskilda bestämmelser om ersättningar eller för- måner från någon annan än kunden som gäller om ett värdepappers- institut tillhandahåller investeringsrådgivning på oberoende grund eller portföljförvaltning. Av 17 § framgår att ett värdepappersinstitut ska informera en kund som tillhandahålls investeringsrådgivning om huru- vida rådgivningen tillhandahålls på oberoende grund eller inte.</P>
<P class="p336 ft2"><SPAN class="ft3">Första stycket </SPAN>innehåller ett förbud för värdepappersinstitut att ta emot och behålla ersättningar eller förmåner från tredjepart i samband med att institutet informerat kunden om att det tillhandahåller kunden investe- ringsrådgivning på oberoende grund eller när institutet tillhandahåller portföljförvaltning. Förbudet gäller i förhållande till såväl professionella kunder som <NOBR>icke-professionella</NOBR> kunder (även i förhållande till jäm- bördiga motparter, se 8 §). De särskilda bestämmelserna i förevarande paragraf gäller för ersättningar och förmåner från tredjepart i samband med investeringsrådgivning på oberoende grund och portföljförvaltning. De allmänna bestämmelserna om ersättningar i 21 §, som gäller samtliga investeringstjänster, innebär att kunden ska informeras om ersättningen eller förmånen också i samband med investeringsrådgivning på oberoen- de grund eller portföljförvaltning. Av de allmänna bestämmelserna i 21 § följer vidare att om en ersättning eller förmån betalas till tredjepart i sam- band med investeringsrådgivning på oberoende grund eller portföljför-</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">689</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_690">
<P class="p727 ft4">Prop. 2016/17:162 valtning, ska ersättningen eller förmånen vara utformad för att höja kvaliteten på den berörda tjänsten och får inte försämra värdepappers- institutets förutsättningar att uppfylla sina skyldigheter.</P>
<P class="p575 ft2">Med ersättningar och förmåner avses, liksom i 21 §, alla former av av- gifter och provisioner samt monetära och <NOBR>icke-monetära</NOBR> förmåner. Även olika former av rabatter omfattas. Förbudet i förevarande paragraf avser att ta emot och behålla ersättningar eller förmåner från tredjepart. Det innebär att om ett värdepappersinstitut tar emot en ersättning eller mone- tär förmån, måste denna överföras till kunden. Det kravet bör med hän- syn till det som anges i MiFID II (skäl 74) förstås som att det inte är tillåtet för institutet att avräkna betalningar från tredjepart från de av- gifter som kunden ska betala. När det gäller kraven på att överföra ersätt- ningar och förmåner till kunden finns detaljerade regler i det delegerade direktivet till MiFID II (artikel 12).</P>
<P class="p654 ft2">Förbudet att ta emot och behålla ersättningar eller förmåner gäller i samband med investeringsrådgivning på oberoende grund eller portfölj- förvaltning. Det innebär att förbudet gäller om värdepappersinstitutet ger en kund rådet att göra en placering i ett visst finansiellt instrument, och därefter bistår kunden med att köpa det aktuella instrumentet. Visserligen innebär köpet att institutet tillhandahåller en annan investeringstjänst än investeringsrådgivning – utförande av order på kunds uppdrag eller mot- tagande och vidarebefordran av order – men den tjänsten har samband med rådgivningen. Avsikten är att samband i detta sammanhang ska tolkas extensivt. Förbudet ska inte kunna kringgås genom att kunden efter rådgivningen ombeds att själv genomföra köpet, t.ex. via en inter- nettjänst, utan det omfattar även ersättningar eller förmåner som lämnas i en sådan situation. Även om kundens order utförs av någon annan än det värdepappersinstitut som tillhandahåller rådgivningen och det är det före- taget som får ersättning kan den ersättningen omfattas av förbudet, om den till slut når institutet eller ett företag med nära anknytning till detta.</P>
<P class="p711 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att ett värdepappersinstitut även i samband med investeringsrådgivning på oberoende grund eller portföljförvaltning under vissa förutsättningar får ta emot och behålla mindre <NOBR>icke-monetära</NOBR> förmåner. Detaljerade regler om <NOBR>icke-monetära</NOBR> förmåner som får tas emot av ett värdepappersinstitut finns i det delegerade direktivet till MiFID II (artikel 12). Av det delegerade direktivet framgår även att några andra <NOBR>icke-monetära</NOBR> förmåner inte får tas emot av institutet.</P>
<P class="p654 ft2">Reglerna i det delegerade direktivet till MiFID II genomförs inte i lag utan i myndighetsföreskrifter, se bemyndigandena i 50 § 4 och 5 till rege- ringen eller den myndighet som regeringen bestämmer att meddela föreskrifter om tidpunkt, omfattning och strategi för återbetalning till kund av mottagna ersättningar eller förmåner respektive kriterierna för att bedöma vilka <NOBR>icke-monetära</NOBR> förmåner ett värdepappersinstitut får ta emot och behålla när det tillhandahåller investeringsrådgivning på oberoende grund eller portföljförvaltning.</P>
<P class="p1550 ft2">Övervägandena finns i avsnitt 9.3.3.</P>
<P class="p1551 ft2">690</P>
</DIV>
<DIV id="page_691">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">23 §</P>
<P class="p1517 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 23 §, genomför artikel 25.2 i MiFID II. Paragrafen i den nuvarande lydelsen genomför artikel 19.4 i MiFID I, som i huvudsak motsvarar artikel 25.2 i MiFID II.</P>
<P class="p181 ft2">Ändringarna i <SPAN class="ft3">första stycket </SPAN>är endast följdändringar med anledning av att benämningarna på de berörda investeringstjänsterna justeras, se för- fattningskommentaren till 1 kap. 4 c §.</P>
<P class="p181 ft2"><SPAN class="ft3">Andra </SPAN>och <SPAN class="ft3">tredje styckena</SPAN>, som är nya, införs med anledning av ändringar som har gjorts i MiFID II i förhållande till MiFID I. <SPAN class="ft3">Tredje stycket </SPAN>innebär att lämplighetsbedömningen ska avse överenskommelsen eller paketet som helhet om det är fråga om korsförsäljning enligt 16 §, dvs. när en investeringstjänst erbjuds tillsammans med en annan tjänst eller produkt som en del av ett paket eller när en investeringstjänst erbjuds som ett villkor för samma överenskommelse eller paket.</P>
<P class="p336 ft4">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna 54 och 55).</P>
<P class="p1552 ft42">Paragrafen har utformats i linje med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.5.</P>
<P class="p165 ft25">24 §</P>
<P class="p953 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 24 §, genomför artikel 25.3 i MiFID II. Reglerna i MiFID II motsvarar dem i artikel 19.5 i MiFID I, med undantag av det som gäller korsförsäljning.</P>
<P class="p181 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär att passandebedömningen ska avse överenskommelsen eller paketet som helhet om det är fråga om korsför- säljning enligt 16 §.</P>
<P class="p181 ft2">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna 55 och 56).</P>
<P class="p1553 ft42">Paragrafen har utformats i linje med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.8.</P>
<P class="p165 ft25">25 §</P>
<P class="p953 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 25 , genomför artikel 25.4 i MiFID II. Reglerna i MiFID II motsvarar i huvudsak de i artikel 19.6 i MiFID I (se prop. 2006/07:115 s. 587 f.).</P>
<P class="p181 ft2">I paragrafen finns undantag från kravet på att ett värdepappersinstitut ska göra en bedömning av om en investeringstjänst eller en produkt passar kunden när institutet tillhandahåller investeringstjänsten mottag- ande och vidarebefordran av order eller utförande av order på kunders uppdrag.</P>
<P class="p181 ft2">Ändringarna i <SPAN class="ft3">första stycket punkt 1 </SPAN>motsvarar de ändringar som har gjorts i MiFID II i förhållande till MiFID I när det gäller förutsättningen att tjänsten avser ett okomplicerat finansiellt instrument.</P>
<P class="p313 ft4">Ändringarna i <SPAN class="ft45">punkt 1 a </SPAN>innebär att aktier som handlas på en MTF- plattform kan vara okomplicerade instrument enligt denna punkt. Sådana aktier kan dock redan i dag betraktas som okomplicerade enligt de förut- sättningar som anges i Finansinspektionens föreskrifter om värdepap- persrörelse (se 15 kap. 11 § och artikel 38 i genomförandedirektivet till MiFID I). Ändringarna innebär även att punkten omfattar aktier som är</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">691</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_692">
<P class="p994 ft4">Prop. 2016/17:162 upptagna till handel på en marknad i ett land utanför EES för vilken kommissionen fattat ett beslut om likvärdighet. Bestämmelsen är i denna</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">del utformad efter förebild av 2 kap. 5 § andra stycket lagen om handel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med finansiella instrument. Punkt 1 a justeras även så att den inte</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">omfattar aktier i företag för kollektiva investeringar som inte är fond-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företag som avses i punkt 1 d. Ändringen innebär att t.ex. aktier i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">alternativa investeringsfonder inte är att betrakta som okomplicerade</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">finansiella instrument enligt punkt 1 a. Liksom i dag kan aktier som inte</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">är okomplicerade finansiella instrument enligt denna punkt ändå</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">bedömas som okomplicerade instrument, vilket följer av punkt 1 f.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft27">I <SPAN class="ft26">punkterna 1 a </SPAN>och <SPAN class="ft26">1 b </SPAN>justeras så att aktier respektive obligationer och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra skuldförbindelser som omfattar derivat inte kan vara okompli-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">cerade instrument enligt dessa punkter. I <SPAN class="ft3">punkt 1 c</SPAN>, som innehåller en</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">motsvarande förutsättning, ersätts uttrycket utan derivatinslag med att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skuldförbindelserna inte får omfatta derivat.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Förutsättningarna för att obligationer och andra skuldförbindelser ska</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">vara okomplicerade finansiella instrument enligt <SPAN class="ft3">punkt 1 c </SPAN>ändras på så</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sätt att instrumenten ska vara upptagna till handel på en reglerad mark-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">nad, en marknad i ett land utanför EES för vilken kommissionen fattat ett</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">beslut om likvärdighet eller en <NOBR>MTF-plattform.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkterna 1 b </SPAN>och <SPAN class="ft3">1 c </SPAN>ändras så att de inte omfattar finansiella instru-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ment som har en struktur som gör det svårt för kunden att förstå den risk</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">som instrumenten är förenade med.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Ändringen i <SPAN class="ft3">punkt 1 d </SPAN>innebär att andelar i vissa strukturerade fond-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">företag inte betraktas som okomplicerade finansiella instrument enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">denna punkt. Hänvisningen till <NOBR>EU-förordningen</NOBR> är utformad på så sätt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">dynamisk hänvisning.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 1 e</SPAN>, som är ny, gäller strukturerade insättningar (se definitionen i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">1 kap. 5 §). Strukturerade insättningar är inte finansiella instrument. Vid</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">försäljning och rådgivning till kunder i samband med strukturerade</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">insättningar gäller dock bl.a. bestämmelserna om passandebedömning (se</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">8 kap. 2 §). Punkt 1 e innebär att strukturerade insättningar också kan</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">omfattas av undantaget från passandebedömningar i förevarande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">paragraf. Punkten omfattar inte strukturerade insättningar som har en</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">struktur som gör det svårt för kunden att förstå risken avseende avkast-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">ningen eller kostnaden för att säga upp insättningen i förtid.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2">Den nuvarande punkt 1 e ändrar beteckning till <SPAN class="ft3">punkt 1 f</SPAN>. Enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">punkten gäller även i fortsättningen att andra finansiella instrument än de</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som räknas upp i övriga led i punkt 1 kan betraktas som okomplicerade.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Detaljerade regler i detta avseende finns i artikel 57 i den delegerade</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förordningen till MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2">Esma har i enlighet med MiFID II (artikel 25.10) tagit fram riktlinjer</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">om komplexa skuldinstrument och strukturerade insättningar som rör</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">tillämpningen av punkterna 1 b, 1 c och 1 e (Riktlinjer om komplexa</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">skuldinstrument och strukturerade insättningar [ESMA/2015/1787]).</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">Riktlinjerna tar även upp vissa förtydliganden om när obligationer och</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">andra skuldförbindelser omfattar derivat. Esma får även ta fram riktlinjer</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">om finansiella instrument som ska betraktas som okomplicerade enligt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">punkt 1 f (artikel 25.11 i MiFID II). Några sådana riktlinjer har Esma</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">692</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">emellertid ännu inte tagit fram.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_693">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr24 td134"><P class="p97 ft2">Bestämmelsen i nuvarande andra stycket tas in i <SPAN class="ft3">första stycket 3</SPAN>.</P></TD>
<TD class="tr24 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p97 ft2">I <SPAN class="ft3">andra stycket </SPAN>tas i stället in en bestämmelse som innebär att undantaget</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P class="p92 ft2">från passandebedömning inte får tillämpas om värdepappersinstitutet lämnar kunden en kredit för att den ska kunna genomföra transaktionen i fråga. Undantaget gäller alltså inte om institutet i samband med investeringstjänsten tillhandahåller en sidotjänst enligt 2 kap. 2 § första stycket 2 (punkt 2 i avsnitt B i bilaga I till MiFID II, hänvisningen i artikel 25.4 i MiFID II till punkt 1 i avsnitt B i nämnda bilaga bör rätteligen vara till punkt 2 i samma avsnitt). Undantaget gäller inte heller om ett kreditinstitut lämnar kunden en kredit i samma syfte. Andra stycket tar sikte på beviljandet av ett lån eller en kredit. Som framgår av artikel 25.4 första meningen i MiFID II gäller begränsningen inte om kunden utnyttjar en befintlig kreditlimit.</P>
<P class="p102 ft2">Av <SPAN class="ft3">tredje stycket</SPAN>, som är nytt, följer, i enlighet med artikel 25.4 a tredje stycket i MiFID II, att Finansinspektionen får begära att kommissionen fattar beslut om att en marknad utanför EES ska anses likvärdig med en reglerad marknad (se även artikel 23.1 i MiFIR). Kommissionen ska, på begäran av en behörig myndighet och enligt den procedur som anges i artikel 89a i MiFID II, besluta om de rättsliga och tillsynsmässiga ramarna för marknaden kan betraktas som likvärdiga i enlighet med de kriterier som anges i artikel 25.4 a tredje och fjärde styckena. Det åligger i så fall Finansinspektionen att ange varför det ramverk som gäller för marknaden i tredjeland ska anses likvärdigt och tillhandahålla information i detta avseende. Bestämmelsen i fjärde stycket är utformad efter förebild av 2 kap. 5 § fjärde stycket lagen om handel med finansiella instrument.</P>
<P class="p1554 ft4">Paragrafen har utformats i linje med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.8.</P>
<P class="p1555 ft25">27 §</P>
<P class="p1556 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 27 §, genomför artikel 25.6 första stycket i MiFID II. De reglerna i MiFID II motsvarar i huvudsak dem i artikel 19.8 i MiFID I.</P>
<P class="p11 ft2">Paragrafen innehåller krav på den rapportering som ett värdepappers- institut ska lämna till en kund om de tjänster institutet har utfört för kunden.</P>
<P class="p11 ft2">I paragrafen införs ett krav på att rapporteringen ska lämnas på ett varaktigt medium. En definition av varaktigt medium finns i 1 kap. 5 §. Vidare införs ett krav på att värdepappersinstitutet i förekommande fall ska lämna lämpliga regelbundna meddelanden till kunden. Bestämmelser i detta avseende finns i dag i Finansinspektionens föreskrifter om värde- pappersrörelse (17 kap.).</P>
<P class="p102 ft4">Detaljerade regler finns i den delegerade förordningen till MiFID II (se artiklarna <NOBR>59–63).</NOBR></P>
<P class="p1557 ft4">Övriga ändringar i paragrafen är endast språkliga. Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.6.</P>
<P class="p1558 ft2">693</P>
</DIV>
<DIV id="page_694">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">694</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">28 §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 25.6 andra och tredje styckena i MiFID II.</P>
<P class="p487 ft2">Paragrafen innehåller särskilda krav på dokumentation och den rapportering som ett värdepappersinstitut ska lämna till <NOBR>icke-profession-</NOBR> ella kunder när det utför investeringsrådgivning eller portföljförvaltning.</P>
<P class="p487 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska ett värdepappersinstitut som tillhandahåller investeringsrådgivning till en <NOBR>icke-professionell</NOBR> kund lämna en tillfreds- ställande dokumentation som anger det råd som lämnats och hur det svarar mot kundens egenskaper, en s.k. lämplighetsförklaring. Kravet att lämna en lämplighetsförklaring gäller oavsett om investeringsrådgiv- ningen följs av en transaktion eller innebär ett råd om att vidta en trans- aktion. Den dokumentation som lämnas till kunden ska, liksom när det gäller rapportering enligt 27 §, vara tillfredsställande. Det innebär att informationen ska vara tillräckligt tydlig och utförlig för att tillgodose behoven hos en <NOBR>icke-professionell</NOBR> kund. Det närmare kravet på information bör, i den mån delegerade akter som har antagits av kommissionen inte ger vägledning, bedömas mot bakgrund av de krav som ställs på värdepappersinstituten i fråga om lämplighetsbedömningar (se 23 § och artikel 54 i den delegerade förordningen till MiFID II). Dokumentationen ska, förutom i de fall som framgår av andra stycket, lämnas till kunden innan en transaktion utförs för kunden.</P>
<P class="p302 ft2"><SPAN class="ft3">Andra stycket </SPAN>gäller t.ex. när ett avtal ingås per telefon och det inte finns möjlighet att i förväg lämna en lämplighetsförklaring. Lämplighets- förklaringen får då tillhandahållas kunden efter att transaktionen utförts. Så får dock göras endast under förutsättning att kunden gett sitt samtycke till detta och erbjudits möjligheten att skjuta upp transaktionen för att först få del av lämplighetsförklaringen. I fråga om den tidpunkt vid vilken lämplighetsbedömning ska lämnas – dvs. snarast efter det att ett avtal har ingåtts – är bestämmelserna utformade med förebild av 3 kap. 3 § fjärde stycket och 4 § andra stycket lagen (2005:59) om distansavtal och avtal utanför affärslokaler.</P>
<P class="p1472 ft2">Övervägandena finns i avsnitt 8.6.</P>
<P class="p398 ft25">29 §</P>
<P class="p1559 ft4">Paragrafen, som är ny, genomför artikel 25.6 fjärde stycket i MiFID II. Paragrafen gäller när ett värdepappersinstitut till en <NOBR>icke-professionell</NOBR></P>
<P class="p486 ft2">kund erbjuder portföljförvaltning eller om institutet informerat kunden om att det kommer att göra en regelbunden lämplighetsbedömning (se 17 § 3). Värdepappersinstitutet ska i sin regelbundna rapportering till kunden i sådana fall ge en uppdaterad redovisning av hur investeringen motsvarar kundens önskemål, mål med investeringen och andra egen- skaper (jfr 27 och 28 §§).</P>
<P class="p1560 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.6.</P>
<P class="p165 ft25">30 §</P>
<P class="p1561 ft4">Paragrafen, som är ny, genomför artikel 27.3 i MiFID II när det gäller ett värdepappersinstituts skyldighet att informera sina kunder om var, dvs. på</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_695">
<P class="p186 ft4">vilken utförandeplats, det har utfört kundens order. Termen utförandeplats Prop. 2016/17:162 behandlas i författningskommentaren till 33 §.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 8.9.</P>
<P class="p398 ft25">31 §</P>
<P class="p1283 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 28 §, genomför artikel 27.1 första stycket i MiFID II.</P>
<P class="p144 ft2">Paragrafen innehåller krav på ett värdepappersinstitut som utför en kunds order att vidta åtgärder för att uppnå bästa möjliga resultat för kunden.</P>
<P class="p144 ft4">Artikel 27.1 första stycket i MiFID II motsvarar i huvudsak artikel 21.1 i MiFID I. Enligt MiFID II ska dock ett värdepappersinstitut som utför en kunds order vidta alla åtgärder som behövs för att uppnå bästa möjliga resultat för kunden. <SPAN class="ft45">Första stycket </SPAN>ändras därför i enlighet med detta.</P>
<P class="p144 ft2">Kraven enligt MiFID I kompletteras av regler i genomförandedirek- tivet till MiFID I, som har genomförts i svensk rätt i myndighetsföre- skrifter (se artikel 44 i genomförandedirektivet och 18 kap. <NOBR>1–5</NOBR> §§ Finansinspektionens föreskrifter om värdepappersrörelse). För MiFID II finns i stället detaljerade regler i den delegerade förordningen till MiFID II (se artikel 64).</P>
<P class="p144 ft2">Paragrafen gäller vid utförande av kundorder men enligt artikel 65 i den delegerade förordningen till MiFID II (som delvis motsvarar artik- el 45 i genomförandedirektivet till MiFID I och 19 kap. Finansinspek- tionens föreskrifter om värdepappersrörelse) ska kraven på bästa order- utförande gälla även när ett värdepappersinstitut utför portföljförvaltning eller tar emot och vidarebefordrar order.</P>
<P class="p1562 ft4">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitt 8.9.</P>
<P class="p397 ft25">32 §</P>
<P class="p920 ft2">Paragrafen, som är ny, genomför artikel 27.1 andra och tredje styckena i MiFID II. Regler motsvarande dem i artikel 27.1 andra och tredje styckena i MiFID II finns i artikel 44.3 i genomförandedirektivet till MiFID I och har genomförts i svensk rätt i myndighetsföreskrifter (se 18 kap. 4 § Finansinspektionens föreskrifter om värdepappersrörelse). Genom paragrafen tas de bestämmelserna nu i stället in i lag.</P>
<P class="p429 ft4">Paragrafen innehåller bestämmelser om hur bästa möjliga resultat vid utförande av kundorder ska fastställas när ett värdepappersinstitut utför order för en <NOBR>icke-professionell</NOBR> kund.</P>
<P class="p144 ft2">Enligt <SPAN class="ft3">första stycket</SPAN>, som genomför artikel 27.1 andra stycket i MiFID II, ska bästa resultat för en <NOBR>icke-professionell</NOBR> kunds räkning fast- ställas med hänsyn till den totala ersättningen som kunden får betala, vilken utgörs av priset för det finansiella instrumentet och kostnaderna i samband med utförandet av ordern. Kostnaderna i samband med utförandet av ordern inbegriper kundens utgifter som hänför sig direkt till orderns utförande, i vilka ingår utförandeplatsens avgifter, clearing- och avvecklingsavgifter och alla andra avgifter som betalas till tredje part som deltagit i utförande av ordern. I skälen till den delegerade förord-</P>
<P class="p19 ft14">ningen till MiFID II (skäl 101) anges att andra faktorer får ges företräde</P>
<P class="p596 ft2">695</P>
</DIV>
<DIV id="page_696">
<P class="p727 ft4">Prop. 2016/17:162 framför det omedelbara priset och kostnaderna i samband med utförandet endast i den omfattning de bidrar till bästa möjliga resultat för kunden med avseende på den totala ersättningen.</P>
<P class="p575 ft2"><SPAN class="ft3">Andra stycket </SPAN>avser den situation när det finns konkurrerande platser för utförandet av en order. Värdepappersinstitutet ska i så fall vid bedöm- ningen av bästa resultat enligt 31 § beakta egna ersättningar och avgifter som det debiterar kunden för utförandet av ordern på de utförandeplatser som kan komma i fråga enligt institutets riktlinjer (se 33 §).</P>
<P class="p575 ft4">Ytterligare regler om bästa orderutförande finns i den delegerade för- ordningen till MiFID II (se artikel 64).</P>
<P class="p575 ft2">Paragrafen gäller vid utförande av kundorder men enligt artikel 65 i den delegerade förordningen till MiFID II (som delvis motsvarar artik- el 45 i genomförandedirektivet till MiFID I och 19 kap. Finansinspek- tionens föreskrifter om värdepappersrörelse) ska kraven på bästa order- utförande gälla även när ett värdepappersinstitut utför portföljförvaltning eller tar emot och vidarebefordrar order.</P>
<P class="p629 ft2">Övervägandena finns i avsnitt 8.9.</P>
<P class="p1524 ft25">33 §</P>
<P class="p1179 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 29 §, genomför artikel 27.4, 27.5 första stycket och 27.7 i MiFID II.</P>
<P class="p575 ft2">Paragrafen innehåller krav på system och riktlinjer som ett värdepap- persinstitut ska ha för att uppnå bästa möjliga resultat vid utförande av kundorder. <SPAN class="ft3">Första stycket </SPAN>motsvarar artikel 27.4 i MiFID II (artikel 21.2 i MiFID I). Hänvisningarna ändras till följd av att nuvarande 8 kap. 28 § betecknas 9 kap. 31 § och att reglerna i artikel 27.1 andra och tredje styckena i MiFID II införs i nya 32 §.</P>
<P class="p576 ft2"><SPAN class="ft3">Andra stycket </SPAN>motsvarar artikel 27.5 första stycket i MiFID II (artik- el 21.3 i MiFID I). Ändringarna innebär att riktlinjerna ska ta sikte på de utförandeplatser där ett värdepappersinstitut utför kundorder, de faktorer som påverkar valet av utförandeplats och att de ska omfatta de utförande- platser som gör det möjligt för institutet att stadigvarande uppnå bästa möjliga resultat. Termen utförandeplats motsvarar termen execution venue i den engelska språkversionen av bl.a. ovan angivna artiklar i MiFID II (se även artikel 21.3 i MiFID I samt artiklarna 44 och 46 i genomförandedirektivet till MiFID I och 18 kap. 2 och <NOBR>4–7</NOBR> §§ Finans- inspektionens föreskrifter om värdepappersrörelse). En utförandeplats är inte detsamma som en handelsplats (i den engelska språkversionen trading venue). Med utförandeplatser avses i paragrafen detsamma som i artikel 64.1 i den delegerade förordningen till MiFID II. Det innebär att värdepappersinstitutets riktlinjer i förekommande fall ska omfatta såväl handelsplatser som systematiska internhandlare, marknadsgaranter och andra tillhandahållare av likviditet samt enheter som i tredjeland utför funktioner som motsvarar någon av de nämnda. Beträffande uttrycket andra tillhandahållare av likviditet, se författningskommentaren till 8 kap. 32 §.</P>
<P class="p985 ft4">I andra stycket ersätts även, i enlighet med MiFID II, termen kategori med termen klass när det gäller finansiella instrument. I de engelska språkversionerna av MiFID II och MiFID I används i de nu aktuella</P>
<P class="p958 ft2">696</P>
</DIV>
<DIV id="page_697">
<DIV>
<DIV id="id_1">
<P class="p163 ft4">reglerna samma term (class). I den svenska språkversionen av direktivet används dock olika termer.</P>
<P class="p181 ft2">I <SPAN class="ft3">tredje stycket</SPAN>, som motsvarar artikel 27.7 i MiFID II (artikel 21.4 i MiFID I), förtydligas att ett värdepappersinstitut även ska utvärdera sina system och riktlinjer. Vidare preciseras kravet på att informera kunder om väsentliga förändringar i system och riktlinjer till att gälla kunder med vilka institutet har en fortlöpande relation. Den sista meningen, som är ny, innebär att ett värdepappersinstitut vid utvärderingen av sina system och riktlinjer ska beakta den information om kvaliteten på utförandet av transaktioner som ska offentliggöras av handelsplatser och andra utförandeplatser samt om kvaliteten på utförandet av order som ska offentliggöras av värdepappersinstitutet självt.</P>
<P class="p313 ft4">I den delegerade förordningen till MiFID II finns detaljerade regler om system och riktlinjer för utförande av kundorder samt översyn av dessa (se särskilt artikel 66).</P>
<P class="p181 ft2">Paragrafen gäller vid utförande av kundorder men enligt artikel 65 i den delegerade förordningen till MiFID II (som delvis motsvarar artik- el 45 i genomförandedirektivet till MiFID I och 19 kap. Finansinspek- tionens föreskrifter om värdepappersrörelse) gäller krav i fråga om bl.a. riktlinjer och system för bästa orderutförande även när ett värdepappers- institut utför portföljförvaltning eller tar emot och vidarebefordrar order.</P>
<P class="p1563 ft42">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitt 8.9.</P>
<P class="p165 ft25">34 §</P>
<P class="p1216 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 30 §, genomför artikel 27.5 andra stycket i MiFID II. Den artikeln motsvarar i huvudsak artikel 21.3 andra stycket i MiFID I.</P>
<P class="p181 ft2">Paragrafen innehåller krav på att ett värdepappersinstitut ska lämna en kund lämplig information om sina riktlinjer för utförande av order och att kunden ska ha godtagit riktlinjerna innan institutet utför en order för kunden.</P>
<P class="p181 ft2">Kravet att förse kunderna med lämplig information om riktlinjerna för orderutförande i <SPAN class="ft3">första stycket </SPAN>motsvarar det i nuvarande 8 kap. 22 § första stycket 5. Eftersom den bestämmelsen har nära samband med den i andra stycket överförs den till förevarande paragraf. I förhållande till nu- varande lydelse anges det nu även att informationen ska vara lämplig. Detta tar sikte på kravet i MiFID II att informationen ska tydligt förklara, med tillräckligt detaljerade uppgifter och på ett sätt som är lätt att förstå för kunder, hur order kommer att utföras av värdepappersinstutet för kundens räkning.</P>
<P class="p369 ft2">Ändringarna i <SPAN class="ft3">andra stycket </SPAN>är endast språkliga.</P>
<P class="p277 ft2">I den delegerade förordningen till MiFID II finns detaljerade regler om den information som ska lämnas till kunder innan en order utförs (se artikel 66). Reglerna motsvarar delvis det som gäller enligt genom- förandedirektivet till MiFID I (artikel 46.2) och som i svensk rätt har genomförts i myndighetsföreskrifter (18 kap. 7 § Finansinspektionens föreskrifter om värdepappersrörelse).</P>
<P class="p164 ft42">Paragrafen gäller, liksom bl.a. 31 §, vid utförande av kundorder men enligt artikel 65 i den delegerade förordningen till MiFID II (som delvis</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">697</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_698">
<P class="p1286 ft4">Prop. 2016/17:162 motsvarar artikel 45 i genomförandedirektivet till MiFID I och 19 kap. Finansinspektionens föreskrifter om värdepappersrörelse) gäller krav på att lämna information till kunder även när ett värdepappersinstitut utför portföljförvaltning eller tar emot och vidarebefordrar order.</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td247"><P class="p274 ft2">Övervägandena finns i avsnitt 8.9.</P></TD>
</TR>
<TR>
<TD class="tr52 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td247"><P class="p275 ft25">36 §</P></TD>
</TR>
<TR>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td247"><P class="p275 ft2">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 32 §, genomför</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">artikel 27.8 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Paragrafen innehåller krav på att ett värdepappersinstitut på en kunds</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">begäran ska kunna visa att det utfört kundens order i enlighet med sina</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">riktlinjer för orderutförande. I <SPAN class="ft3">andra stycket</SPAN>, som är nytt, införs även ett</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">krav på att ett värdepappersinstitut ska kunna visa hur det uppfyller de</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">krav som gäller för bästa utförande av kundorder, om Finansinspektionen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">begär det.</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td247"><P class="p274 ft2">Övervägandena finns i avsnitt 8.9.</P></TD>
</TR>
<TR>
<TD class="tr52 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td247"><P class="p275 ft25">37 §</P></TD>
</TR>
<TR>
<TD class="tr33 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td247"><P class="p275 ft2">Paragrafen, som är ny, genomför artikel 27.6 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p274 ft2">Paragrafen innebär att ett värdepappersinstitut som utför kundorder för</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">varje klass av finansiella instrument årligen ska offentliggöra information</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">om de fem utförandeplatser som det har använt för att utföra sådana</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">order och om uppnådda kvaliteten på utförandet. Beträffande termen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">utförandeplats, se författningskommentaren till 33 §.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Detaljerade regler om skyldigheten att offentliggöra information finns i</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">kommissionens delegerade förordning (EU) av den 8 juni 2016 om</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">komplettering av Europaparlamentets och rådets direktiv 2014/65/EU om</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">marknader för finansiella instrument avseende tekniska tillsynstandarder</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">när det gäller värdepappersföretags årliga offentliggörande av informa-</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">tion om handelsplatser och utförandets kvalitet (C[2016] 3337 final).</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Paragrafen gäller vid utförande av kundorder, men enligt artikel 65 i</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">den delegerade förordningen till MiFID II gäller krav på offentliggörande</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">även när ett värdepappersinstitut utför portföljförvaltning eller tar emot</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">och vidarebefordrar order.</P></TD>
</TR>
<TR>
<TD class="tr31 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td247"><P class="p274 ft2">Övervägandena finns i avsnitt 8.9.</P></TD>
</TR>
<TR>
<TD class="tr62 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td247"><P class="p275 ft25">39 §</P></TD>
</TR>
<TR>
<TD class="tr24 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td247"><P class="p275 ft2">Paragrafen, som är ny, genomför artiklarna 4.1.14 och 28.2 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">Den sistnämnda artikeln motsvarar i huvudsak artikel 22.2 i MiFID I.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Paragrafen motsvarar nuvarande 1 §, som upphävs. Den innehåller</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">krav på att ett värdepappersinstitut, om kunden inte gett andra</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">instruktioner, ska offentliggöra en limitorder från kunden avseende aktier</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">som är upptagna till handel på en reglerad marknad eller handlas på en</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2"><NOBR>MTF-plattform.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p274 ft2">Ändringen i förhållande till nuvarande 1 § innebär att bestämmelsen</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">gäller även för aktier som handlas på en handelsplattform. Aktier får inte</P></TD>
</TR>
<TR>
<TD class="tr25 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td247"><P class="p275 ft2">handlas på en <NOBR>OTF-plattform,</NOBR> se definitionen av <NOBR>OTF-plattform</NOBR> i 1 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td148"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td247"><P class="p275 ft2">4 b § och avsnitt 7.3.1. Det innebär att det bara är aktier som handlas på</P></TD>
</TR>
<TR>
<TD class="tr27 td148"><P class="p20 ft2">698</P></TD>
<TD class="tr27 td247"><P class="p275 ft2">en <NOBR>MTF-plattform</NOBR> som omfattas av ändringen.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_699">
<P class="p747 ft4">En order ska enligt den delegerade förordningen till MiFID II (artik- Prop. 2016/17:162 el 70) anses gjorts tillgänglig om den vidarebefordrats för utförande till</P>
<P class="p113 ft2">en reglerad marknad eller en <NOBR>MTF-plattform</NOBR> eller om ordern har offent- liggjorts av en leverantör av datarapporteringstjänster som hör hemma i en medlemsstat och lätt kan utföras när marknadsförhållandena medger det.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 8.10.</P>
<P class="p398 ft25">41 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 16.9 i MiFID II.</P>
<P class="p357 ft4">Paragrafen motsvarar nuvarande 8 kap. 35 §, som upphävs (se vidare författningskommentaren till den paragrafen, prop. 2006/07:115 s. 592 f.). I förhållande till nuvarande 8 kap. 35 § görs endast språkliga justeringar i paragrafen.</P>
<P class="p397 ft25">43 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 16.10 i MiFID II.</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr33 td359"><P class="p39 ft2">Paragrafen innebär ett förbud för ett värdepappersinstitut att ingå avtal</P></TD>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">om säkerhetsöverlåtelse, inklusive återköpsavtal, med en <NOBR>icke-profes-</NOBR></P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">sionell kund i syfte att säkra eller täcka kundens förpliktelser. Den inne-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">bär dock inte något hinder mot att en kund ingår t.ex. ett avtal om värde-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">papperslån, som innebär att äganderätten till värdepappret övergår från</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">utlånaren till låntagaren.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p39 ft2">Med avtal om säkerhetsöverlåtelse avses vad som i säkerhetsdirektivet</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">definieras som avtal om finansiell äganderättsöverföring (se artikel 2.1 b</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">i Europaparlamentets och rådets direktiv 2002/47/EG av den 6 juni 2002</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">om ställande av finansiell säkerhet och skäl 52 till MiFID II). Paragrafen</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">är i denna del utformad efter förebild av bl.a. 5 kap. 2 a § lagen om</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">handel med finansiella instrument.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p39 ft2">Ett avtal om säkerhetsöverlåtelse får inte avse finansiella instrument,</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">valuta eller sådana fordringar som uppkommit på grund av att ett kredit-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">institut, eller ett motsvarande utländskt institut, har beviljats ett penning-</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">lån. I denna del är paragrafen utformad efter förebild av bl.a. 2 kap. 20 §</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">lagen (1996:764) om företagsrekonstruktion. Finansiella instrument</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">definieras i 1 kap. 4 §. Den egendom som omfattas av förbudet motsvarar</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">det som i säkerhetsdirektivet definieras som finansiella instrument, betal-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">ningsmedel och kreditfordringar (se artiklarna 1.4 a och 2.1 d, e och o).</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p39 ft2">Ytterligare regler om förbudet mot avtal om säkerhetsöverlåtelse finns</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">i det delegerade direktivet till MiFID II (se artiklarna 7 och 8), som</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">genomförs i svensk rätt i myndighetsföreskrifter. I 50 § 11 finns ett</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">bemyndigande som ger möjlighet att meddela sådana föreskrifter.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td359"><P class="p39 ft2">Övervägandena finns i avsnitt 8.14.</P></TD>
<TD class="tr27 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td359"><P class="p23 ft25">45 §</P></TD>
<TD class="tr52 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td359"><P class="p23 ft2">Paragrafen betecknas 8 kap. 38 § i nuvarande lydelse.</P></TD>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p39 ft2">Paragrafen innehåller kreditjävsbestämmelser för värdepappersbolag.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p39 ft2">I <SPAN class="ft3">första stycket </SPAN>justeras hänvisningen till nuvarande 8 kap. 37 § som nu</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">betecknas 9 kap. 44 §.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p39 ft2">Övriga ändringar i paragrafen är endast språkliga.</P></TD>
<TD class="tr31 td147"><P class="p20 ft2">699</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_700">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">700</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">47 §</P>
<P class="p1276 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 40 §, genomför artikel 24.6 i MiFID II. Artikel 24.6 i MiFID II motsvarar i huvudsak artikel 19.9 i MiFID I.</P>
<P class="p487 ft2">Paragrafen innehåller ett undantag från vissa bestämmelser och gäller när en investeringstjänst bara är en del av en finansiell produkt för vilken det finns andra <NOBR>EU-rättsliga</NOBR> regler.</P>
<P class="p487 ft2">Ändringen innebär att undantaget bara omfattar bestämmelserna om information till kund i 14, 15 och 17 §§. Den görs som en följd av att artikel 24.6 i MiFID II, till skillnad från artikel 19.9 i MiFID I, inte med- ger undantag från andra krav än de om information till kund i artik- el <NOBR>24.3–24.5</NOBR> i den aktuella situationen. De informationskraven genom- förs i nya 14, 15 och 17 §§.</P>
<P class="p1564 ft42">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitt 8.13.</P>
<P class="p165 ft25">48 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 25.7 i MiFID II.</P>
<P class="p487 ft2">Paragrafen innehåller ett undantag från kundskyddregler som annars gäller när ett värdepappersinstitut utför en investeringstjänst. Undantaget gäller när det för att kunna betala ut, lägga om eller lösa in ett kreditavtal som omfattas av bolånedirektivet krävs tillhandahållande av en investe- ringstjänst som avser hanteringen av obligationer som utges för finansie- ringen av krediten. I ett sådant fall ska i stället kundskyddsreglerna i bolånedirektivet tillämpas (se vidare lagen [2016:1033] om verksamhet med bostadskrediter och konsumentkreditlagen [2010:1846] samt prop. 2015/16:197). Liknande regelkonflikter, som det ansetts kunna bli fråga om inom systemet med danska bostadsobligationer, är för närvarande inte aktuella på den svenska bolånemarknaden (jfr. prop. 2006/07:115</P>
<P class="p1307 ft2"><SPAN class="ft2">s.</SPAN><SPAN class="ft40">447 och 594).</SPAN></P>
<P class="p775 ft2">Hänvisningen till <NOBR>EU-direktivet</NOBR> är utformad på så sätt att den avser</P>
<P class="p486 ft4">direktivet i den vid en viss tidpunkt gällande lydelsen, s.k. statisk hän- visning.</P>
<P class="p619 ft2">Övervägandena finns i avsnitt 8.13.</P>
<P class="p398 ft25">49 §</P>
<P class="p1188 ft4">Paragrafen, som i nuvarande lydelse betecknas 8 kap. 41 §, genomför artikel 26 i MiFID II. Artikel 26 i MiFID II motsvarar artikel 20 i MiFID I.</P>
<P class="p1565 ft4">Paragrafen innehåller bestämmelser om fördelningen av ansvar mellan två värdepappersinstitut.</P>
<P class="p487 ft42">Ändringen i <SPAN class="ft51">första stycket </SPAN>är endast en följdändring med anledning av att flera bestämmelser i 8 kap. ändrar beteckning, i likhet med före- varande paragraf, och i stället anges i detta kapitel.</P>
<P class="p356 ft25">50 §</P>
<P class="p1272 ft4">I paragrafen, som är ny, finns bemyndiganden för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter i olika</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_701">
<P class="p186 ft4">avseenden. I vissa fall rör det sig om nya bemyndiganden och i vissa fall Prop. 2016/17:162 rör det sig om bemyndiganden som har motsvarigheter i nuvarande</P>
<P class="p19 ft2">8 kap. 42 §.</P>
<P class="p144 ft2">Bemyndigandet i <SPAN class="ft3">punkt 1</SPAN>, som motsvarar nuvarande 8 kap. 42 § 1, förs över till förevarande paragraf till följd av att nuvarande 8 kap. 1 § betecknas 9 kap. 1 §.</P>
<P class="p144 ft2">Bemyndigandet i <SPAN class="ft3">punkt 2</SPAN>, som motsvarar nuvarande 8 kap. 42 § 13, kvarstår till skillnad från i utredningens förslag. Det bemyndigandet av- ser inte föreskrifter som hänför sig till regler i MiFID II utan till regler i <NOBR>UCITS-direktivet</NOBR> (se prop. 2010/11:135 s. 248 f.).</P>
<P class="p144 ft2">Bemyndigandena i punkterna <NOBR>3–6,</NOBR> som är nya, avser de föreskrifter som behövs för att genomföra regler i det delegerade direktivet till MiFID II (artiklarna <NOBR>11–13).</NOBR> <SPAN class="ft3">Punkt 3 </SPAN>avser de föreskrifter som behövs för att genomföra artikel 11 i det delegerade direktivet. <SPAN class="ft3">Punkterna 4 </SPAN>och <SPAN class="ft3">5 </SPAN>avser de föreskrifter som behövs för att genomföra artikel 12 i det delegerade direktivet. <SPAN class="ft3">Punkt 6 </SPAN>avser de föreskrifter som behövs för att genomföra artikel 13 i det delegerade direktivet. Enligt den artikeln ska ett värdepappersinstitut under vissa villkor kunna ta emot en investe- ringsanalys utan att det är att betrakta som att institutet har tagit emot en ersättning eller förmån. I ett sådant fall ska således inte 21 och 22 §§ tillämpas.</P>
<P class="p426 ft4">Bemyndigandet i <SPAN class="ft45">punkt 7</SPAN>, som motsvarar det i nuvarande 9 kap. 10 § 1, avser föreskrifter för att i svensk rätt genomföra artikel 28.2 sista meningen i MiFID II (artikel 22.2 sista meningen i MiFID I).</P>
<P class="p144 ft2">Bemyndigandena i <SPAN class="ft3">punkterna 8 </SPAN>och <SPAN class="ft3">9</SPAN>, som motsvarar dem i nuvarande 8 kap. 42 § 21 och 22, avser de föreskrifter som behövs för att genomföra det delegerade direktivet till MiFID II (artiklarna <NOBR>2–8),</NOBR> se avsnitt 8.14.</P>
<P class="p144 ft4">I <SPAN class="ft45">punkt 10 </SPAN>finns ett bemyndigande som motsvarar det i nuvarande 8 kap. 42 § 23.</P>
<P class="p144 ft2">Bemyndigandet i <SPAN class="ft3">punkt 11</SPAN>, som är nytt, avser de föreskrifter som behövs för att genomföra de regler i det delegerade direktivet (artiklarna 7 och 8) som berör upprätthållande av förbudet i 43 §.</P>
<P class="p144 ft2"><SPAN class="ft3">Punkterna 12 </SPAN>och <SPAN class="ft3">13 </SPAN>innehåller bemyndiganden som motsvarar dem i nuvarande 8 kap. 42 § 24 och 25. I punkt 12 justeras hänvisningen till andra stycket i paragrafen eftersom den bestämmelse som avses finns i tredje meningen i paragrafen (jfr den ursprungliga lydelsen av 8 kap. 37 och 42 §§ med lydelsen av 8 kap. 37 § enligt SFS 2010:2075). Detta innebär inte någon ändring i sak.</P>
<P class="p421 ft2">Övervägandena finns i avsnitten 8.10, 8.14, 9.3.3 och 9.3.5.</P>
<P class="p398 ft25">10 kap.</P>
<P class="p920 ft2">Nuvarande 10 kap. upphävs med anledning av att regler om dokumenta- tion och transaktionsrapportering numera finns i MiFIR (artiklarna 25 och 26). Det införs ett nytt 10 kap. med rubriken datarapporterings- tjänster. Kapitlet innehåller bestämmelser avseende krav på tillstånd för leverantörer av datarapporteringstjänster som genomför artiklarna <NOBR>59–61</NOBR> och <NOBR>63–66</NOBR> i MiFID II.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.15.</P>
<P class="p1566 ft2">701</P>
</DIV>
<DIV id="page_702">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">702</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">1 §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför delvis artiklarna 59.1, 59.2, 60.1 och 61.3 i MiFID II.</P>
<P class="p487 ft2">I paragrafen finns bestämmelser om tillstånd för att tillhandahålla data- rapporteringstjänsterna godkänt publiceringsarrangemang <NOBR>(APA-leveran-</NOBR> tör), tillhandahållare av konsoliderad handelsinformation <NOBR>(CTP-leveran-</NOBR> tör) och godkänd rapporteringsmekanism <NOBR>(ARM-leverantör).</NOBR> Dessa tjänster definieras i 1 kap. 4 b § (artikel <NOBR>4.1.52–4.1.54</NOBR> i MiFID II).</P>
<P class="p332 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att tillstånd får ges till ett aktiebolag. För en börs är det dock möjligt att vara antingen ett aktiebolag eller en eko- nomisk förening, se 13 kap. 1 §. Det är därför möjligt för en börs som är en ekonomisk förening att vara leverantör av datarapporteringstjänst utan särskilt tillstånd, under förutsättning att kraven i detta kapitel uppfylls. Det är däremot inte möjligt för en fysisk person att få tillstånd att tillhandahålla datarapporteringstjänster. Tillstånd kan ges till antingen ett företag som driver verksamhet enbart som leverantör av datarapport- eringstjänster eller ett företag som även driver annan verksamhet, t.ex. ett värdepappersbolag (se 2 kap. 3 § fjärde stycket). Av ett tillstånd ska det framgå vilka datarapporteringstjänster som det omfattar. Om en leveran- tör av datarapporteringstjänster avser att utvidga sin verksamhet till att omfatta ytterligare någon eller några datarapporteringstjänster, ska leve- rantören ansöka om utvidgning av tillståndet så att det omfattar även den eller de tjänsterna.</P>
<P class="p302 ft2">I <SPAN class="ft3">andra stycket </SPAN>anges den tidsfrist inom vilken Finansinspektionen ska pröva en ansökan om tillstånd. Om Finansinspektionen inte har meddelat något beslut inom tidsfristen, får sökanden begära förklaring hos allmän förvaltningsdomstol att ärendet onödigt uppehålls (se 26 kap. 2 § och författningskommentaren till den bestämmelsen). Bestämmelsen är ut- formad efter förebild av 2 kap. 7 § lagen om värdepappersfonder och 3 kap. 8 § lagen om förvaltare av alternativa investeringsfonder.</P>
<P class="p506 ft2">För en börs eller för ett värdepappersinstitut som har tillstånd att driva en handelsplats gäller, enligt <SPAN class="ft3">tredje stycket</SPAN>, ett undantag från kravet på tillstånd. Ett sådant företag behöver inte något särskilt tillstånd för att utföra datarapporteringstjänster om Finansinspektionen först har kontrollerat att företaget uppfyller kraven i detta kapitel. Beträffande börs som är en ekonomisk förening ska ”bolaget” läsas som ekonomisk förening i förekommande fall. Utgångspunkten för kontrollen bör vara förutsättningarna för tillstånd i 2 §. Om Finansinspektionen kontrollerat att företaget uppfyller kraven i detta kapitel ska inspektionen meddela företaget detta. Om Finansinspektionen anser att kraven inte är uppfyllda ska inspektionen i stället fatta ett beslut om det. Ett sådant beslut får överklagas enligt 26 kap. 1 §. Kraven i övrigt för att en börs eller ett sådant värdepappersinstitut ska få tillhandahålla datarapporteringstjänster är desamma som för företag som behöver ett tillstånd enligt första stycket för att tillhandahålla sådana tjänster.</P>
<P class="p1567 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.15.3.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_703">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">2 §</P>
<P class="p1216 ft2">Paragrafen, som är ny, genomför artiklarna 61.1, 63.1 och 63.5 i MiFID II.</P>
<P class="p1568 ft2">Paragrafen är utformad efter förebild av 3 kap. 1 §.</P>
<P class="p277 ft4">I paragrafen anges förutsättningarna för att tillstånd att tillhandahålla datarapporteringstjänster ska beviljas.</P>
<P class="p181 ft2">Av 1 § följer att tillstånd får ges till svenska företag. Kravet i <SPAN class="ft3">punkt 1 </SPAN>innebär att ett sådant företag även måste ha sitt huvudkontor i Sverige (se artikel 4.1.55 c ii och iii i MiFID II).</P>
<P class="p181 ft4">I <SPAN class="ft45">punkt 2 </SPAN>finns krav på att den planerade verksamheten ska drivas enligt bestämmelserna i lagen och andra författningar som reglerar verk- samheten. Med andra författningar avses t.ex. MiFIR.</P>
<P class="p181 ft2">Kravet i <SPAN class="ft3">punkt 3 </SPAN>avser insikt och erfarenhet för den som ska ingå i styrelsen för företaget eller vara verkställande direktör eller ersättare för någon av dem.</P>
<P class="p181 ft4">Enligt <SPAN class="ft45">punkt 4 </SPAN>krävs att styrelsen som helhet har tillräcklig kunskap och erfarenhet.</P>
<P class="p181 ft2">Av <SPAN class="ft3">punkt 5 </SPAN>följer att företaget ska uppfylla de villkor i övrigt som anges i lagen.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 7.15.3.</P>
<P class="p972 ft25">3 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artiklarna 61.2 och 63.3 i MiFID II.</P>
<P class="p277 ft4">I paragrafen anges att en ansökan om tillstånd att tillhandahålla data- rapporteringstjänster ska innehålla en verksamhetsplan.</P>
<P class="p181 ft2">Krav på verksamhetsplan och information som Finansinspektionen be- höver för prövningen av en ansökan preciseras i kommissionens dele- gerade förordning (EU) av den 2 juni 2016 om komplettering av Europa- parlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsyns- standarder när det gäller auktorisation, organisatoriska krav och publice- ring av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final).</P>
<P class="p277 ft2">En leverantör av datarapporteringstjänster ska enligt MiFID II (artik- el 63.3) anmäla alla ändringar när det gäller dem som ingår i styrelsen för företaget eller är verkställande direktör eller är ersättare för någon av dem. Motsvarande krav gäller enligt direktivet även för värdepappers- bolag (artikel 9.5 i MiFID II och artikel 9.2 i MiFID I). Dessa krav anges inte i lagen utan i myndighetsföreskrifter (se prop. 2006/07:115 s. 350 f. och 5 kap. 9 § Finansinspektionens föreskrifter om värdepappersrörelse). Även kravet i MiFID II att en leverantör av datarapporteringstjänster ska anmäla ändringar i dess ledning till Finansinspektionen genomförs i svensk rätt i myndighetsföreskrifter.</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 7.15.3 och 12.2.4.</P>
<P class="p398 ft25">4 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 63.4 i MiFID II.</P>
<P class="p313 ft4">I paragrafen anges krav på styrelsen hos en leverantör av data- rapporteringstjänster när det gäller att fastställa och införa arrangemang för styrning för bolaget.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">703</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_704">
<P class="p727 ft4">Prop. 2016/17:162 Bolagets styrningssystem ska bl.a. säkerställa åtskillnad mellan funk- tioner inom organisationen och förebyggande av intressekonflikter och främja marknadens integritet och kundernas intressen (se även 12 kap.</P>
<P class="p652 ft2"><SPAN class="ft2">6</SPAN><SPAN class="ft40">e §).</SPAN></P>
<P class="p537 ft2">Övervägandena finns i avsnitten 7.15.3 och 12.2.3.</P>
<P class="p1524 ft25">5 §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel 64.1 i MiFID II.</P>
<P class="p575 ft4">I paragrafen anges krav som en <NOBR>APA-leverantör</NOBR> ska uppfylla. En definition av <NOBR>APA-leverantör</NOBR> finns i 1 kap. 4 b §.</P>
<P class="p575 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att en <NOBR>APA-leverantör</NOBR> ska ha adekvata strate- gier och arrangemang för att offentliggöra informationen. Det är sådan information som anges i artiklarna 20 och 21 i MiFIR om transaktioner med finansiella instrument som ett värdepappersinstitut har utfört som ska offentliggöras.</P>
<P class="p576 ft4">Utgångspunkten för tidsangivelsen i <SPAN class="ft45">andra stycket</SPAN>, när informationen ska tillhandahållas kostnadsfritt, är den tidpunkt när <NOBR>APA-leverantören</NOBR> själv offentliggjorde informationen första gången.</P>
<P class="p575 ft2">I <SPAN class="ft3">tredje stycket </SPAN>anges hur <NOBR>APA-leverantören</NOBR> ska sprida informationen i första stycket.</P>
<P class="p575 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p1569 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.15.4.</P>
<P class="p1274 ft25">6 §</P>
<P class="p1169 ft2">Paragrafen, som är ny, genomför artikel 64.2 i MiFID II.</P>
<P class="p575 ft4">I paragrafen anges vilka uppgifter som information som en <NOBR>APA-leve-</NOBR> rantör offentliggör enligt 5 § åtminstone ska innehålla.</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 7.15.4.</P>
<P class="p1168 ft25">7 §</P>
<P class="p1169 ft2">Paragrafen, som är ny, genomför artikel 64.5 i MiFID II.</P>
<P class="p575 ft4">I paragrafen anges dels krav på att en <NOBR>APA-leverantör</NOBR> ska ha inrättat system för kontroll av information som systemet får från värde- pappersinstitut, dels vilka krav som ett sådant system ska uppfylla.</P>
<P class="p575 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p1570 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.15.4.</P>
<P class="p353 ft2">704</P>
</DIV>
<DIV id="page_705">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">8 <SPAN class="ft2">§</SPAN></P>
<P class="p1216 ft4">Paragrafen, som är ny, genomför artikel 65.1 första och tredje styckena och 65.2 första och andra styckena i MiFID II.</P>
<P class="p181 ft4">I paragrafen anges krav som en <NOBR>CTP-leverantör</NOBR> ska uppfylla. En definition av <NOBR>CTP-leverantör</NOBR> finns i 1 kap. 4 b §.</P>
<P class="p181 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att en <NOBR>CTP-leverantör</NOBR> ska ha adekvata strate- gier och arrangemang för att samla in information som har offentlig- gjorts, slå samman informationen och göra informationen tillgänglig för allmänheten.</P>
<P class="p181 ft2">Utgångspunkten för tidsangivelsen i <SPAN class="ft3">andra stycket</SPAN>, när informationen ska tillhandahållas kostnadsfritt, är den tidpunkt när <NOBR>CTP-leverantören</NOBR> själv offentliggjorde informationen första gången. I <SPAN class="ft3">tredje stycket </SPAN>anges hur en <NOBR>CTP-leverantör</NOBR> ska sprida informationen. Formaten som informa- tionen sprids genom ska vara allmänt accepterade och driftkompatibla.</P>
<P class="p277 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.15.5.</P>
<P class="p398 ft25">9 §</P>
<P class="p953 ft4">Paragrafen, som är ny, genomför artikel 65.1 andra stycket och delvis artikel 65.2 första stycket i MiFID II.</P>
<P class="p181 ft2">I paragarafen anges vilka uppgifter som information som en <NOBR>CTP-leve-</NOBR> rantör offentliggör enligt 8 § åtminstone ska innehålla.</P>
<P class="p169 ft2">Enligt <SPAN class="ft3">punkt 1</SPAN>, som genomför artikel 65.1 andra stycket a och 65.2 första stycket a, ska informationen enligt 8 § innehålla en identifieringskod eller identifierbara kännetecken. När det gäller information som har offentliggjorts enligt artiklarna 6 och 20 i MiFIR ska informationen innehålla en identifieringskod, men för information enligt artiklarna 10 och 21 i förordningen kan identifieringskod saknas och då kan i stället identifierbara kännetecken användas.</P>
<P class="p277 ft4"><SPAN class="ft45">Punkterna </SPAN><NOBR><SPAN class="ft45">2</SPAN>–<SPAN class="ft45">7</SPAN></NOBR><SPAN class="ft45"> </SPAN>genomför artikel 65.1 andra stycket <NOBR>b–g</NOBR> och 65.2 första stycket <NOBR>b–g.</NOBR></P>
<P class="p181 ft2">Uppgift enligt <SPAN class="ft3">punkt 8</SPAN>, som genomför artikel 65.1 andra stycket h, be- höver lämnas enbart när det är fråga om information som har offentlig- gjorts enligt artiklarna 6 och 20 i MiFIR.</P>
<P class="p1571 ft4"><SPAN class="ft45">Punkt 9 </SPAN>genomför artikel 65.1 andra stycket i och 65.2 första stycket h. Uppgift enligt <SPAN class="ft45">punkt 10</SPAN>, som genomför artikel 65.1 andra stycket j, behöver lämnas enbart när det är fråga om information som har offentlig-</P>
<P class="p19 ft2">gjorts enligt artiklarna 6 och 20 i MiFIR.</P>
<P class="p181 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p369 ft2">Övervägandena finns i avsnitt 7.15.5.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">705</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_706">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">706</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">10 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 65.3 i MiFID II.</P>
<P class="p487 ft4">I paragrafen anges krav som en <NOBR>CTP-leverantör</NOBR> ska uppfylla när det gäller att den information som den sammanställer är fullständig.</P>
<P class="p487 ft2">Informationen ska sammanställas från alla reglerade marknader, MTF- plattformar, <NOBR>OTF-plattformar</NOBR> och <NOBR>APA-leverantörer.</NOBR> Informationen ska även innehålla de finansiella instrument som framgår av kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final). Detaljerade regler finns i den delegerade förord- ningen till MiFID II (artiklarna <NOBR>84–89).</NOBR> Hänvisningen till <NOBR>EU-förord-</NOBR> ningen är utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p1538 ft2">Övervägandena finns i avsnitt 7.15.5.</P>
<P class="p398 ft25">11 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 66.1 i MiFID II.</P>
<P class="p487 ft4">I paragrafen anges krav som en <NOBR>ARM-leverantör</NOBR> ska uppfylla när det gäller transaktionsrapportering enligt artikel 26 i MiFIR. En definition av <NOBR>ARM-leverantör</NOBR> finns i 1 kap. 4 b §.</P>
<P class="p487 ft2">Av artikel 26 i MiFIR framgår vilken information som ska rapporteras samt vilka krav som ställs på rapporteringen. Informationen ska, enligt artikel 26, rapporteras till den behöriga myndigheten som på begäran ska ge Esma tillgång till all information som rapporterats i enlighet med artikeln.</P>
<P class="p487 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final).</P>
<P class="p1502 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.15.6.</P>
<P class="p397 ft25">12 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 66.4 i MiFID II.</P>
<P class="p487 ft4">I paragarafen anges krav som en <NOBR>ARM-leverantör</NOBR> ska uppfylla när det gäller de uppgifter som lämnas i transaktionsrapporterna.</P>
<P class="p487 ft2"><NOBR>ARM-leverantören</NOBR> ska ha system som gör det möjligt att kontrollera att transaktionsrapporterna är fullständiga och kunna hitta fall av utelämnad information och uppenbara fel som orsakats av värdepappers- institutet eller som <NOBR>ARM-leverantören</NOBR> själv har orsakat.</P>
<P class="p487 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final).</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 7.15.6.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_707">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">13 §</P>
<P class="p1216 ft2">Paragrafen, som är ny, genomför artiklarna 64.3, 65.4 och 66.2 i MiFID II.</P>
<P class="p1572 ft4">I paragrafen anges krav på arrangemang för att förhindra intressekon- flikter som alla leverantörer av datarapporteringstjänster ska uppfylla.</P>
<P class="p181 ft2">En leverantör av datarapporteringstjänster som även är ett värdepap- persinstitut eller en börs ska i synnerhet behandla all insamlad informa- tion på ett <NOBR>icke-diskriminerande</NOBR> sätt och driva och upprätthålla lämpliga arrangemang för att göra åtskillnad mellan olika affärsfunktioner. I artik- larna 64.3 och 66.2 i MiFID II framgår att intressekonflikter i förhållande till <NOBR>APA-leverantörer</NOBR> och <NOBR>ARM-leverantörers</NOBR> kunder ska förhindras. I artikel 65.4 som rör <NOBR>CTP-leverantörer</NOBR> nämns dock endast att intresse- konflikter ska förhindras. Kraven i paragrafen gäller alla de intresse- konflikter som kan uppstå för en leverantör av datarapporteringstjänster.</P>
<P class="p313 ft2">Om ett värdepappersinstitut eller en börs tillhandahåller en data- rapporteringstjänst, skulle den insamlade informationen kunna utnyttjas i institutets eller börsens ordinarie verksamhet gentemot konkurrenter. Ett sådant agerande skulle dock strida mot kravet på att en leverantör av datarapporteringstjänster ska hantera intressekonflikter. För att uppfylla kravet måste ett värdepappersinstitut eller en börs behandla den infor- mation som företaget får i egenskap av leverantör av datarapporterings- tjänster på ett <NOBR>icke-diskriminerande</NOBR> sätt och ha lämpliga arrangemang för att göra åtskillnad mellan olika affärsfunktioner inom företaget.</P>
<P class="p336 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p401 ft2">Övervägandena finns i avsnitten <NOBR>7.15.4–7.15.6.</NOBR></P>
<P class="p398 ft25">14 §</P>
<P class="p953 ft2">Paragrafen, som är ny, genomför artiklarna 64.4, 65.5 och 66.3 i MiFID II.</P>
<P class="p1573 ft4">I paragrafen anges krav på skyddsmekanismer som alla leverantörer av datarapporteringstjänster måste uppfylla.</P>
<P class="p181 ft2">Skyddsmekanismerna för <NOBR>APA-leverantörer</NOBR> och <NOBR>ARM-leverantörer</NOBR> ska även förhindra informationsläckor före offentliggörandet av information. Reservanordningarna ska säkerställa att tjänsterna alltid kan erbjudas och upprätthållas.</P>
<P class="p181 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 2 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/64/EU avseende tekniska tillsynsstandarder när det gäller auktorisation, organisatoriska krav och publicering av transaktioner för leverantörer av datarapporteringstjänster (C[2016] 3201 final) och i den delegerade förordningen till MiFID II (artiklarna <NOBR>84–89).</NOBR></P>
<P class="p401 ft2">Övervägandena finns i avsnitten <NOBR>7.15.4–7.15.6.</NOBR></P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">707</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_708">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">708</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">15 §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 73.2 i MiFID II när det gäller leverantörer av datarapporteringstjänster.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>anges att den som tillhandahåller en datarapporterings- tjänst ska ha ändamålsenliga system för att från anställda omhänderta an- mälningar om misstänkta överträdelser av bestämmelser som gäller för verksamheten.</P>
<P class="p487 ft4"><SPAN class="ft45">Andra stycket </SPAN>utgör en erinran om bestämmelserna i personuppgifts- lagen.</P>
<P class="p1574 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 13.5.5.</P>
<P class="p165 ft25">11 kap.</P>
<P class="p958 ft25">1 a §</P>
<P class="p1188 ft4">Paragrafen, som är ny, genomför delvis artiklarna 18.5, 20.5 andra stycket, 27.3 och 50.1 i MiFID II.</P>
<P class="p487 ft2">I paragrafen anges de bestämmelser i 13 kap. om reglerade marknader som gäller även för ett värdepappersinstitut som driver en handelsplatt- form. Med termen handelsplattform avses både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar,</NOBR> se definitionerna i 1 kap. 4 b §.</P>
<P class="p487 ft2">Genom hänvisningarna i <SPAN class="ft3">första stycket </SPAN>till 13 kap. 1 <NOBR>a–1</NOBR> i §§ genomförs artikel 18.5 i MiFID II. De bestämmelserna genomför reglerna i artik- larna 48 och 49 om systemens motståndskraft, handelsspärrar, elektro- nisk handel och s.k. <NOBR>tick-size</NOBR> (prisändring) som enligt artikel 18.5 gäller även för drift av handelsplattformar. Genom hänvisningen till 13 kap. 1 j § gäller även kravet på skyddsmekanismer som införs med anledning av artikel 26.7 femte stycket i MiFIR. Hänvisningen till 13 kap. 6 a § innebär att också kravet i artikel 50.1 i MiFID II att den som driver en handelsplats ska synkronisera klockor som gäller för handelsplattformar. Ett värdepappersinstitut som driver en handelsplattform ska även offentliggöra data om kvaliteten på orderutförandet på plattformen enligt 13 kap. 9 §, som genomför artikel 27.3 i MiFID II.</P>
<P class="p1113 ft2">För ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> gäller, enligt <SPAN class="ft3">andra stycket</SPAN>, ytterligare krav i fråga om marknadsgaranter än dem som gäller för <NOBR>MTF-plattformar</NOBR> och reglerade marknader. Ett värdepappers- institut som är marknadsgarant på en <NOBR>OTF-plattform</NOBR> måste, förutom att uppfylla de krav som anges i 13 kap. 1 b § (som genomför artikel 48.2 och 48.3 i MiFID II), också vara oberoende i förhållande till det värde- pappersinstitut som driver plattformen. En marknadsgarant anses inte som oberoende om den har nära förbindelser med den som driver platt- formen (se artikel 20.5 i MiFID II). Vad som avses med nära förbindelser anges i 1 kap. 6 § (se även definitionen i artikel 4.1.35 i direktivet).</P>
<P class="p302 ft2"><SPAN class="ft3">Lagrådet </SPAN>förordar en annan lydelse av andra stycket enligt vilken verk- samhet som marknadsgarant på en <NOBR>OTF-plattform</NOBR> får drivas endast av ett värdepappersinstitut som inte har nära förbindelser till den som driver plattformen. Regeringen instämmer inte med Lagrådet utan anser att bestämmelsen bör utformas på så sätt att den på motsvarande sätt som i direktivet (artikel 20.5) uttryckligen riktas till den som driver <NOBR>OTF-platt-</NOBR> formen.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_709">
<P class="p747 ft4">Detaljerade regler om noggrannhetsnivån med vilken klockor ska syn- Prop. 2016/17:162 kroniseras i enlighet med internationella standarder finns i kommis-</P>
<P class="p113 ft2">sionens delegerade förordning (EU) av den 7 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tek- niska tillsynsstandarder när det gäller noggrannhetsnivån för klockor (C[2016] 3316 final).</P>
<P class="p369 ft2">Övervägandena finns i avsnitten 7.5.1 och 7.5.2.</P>
<P class="p398 ft25">1 b §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 18.4 i MiFID II.</P>
<P class="p264 ft2">I paragrafen anges krav på åtgärder som ett värdepappersinstitut som driver en handelsplattform ska vidta för att identifiera och hantera intressekonflikter. Av 13 kap. 12 § andra stycket 2 och tredje stycket följer att det som anges i förevarande kapitel gäller även för en börs som driver en handelsplattform.</P>
<P class="p429 ft2">Kravet gäller att identifiera och hantera möjliga negativa följder för driften av handelsplattformen eller för deltagarna i handeln på platt- formen. De intressekonflikter som avses är de mellan driften av handels- plattformen och institutets övriga verksamhet.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.5.1.</P>
<P class="p972 ft25">2 §</P>
<P class="p942 ft2">Paragrafen genomför artikel 19.5 i MiFID II.</P>
<P class="p264 ft2">I paragrafen finns ett förbud mot att ett värdepappersinstitut som driver en <NOBR>MTF-plattform</NOBR> på plattformen utför kundorder med utnyttjande av egna tillgångar eller bedriver handel genom matchad principalhandel. Förbudet motsvarar det i artikel 19.5 i MiFID II. I paragrafen anges egna tillgångar i stället för eget kapital som anges i direktivet. Detta innebär inte någon skillnad i sak (jfr författningskommentaren till definitionen av handel för egen räkning i 1 kap. 4 c §). Jfr även definitionen av matchad principalhandel i 1 kap. 5 §.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.5.2.</P>
<P class="p972 ft25">2 a §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 19.3 i MiFID II.</P>
<P class="p264 ft4">I paragrafen anges de särskilda krav som gäller för ett värdepappers- institut som driver en <NOBR>MTF-plattform.</NOBR></P>
<P class="p144 ft2">I <SPAN class="ft3">punkt 1 </SPAN>finns krav på tillräckliga förutsättningar för rikshantering på <NOBR>MTF-plattformen.</NOBR></P>
<P class="p144 ft2">Av <SPAN class="ft3">punkt 2 </SPAN>följer krav på det ska finnas effektiva arrangemang för att underlätta avslut utan dröjsmål av de transaktioner som utförs i platt- formens system.</P>
<P class="p144 ft2">I <SPAN class="ft3">punkt 3 </SPAN>finns krav på tillräckliga finansiella resurser. Med tillräckliga finansiella resurser menas att det ska finnas goda förutsättningar för att plattformen ska kunna fungera korrekt. Hänsyn ska tas till arten och omfattningen av de transaktioner som genomförs på plattformen samt till</P>
<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr24 td408"><P class="p23 ft2">sammansättningen och graden av dess riskexponering.</P></TD>
<TD class="tr24 td131"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td408"><P class="p39 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P></TD>
<TD class="tr26 td131"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td408"><P class="p39 ft2">Övervägandena finns i avsnitt 7.5.1.</P></TD>
<TD class="tr31 td131"><P class="p20 ft2">709</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_710">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">710</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">2 b §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel <NOBR>20.1–20.3</NOBR> i MiFID II.</P>
<P class="p487 ft4">I paragrafen regleras möjligheten för ett värdepappersinstitut att genomföra transaktioner på en <NOBR>OTF-plattform</NOBR> som det driver.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>finns ett krav på att ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> ska ha arrangemang som förhindrar att kundorder utförs med utnyttjande av egna tillgångar hos institutet och att en kundorder utförs mot eget lager hos ett företag som ingår i samma koncern som institutet. Bestämmelsen motsvarar kravet i artikel 20.1 i MiFID II. I bestämmelsen anges egna tillgångar i stället för eget kapital som anges i direktivet. Detta innebär inte någon skillnad i sak (jfr författ- ningskommentaren till 2 § och definitionen av handel för egen räkning i 1 kap. 4 c §).</P>
<P class="p506 ft2">I <SPAN class="ft3">andra stycket </SPAN>regleras möjligheten för ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> att genomföra transaktioner på plattformen. Den möjligheten är enligt bestämmelsen densamma som enligt artikel 20.2 första stycket och 20.3 i MiFID II. Ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> får genom matchad principalhandel bedriva handel med obligationer, strukturerade finansiella produkter, utsläppsrätter och vissa derivat. Detta gäller dock endast om kunden har gett sitt samtycke till processen. Vidare får ett sådant värdepappersinstitut bedriva handel för egen räkning endast när det rör statspapper för vilka det saknas en likvid marknad. Vad som avses med en likvid marknad framgår av 1 kap. 5 §. En förutsättning för att ett värdepappersinstitut ska få bedriva handel för egen räkning är att institutet har tillstånd att utföra sådan investerings- verksamhet enligt 2 kap. 1 § 3. En definition av handel för egen räkning finns i 1 kap. 4 c §.</P>
<P class="p302 ft2">Av <SPAN class="ft3">tredje stycket </SPAN>följer att ett värdepappersinstitut som driver en OTF- plattform inte på plattformen får bedriva matchad principalhandel för att utföra kundorder med derivatinstrument som omfattas av clearingkravet i artikel 5 i Europaparlamentets och rådets förordning (EU) nr 648/2012. Bestämmelsen motsvarar kravet i artikel 20.2 andra stycket i MiFID II. Hänvisningen till <NOBR>EU-förordningen</NOBR> i tredje stycket är utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p385 ft2">Vad som avses med matchad principalhandel definieras i 1 kap. 5 § (artikel 4.1.38 i MiFID II). I artikel 20.2 tredje stycket i MiFID II anges att ett värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> ska inrätta arrangemang som säkerställer att definitionen av handel genom matchad principalhandel följs. Om ett värdepappersinstitut som driver en OTF- plattform avser att genomföra en transaktion på den plattformen genom matchad principalhandel, får det således ske endast under de förutsätt- ningar som anges i definitionen.</P>
<P class="p1502 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.5.2.</P>
<P class="p165 ft25">2 c §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 20.4 i MiFID II.</P>
<P class="p1575 ft42">I paragrafen finns förbud mot att det värdepappersinstitut som driver en <NOBR>OTF-plattform</NOBR> även är systematisk internhandlare eller att institutet</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_711">
<P class="p186 ft4">ansluter plattformen till en systematisk internhandlare eller en annan Prop. 2016/17:162 <NOBR>OTF-plattform.</NOBR></P>
<P class="p805 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>får ett värdepappersinstitut som driver en OTF- plattform inte vara systematisk internhandlare i finansiella instrument som handlas på plattformen. Förbudet mot att vara systematisk internhandlare avser de instrument som handlas på <NOBR>OTF-plattformen.</NOBR> Detta framgår inte uttryckligen av direktivet men måste rimligen ha varit avsikten. För den som driver en <NOBR>OTF-plattform</NOBR> är det emellertid enligt 2 § tillåtet att på platt- formen genomföra transaktioner mot det egna lagret i statspapper för vilka det saknas en likvid marknad. Det är även tillåtet att på plattformen utföra matchad principalhandel i obligationer, strukturerade finansiella produkter och derivatinstrument som inte omfattas av clearingkravet enligt förordningen om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktions- register. Av detta följer att transaktioner mot det egna lagret på OTF- plattformen i sådana instrument inte innebär att den som driver platt- formen är att anse som systematisk internhandlare. Av <SPAN class="ft3">andra stycket </SPAN>följer att <NOBR>OTF-plattformen</NOBR> inte får anslutas till en systematisk intern- handlare eller en annan <NOBR>OTF-plattform.</NOBR></P>
<P class="p1576 ft2">Övervägandena finns i avsnitt 7.5.2.</P>
<P class="p398 ft25">3 §</P>
<P class="p958 ft2">Paragrafen genomför artiklarna 18.3 och 19.2 i MiFID II.</P>
<P class="p144 ft4">I paragrafen anges krav när det gäller vilka som får delta i handeln på en handelsplattform.</P>
<P class="p144 ft2">Genom ändringen av definitionen av handelsplattform (1 kap. 4 b §) så att den inbegriper både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR> gäller kravet i <SPAN class="ft3">första meningen </SPAN>även värdepappersinstitut som driver en OTF- plattform.</P>
<P class="p144 ft2">För deltagande i handeln på en <NOBR>OTF-plattform</NOBR> anges det inte några specifika krav i lagen, utöver kravet att det värdepappersinstitut som driver plattformen ska ha regler för vilka som får delta. Enligt 11 kap. 1 § ska ett värdepappersinstitut som driver en handelsplattform tillämpa prin- cipen om fritt tillträde, som innebär att alla som uppfyller de krav som ställs i lagen och av institutet får delta i handel. I kraven på att ett värde- pappersinstitut som driver en handelsplattform ska ha regler om vem som får delta i handeln och att institutet ska tillämpa principen om fritt till- träde ingår även de krav som ställs enligt MiFID II (artikel 18.3) på att de som driver en handelsplattform ska offentliggöra och genomföra transpa- renta regler för tillgång till deras system.</P>
<P class="p426 ft2">Ändringen i <SPAN class="ft3">andra meningen </SPAN>är enbart en följd av att definitionen av handelsplattform ändras så att även <NOBR>OTF-plattformar</NOBR> inbegrips och inne- bär inte någon ändring av kraven för deltagande i handeln på en MTF- plattform. De regler som ska finnas för tillträde till en <NOBR>MTF-plattform</NOBR> ska uppfylla de villkor som fastställs i 14 kap. 2 §.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.5.5.</P>
<P class="p398 ft25">3 a §</P>
<P class="p964 ft2">Paragrafen, som är ny, genomför artikel 18.7 i MiFID II.</P>
<P class="p1577 ft2">711</P>
</DIV>
<DIV id="page_712">
<P class="p820 ft4">Prop. 2016/17:162 I paragrafen finns krav på det minsta antal aktiva deltagare som det ska finnas på en handelsplattform.</P>
<P class="p575 ft2">Det ska åtminstone finnas tre aktiva deltagare på en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform.</NOBR> Deltagarna ska var och en ha möjlighet att inter- agera med de övriga deltagarna när det gäller prisbildningen. Kravet syftar till att säkerställa viss likviditet och att likviditeten inte enbart till- handahålls av en enda part.</P>
<P class="p629 ft2">Övervägandena finns i avsnitt 7.5.5.</P>
<P class="p1524 ft25">4 a §</P>
<P class="p1179 ft4">Paragrafen, som är ny, genomför artiklarna 19.1 och 20.6 första, andra och fjärde styckena i MiFID II.</P>
<P class="p575 ft4">I paragrafen finns bestämmelser om utförande av order på en handels- plattform.</P>
<P class="p575 ft2">För både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar</NOBR> gäller enligt 1 och 4 §§ (artikel 18.1 i MiFID II) att det ska finnas transparenta regler för en väl- ordnad handel på lika villkor. Huvudregeln är alltså att reglerna ska vara icke skönsmässiga för både <NOBR>MTF-plattformar</NOBR> och <NOBR>OTF-plattformar.</NOBR></P>
<P class="p575 ft2">För <NOBR>MTF-plattformar</NOBR> gäller enligt <SPAN class="ft3">första stycket </SPAN>att reglerna för utför- ande av order ska vara icke skönsmässiga. Det motsvarar det som gäller enligt artikel 19.1 i direktivet.</P>
<P class="p575 ft2"><SPAN class="ft3">Andra stycket </SPAN>reglerar <NOBR>OTF-plattformar.</NOBR> För <NOBR>OTF-plattformar</NOBR> anges i artikel 20.6 första stycket i direktivet att medlemsstaterna ska kräva att order utförs på diskretionär grund samtidigt som det i andra stycket i artikeln anges att den som driver plattformen ska handla diskretionärt enbart i två särskilt angivna situationer. Den första situationen, som avses i <SPAN class="ft3">punkt 1</SPAN>, är vid beslut om att lägga eller dra tillbaka en order på OTF- plattformen. Den andra situationen, som avses i <SPAN class="ft3">punkt 2</SPAN>, är vid beslut om att inte matcha en specifik kundorder med de övriga order som finns tillgängliga vid en viss tidpunkt, under förutsättning att detta stämmer överens med kundens specifika instruktioner och institutets skyldigheter enligt artikel 27.</P>
<P class="p580 ft2">I artikel 20.6 fjärde stycket i MiFID II anges att skyldigheten för det värdepappersföretag som driver en <NOBR>OTF-plattform</NOBR> att utföra order på diskretionär grund inte ska påverka tillämpningen av artiklarna 18 och 27 i direktivet. De artiklarna genomförs i svensk rätt i <NOBR>1–1</NOBR> b, 3, 3 a, 4, 5 och 6 §§ i detta kapitel och i 8 kap. 33 §, 9 kap. 21 och <NOBR>30–37</NOBR> §§, 13 kap. 9 §, 22 kap. 1 § och 23 kap. 2 och 3 §§. Det innebär att för ett värdepappers- institut som driver en <NOBR>OTF-plattform</NOBR> gäller de bestämmelserna, vilket bl.a. innebär att institutet är skyldigt att utföra en order på de villkor som är mest förmånliga för kunden.</P>
<P class="p1550 ft2">Övervägandena finns i avsnitt 7.5.2.</P>
<P class="p1168 ft25">4 b §</P>
<P class="p1578 ft4">Paragrafen, som är ny, genomför artikel 20.6 tredje stycket i MiFID II. I paragrafen finns bestämmelser om matchning av kundorder.</P>
<P class="p591 ft42">I <SPAN class="ft51">första stycket </SPAN>finns regler som gäller om ett värdepappersinstitut driver en <NOBR>OTF-plattform</NOBR> i form av ett system som matchar kundorder.</P>
<P class="p1114 ft2">712</P>
</DIV>
<DIV id="page_713">
<P class="p747 ft4">Av <SPAN class="ft45">andra stycket </SPAN>följer att ett värdepappersinstitut som driver en OTF- Prop. 2016/17:162 plattform i form av ett system som anordnar transaktioner med icke</P>
<P class="p113 ft2">aktieliknande finansiella instrument får underlätta förhandlingar kunder emellan för att sammanföra två eller flera potentiellt kompatibla köp- och säljintressen i en transaktion.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 7.5.2.</P>
<P class="p398 ft25">6 §</P>
<P class="p1283 ft4">Paragrafen, som genomför artikel 18.8 i MiFID II, innehåller bestäm- melser om utgivares informationsplikt.</P>
<P class="p264 ft42">Ändringen är endast en följdändring med anledning av de redaktionella ändringar som görs i 1 kap. 4 §.</P>
<P class="p165 ft25">12 §</P>
<P class="p958 ft2">Paragrafen genomför artikel 32.1 och 32.2 första stycket i MiFID II.</P>
<P class="p144 ft2">I paragrafen ersätts nuvarande bestämmelser om bemyndiganden med bestämmelser om handelsstopp och om avförande av finansiella instru- ment från handel på en handelsplattform. Möjligheten för ett värdepap- persinstitut som driver en handelsplattform att avbryta handeln med ett finansiellt instrument regleras inte i nuvarande lydelse av lagen. Finans- inspektionens möjlighet att besluta om handelsstopp regleras dock i 22 kap. 2 § andra stycket.</P>
<P class="p429 ft2">I <SPAN class="ft3">första stycket </SPAN>införs regler om att ett värdepappersinstitut får avbryta handeln med ett finansiellt instrument eller avföra instrumentet från handel, om instrumentet inte länge uppfyller handelsplattformens regler. Institutet ska dock inte avbryta handeln eller avföra instrumentet om det allvarligt skulle kunna skada investerarnas intressen eller hindra mark- naden från att fungera korrekt.</P>
<P class="p429 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att ett värdepappersinstitut får avbryta handeln med eller avföra ett finansiellt instrument från handel även i andra fall än de som anges i första stycket. Situationen i första stycket utgör således inte den enda situationen som ett institut får avbryta handeln eller avföra ett finansiellt instrument från handel.</P>
<P class="p429 ft2">Av <SPAN class="ft3">tredje stycket </SPAN>följer att värdepappersinstitutet även ska avbryta handeln i finansiella derivatinstrument relaterat till det instrument som handelsstoppats respektive avföra sådana derivatinstrument från handel. Detta ska dock endast ske om det är nödvändigt med hänsyn till syftet med handelsstoppet eller avförandet. Det är således inte varje handels- stopp eller avförande av ett finansiellt instrument som ska leda till handelsstopp eller avförande även när det gäller derivatinstrument relaterade till instrumentet. Om handelsstoppet eller avförandet endast innebär att instrumentet byter s.k. lista (aktier delas ofta in i olika listor beroende på vilken reglerad marknad eller handelsplattform som de handlas på) eller handelsplats, ska detta inte betraktas som ett handels- stopp eller avförande i den mening som avses i andra stycket.</P>
<P class="p1022 ft4">I <SPAN class="ft45">fjärde stycket </SPAN>finns krav på offentliggörande av beslut samt under- rättelse till Finansinspektionen. Underrättelse till Finansinspektionen bör göras utan onödigt dröjsmål.</P>
<P class="p947 ft2">713</P>
</DIV>
<DIV id="page_714">
<P class="p727 ft2">Prop. 2016/17:162 Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 24 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p1579 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.5.4.</P>
<P class="p1240 ft25">13 §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel <NOBR>33.1–33.3</NOBR> i MiFID II.</P>
<P class="p576 ft2">I paragrafen finns bestämmelser om möjligheten att registrera en MTF- plattform som tillväxtmarknad för små och medelstora företag. Tillväxt- marknad för små och medelstora företag definieras i 1 kap. 4 b § och små och medelstora företag definieras i 1 kap. 5 §.</P>
<P class="p576 ft2">Av <SPAN class="ft3">punkt 1 </SPAN>följer att minst 50 procent av emittenterna ska vara små och medelstora företag vid tiden för registrering. Detta krav ska fortsatt gälla varje kalenderår efter registrering. Enligt skäl 135 till MiFID II bör kravet på 50 procent emellertid tillämpas med flexibilitet. Det innebär att handelsplatsen inte omedelbart behöver avregistreras eller vägras registrering som tillväxtmarknad för små och medelstora företag om kriteriet tillfälligt inte uppfylls, om det finns rimliga utsikter för att den kommer att uppfylla kravet på minst 50 procent fr.o.m. året därpå.</P>
<P class="p1020 ft4">I <SPAN class="ft45">punkt 2 </SPAN>avser kravet om lämpliga kriterier både det första upp- tagandet och fortlöpande upptagande av en emittents finansiella instru- ment till handel.</P>
<P class="p575 ft2">Kravet i <SPAN class="ft3">punkt 3 </SPAN>innebär att det ska finnas ett prospekt, om detta krävs enligt 2 kap. lagen om handel med finansiella instrument. Det är visserligen inte fråga om att de finansiella instrumenten tas upp till handel på en reglerad marknad, men upptagandet till handel på <NOBR>MTF-platt-</NOBR> formen kan göras i samband med ett sådant erbjudande till allmänheten som avses i 2 kap. 1 § nämnda lag.</P>
<P class="p575 ft2">Information enligt <SPAN class="ft3">punkt 4 </SPAN>kan tillhandahållas av emittenten själv eller någon annan för emittentens räkning, se artikel 33.3 d i MiFID II. I direktivet tas som exempel på fortlöpande och regelbunden finansiell rapportering upp reviderade årsrapporter.</P>
<P class="p576 ft2">De i <SPAN class="ft3">punkt 5 </SPAN>uppräknade personerna avser emittenterna, personer som har ledande ställning hos dem samt närstående till dem enligt defini- tionerna i marknadsmissbruksförordningen (artikel 3.1.21, 3.1.25 och 3.1.26).</P>
<P class="p576 ft4">Kravet i <SPAN class="ft45">punkt 6 </SPAN>innebär att tillsynsinformation om emittenterna ska lagras och spridas till allmänheten.</P>
<P class="p575 ft4">I <SPAN class="ft45">punkt 7 </SPAN>finns krav på effektiva system och kontroller för att förhindra och upptäcka marknadsmissbruk.</P>
<P class="p575 ft2">Kraven på en tillväxtmarknad specificeras i den delegerade förord- ningen till MiFID II (artiklarna 78 och 79).</P>
<P class="p1508 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.5.7.</P>
<P class="p397 ft2">714</P>
</DIV>
<DIV id="page_715">
<DIV>
<DIV id="id_1">
<P class="p19 ft25">14 §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 33.5 i MiFID II.</P>
<P class="p181 ft4">I paragrafen anges förutsättningarna för att avregistrera en <NOBR>MTF-platt-</NOBR> form som en tillväxtmarknad för små och medelstora företag.</P>
<P class="p181 ft2">Om det värdepappersinstitut som driver plattformen själv har ansökt om avregistrering eller om kraven för registrering enligt 13 § inte längre är uppfyllda, får <NOBR>MTF-plattformen</NOBR> avregistreras som en tillväxtmarknad för små och medelstora företag.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.5.7.</P>
<P class="p398 ft25">15 §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 33.7 i MiFID II.</P>
<P class="p181 ft2">I paragrafen finns bestämmelser om handel med finansiella instrument som handlas på en <NOBR>MTF-plattform</NOBR> som är registrerad som en tillväxt- marknad för små och medelstora företag även på en annan sådan MTF- plattform.</P>
<P class="p277 ft4">En emittents finansiella instrument får endast tas upp till handel på en annan tillväxtmarknad för små och medelstora företag efter att emittenten har informerats och inte motsatt sig det.</P>
<P class="p181 ft2">Om ett finansiellt instrument handlas på två <NOBR>MTF-plattformar</NOBR> som båda är registrerade som tillväxtmarknader för små och medelstora före- tag, omfattas emittenten inte av de krav på bolagsstyrning eller offentlig- görande av information som gäller på den andra plattformen som instru- mentet togs upp till handel på. Med offentliggörande avses enligt artikel 33.7 i MiFID II ursprungligt offentliggörande (t.ex. prospekt), fort- löpande offentliggörande (t.ex. finansiell rapportering) och offentlig- görande vid särskilt betydelsefulla händelser (t.ex. kurspåverkande ny- heter).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.5.7.</P>
<P class="p972 ft25">12 kap.</P>
<P class="p958 ft25">2 §</P>
<P class="p953 ft4">Paragrafen genomför artiklarna 44.1, 45.1, 45.2 b och c, 45.7 och 46.1 i MiFID II.</P>
<P class="p181 ft2">Paragrafen behandlar förutsättningarna för tillstånd att som börs driva en reglerad marknad.</P>
<P class="p181 ft2">I <SPAN class="ft3">punkt 5</SPAN>, som är ny, genomförs kravet i artikel 45.1 andra meningen i MiFID II att det i ledningsorganet sammantaget ska finnas en tillräckligt bred uppsättning av erfarenheter. Det innebär att det vid prövningen av den som ska ingå i styrelsen för en börs även ska beaktas om styrelsens samlade kompetens är tillräcklig för att leda börsen. Detta krav motsvarar det krav som gäller för styrelsen i värdepappersbolag (se 3 kap. 1 § första stycket 6). Genom den prövningen ska det säkerställas att styrelsen som helhet har en tillfredsställande blandning av de erfaren- heter som krävs för att leda en börs.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 12.2.2.</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">715</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_716">
<DIV>
<DIV id="id_1">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">716</P>
</DIV>
<DIV id="id_2">
<P class="p19 ft25">6 b §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 45.2 a första stycket andra meningen och andra stycket i MiFID II.</P>
<P class="p487 ft4">Paragrafen motsvarar det som gäller för värdepappersbolag enligt 8 kap. 8 b § (jfr prop. 2013/14:228 s. 307 f. och 317).</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>anges att den som är ledamot i styrelsen för en börs eller är dess verkställande direktör utöver detta uppdrag får ha det antal uppdrag som styrelseledamot eller verkställande direktör i andra företag som bedöms lämpligt med hänsyn till omständigheterna i det enskilda fallet samt till arten, omfattningen och komplexiteten hos börsens verk- samhet.</P>
<P class="p487 ft2"><SPAN class="ft3">Andra stycket </SPAN>innehåller kvantitativa begränsningar av antalet uppdrag som en styrelseledamot eller verkställande direktör får ha i en börs som är betydande i fråga om storlek, intern organisation samt verksamhetens art, omfattning och komplexitet. Vad som avses med betydande i detta sammanhang utvecklas i avsnitt 12.2.2. I 6 c § finns därutöver bestäm- melser om vilka uppdrag som ska räknas med vid bedömningen enligt andra stycket.</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 12.2.2.</P>
<P class="p398 ft25">6 c §</P>
<P class="p1188 ft4">Paragrafen, som är ny, genomför artikel 45.2 a <NOBR>tredje–femte</NOBR> styckena i MiFID II.</P>
<P class="p487 ft2">Paragrafen motsvarar det som gäller för värdepappersbolag enligt 8 kap. 8 c § (jfr prop. 2013/14:228 s. 307 f. och 317).</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>anges att uppdrag inom samma koncern eller i företag där börsen har ett kvalificerat innehav räknas som ett enda uppdrag vid tillämpning av 6 b § andra stycket. Vidare anges att uppdrag i verksam- heter och organisationer som inte huvudsakligen har ett kommersiellt syfte inte beaktas vid tillämpningen av nämnda stycke.</P>
<P class="p332 ft4">I <SPAN class="ft45">andra stycket </SPAN>anges att 6 b § andra stycket inte heller ska tillämpas på representanter för svenska staten.</P>
<P class="p487 ft2">I <SPAN class="ft3">tredje stycket </SPAN>anges att Finansinspektionen får ge tillstånd till den som är styrelseledamot eller verkställande direktör i en börs som är betydande att ha ytterligare ett uppdrag som styrelseledamot utöver de som anges i 6 b § andra stycket. Finansinspektionen ska som behörig myndighet regelbundet informera Esma om sådana tillstånd. Det följer av Finansinspektionens skyldighet att utbyta information med Esma i sin tillsynsverksamhet i den utsträckning som följer av MiFID II (se författ- ningskommentaren till 23 kap. 5 §).</P>
<P class="p1425 ft2">Övervägandena finns i avsnitt 12.2.2.</P>
<P class="p972 ft25">6 d §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 45.2 a första stycket första meningen i MiFID II.</P>
<P class="p332 ft4">Paragrafen motsvarar det som gäller för värdepappersbolag enligt 8 kap. 8 d § (jfr prop. 2013/14:228 s. 307 f. och 317). I paragrafen anges att den som är styrelseledamot eller verkställande direktör i en börs ska avsätta tillräckligt med tid för att kunna utföra sitt uppdrag. Esma ska</P>
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<P class="p186 ft4">utfärda riktlinjer i fråga om begreppet tillräcklig med tid som ska avsättas Prop. 2016/17:162 för att kunna utföra uppgifterna (artikel 45.9 första stycket a i MiFID II).</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 12.2.2.</P>
<P class="p398 ft25">6 e §</P>
<P class="p1283 ft4">Paragrafen, som är ny, genomför artikel 45.6 i MiFID II och behandlar styrelsens uppgifter i en börs.</P>
<P class="p144 ft2">Paragrafen motsvarar för styrelsen i börser delvis det som gäller för värdepappersinstitut enligt nya 8 kap. 8 e §. MiFID II innehåller emeller- tid en betydligt mer detaljerad reglering för värdepappersinstitutens del (se författningskommentaren till 8 kap. 8 e §).</P>
<P class="p264 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att styrelsen i en börs ska fastställa och övervaka genomförandet av de arrangemang för styrning som säkerställer en effektiv och ansvarsfull ledning av börsen, där åtskillnad ska göras mellan funktioner inom organisationen och förebyggande av intressekonflikter.</P>
<P class="p264 ft4">Av <SPAN class="ft45">andra stycket </SPAN>följer att styrelsen i en börs regelbundet ska övervaka och bedöma effektiviteten i styrningsformerna och vidta lämpliga åt- gärder för att rätta till eventuella brister.</P>
<P class="p144 ft2">I <SPAN class="ft3">tredje stycket </SPAN>ställs krav på att styrelsen ska ha tillgång till den infor- mation och de dokument som krävs för att ha uppsikt över och övervaka verkställande direktörens beslutsfattande. Styrelsen och verkställande direktören har olika roller där styrelsens övervakning är inriktad främst på den verkställande direktören medan dennes övervakningsskyldigheter riktar sig mot underordnade chefer.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 12.2.3.</P>
<P class="p972 ft25">8 a §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 84.2 i MiFID II.</P>
<P class="p264 ft4">Paragrafen motsvarar det som gäller för värdepappersbolag enligt 3 kap. 9 §.</P>
<P class="p144 ft2">Paragrafen reglerar Finansinspektionens skyldighet att samråda med en tillsynsmyndighet i ett annat land inom EES innan tillstånd beviljas för en börs som är eller kan förväntas komma att ingå i samma företagsgrupp som ett finansiellt företag med auktorisation i det andra landet eller kontrolleras eller kan komma att kontrolleras av fysiska eller juridiska personer som har ägarkontroll över ett sådant företag.</P>
<P class="p144 ft2">Reglerna i MiFID II om samarbete och utbyte av information komp- letteras av detaljerade regler i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU med avseende på tekniska tillsynsstandarder för utbyte av uppgifter mellan behöriga myndigheter när de deltar i samarbete avseende tillsynsverksamhet, kontroller på plats och vid utredningar (C[2016] 4415 final) (artiklarna <NOBR>1–4).</NOBR></P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 13.4.3.</P>
<P class="p398 ft25">10 §</P>
<P class="p1086 ft2">Paragrafen genomför artiklarna 34.6, 34.7 och 53.6 i MiFID II.</P>
<P class="p1069 ft2">717</P>
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<P class="p727 ft2">Prop. 2016/17:162 Ändringen, som innebär att det anges ett uttryckligt krav på att upp- gifterna ska lämnas utan onödigt dröjsmål, motsvarar den ändring som i detta avseende har gjorts i MiFID II (artikel 53.6 tredje stycket) i för- hållande till MiFID I (artikel 42.6 tredje stycket). Det torde dock inte innebära någon ändring i sak.</P>
<P class="p1580 ft42">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitt 7.4.7.</P>
<P class="p1140 ft25">11 §</P>
<P class="p936 ft4">I paragrafen finns bemyndiganden för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter.</P>
<P class="p575 ft2">Med stöd av bemyndigandet i <SPAN class="ft3">punkt 1 </SPAN>blir det möjligt att i myndig- hetsföreskrifter ange vilka åtgärder som en börs ska vidta för att uppfylla kraven på mångfaldspolicy vid tillsättandet av styrelse samt på resurser för introduktion och utbildning av styrelseledamöter. Bemyndigandet är utformat efter förebild av motsvarande bemyndigande när det gäller styrelsen i värdepappersbolag (se nya 8 kap. 35 § 2).</P>
<P style="text-align: left;padding-left: 138px;padding-right: 189px;margin-top: 3px;margin-bottom: 0px;" class="ft4"><SPAN class="ft45">Punkterna </SPAN><NOBR><SPAN class="ft45">2</SPAN>–<SPAN class="ft45">4</SPAN></NOBR><SPAN class="ft45"> </SPAN>överensstämmer med nuvarande bemyndiganden. Övervägandena finns i avsnitt 12.2.2.</P>
<P class="p1274 ft25">13 kap.</P>
<P class="p1459 ft25">1 a §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel 48.1 i MiFID II.</P>
<P class="p576 ft2">Paragrafen innehåller krav på en börs att inrätta system, förfaranden och arrangemang så att handelssystemen är motståndskraftiga, har till- räcklig kapacitet, kan säkerställa ordnad handel, är fullständigt testade och omfattas av effektiva arrangemang.</P>
<P class="p576 ft2">Kravet i <SPAN class="ft3">punkt 4 </SPAN>att systemen ska vara fullständigt testade innebär att de ska vara testade enligt vedertagna testmetoder i förhållande till sådana påfrestningar när det gäller ordervolymer som rimligen kan antas bli aktuella för den reglerade marknaden i stort, t.ex. vid ekonomiska kriser, eller avseende enskilda finansiella instrument, t.ex. vid offentliggörande av kurspåverkande information om emittenten.</P>
<P class="p654 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specifi- cerar organisatoriska krav för handelsplatser och i kommissionens dele- gerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specificerar kraven för marknadsgarantsavtal och marknadsgarantssystem (C[2016] 3523 final).</P>
<P class="p1550 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p1168 ft25">1 b §</P>
<P class="p1513 ft4">Paragrafen, som är ny, genomför artikel 48.2 och 48.3 i MiFID II. Paragrafen innehåller krav på att en börs ska ingå skriftliga avtal med</P>
<P class="p535 ft2">samtliga värdepappersinstut som bedriver en marknadsgarantstrategi.</P>
<P class="p354 ft2">718</P>
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<P class="p169 ft2">I vissa fall kan det vara nödvändigt att en börs anlitar marknadsgaran- ter för att upprätthålla tillräcklig likviditet på en reglerad marknad som börsen driver. Börsen kan i sådana fall kräva att det finns en marknads- garant för att ta upp ett visst finansiellt instrument till handel. Det ställs således krav på börsen att säkerställa att ett tillräckligt antal värde- pappersinstitut upprätthåller likviditet på marknaden. Om en börs kräver att det finns en marknadsgarant på den reglerade marknaden, gäller kravet i <SPAN class="ft3">första stycket </SPAN>på skriftliga avtal och vad som åtminstone ska framgå av ett sådant avtal. En börs är skyldig att ingå skriftliga avtal med alla värdepappersinstitut som bedriver en marknadsgarantstrategi på den reglerade marknaden. En definition av marknadsgarant finns i 1 kap. 4 b §, se författningskommentaren till den paragrafen. När ett värdepap-</P>
<TABLE cellpadding=0 cellspacing=0 style="width: 393px;margin-top: 2px;font: 13px 'Times New Roman';">
<TR>
<TD class="tr24 td75"><P class="p23 ft2">persinstitut</P></TD>
<TD class="tr24 td35"><P class="p23 ft2">ska</P></TD>
<TD class="tr24 td223"><P class="p20 ft2">anses bedriva en marknadsgarantstrategi framgår av</P></TD>
</TR>
<TR>
<TD class="tr26 td75"><P class="p23 ft2">8 kap. 26 §,</P></TD>
<TD class="tr26 td35"><P class="p50 ft2">se</P></TD>
<TD class="tr26 td223"><P class="p20 ft2">författningskommentaren till den paragrafen. Se även</P></TD>
</TR>
</TABLE>
<P class="p19 ft2">artikel 17.4 i MiFID II.</P>
<P class="p181 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att börsen ska övervaka att värdepappersinstitut som bedriver en marknadsgarantstrategi på den reglerade marknaden följer avtalen. Finansinspektionen ska även underrättas om innehållet i avtalen.</P>
<P class="p181 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 13 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder som specifi- cerar kraven för marknadsgarantsavtal och marknadsgarantssystem (C[2016] 3523 final).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p398 ft25">1 c §</P>
<P style="text-align: justify;padding-left: 11px;padding-right: 13px;margin-top: 4px;margin-bottom: 0px;text-indent: -10px;" class="ft4">Paragrafen, som är ny, genomför artikel 48.4 och 48.5 i MiFID II. Paragrafen innehåller krav på att en börs ska kunna avvisa order på en</P>
<P class="p163 ft2">reglerad marknad som börsen driver och avbryta eller begränsa handeln i finansiella instrument.</P>
<P class="p181 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska en börs ha effektiva system, förfaranden och arrangemang för att kunna avvisa en order på en reglerad marknad som den driver. Detta ska ske om ordern överskrider vissa volym- och priströsklar eller om ordern är uppenbart felaktig.</P>
<P class="p181 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att börsen tillfälligt ska kunna avbryta eller be- gränsa handeln på den reglerade marknaden under en kort period. Detta ska ske om det finns en betydande prisrörelse för ett finansiellt instru- ment på den eller en närliggande marknad. I undantagsfall ska börsen kunna annullera, justera eller korrigera en transaktion.</P>
<P class="p313 ft2">Enligt <SPAN class="ft3">tredje stycket </SPAN>ska börsen säkerställa att parametrarna för att avbryta handeln är lämpligt kalibrerade. Börsen ska då beakta likviditeten för olika tillgångskategorier och underkategorier, marknadsmodellens art och olika typer av användare och att de är tillräckliga för att undvika betydande störningar i en ordnad handel.</P>
<P class="p313 ft4">Börsen ska, enligt <SPAN class="ft45">fjärde stycket</SPAN>, underrätta Finansinspektionen om parametrarna och om betydande ändringar av dem.</P>
<P class="p277 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 25 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">719</P>
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<P class="p820 ft4">Prop. 2016/17:162 fastställande av när en marknad är avgörande för likviditeten i samband med meddelanden om tillfälliga handelsstopp (C[2016] 3020 final).</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p1168 ft25">1 d §</P>
<P class="p1169 ft2">Paragrafen, som är ny, genomför artikel 48.6 i MiFID II.</P>
<P class="p575 ft2">Paragrafen innehåller krav på en börs att ha effektiva system, förfaranden och arrangemang när det gäller deltagare i handeln på en reglerad marknad som börsen driver som använder algoritmiska handelssystem.</P>
<P class="p576 ft2">Att en börs enligt <SPAN class="ft3">första stycket </SPAN>ska ha system och arrangemang för att säkerställa att algoritmisk handel inte skapar eller bidrar till otillbörliga marknadsförhållanden innebär att de spärrar och begränsningar som avses i andra stycket ska vara rimliga i förhållande till den algoritmiska handel som förekommer på den reglerade marknaden. Med otillbörliga marknadsförhållanden avses även ageranden som strider mot marknads- missbruksförordningen, t.ex. marknadsmanipulation och s.k. front- running (en form av insiderhandel, se avsnitt 7.6.1). Också ageranden som inte direkt strider mot marknadsmissbruksförordningen men som på annat sätt försvårar eller skapar oreda för andra investerare omfattas.</P>
<P class="p1515 ft2">I <SPAN class="ft3">andra stycket </SPAN>anges krav för förfarandena i första stycket.</P>
<P class="p575 ft4"><SPAN class="ft45">Punkt 1 </SPAN>innebär krav på lämpliga tester av algoritmer och miljöer för att underlätta sådana tester.</P>
<P class="p728 ft2">I <SPAN class="ft3">punkt 2 </SPAN>finns krav på system för att begränsa order i vissa fall. Kravet i <SPAN class="ft3">punkt 3 </SPAN>innebär att systemet ska göra det möjligt att bromsa</P>
<P class="p646 ft4">orderflödet, om det finns en risk för att nå upp till gränsen för vad handelssystemet klarar av.</P>
<P class="p575 ft2">Med minsta prisändring <NOBR>(tick-size)</NOBR> i <SPAN class="ft3">punkt 4 </SPAN>avses gränser för hur priset ändras på ett finansiellt instrument. Om köpkursen är 10 kronor och någon vill lägga ett högre bud kan nästa nivå vara t.ex. 10,50, 10,10 eller 10,01 kronor beroende på vilken prisändring <NOBR>(tick-size)</NOBR> som tilläm- pas.</P>
<P class="p1026 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 18 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller andelen ej utförda order i förhållande till transaktionerna för att före- bygga otillbörliga marknadsförhållanden och i kommissionens dele- gerade förordning (EU) av den 14 juli 2016 om komplettering av Europa- parlamentets och rådets direktiv 2014/65/EU avseende tekniska stand- arder för tillsyn som specificerar organisatoriska krav för handelsplatser (C[2016] 4387 final).</P>
<P class="p1020 ft4">I 8 kap. <NOBR>23–25</NOBR> §§ finns krav på värdepappersinstitut som driver algo- ritmisk handel.</P>
<P class="p536 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p1524 ft25">1 e §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel 48.7 i MiFID II.</P>
<P class="p697 ft2">Paragrafen innehåller krav på en börs som tillåter direkt elektroniskt</P>
<P class="p535 ft5">tillträde till en reglerad marknad som börsen driver. Direkt elektroniskt</P>
<P class="p19 ft2">720</P>
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<P class="p186 ft4">tillträde definieras i 1 kap. 5 §, se författningskommentaren till den para- Prop. 2016/17:162 grafen. För definition av utländskt värdepappersföretag, se 1 kap. 4 b §.</P>
<P class="p144 ft2">I <SPAN class="ft3">första stycket </SPAN>anges krav på system, förfaranden och arrangemang för att säkerställa vilka som börsen ska ge direkt elektroniskt tillträde till och ansvarsfördelning.</P>
<P class="p144 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att en börs vid behov ska kunna stoppa order eller handel och även kunna avsluta en deltagares direkta elektroniska tillträde till en kund. I stycket används till skillnad från i artikel 48.7 i MiFID II (där även anges medlem) enbart termen deltagare på en regle- rad marknad, se författningskommentaren till 1 kap. 5 § när det gäller termen deltagare.</P>
<P class="p429 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska standarder för tillsyn som speci- ficerar organisatoriska krav för handelsplatser (C[2016] 4387 final).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p398 ft25">1 f §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 48.8 i MiFID II.</P>
<P class="p144 ft4">Paragrafen innehåller krav på att en börs ska ha regler om samlokali- seringstjänster.</P>
<P class="p144 ft2">Med samlokaliseringstjänster avses att en deltagare på en reglerad marknad får ställa upp utrustning för orderläggning (t.ex. servrar) i börsens lokaler. Om en börs inte erbjuder några samlokaliseringstjänster över huvud taget, behöver börsen naturligtvis inte ha några regler om sådana tjänster.</P>
<P class="p264 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 6 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder avseende krav för att säkerställa rättvisa och <NOBR>icke-diskriminerande</NOBR> samlokaliserings- tjänster och avgiftsstrukturer (C[2016] 3266 final).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p972 ft25">1 g §</P>
<P style="text-align: left;padding-left: 11px;padding-right: 335px;margin-top: 3px;margin-bottom: 0px;text-indent: -10px;" class="ft4">Paragrafen, som är ny, genomför artikel 48.9 i MiFID II. Paragrafen innehåller krav på en börs avgiftsstrukturer.</P>
<P class="p1518 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska en börs avgiftsstruktur, inbegripet avgifter för utförande av transaktioner och för sidotjänster samt alla rabatter – för- utom att vara transparent, rättvis och <NOBR>icke-diskriminerande</NOBR> – vara ut- formad så att den inte främjar en oordnad handel. En börs kan t.ex. justera sina avgifter för annullerade order efter den tid som en order upprätthölls, så att det kostar mer att snabbt återkalla en order, och får även kalibrera avgifterna för varje finansiellt instrument för vilka de tillämpas. En börs kan också tillämpa en högre avgift för att lägga en order som senare annul- leras än för en order som utförs och en högre avgift för deltagare hos vilka andelen annullerade order är hög i förhållande till antalet utförda order och för dem som tillämpar en teknik för algoritmisk högfrekvens- handel, se artikel 48.9 andra och tredje styckena i MiFID II.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 15px;margin-bottom: 0px;" class="ft2">721</P>
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<P class="p727 ft2">Prop. 2016/17:162 Bestämmelsen i <SPAN class="ft3">andra stycket </SPAN>om ersättning till marknadsgaranter avviker delvis från det som anges i direktivet (artikel 48.9 första stycket andra meningen). Någon skillnad i sak är emellertid inte avsedd. Det som anges i direktivet ger i och för sig intryck av att det måste finnas mark- nadsgaranter på en reglerad marknad. Av formuleringen i direktivet (”I synnerhet …”) och placeringen tillsammans med regler om avgifts- struktur framstår det emellertid som att det som avses är att <SPAN class="ft3">om </SPAN>det finns marknadsgaranter, ska de få ersättning för att de tillhandahåller den tjänsten i första hand i form av rabatter. En definition av marknadsgarant finns i 1 kap. 4 b §, se författningskommentaren till den paragrafen.</P>
<P class="p580 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 6 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder avseende krav för att säkerställa rättvisa och <NOBR>icke-diskriminerande</NOBR> samlokaliserings- tjänster och avgiftsstrukturer (C[2016] 3266 final).</P>
<P class="p1579 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p1240 ft25">1 h §</P>
<P class="p1267 ft2">Paragrafen, som är ny, genomför artikel 48.10 i MiFID II.</P>
<P class="p576 ft4">Paragrafen innehåller krav på en börs att kunna identifiera order som genererats genom algoritmisk handel.</P>
<P class="p575 ft2">Vad som avses med personer som har initierat dessa order är fysiska eller juridiska personer som står bakom de order som lagts. Det anges inte uttryckligen i direktivet, men utgångspunkten bör vara att syftet med skyldigheten att flagga order som har genererats genom algoritmisk handel är detsamma som med kravet att transaktioner som utförts genom sådan handel ska gå att identifiera när de rapporteras enligt artikel 26.3 i MiFIR. Utgångspunkten bör därför vara att det format som används för att identifiera transaktioner som härrör från en dataalgoritm enligt artikel 26 i MiFIR också bör användas för att flagga en order enligt förevarande paragraf. Informationen ska på begäran göras tillgänglig för behöriga myndigheter.</P>
<P class="p654 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 28 juli 2016 om komplettering av Europaparlamentets och rådets förordning (EU) nr 600/2014 avseende tekniska tillsynsstandarder för rapportering av transaktioner till behöriga myndigheter (C[2016] 4733 final).</P>
<P class="p1515 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p1168 ft25">1 i §</P>
<P class="p1169 ft2">Paragrafen, som är ny, genomför artikel 49 i MiFID II.</P>
<P class="p575 ft2">Paragarafen innehåller krav på att en börs ska ha regler om minsta pris- ändring för vissa typer av finansiella instrument. Med minsta prisändring avses det som i MiFID II benämns <NOBR>tick-size</NOBR> (se författningskommentaren till 1 d §). Med skillnaden mellan köp- och säljkurs avses det som i direk- tivet benämns spread.</P>
<P class="p697 ft2">Av <SPAN class="ft3">punkt 1 </SPAN>följer att reglerna ska kalibreras för att återspegla likvidi-</P>
<P class="p535 ft14">teten i det finansiella instrumentet på olika marknader. Reglerna ska även</P>
<P class="p19 ft2">722</P>
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<P class="p186 ft4">återspegla den genomsnittliga skillnaden mellan köp- och säljkurs. Syftet Prop. 2016/17:162 är att göra det möjligt för rimligt stabila priser utan att i onödan hindra</P>
<P class="p19 ft2">ännu mindre skillnader mellan köp- och säljkurs.</P>
<P class="p144 ft4">Enligt <SPAN class="ft45">punkt 2 </SPAN>ska reglerna på lämpligt sätt justera minsta prisändring för varje instrument.</P>
<P class="p144 ft2">De finansiella instrument som avses är aktier, depåbevis, börshandlade fonder, certifikat och andra liknande finansiella instrument samt andra finansiella instrument för vilka kommissionen har fattat beslut om tekniska standarder för tillsyn enligt artikel 49.4.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller regler om <NOBR>tick-storlekar</NOBR> för aktier, depåbevis och börshandlade fonder (C[2016] 4389 final).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.4.4.</P>
<P class="p398 ft25">1 j §</P>
<P class="p920 ft4">Paragrafen, som är ny, införs med anledning av artikel 26.7 femte stycket i MiFIR.</P>
<P class="p144 ft2">Paragrafen innehåller krav på att en börs som rapporterar transaktioner för ett värdepappersinstituts räkning ska ha sunda skyddsmekanismer, resurser och reservanordningar.</P>
<P class="p144 ft2">MiFIR är direkt tillämplig i medlemsstaterna. I artikel 26.7 femte stycket finns det dock ett krav som riktar sig till hemmedlemsstaten för en reglerad marknad och inte direkt till den reglerade marknaden. I para- grafen införs därför reglerna i artikeln så att de gäller för en börs.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.12.</P>
<P class="p398 ft25">2 a §</P>
<P class="p920 ft4">Paragrafen, som är ny, genomför artikel 73.2 i MiFID II när det gäller börser.</P>
<P class="p144 ft2">Motsvarande bestämmelser finns för värdepappersbolag i 8 kap. 4 a § och för leverantörer av datarapporteringstjänster i 10 kap. 15 §.</P>
<P class="p144 ft2">I <SPAN class="ft3">första stycket </SPAN>anges att börser ska ha ändamålsenliga system för att från anställda omhänderta anmälningar om misstänkta överträdelser av bestämmelser som gäller för verksamheten.</P>
<P class="p144 ft4"><SPAN class="ft45">Andra stycket </SPAN>utgör en erinran om bestämmelserna i personuppgifts- lagen.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 13.5.5.</P>
<P class="p398 ft25">5 §</P>
<P class="p920 ft4">Paragrafen innebär att överlåtbara värdepapper som har getts ut av ett företag som har tillstånd som börs inte får tas upp till handel på en reglerad marknad som drivs av den börsen.</P>
<P class="p144 ft2">I paragrafen görs endast en följdändring med anledning av att definitionen av överlåtbart värdepapper byter placering i 1 kap. 4 §. Detta innebär inte någon ändring i sak.</P>
<P class="p147 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P>
<P class="p1069 ft2">723</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">724</P>
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<P class="p19 ft25">6 a §</P>
<P class="p942 ft2">Paragrafen, som är ny, genomför artikel 50.1 i MiFID II.</P>
<P class="p487 ft4">Paragrafen innehåller krav på att synkronisera klockor som används för att registrera händelser på en reglerad marknad som börsen driver.</P>
<P class="p487 ft2">Skyldigheten att synkronisera de klockor som används för att registrera datum och tid m.m. gäller för både börsen och dem som deltar i handeln på den reglerade marknaden (se 14 kap. 3 b §). De händelser som avses är framför allt transaktioner som ska rapporteras enligt artikel 26 i MiFIR.</P>
<P style="text-align: justify;padding-right: 153px;margin-top: 16px;margin-bottom: 0px;text-indent: 11px;" class="ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 7 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller noggrannhetsnivån för klockor (C[2016] 3316 final).</P>
<P class="p1425 ft2">Övervägandena finns i avsnitt 7.4.3.</P>
<P class="p972 ft25">7 §</P>
<P class="p1175 ft4">Paragrafen genomför delvis artikel 54.1 och 54.3 samt artiklarna 54.2 första stycket och 48.11 i MiFID II.</P>
<P class="p487 ft4">Paragrafen innehåller bestämmelser om krav på börsens marknads- övervakning.</P>
<P class="p487 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>genomför kravet i artikel 54.1 i MiFID II att en börs ska kunna upptäcka systemavbrott. Börsen ska även avsätta nödvändiga resurser för övervakningen av att de som deltar i handeln på en reglerad marknad följer de regler som gäller för handeln. I direktivet anges medlemmar eller deltagare på en reglerad marknad. I svensk rätt används enbart termen deltagare på en handelsplats, se författningskommentaren till 2 kap. 5 § första stycket 7 b.</P>
<P class="p487 ft2">Underrättelseskyldigheten i <SPAN class="ft3">andra stycket</SPAN>, som genomför artikel 54.2 första stycket i MiFID II, omfattar även beteenden som kan tyda på över- trädelser av marknadsmissbruksförordningen. Det finns också i artikel 16.1 i den förordningen en skyldighet för en marknadsoperatör att under- rätta den behöriga myndigheten om ageranden som kan utgöra insider- handel, marknadsmanipulation eller försök till insiderhandel eller mark- nadsmanipulation. Även om ordalydelsen inte är exakt densamma i mark- nadsmissbruksförordningen och i artikel 54 i MiFID II innebär inte under- rättelsesskyldigheten enligt förevarande paragraf – när det gäller insider- handel eller marknadsmanipulation och försök därtill – något annat eller mer än vad som krävs enligt artikel 16.1 i förordningen. Underrättelse- skyldigheten enligt paragrafen omfattar dock, till skillnad från marknads- missbruksförordningen, även betydande överträdelser av handelsreglerna, otillbörliga marknadsförhållanden och systemavbrott.</P>
<P class="p302 ft4">I den delegerade förordningen till MiFID II (artiklarna 81 och 82) finns ytterligare regler om vad som utlöser ett informationskrav.</P>
<P class="p236 ft2">Övervägandena finns i avsnitt 7.4.8.</P>
<P class="p972 ft25">7 a §</P>
<P class="p1272 ft42">Paragrafen, som är ny, genomför artikel 52.1 och 52.2 första stycket i MiFID II.</P>
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<P class="p747 ft4">Paragrafen innehåller bestämmelser om handelsstopp både när det Prop. 2016/17:162 gäller ett finansiellt instrument som är upptaget till handel och derivat-</P>
<P class="p113 ft2">instrument hänförliga till det instrumentet. Avnotering av finansiella instrument från handel regleras i 15 kap. 11 §. Motsvarande bestäm- melser avseende handelsstopp på handelsplattformar finns i 11 kap. 12 §. En börs har enligt gällande rätt möjlighet och ibland skyldighet att avbryta handeln med eller avnotera ett finansiellt instrument som är upptaget till handel på en reglerad marknad som börsen driver (se 15 kap. 11 § samt 22 kap. 1 §). Genom paragrafen införs bestämmelser även om att handeln ska avbrytas med derivatinstrument hänförliga till ett finansiellt instrument som handelsstoppas om det är nödvändigt för syftet med att avbryta handeln med det instrumentet.</P>
<P class="p429 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>får en börs avbryta handeln med ett finansiellt instrument om instrumentet inte länge uppfyller de krav som gäller på den reglerade marknaden. Börsen ska dock inte avbryta handeln om det allvarligt skulle kunna skada investerarnas intressen eller hindra mark- naden från att fungera korrekt.</P>
<P class="p429 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att en börs får avbryta handeln med ett finan- siellt instrument även i andra fall än de som anges i första stycket. Situationen i första stycket är således inte den enda situationen när en börs får avbryta handeln med ett finansiellt instrument.</P>
<P class="p264 ft2">Enligt <SPAN class="ft3">tredje stycket </SPAN>ska en börs även avbryta handeln med finansiella derivatinstrument relaterade till ett finansiellt instrument, om handeln med det instrumentet avbryts. Detta ska dock endast ske om det är nöd- vändigt med hänsyn till syftet med stoppet av handeln med det instru- mentet. Det är således inte med automatik som handeln med ett derivat- instrument som är hänförligt till ett annat finansiellt instrument ska avbrytas om handeln med det instrumentet avbryts. Om handelsstoppet endast innebär att instrumentet byter s.k. lista (aktier delas ofta in i olika listor beroende på vilken reglerad marknad eller handelsplattform som de handlas på) eller handelsplats, ska detta inte betraktas som ett handels- stopp i den mening som avses i andra stycket.</P>
<P class="p357 ft4">I <SPAN class="ft45">fjärde stycket </SPAN>finns krav på offentliggörande av beslut samt under- rättelse till Finansinspektionen. Underrättelse till Finansinspektionen bör göras utan onödigt dröjsmål.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 24 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p1503 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.4.6.</P>
<P class="p165 ft25">9 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artikel 27.3 i MiFID II.</P>
<P class="p429 ft4">Nuvarande bestämmelser i paragrafen utmönstras med hänsyn till att kraven på att offentliggöra sådan information om finansiella instrument som är upptagna till handel på en reglerad marknad i stället regleras i</P>
<P class="p1323 ft2">725</P>
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<P class="p820 ft4">Prop. 2016/17:162 MiFIR (artiklarna 3, <NOBR>4.1–4.3,</NOBR> 4.6, 6 och 7). I paragrafen införs krav på en börs att offentliggöra information om utförandet av transaktioner.</P>
<P class="p575 ft2">En börs ska enligt <SPAN class="ft3">första stycket </SPAN>offentliggöra information om kvali- teten på utförandet av transaktioner på den eller de reglerade marknader som börsen driver. Motsvarande krav för en börs eller ett värdepappers- institut som driver en handelsplattform gäller enligt 11 kap. 1 a § och för systematiska internhandlare m.fl. enligt 8 kap. 33 §. För reglerade marknader och handelsplattformar ska information offentliggöras såväl i fråga om finansiella instrument som omfattas av handelsskyldighet enligt artik- larna 23 och 28 i MiFIR som andra instrument. Detaljerade regler om den information som ska offentliggöras m.m. finns i kommissionens delegerade förordning (EU) av den 8 juni 2016 om komplettering av Europaparla- mentets och rådets direktiv 2014/65/EU om marknader för finansiella instrument avseende tekniska standarder för tillsyn när det gäller data som ska offentliggöras av handelsplatser om kvaliteten på utförandet av transaktioner (C[2016] 3333 final).</P>
<P class="p1020 ft4">Enligt <SPAN class="ft45">andra stycket </SPAN>ska informationen offentliggöras minst en gång per år och den ska tillhandahållas avgiftsfritt. I den ovan nämnda dele- gerade förordningen (artikel 11) ställs dock upp ytterligare krav i fråga om frekvensen för offentliggörandet.</P>
<P class="p1508 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 8.9.</P>
<P class="p1274 ft25">10 §</P>
<P class="p936 ft4">Paragrafen innehåller bestämmelser om krav på offentliggörande av information.</P>
<P class="p575 ft2">Nuvarande bestämmelser i paragrafen utmönstras som en följd av att bestämmelserna om krav på offentliggörande av information om finan- siella instrument som är upptagna till handel på en reglerad marknad utmönstras ur lagen med anledning av att kraven i stället anges i MiFIR (artiklarna 3, 4.1, 4.2, 4.3, 4.6, 6 och 7). En upplysning om att ytterligare bestämmelser om sådant offentliggörande och om tillstånd att skjuta upp ett offentliggörande finns i MiFIR införs därför.</P>
<P class="p1413 ft2">Övervägandena finns i avsnitt 7.10.2.</P>
<P class="p1168 ft25">12 §</P>
<P class="p1169 ft2">Paragrafen genomför artikel 5.2 i MiFID II.</P>
<P class="p575 ft4">Paragrafen innehåller bestämmelser om verksamhet som en börs får driva vid sidan om driften av en eller flera reglerade marknader.</P>
<P class="p575 ft2">Ändringarna i <SPAN class="ft3">första stycket </SPAN>är en följd av att bestämmelserna om krav på offentliggörande av information om finansiella instrument som är upptagna till handel på en reglerad marknad utmönstras ur lagen med anledning av att kraven i stället anges i MiFIR (artiklarna 3, 4.1, 4.2, 4.3, 4.6, 6 och 7).</P>
<P class="p575 ft4">Ändringen i <SPAN class="ft45">tredje stycket </SPAN>innebär att samma bestämmelser om mark- nadsövervakning gäller för en börs som driver en handelsplattform som för ett värdepappersinstitut som driver en handelsplattform. Ett tillägg görs för att förtydliga att det som anges om värdepappersinstitut även av-</P>
<P class="p535 ft159">ser en börs som driver en handelsplattform. Hänvisningen till 11 kap.</P>
<P class="p19 ft2">726</P>
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<P class="p186 ft4">innebär dock inte att en börs med stöd av 11 kap. 2 § har möjlighet att Prop. 2016/17:162 handla för egen räkning eller bedriva matchad principalhandel på så sätt</P>
<P class="p113 ft2">som ett värdepappersinstitut kan göra enligt den bestämmelsen (se artikel 47.2 i MiFID II och avsnitt 7.4.3).</P>
<P class="p144 ft2">Eftersom sådana utsläppsrätter som avses i förordning (EU) nr 1031/2010 numera är finansiella instrument enligt 1 kap. 4 §, gäller det som anges om finansiella instrument i lagen för en börs som driver en auktionsplattform för handel med utsläppsrätter. I <SPAN class="ft3">fjärde stycket </SPAN>tas därför bestämmelsen om det som ska gälla för sådana utsläppsrätter som inte är finansiella instrument bort.</P>
<P class="p421 ft2">Övervägandena finns i avsnitten 7.2.5 och 7.3.2.</P>
<P class="p972 ft25">12 a §</P>
<P class="p1526 ft4">Paragrafen, som är ny, genomför delvis artikel 59.2 i MiFID II. Paragrafen innehåller en upplysning om möjligheten för en börs att ut-</P>
<P style="text-align: left;padding-left: 11px;padding-right: 407px;margin-top: 1px;margin-bottom: 0px;text-indent: -10px;" class="ft42">föra datarapporteringstjänster enligt 10 kap. Övervägandena finns i avsnitt 7.15.3.</P>
<P class="p165 ft25">17 §</P>
<P class="p1283 ft4">Paragrafen innehåller bemyndiganden för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter.</P>
<P class="p144 ft2">Nuvarande punkterna <NOBR>3–5</NOBR> tas bort som en följdändring med anledning av ändringen i 9 § och upphävandet av 10 och 11 §§. Skyldigheten att offentligöra information före och efter handel med finansiella instrument regleras numera i stället i MiFIR (artiklarna <NOBR>3–13).</NOBR></P>
<P style="text-align: left;padding-left: 11px;padding-right: 375px;margin-top: 2px;margin-bottom: 0px;" class="ft42"><SPAN class="ft51">Punkt 3 </SPAN>motsvarar nuvarande punkt 6. Övervägandena finns i avsnitten 7.4.4 och 7.11.</P>
<P class="p165 ft25">14 kap.</P>
<P class="p958 ft25">3 b §</P>
<P class="p958 ft2">Paragrafen, som är ny, genomför artikel 50.1 i MiFID II.</P>
<P class="p144 ft4">Paragrafen innehåller krav på deltagare på en reglerad marknad att synkronisera klockor som används för att registrera händelser på mark- naden.</P>
<P class="p144 ft2">Skyldigheten att synkronisera de klockor som används för att registrera datum och tid m.m. gäller för både börsen (se 13 kap. 6 a §) och dem som deltar i handeln på den reglerade marknaden. De händelser som avses är framför allt transaktioner som ska rapporteras enligt artikel 26 i MiFIR.</P>
<P class="p144 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 7 juni 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder när det gäller noggrannhetsnivån för klockor (C[2016] 3316 final).</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 7.4.3.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 74px;margin-bottom: 0px;" class="ft2">727</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">728</P>
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<P class="p19 ft25">15 kap.</P>
<P class="p958 ft25">6 §</P>
<P class="p1175 ft4">Paragrafen, som genomför artikel 51.5 sista meningen i MiFID II, inne- håller bestämmelser om utgivares informationsplikt.</P>
<P class="p487 ft4">Ändringarna är endast följdändringar med anledning av de redaktion- ella ändringar som görs i 1 kap. 4 §.</P>
<P class="p236 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P>
<P class="p398 ft25">11 §</P>
<P class="p1188 ft2">Paragrafen genomför delvis artikel 52.1 och 52.2 första stycket i MiFID II.</P>
<P style="text-align: justify;padding-right: 153px;margin-top: 15px;margin-bottom: 0px;text-indent: 11px;" class="ft4">Paragrafen innehåller bestämmelser om avnotering av finansiella instrument som är upptagna till handel på en reglerad marknad.</P>
<P class="p487 ft4">I det nya <SPAN class="ft45">andra stycket </SPAN>införs en bestämmelse om att en börs även i andra fall får avnotera ett finansiellt instrument.</P>
<P class="p487 ft2">Detaljerade regler finns i kommissionens delegerade förordning (EU) av den 24 maj 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 7.4.6.</P>
<P class="p398 ft25">12 §</P>
<P class="p1188 ft4">Paragrafen innehåller bestämmelser om inregistrering av överlåtbara värdepapper.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>görs endast en följdändring med anledning av att definitionen av överlåtbart värdepapper byter placering i 1 kap. 4 §. Detta innebär inte någon ändring i sak.</P>
<P class="p634 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P>
<P class="p398 ft25">11 a §</P>
<P class="p1188 ft4">Paragrafen, som är ny, genomför artikel 52.1 och 52.2 första stycket i MiFID II.</P>
<P class="p487 ft2">Paragrafen innehåller bestämmelser om avnotering av finansiella instrument som är upptagna till handel på en reglerad marknad.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>införs en bestämmelse om att finansiella derivatinstru- ment ska avnoteras om de är relaterade till ett finansiellt instrument som avnoteras. En motsvarande bestämmelse införs för finansiella derivat- instrument som handlas på en handelsplattform (11 kap. 12 § andra stycket). Om avnoteringen av ett finansiellt instrument endast innebär att instrumentet byter s.k. lista (aktier delas ofta in i olika listor beroende på vilken reglerad marknad eller handelsplattform som de handlas på) inom en handelsplats eller byter handelsplats, dvs. avnoteras från en handels- plats och samtidigt tas upp till handel på en annan handelsplats, ska detta inte betraktas som en sådan avnotering som avses i förevarande stycke.</P>
<P class="p1113 ft42">Det <SPAN class="ft51">andra stycket </SPAN>innehåller bestämmelser om offentliggörande av beslut och överförs oförändrat från 11 §.</P>
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<P class="p747 ft4">Detaljerade regler finns i kommissionens delegerade förordning (EU) Prop. 2016/17:162 av den 24 maj 2016 om komplettering av Europaparlamentets och rådets</P>
<P class="p113 ft2">direktiv 2014/65/EU avseende tekniska tillsynsstandarder vad gäller tillfälligt stopp för handeln med ett finansiellt instrument och avförande av ett finansiellt instrument från handel (C[2016] 3014 final) och i den delegerade förordningen till MiFID II (artikel 80).</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 7.4.6.</P>
<P class="p398 ft25">15 a kap.</P>
<P class="p920 ft2">I lagen införs ett nytt kapitel med bestämmelser om positionslimiter och hantering av positioner avseende råvaruderivat. Dessa bestämmelser genomför artiklarna 57 och 58 i MiFID II. Reglerna om råvaruderivat i MiFID II har inte några motsvarigheter i gällande svensk rätt eller i MiFID I.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.14.</P>
<P class="p398 ft25">1 §</P>
<P class="p920 ft4">Paragrafen genomför artikel 57.1 första stycket, 57.2 och 57.11 och delvis artikel 57.4 och 57.9 i MiFID II.</P>
<P class="p144 ft2">Paragrafen reglerar fastställande av positionslimiter för råvaruderivat. Positionslimiter ska fastställas i föreskrifter som meddelas av regeringen, eller efter regeringens bemyndigande, Finansinspektionen. En positionslimit ska fastställas för varje råvaruderivat som handlas på en handelsplats i Sverige.</P>
<P class="p805 ft2">Reglerna om positionslimiter ska tillämpas på råvarurelaterade derivat- instrument som handlas på en handelsplats, dvs. en reglerad marknad, en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform.</NOBR> Råvaruderivat definieras i 1 kap. 4 § och handelsplats definieras i 1 kap. 4 b §.</P>
<P class="p264 ft2">Reglerna om positionslimiter ska dessutom tillämpas på råvarurelaterade derivatinstrument som ekonomiskt motsvarar sådana finansiella instrument som handlas på en handelsplats. Om ett <NOBR>OTC-kontrakt</NOBR> ska anses ekonomiskt motsvara ett råvaruderivat som handlas på en handelsplats får avgöras i varje enskilt fall utifrån de kriterier som anges i artikel 6 i kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final).</P>
<P class="p357 ft2">I <SPAN class="ft3">andra stycket </SPAN>anges att positionslimiterna ska vara transparenta och <NOBR>icke-diskriminerande</NOBR> samt syftet med positionslimiterna. Syftet med positionslimiterna är enligt artikel 57.1 första stycket i MiFID II dels att förhindra marknadsmissbruk, dels att främja ordnade prissättnings- och avvecklingsvillkor. Limiterna ska t.ex. förebygga positioner som snedvrider marknaden och säkerställa konvergens mellan derivatpriserna under leveransmånaden och spotpriserna för den underliggande råvaran, utan att detta inkräktar på prisbildningsprocessen på marknaden för den underliggande råvaran, se artikel 57.1 första stycket b i MiFID II.</P>
<P class="p357 ft4">I nämnda delegerad förordning finns ytterligare detaljerade regler om de beräkningsmetoder som de behöriga myndigheterna ska tillämpa för att</P>
<P class="p19 ft145">fastställa positionslimiter, hur förfarandet för personer som vill ansöka om</P>
<P class="p596 ft2">729</P>
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<P class="p820 ft4">Prop. 2016/17:162 undantaget ska gå till och hur den behöriga myndigheten ska godkänna sådana ansökningar.</P>
<P class="p575 ft2">Enligt <SPAN class="ft3">tredje stycket </SPAN>ska positionslimiterna fastställas enligt de beräkningsmetoder som fastställs av Esma. I artikel 4 i kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) anges metoden för att beräkna juridiska enheters positioner inom en koncern (på engelska: ”method of calculating positions for legal entities within a group”). För svenskt vidkommande kan detta exempelvis bli aktuellt när det gäller kooperativ inom jordbrukssektorn.</P>
<P class="p654 ft4">Paragrafen har i allt väsentligt utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag.</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p1168 ft25">2 §</P>
<P class="p1169 ft2">Paragrafen genomför delvis artikel 57.4 i MiFID II.</P>
<P class="p575 ft2">Paragrafen reglerar översyn av beslutade positionslimiter vid bl.a. för- ändringar av underliggande tillgångar eller förändringar på marknaden. Vid betydande förändringar ska positionslimiterna ses över och nya positionslimiter fastställas enligt 1 §.</P>
<P class="p576 ft2">I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns detaljerade regler om de beräkningsmetoder som behöriga myndigheter ska tillämpa.</P>
<P class="p1579 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p1240 ft25">3 §</P>
<P class="p1267 ft2">Paragrafen genomför artikel 57.13 i MiFID II.</P>
<P class="p576 ft4">Paragrafen innebär en möjlighet att i vissa fall fastställa lägre positionslimiter än sådana limiter som fastställs enligt 1 §.</P>
<P class="p575 ft2">För att en lägre positionslimit ska få fastställas enligt <SPAN class="ft3">första stycket </SPAN>krävs att den är objektivt motiverad och proportionell med beaktande av likviditeten på den specifika marknaden och ett ordnat funktionssätt på den marknaden. Positionslimiten ska offentliggöras på Finansinspek- tionens webbplats. En lägre positionslimit ska gälla under en inlednings- period som inte ska överskrida sex månader från dagen för offentlig- görandet på webbplatsen.</P>
<P class="p575 ft2">Enligt <SPAN class="ft3">andra stycket </SPAN>får de lägre positionslimiterna förnyas med ytter- ligare perioder om sex månader i taget, om det fortfarande finns grund för restriktionerna. Om de lägre positionslimiterna inte förnyas efter denna sexmånadersperiod, ska de upphöra att gälla. Även beslut om att förlänga en lägre positionslimit ska offentliggöras på Finansinspek- tionens webbplats.</P>
<P class="p1413 ft2">Om Finansinspektionen beslutar om lägre positionslimiter, ska inspek-</P>
<P class="p535 ft5">tionen underrätta Esma. Underrättelsen ska innehålla en motivering för</P>
<P class="p19 ft2">730</P>
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<P class="p186 ft4">de lägre positionslimiterna. Esma ska inom 24 timmar utfärda ett Prop. 2016/17:162 yttrande om huruvida Esma anser att de lägre positionslimiterna är nöd-</P>
<P class="p113 ft2">vändiga för hantering av undantagsfallet. Yttrandet ska offentliggöras på Esmas webbplats (se artikel 57.13 andra stycket). Om Finansinspek- tionen inför limiter i strid med Esmas yttrande, ska inspektionen omedelbart offentliggöra en förklaring av skälen på sin webbplats (artikel 57.13 tredje stycket).</P>
<P class="p1503 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p165 ft25">4 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artikel 57.6 i MiFID II.</P>
<P class="p147 ft2">Paragrafen innehåller regler om gemensamma positionslimiter.</P>
<P class="p144 ft4">Enligt <SPAN class="ft45">första stycket </SPAN>gäller inte 1 § för råvaruderivat för vilka en be- hörig myndighet i ett annat land inom EES har fastställt en sådan gemensam positionslimit som avses i artikel 57.6 i MiFID II.</P>
<P class="p144 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att om samma råvaruderivat handlas i betyd- ande volymer på handelsplatser i mer än en jurisdiktion och den största andelen av handeln sker på en handelsplats här i landet, ska en gemen- sam positionslimit fastställas enligt 1 § som ska tillämpas på all handel i det kontraktet.</P>
<P class="p144 ft2"><SPAN class="ft3">Svensk Energi </SPAN>anser att uttrycket samma råvaruderivat inte bör sammanblandas med vilka produkter som avses i bestämmelserna i 1 § om nettning, beräkning av aggregerad gruppnivå och ekonomiskt mot- svarande <NOBR>OTC-derivat.</NOBR> Vad som avses med samma råvaruderivat i detta sammanhang specificeras i artikel 5.1 i kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final).</P>
<P class="p357 ft2">Enligt <SPAN class="ft3">tredje stycket </SPAN>ska samråd ske, innan beslut om en gemensam positionslimit, med de behöriga myndigheterna för de handelsplatserna i de andra länderna inom EES. Även vid eventuella ändringar av en gemensam positionslimit ska samråd ske.</P>
<P class="p264 ft4">I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns detaljerade regler om vad som utgör betydande volymer samt beräkningsmetoder för att avgöra vilken handelsplats som har den största handelsvolymen i ett råvaru- derivat.</P>
<P style="text-align: left;padding-left: 11px;padding-right: 316px;margin-top: 13px;margin-bottom: 0px;" class="ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p165 ft25">5 §</P>
<P class="p920 ft4">Paragrafen innehåller krav på fysisk eller juridisk person att följa de positionslimiter som fastställts i enlighet med <NOBR>1–4</NOBR> §§ eller som behörig myndighet i ett annat land inom EES har fastställt i enlighet med artikel</P>
<P class="p19 ft159">57.6 i MiFID II.</P>
<P class="p596 ft2">731</P>
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<P class="p621 ft2">Prop. 2016/17:162 Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p1168 ft25">6 §</P>
<P class="p1267 ft2">Paragrafen genomför artikel 57.1 andra stycket i MiFID II.</P>
<P style="text-align: justify;padding-left: 126px;padding-right: 154px;margin-top: 1px;margin-bottom: 0px;text-indent: 11px;" class="ft4">Paragrafen innebär en möjlighet att undanta vissa positioner som en <NOBR>icke-finansiell</NOBR> enhet har från positionslimiter.</P>
<P class="p575 ft2">I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU vad gäller tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns en <NOBR>icke-finansiell</NOBR> enhet definierad (artikel 2). En <NOBR>icke-finansiell</NOBR> enhet är en fysisk eller juridisk person som inte är ett värdepappersföretag, ett kreditinstitut, ett försäk- ringsföretag som auktoriserats i enlighet med rådets direktiv 73/239/EEG eller Europaparlamentets och rådets direktiv 2002/83/EG, ett återförsäk- ringsföretag, ett fondföretag, och i tillämpliga fall dess förvaltningsbolag, ett tjänstepensionsinstitut, en alternativ investeringsfond som förvaltas av en <NOBR>AIF-förvaltare,</NOBR> en central motpart eller en värdepapperscentral.</P>
<P class="p1020 ft2">Positioner som innehas av en <NOBR>icke-finansiell</NOBR> enhet får, efter tillstånd av Finansinspektionen undantas, om de innehas för att hantera risker i enhetens affärsverksamhet (jfr artikel 57.12 första stycket f i MiFID II). I termen enhet innefattas förutom företag även organisationer och fysiska personer. Det kan t.ex. vara fråga om ett företag inom tillverk- ningsindustrin som genom råvaruderivat säkerställer sina el- eller råvaru- kostnader. För att denna typ av positioner ska undantas krävs att det på ett objektivt mätbart sätt kan fastställas att positionerna innehas i risksäkrings- syfte. En <NOBR>icke-finansiell</NOBR> enhet måste således kunna visa att detta krav är uppfyllt för att en position ska undantas. I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europa- parlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsyns- standarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns kriterier och metoder för att avgöra huruvida en position verkligen minskar risker som står i direkt samband med affärsverk- samheten, se artikel 57.12 första stycket a i MiFID II.</P>
<P style="text-align: left;padding-left: 138px;margin-top: 7px;margin-bottom: 0px;" class="ft2">Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p1168 ft25">7 §</P>
<P class="p1513 ft4">Paragrafen genomför delvis artiklarna 57.8 och 57.9 i MiFID II. Paragrafen innehåller bestämmelser om kontroller för positionshante-</P>
<P class="p535 ft2">ring vid handel med råvaruderivat.</P>
<P class="p575 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att ett värdepappersinstitut eller en börs som driver en handelsplats på vilken råvaruderivat handlas ska tillämpa kontroller för positionshantering. Befogenheten att få del av information ska i första hand kunna göras gällande mot dem som deltar i handeln på en handelsplats. Den som driver handelsplatsen kan i avtalet med deltagarna ålägga dem skyldigheter att tillhandahålla sådan information och vidta sådana åtgärder som anges i paragrafen. Övervakningsskyldig- heten gäller dock även gentemot kunder till dem som deltar i handeln och avtalen med deltagarna måste därför utformas så att de i sin tur för</P>
<P class="p535 ft2">skyldigheterna vidare till sina kunder.</P>
<P class="p19 ft2">732</P>
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<P class="p747 ft4">I <SPAN class="ft45">punkt 1 </SPAN>ingår att värdepappersinstitutet eller börsen ska ha befogenhet Prop. 2016/17:162 att övervaka personers öppna kontraktspositioner.</P>
<P class="p144 ft2">När det gäller information om syftet med positionen enligt <SPAN class="ft3">punkt 2 </SPAN>är det i första hand fråga om huruvida positionen innehas i risksäkrings- syfte. Positioner som innehas i risksäkringssyfte kan enligt 6 § vara undantagna från positionslimiter.</P>
<P class="p144 ft4"><SPAN class="ft45">Punkt 3 </SPAN>innebär att värdepappersinstitutet eller börsen ska få tillgång till information och dokumentation om alla överenskomna arrangemang och alla tillgångar och skulder på den underliggande marknaden.</P>
<P class="p144 ft2">Enligt <SPAN class="ft3">punkt 4 </SPAN>ska värdepappersinstitutet eller börsen i första hand kräva att en person tillfälligt eller permanent minskar eller avslutar en position.</P>
<P class="p144 ft2">Enligt <SPAN class="ft3">punkt 5 </SPAN>ska värdepappersinstitutet eller börsen kunna kräva att en person återställer likviditet till marknaden för att mildra effekterna av en stor eller dominerande position. Utgångspunkten är att det är den som har en dominerande position som ska återställa likviditeten. Detta kan vara ett alternativ till att avsluta positionen.</P>
<P class="p264 ft2">I <SPAN class="ft3">andra stycket </SPAN>finns ett krav på att kontroller för positionshantering transparenta och <NOBR>icke-diskriminerande.</NOBR> Kontrollerna för positionshante- ring ska vara begripliga och tillgängliga. Det ska framgå av beskriv- ningen av dem hur de ska tillämpas med beaktande av deltagarnas art och sammansättning och hur de använder de aktuella derivatkontrakten.</P>
<P class="p264 ft2">I kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final) finns detaljerade regler om metod- erna för att aggregera och nettoberäkna råvaruderivatpositioner OTC och på handelsplatser.</P>
<P class="p1510 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p165 ft25">8 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artiklarna 57.8 och 57.10 i MiFID II.</P>
<P class="p144 ft2">Enligt <SPAN class="ft3">första stycket </SPAN>ska det värdepappersinstitut eller den börs som driver handelsplatsen ha arrangemang som gör det möjligt för dem att avsluta eller minska positioner. Om personen inte följer en sådan begäran som avses i 7 § första stycket 4, ska värdepappersinstitutet eller börsen med tvång kunna avsluta positionen. Detta kan exempelvis ske genom att avtalen som reglerar handeln på handelsplatsen ger värdepappersinstitutet eller börsen rätt att under vissa förutsättningar i innehavarens namn avsluta positionen.</P>
<P class="p429 ft4">Av <SPAN class="ft45">andra stycket </SPAN>följer att värdepappersinstitutet eller börsen ska lämna uppgifter till Finansinspektionen om de kontroller för positions- hantering som de har tillämpat.</P>
<P style="text-align: left;padding-left: 11px;padding-right: 316px;margin-top: 0px;margin-bottom: 0px;" class="ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.1.</P>
<P class="p165 ft25">9 §</P>
<P class="p19 ft2">Paragrafen genomför delvis artikel 57.10 i MiFID II.</P>
<P class="p1069 ft2">733</P>
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<P class="p820 ft4">Prop. 2016/17:162 Paragrafen innehåller krav på Finansinspektionen att överlämna infor- mation till Esma.</P>
<P class="p575 ft2">Enligt bestämmelsen ska Finansinspektionen överlämna den informa- tion om kontroller för positionshantering som inspektionen har fått enligt 8 § samt detaljerade uppgifter om de positionslimiter som inspektionen har fastställt till Esma; Esma ska offentliggöra och förvalta en databas på sin webbplats med sammanfattningar av positionslimiter och kontroller för positionshantering.</P>
<P class="p1569 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 7.14.2.</P>
<P class="p1140 ft25">10 §</P>
<P class="p1267 ft2">Paragrafen genomför artikel 58.4 första stycket i MiFID II.</P>
<P class="p576 ft2">Paragrafen innebär att den som driver en handelsplats där handel med råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter sker ska dela in dem som har positioner i sådana finansiella instrument i fem olika kategorier. Uppdelningen i olika kategorier behövs för att den som driver handelsplatsen ska kunna offentliggöra rapporter och till- handahålla information enligt 12 och 13 §§.</P>
<P class="p654 ft4"><SPAN class="ft45">Punkt 1</SPAN>, som motsvarar artikel 58.4 första stycket a, avser värde- pappersbolag, utländska värdepappersföretag och kreditinstitut.</P>
<P class="p575 ft4">I <SPAN class="ft45">punkt 2</SPAN>, som motsvarar led b i artikeln, anges värdepappersfonder, utländska fondföretag och <NOBR>AIF-förvaltare.</NOBR></P>
<P class="p575 ft2"><SPAN class="ft3">Punkt 3</SPAN>, som motsvarar led c i artikeln, avser andra finansiella institut och tjänstepensionsinstitut. Hänvisningen till <NOBR>EU-direktivet</NOBR> är utformad på så sätt att den avser direktivet i den vid en viss tidpunkt gällande lydelsen, s.k. statisk hänvisning.</P>
<P class="p575 ft2"><SPAN class="ft3">I punkt 4</SPAN>, som motsvarar led d i artikeln, anges kommersiella företag. Med det avses t.ex. industriföretag och andra företag som inte har tillstånd för att driva sådan finansiell verksamhet som avses i punkt- erna <NOBR>1–3</NOBR> eller är sådana operatörer som avses i punkt 5.</P>
<P class="p575 ft4"><SPAN class="ft45">Punkt 5</SPAN>, som motsvarar led e i artikeln, avser endast innehavare av positioner i utsläppsrätter eller derivat hänförliga till utsläppsrätter. Hänvisningen till <NOBR>EU-direktivet</NOBR> är utformad på så sätt att den avser direk- tivet i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P class="p536 ft2">Övervägandena finns i avsnitt 7.14.2.</P>
<P class="p1168 ft25">11 §</P>
<P style="text-align: justify;padding-left: 126px;padding-right: 154px;margin-top: 4px;margin-bottom: 0px;" class="ft4">Paragrafen genomför artikel 58.1 första stycket a, 58.1 andra stycket och 58.4 andra och tredje styckena i MiFID II.</P>
<P class="p575 ft2">Paragrafen innehåller krav på ett värdepappersinstut eller en börs som driver en handelsplats på vilken råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter handlas att varje vecka offentliggöra uppgifter och skicka dem till Finansinspektionen. Bestämmelser om dag- lig rapportering finns i 10 §.</P>
<P class="p575 ft4"><SPAN class="ft45">Första stycket </SPAN>genomför delvis artikel 58.1 första stycket a och artikel 58.4 andra stycket i MiFID II. I stycket anges vilka uppgifter som varje vecka ska offentliggöras i en rapport. I <SPAN class="ft45">punkt 1 </SPAN>anges att rapporten ska</P>
<P class="p535 ft159">innehålla uppgifter om de totala positioner som innehas av person-</P>
<P class="p19 ft2">734</P>
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<P class="p186 ft4">kategorierna enligt 10 §. I <SPAN class="ft45">punkt 2 </SPAN>anges antalet långa och korta posi- Prop. 2016/17:162 tioner per kategori. Av <SPAN class="ft45">punkt 3 </SPAN>följer att procentandel öppna kontrakt</P>
<P class="p113 ft2">totalt för varje kategori ska anges. I <SPAN class="ft3">punkt 4 </SPAN>anges antalet personer som innehar en position i varje kategori.</P>
<P class="p144 ft2"><SPAN class="ft3">Andra stycket </SPAN>genomför artikel 58.4 tredje stycket i MiFID II. Posi- tioner som innehas i syfte att minska riskerna i en enhets affärsverk- samhet ska skiljas från andra positioner i rapporten. Sådana positioner kan enligt 3 § vara undantagna från positionslimiterna. Enligt 3 § får Finansinspektionen medge att en positionslimit inte ska tillämpas på positioner som en <NOBR>icke-finansiell</NOBR> enhet, eller någon annan för enhetens räkning, innehar och som på ett objektivt mätbart sätt minskar riskerna i enhetens affärsverksamhet.</P>
<P class="p429 ft4"><SPAN class="ft45">Tredje stycket </SPAN>genomför delvis artikel 58.1 första stycket a och innebär att rapporten ska skickas både till Finansinspektionen och till Esma. Esma ska offentliggöra informationen i rapporterna.</P>
<P class="p144 ft2">I <SPAN class="ft3">fjärde stycket </SPAN>genomförs artikel 58.1 andra stycket i MiFID II. Det innebär att kravet på rapportering endast gäller när både antalet personer och deras öppna positioner överskrider minimitröskelvärden som kommissionen har fastställt i artikel 83 i den delegerade förordningen till MiFID II. Av artikel 83.1 i den förordningen framgår att skyldigheten att rapportera uppstår när det både finns tjugo innehavare av öppna positioner i ett visst kontrakt på en viss handelsplats och det absoluta beloppet av bruttovolymen av långa eller korta totala öppna kontakt, uttryckt i antal poster av det aktuella råvaruderivatet, överskrider en nivå på fyra gånger den levererbara tillgången av samma råvaruderivat, uttryckt i antal poster.</P>
<P class="p429 ft2">Detaljerade regler om format för rapporter och åtgärder för att kräva att rapporterna skickas till Esma varje vecka framgår av kommissionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tek- niska tillsynsstandarder för tillämpning av positionslimiter för råvaru- derivat (C[2016] 4362 final). Detaljerade regler om tröskelvärden finns i artikel 83 i den delegerade förordningen till MiFID II.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.14.2.</P>
<P class="p398 ft25">12 §</P>
<P class="p958 ft2">Paragrafen genomför artikel 58.1 första stycket b i MiFID II.</P>
<P class="p144 ft4">Paragrafen innehåller krav på daglig rapportering till Finansinspek- tionen av ett värdepappersinstitut eller en börs som driver en handelsplats på vilken det handlas råvaruderivat eller utsläppsrätter eller derivat hän- förliga till utsläppsrätter.</P>
<P class="p144 ft2">Den som driver en sådan handelsplats ska, utöver den veckovisa rapportering som ska ske enligt 11 §, även lämna dagliga rapporter till Finansinspektionen. De dagliga rapporterna ska innehålla en uppdelad redovisning av positionerna som innehas av alla personer på handelsplatsen. Med personer på handelsplatsen avses de som deltar i handeln och deras kunder.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 7.14.2.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 21px;margin-bottom: 0px;" class="ft2">735</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">736</P>
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<P class="p19 ft25">13 §</P>
<P class="p942 ft2">Paragrafen genomför artikel 58.2 i MiFID II.</P>
<P class="p332 ft4">Paragrafen innehåller krav på daglig rapportering av värdepappers- institut som utanför en handelsplats handlar med råvaruderivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter.</P>
<P class="p487 ft2">Av <SPAN class="ft3">första stycket </SPAN>följer att redovisningen av värdepappersinstitutets egna och kundernas positioner ska lämnas till Finansinspektionen eller, i förekommande fall, den behöriga myndigheten i ett annat land inom EES om råvaruderivatet eller utsläppsrätter eller derivat hänförliga till ut- släppsrätter handlas på en handelsplats i Sverige.</P>
<P class="p487 ft2">I <SPAN class="ft3">andra stycket </SPAN>regleras till vilken behörig myndighet som ett svenskt värdepappersinstitut som handlar utanför en handelsplats med råvaru- derivat eller utsläppsrätter eller derivat hänförliga till utsläppsrätter som handlas på en handelsplats i ett annat land inom EES ska rapportera till.</P>
<P style="text-align: justify;padding-right: 154px;margin-top: 1px;margin-bottom: 0px;text-indent: 11px;" class="ft4">Bestämmelsen omfattar institutets egna, dess kunder samt alla ytterligare led fram till dess slutkunden nåtts.</P>
<P class="p487 ft2">Ytterligare bestämmelser om format för rapporter och åtgärder för att kräva att rapporterna skickas till Esma varje vecka framgår av kom- missionens delegerade förordning (EU) av den 1 december 2016 om komplettering av Europaparlamentets och rådets direktiv 2014/65/EU avseende tekniska tillsynsstandarder för tillämpning av positionslimiter för råvaruderivat (C[2016] 4362 final).</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 7.14.2.</P>
<P class="p972 ft25">14 §</P>
<P class="p942 ft2">Paragrafen genomför artikel 58.3 i MiFID II.</P>
<P class="p332 ft4">Paragrafen innehåller krav på daglig rapportering som den som deltar i handeln på en handelsplats där handel med råvaruderivat eller utsläpps- rätter eller derivat hänförliga till utsläppsrätter ska göra.</P>
<P class="p487 ft2">Rapporteringen ska ske till den börs eller det värdepappersinstitut som driver handelsplatsen. Syftet med rapporteringen är att göra det möjligt för Finansinspektionen att övervaka att de positionslimiter som inspek- tionen har fastställt följs. Bestämmelsen omfattar institutets egna, dess kunder samt alla ytterligare led fram till dess slutkunden nåtts.</P>
<P class="p619 ft2">Övervägandena finns i avsnitt 7.14.2.</P>
<P class="p972 ft25">22 kap.</P>
<P class="p958 ft25">1 §</P>
<P class="p1188 ft4">Paragrafen genomför delvis artiklarna 18.9, 32.2, 52.2 och 69.2 första stycket m i MiFID II.</P>
<P class="p487 ft2">Paragrafen innehåller bestämmelser om Finansinspektionens beslut om avbrytande av handel med ett finansiellt instrument (handelsstopp). Para- grafen behandlar däremot inte möjligheten att avföra ett finansiellt instru- ment från handel (jfr avsnitt 13.3.13).</P>
<P class="p332 ft4">Genom ändringen i <SPAN class="ft45">första stycket </SPAN>omfattar paragrafen inte bara handeln på en reglerad marknad utan även handeln på en handelsplattform, dvs. en <NOBR>MTF-plattform</NOBR> eller en <NOBR>OTF-plattform.</NOBR> Utgångspunkten är att det även i fortsättningen normalt är den som driver en handelsplats – en börs som driver en reglerad marknad eller en handelsplattform eller ett värde-</P>
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<P class="p186 ft4">pappersinstitut som driver en handelsplattform – som först beslutar om Prop. 2016/17:162 handelsstopp när det gäller ett finansiellt instrument som handlas på</P>
<P class="p113 ft2">handelsplatsen. Om handelsstoppet beror på misstänkt marknadsmiss- bruk (<SPAN class="ft3">punkt 1</SPAN>), ett uppköpserbjudande (<SPAN class="ft3">punkt 2</SPAN>) eller på att investerarna inte i tillräcklig omfattning har tillgång till information om emittenten eller instrumentet (<SPAN class="ft3">punkt 3</SPAN>) får Finansinspektionen besluta att handelsstoppet ska bestå. Det motsvarar delvis det som gäller enligt nu- varande 2 § första stycket första meningen. Beträffande punkt 2 kan noteras att bestämmelser om uppköpserbjudanden finns i lagen (2006:451) om offentliga uppköpserbjudanden på aktiemarknaden. Punkt 3, som rör fall då investerarna inte i tillräcklig omfattning har tillgång till information, omfattar t.ex. undanhållande av insiderinformation om emittenten eller det finansiella instrumentet i strid med artiklarna 7 och 17 i marknadsmissbruksförord- ningen, se artiklarna 32.2 andra stycket och 52.2 andra stycket i MiFID II. Om Finansinspektionen beslutar att handelsstoppet ska bestå, läggs det be- slutet till grund för handelsstopp på andra handelsplatser där samma finansiella instrument handlas eller finansiella instrument som är relaterade till det instrumentet.</P>
<P class="p944 ft2">I paragrafen införs ett nytt <SPAN class="ft3">andra stycke</SPAN>. Det innebär att Finansinspek- tionen, även utan ett föregående beslut av en börs eller ett värdepappers- institut, får besluta om ett handelsstopp på de grunder som anges i första stycket <NOBR>1–3.</NOBR> Det motsvarar delvis den möjlighet som Finansinspektionen har i dag att enligt nuvarande 2 § första stycket andra meningen besluta om handelsstopp på en reglerad marknad.</P>
<P class="p1510 ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 13.3.13.</P>
<P class="p165 ft25">2 §</P>
<P class="p1283 ft4">Paragrafen genomför delvis artiklarna 32.2, 52.2 och 69.2 första stycket m i MiFID II.</P>
<P class="p144 ft4">Paragrafen innehåller bestämmelser om beslut om handelsstopp och återupptagande av handeln efter handelsstopp.</P>
<P class="p144 ft2">Ändringarna innebär bl.a. att det nuvarande första stycket tas bort. Bestämmelser om Finansinspektionens möjligheter att besluta om handelsstopp på en reglerad marknad eller en handelsplattform finns i stället i 1 §.</P>
<P class="p144 ft2"><SPAN class="ft3">Första stycket </SPAN>genomför delvis artiklarna 32.2 och 52.2 i MiFID II, som behandlar den behöriga myndighetens beslut om handelsstopp för handel genom systematiska internhandlare. Därutöver omfattas såsom i dag ”annan av ett värdepappersinstitut organiserad handel”. Med sådan handel avses t.ex. handel med stöd av tillståndet ”mottagande och vidare- befordran av order” (jfr prop. 2006/07:115 s. 626). Handeln på handels- plattformar regleras numera i 1 §. En definition av systematisk intern- handlare införs i 1 kap. 4 b §, vilket gör att termen systematisk intern- handlare används i förevarande paragraf. Detta innebär inte någon ändring i sak.</P>
<P class="p429 ft4">I <SPAN class="ft45">andra stycket </SPAN>görs endast en följdändring med anledning av ändring- arna i första stycket och 1 §.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 13.3.13.</P>
<P class="p993 ft2">737</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">738</P>
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<P class="p19 ft25">2 a §</P>
<P class="p1276 ft4">Paragrafen innehåller bestämmelser om att Finansinspektionen i vissa fall, om Riksgäldskontoret eller en utländsk resolutionsmyndighet begär det, ska pröva om förutsättningarna för handelsstopp är uppfyllda.</P>
<P class="p332 ft42">I paragrafen görs endast en följdändring med anledning av ändringarna i 1 och 2 §§. Detta innebär inte någon ändring i sak.</P>
<P class="p165 ft25">5 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artiklarna 32.2 och 52.2 i MiFID II.</P>
<P class="p487 ft4">I <SPAN class="ft45">första stycket </SPAN>görs endast en följdändring med anledning av ändring- arna i 1 och 2 §§.</P>
<P class="p487 ft2">I paragrafen införs ett nytt <SPAN class="ft3">tredje stycke</SPAN>. Det innebär att handelsstopp inte får ske om det allvarligt skulle skada investerarnas intressen eller hindra marknaden från att fungera korrekt (artiklarna 32.2 andra stycket och 52.2 andra stycket i MiFID II).</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 13.3.13.</P>
<P class="p398 ft25">6 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artiklarna 32.2 och 52.2 i MiFID II.</P>
<P class="p487 ft4">I <SPAN class="ft45">första stycket </SPAN>görs endast en följdändring med anledning av ändring- arna i 1 och 2 §§.</P>
<P class="p487 ft2">I paragrafen införs ett nytt <SPAN class="ft3">andra stycke</SPAN>. Det innebär att handelsstopp inte får ske om det allvarligt skulle skada investerarnas intressen eller hindra marknaden från att fungera korrekt (artiklarna 32.2 andra stycket och 52.2 andra stycket i MiFID II).</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 13.3.13.</P>
<P class="p972 ft25">8 §</P>
<P class="p1543 ft4">Paragrafen genomför delvis artiklarna 32.2 och 52.2 i MiFID II. Paragrafen innehåller krav på Finansinspektionen att offentliggöra be-</P>
<P class="p486 ft4">slut om handelsstopp samt underrätta de behöriga myndigheterna i övriga länder inom EES och Esma.</P>
<P class="p487 ft2">I <SPAN class="ft3">första stycket </SPAN>görs endast en följdändring med anledning av ändring- arna i 1 och 2 §§.</P>
<P class="p487 ft2">Det nya <SPAN class="ft3">andra stycket </SPAN>genomför artiklarna 32.2 femte och sjätte styckena och 52.2 tredje och sjätte styckena i MiFID II när det gäller kravet att de behöriga myndigheterna i andra länder inom EES och Esma ska underrättas även om Finansinspektionens beslut att inte stoppa handeln enligt 3 § samt om att ett beslut om handelsstopp enligt 1 eller 2 § har upphört att gälla. Om Finansinspektionen beslutat att inte stoppa handeln ska skälen för beslutet framgå av underrättelsen.</P>
<P class="p506 ft4"><SPAN class="ft45">Lagrådet </SPAN>påpekar att Finansinspektionen inte, som det anges i lagråds- remissens lagförslag, fattar beslut om att återuppta handeln och att be- stämmelsen därför bör justeras. Regeringen instämmer med Lagrådet att bestämmelsen bör justeras. Regeringen anser emellertid att det bör göras så att underrättelseskyldigheten knyts till att beslut om handelsstopp har upphört att gälla på motsvarande sätt som i direktivet i stället för till att</P>
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<P class="p186 ft4">beslut om att återuppta handeln har meddelats (artiklarna 32.2 sjätte Prop. 2016/17:162 stycket och 52.2 sjätte stycket).</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 13.3.13.</P>
<P class="p398 ft25">23 kap.</P>
<P class="p958 ft25">1 §</P>
<P class="p920 ft4">Paragrafen genomför delvis artiklarna 21.2, 22, 41.2 och 67.1 samt artiklarna 35.8 andra stycket, 44.2, 44.3 och 59.4 i MiFID II.</P>
<P class="p888 ft2">Paragrafen reglerar omfattningen av Finansinspektionens tillsyn. Ändringarna i <SPAN class="ft3">första </SPAN>och <SPAN class="ft3">andra styckena </SPAN>innebär att även svenska</P>
<P class="p113 ft4">leverantörer av datarapporteringstjänster står under Finansinspektionens tillsyn.</P>
<P class="p147 ft2">Övervägandena finns i avsnitten 13.2 och 13.4.4.</P>
<P class="p398 ft25">2 §</P>
<P class="p920 ft4">Paragrafen genomför delvis artiklarna 17.2 andra stycket, 17.5 fjärde stycket, 18.10, 20.7, 22 och 54.3 samt artiklarna 31.3, 53.7 och 85 i MiFID II.</P>
<P style="text-align: justify;padding-right: 248px;margin-top: 14px;margin-bottom: 0px;text-indent: 11px;" class="ft4">Paragrafen reglerar vilka som ska lämna upplysningar till Finans- inspektionen om sin verksamhet och därmed sammanhängande omstän- digheter enligt föreskrifter som meddelats med stöd av lagen.</P>
<P class="p144 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>är en konsekvens av att även svenska leverantörer av datarapporteringstjänster står under Finansinspektionens tillsyn. Bestämmelsen innebär att de företag som räknas upp ska lämna Finansinspektionen upplysningar om sin verksamhet och därmed sammanhängande omständigheter enligt föreskrifter som meddelats med stöd av lagen.</P>
<P class="p144 ft2">När det gäller de värdepappersinstitut, utländska värdepappersföretag och marknadsoperatörer som driver en <NOBR>MTF-plattform</NOBR> samt marknads- operatörer som driver en <NOBR>OTF-plattform</NOBR> uppfyller bestämmelsen kravet i artikel 18.10 i MiFID II på att den behöriga myndigheten ska tillhanda- hållas information om sådan verksamhet.</P>
<P class="p426 ft4">Övervägandena finns i avsnitten 7.4.7, 7.4.8, 7.5.1, 7.5.6, 7.6.2, 7.6.4, 7.9.2, 7.14.1, 13.1, 13. 2 och 13.4.4.</P>
<P class="p397 ft25">3 §</P>
<P class="p920 ft4">Paragrafen genomför delvis artiklarna 17.2 andra stycket, 17.5 fjärde stycket, 18.10, 20.7 och 22 samt artikel 69.2 första stycket a, b, d, g och j i MiFID II.</P>
<P class="p144 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär endast att Finansinspektionens till- synsbefogenheter enligt paragrafen även avser övervakningen av bestäm- melserna i MiFIR. Genomförandeförordningen till MiFID I upphör att gälla när MiFID I upphör att gälla och hänvisningen till den förordningen tas därför bort.</P>
<P class="p369 ft2">Övervägandena finns i avsnitten 7.5.1 och 13.1.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 43px;margin-bottom: 0px;" class="ft2">739</P>
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<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">740</P>
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<P class="p19 ft25">3 a §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför artikel 69.2 första stycket o och p i MiFID II. De reglerna har inte någon motsvarighet i MiFID I.</P>
<P class="p487 ft2">Paragrafen innebär nya tillsynsbefogenheter för Finansinspektionen som i första hand är kopplade till bestämmelserna om positionslimiter i 15 a kap. En grundläggande förutsättning för inspektionens befogenheter är att de ska vara nödvändiga för att uppfylla kraven i denna lag eller MiFIR samt föreskrifter meddelade med stöd av lagen.</P>
<P class="p332 ft2">Enligt <SPAN class="ft3">punkt 1 </SPAN>får Finansinspektionen förelägga ett företag eller någon annan att vidta åtgärder för att minska storleken på en position eller exponering i finansiella instrument. Denna befogenhet är således inte be- gränsad till råvaruderivat, även om det i första hand är på detta område den kan komma att tillämpas.</P>
<P class="p332 ft2">Finansinspektionen får, enligt <SPAN class="ft3">punkt 2</SPAN>, förelägga ett företag eller någon annan att inte ingå råvaruderivatkontrakt. Detta innebär att Finans- inspektionen kan begränsa möjligheten för en fysisk eller juridisk person att ingå råvaruderivatkontrakt t.ex. genom att införa gränser för storleken på en position som en person får inneha i enlighet med 15 a kap.</P>
<P class="p506 ft2">Finansinspektionen ska fastställa gränser – i form av kvantitativa trösk- lar – för hur stora positioner i råvaruderivat som en enskild person eller ett enskilt företag kan ha under en viss tidsperiod (15 a kap. 1 §). Syftet är att förhindra marknadsmissbruk och att främja en ordnad prisbildning och ordnade avvecklingsförhållanden. Finansinspektionen får med stöd av paragrafen tvinga fram att en position i t.ex. råvaruderivat minskas eller avslutas och även förbjuda någon att ingå sådana kontrakt. Det kan noteras att Finansinspektionens befogenheter enligt paragrafen gäller även beträffande <NOBR>icke-finansiella</NOBR> företag (jfr dock möjligheten till undantag för sådana företag som innehar positioner i råvaruderivat i syfte att minska riskerna i sin affärsverksamhet, se avsnitt 7.14.1).</P>
<P class="p1472 ft2">Övervägandena finns i avsnitten 13.3.14 och 13.3.15.</P>
<P class="p398 ft25">3 b §</P>
<P class="p1559 ft4">Paragrafen, som är ny, genomför artikel 69.2 första stycket t i MiFID II. Paragrafen innebär nya tillsynsbefogenheter för Finansinspektionen</P>
<P style="text-align: justify;padding-left: 12px;padding-right: 153px;margin-top: 0px;margin-bottom: 0px;text-indent: -10px;" class="ft2">som är kopplade till kraven om produktstyrning i 8 kap. 13 och 14 §§. <SPAN class="ft3">Första stycket </SPAN>innebär att Finansinspektionen får stoppa marknads-</P>
<P class="p486 ft2">föring eller försäljning av finansiella instrument eller strukturerade in- sättningar, om ett värdepappersinstitut har underlåtit att utveckla eller tillämpa en effektiv process för produktgodkännande eller om institutet på annat sätt har underlåtit att fullgöra sina skyldigheter att bl.a. regel- bundet se över de finansiella instrumenten eller förse eventuella distribu- törer med information.</P>
<P class="p332 ft2">I <SPAN class="ft3">andra stycket </SPAN>finns en upplysning om att Finansinspektionen med stöd av MiFIR (artikel 42) får förbjuda marknadsföring eller försäljning av finansiella instrument eller strukturerade insättningar även i vissa andra fall. Det kan t.ex. röra sig om fall då ett finansiellt instrument hotar finansmarknadens funktion (artikel 42.2 a i MiFIR).</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 13.3.18.</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_741" style="position:relative; overflow: hidden;margin: 51px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 406px;overflow: hidden;">
<P class="p19 ft25">4 §</P>
<P class="p942 ft2">Paragrafen genomför artikel 69.2 första stycket c i MiFID II.</P>
<P class="p277 ft2">Paragrafen innebär att Finansinspektionen genom en undersökning på plats kan inspektera alla aspekter av ett företags verksamhet som inspek- tionen har tillsyn över. Som regel torde det främst vara fråga om att ta del av handlingar och studera rutiner på plats. Bestämmelsen bör tolkas så att rätten att utföra platsundersökningar endast avser ett företags kontors- lokaler och liknande och alltså inte inspektioner i privatbostäder (jfr prop. 2006/07:115 s. 630).</P>
<P class="p313 ft4">Av ändringen i <SPAN class="ft45">första stycket </SPAN>följer att Finansinspektionens möjligheter att genomföra platsundersökningar utvidgas till att omfatta även svenska leverantörer av datarapporteringstjänster.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 13.3.3.</P>
<P class="p398 ft25">5 §</P>
<P class="p953 ft2">Paragrafen genomför delvis artiklarna 17.2 tredje stycket, 17.5 femte stycket, 18.10, 45.2 a fjärde stycket, 57.6, 79, 80.1 och <NOBR>81.1–81.3</NOBR> samt artiklarna 8 andra stycket, 31.2 andra och tredje styckena, 33.6, 44.6, 54.2 andra och tredje styckena, 57.5, 75.3 och 87 i MiFID II.</P>
<P class="p277 ft4">Paragrafen innebär att Finansinspektionen i sin tillsynsverksamhet ska samarbeta och utbyta information med andra myndigheter och organ.</P>
<P class="p181 ft2">I paragrafen införs en hänvisning till MiFIR som innebär att Finans- inspektionen i sin tillsynsverksamhet ska samarbeta och utbyta informa- tion även i den utsträckning som följer av den förordningen (artikel 79.1 i MiFID II).</P>
<P class="p181 ft2">Finansinspektionen ska som behörig myndighet enligt artikel 18.10 i MiFID II till Esma anmäla varje beslut om tillstånd för ett värdepappers- institut eller en börs att driva en <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform.</NOBR> I kommissionens genomförandeförordning (EU) 2016/824 om fast- ställande av tekniska standarder för genomförande med avseende på innehållet och formatet vad gäller beskrivningen av multilaterala handelsplattformars och organiserade handelsplattformars funktionssätt och anmälan till Europeiska värdepappers- och marknadsmyndigheten finns ytterligare regler om innehållet i och formatet för en sådan anmälan.</P>
<P class="p1187 ft2">Det införs även hänvisningar till flera ytterligare myndigheter och organ som Finansinspektionen ska samarbeta och utbyta information med. Ändringen motsvarar den ändring som har gjorts i MiFID II i för- hållande till MiFID I. Enligt MiFID II (artikel <NOBR>79.5–79.7)</NOBR> ska den be- höriga myndigheten samarbeta och utbyta information även med andra myndigheter och organ än de behöriga myndigheter som ansvarar för tillsyn över finansmarknaderna, t.ex. energitillsynsmyndigheter eller organ som har tillsyn över marknaden för utsläppsrätter eller fysiska jordbruksmarknader.</P>
<P class="p313 ft4">Hänvisningen till <NOBR>EU-direktivet</NOBR> i <SPAN class="ft45">punkt 6 </SPAN>är utformad på så sätt att den avser direktivet i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P class="p277 ft4">Hänvisningen i <SPAN class="ft45">punkt 7 </SPAN>till <NOBR>EU-förordningen</NOBR> är utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
</DIV>
<DIV style="float:left;border:none;margin: 1px 0px 0px 0px;padding: 0px;border:none;width: 235px;overflow: hidden;">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">741</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_742" style="position:relative; overflow: hidden;margin: 48px 0px 287px 121px;padding: 0px;border: none;width: 520px;">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td64"><P class="p21 ft2">Detaljerade regler om samarbete och utbyte av information finns i</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">kommissionens delegerade förordning (EU) av den 14 juli 2016 om</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">komplettering av Europaparlamentets och rådets direktiv 2014/65/EU</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">med avseende på tekniska tillsynsstandarder för utbyte av uppgifter</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">mellan behöriga myndigheter när de deltar i samarbete avseende</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">tillsynsverksamhet, kontroller på plats och vid utredningar (C[2016]</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">4415 final) (artiklarna <NOBR>1–4).</NOBR></P></TD>
</TR>
<TR>
<TD class="tr31 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr31 td64"><P class="p21 ft2">Övervägandena finns i avsnitten 7.3.7, 7.5.1 och 13.4.2.</P></TD>
</TR>
<TR>
<TD class="tr62 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr62 td64"><P class="p57 ft25">5 a §</P></TD>
</TR>
<TR>
<TD class="tr24 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td64"><P class="p57 ft2">Paragrafen genomför delvis artikel 57.6 första stycket samt artiklarna 82</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">och 86.1 andra stycket b, 86.2 fjärde stycket och 86.3 tredje stycket i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Paragrafen innebär att Finansinspektionen i vissa angivna fall får hän-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">skjuta frågor som rör ett förfarande av en annan behörig myndighet inom</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">EES till Esma för tvistlösning.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">I <SPAN class="ft3">första stycket </SPAN>görs ett tillägg för sådana fall där behöriga myndigheter</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ska fastställa gemensamma positionslimiter (artikel 57.6 i MiFID II).</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">Övriga ändringar är endast följdändringar med anledning av att num-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">reringen av artiklarna i MiFID II har ändrats i förhållande till numre-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">ringen i MiFID I.</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 13.4.2.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td64"><P class="p57 ft25">6 §</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td64"><P class="p57 ft2">Paragrafen genomför delvis artiklarna 80.1 och <NOBR>81.1–81.3</NOBR> samt artiklarna</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">35.9 och 80.2 i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Paragrafen innebär att Finansinspektionen, efter begäran från en be-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">hörig myndighet i ett annat land inom EES, ska lämna eller kontrollera</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">information som behövs för att den utländska myndigheten ska kunna ut-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">öva sin tillsyn enligt MiFID II samt att den utländska myndigheten även</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">får närvara vid en kontroll som utförs av Finansinspektionen.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">I <SPAN class="ft3">första stycket </SPAN>görs endast språkliga ändringar.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">I <SPAN class="ft3">andra stycket</SPAN>, som är nytt, genomförs artikel 80.2 i MiFID II. Det</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">innebär att i de fall en utländsk myndighet närvarar vid en kontroll som</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">utförs av Finansinspektionen, får även Esma närvara.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p21 ft2">Detaljerade regler om samarbete och utbyte av information finns i</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">kommissionens delegerade förordning (EU) C(2016) 4415 final av den</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">14 juli 2016 om komplettering av Europaparlamentets och rådets direktiv</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">2014/65/EU med avseende på tekniska tillsynsstandarder för utbyte av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">uppgifter mellan behöriga myndigheter när de deltar i samarbete av-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p57 ft2">seende tillsynsverksamhet, kontroller på plats och vid utredningar (artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">larna <NOBR>1–4).</NOBR></P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td64"><P class="p21 ft2">Övervägandena finns i avsnitt 13.4.2.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr52 td64"><P class="p57 ft25">7 §</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr33 td64"><P class="p57 ft2">Paragrafen genomför artikel 69.2 första stycket i i MiFID II.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td64"><P class="p21 ft2">Paragrafen innebär att Finansinspektionen har rätt att förordna en eller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td64"><P class="p57 ft2">flera revisorer att tillsammans med övriga revisorer delta i revisionen av</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p60 ft2">742</P></TD>
<TD class="tr27 td64"><P class="p57 ft2">ett företag.</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_743" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p747 ft4">Ändringen i <SPAN class="ft45">första stycket </SPAN>innebär att Finansinspektionen får förordna Prop. 2016/17:162 revisor för att delta i revisionen även av en leverantör av datarapporte-</P>
<P class="p19 ft2">ringstjänster.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 13.3.9.</P>
<P class="p398 ft25">8 §</P>
<P class="p942 ft2">Paragrafen genomför delvis artikel 77 i MiFID II.</P>
<P class="p264 ft4">Paragrafen innebär en skyldighet för en revisor att till Finansinspek- tionen omedelbart rapportera om han eller hon vid fullgörandet av sitt uppdrag får kännedom om förhållanden som bl.a. innebär väsentliga regelöverträdelser eller kan påverka ett företags fortsatta drift negativt.</P>
<P class="p144 ft2">Ändringarna i <SPAN class="ft3">första stycket </SPAN>innebär att skyldigheten att rapportera till Finansinspektionen utvidgas till att gälla även för revisorer i börser och leverantörer av datarapporteringstjänster. Ändringen motsvarar den ändring som har gjorts i MiFID II i förhållande till MiFID I (artikel 55). Till följd av att även börser och leverantörer av datarapporteringstjänster omfattas görs i <SPAN class="ft3">punkterna </SPAN><NOBR><SPAN class="ft3">1–3</SPAN></NOBR><SPAN class="ft3"> </SPAN>även vissa språkliga justeringar, t.ex. ändras bolag till företag. I <SPAN class="ft3">punkt 3 </SPAN>görs en hänvisning till motsvarande bestämmelse i lagen om ekonomiska föreningar med anledning av att börser kan vara antingen aktiebolag eller ekonomiska föreningar.</P>
<P class="p264 ft4">I <SPAN class="ft45">andra stycket </SPAN>görs motsvarande språkliga ändringar som i första stycket.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 13.4.7.</P>
<P class="p972 ft25">9 §</P>
<P class="p942 ft2">Paragrafen genomför delvis artikel 77 i MiFID II.</P>
<P class="p264 ft4">Paragrafen innebär att den rapporteringsskyldighet som anges i 8 § även gäller för särskilda granskare.</P>
<P class="p144 ft2">Ändringarna innebär att skyldigheten att rapportera till Finansinspek- tionen enligt 8 § gäller även för särskilda granskare i börser och svenska leverantörer av datarapporteringstjänster. Vidare omfattas även sådana särskilda granskare som avses i lagen om ekonomiska föreningar (jfr författningskommentaren till 8 §).</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 13.4.7.</P>
<P class="p398 ft25">12 §</P>
<P class="p1520 ft4">Paragrafen innehåller bestämmelser om avgifter till Finansinspektionen. Ändringen i <SPAN class="ft45">första stycket </SPAN>innebär att även svenska leverantörer av</P>
<P class="p113 ft2">datarapporteringstjänster ska betala årliga avgifter. Bestämmelser om årliga avgifter finns i förordningen (2007:1135) om årliga avgifter för finansiering av Finansinspektionens verksamhet.</P>
<P class="p144 ft2">I <SPAN class="ft3">andra stycket </SPAN>görs ett tillägg om att Finansinspektionen får ta ut avgifter för prövning av ärenden även enligt MiFIR. Bestämmelser om sådana avgifter finns i förordningen (2001:911) om avgifter för prövning av ärenden hos Finansinspektionen.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 13.7.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 32px;margin-bottom: 0px;" class="ft2">743</P>
</DIV>
<DIV id="page_744" style="position:relative; overflow: hidden;margin: 51px 0px 289px 0px;padding: 0px;border: none;width: 794px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">744</P>
</DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 547px;overflow: hidden;">
<P class="p19 ft25">15 §</P>
<P class="p1175 ft4">Paragrafen innehåller bemyndiganden för regeringen eller den myndighet som regeringen bestämmer att meddela föreskrifter.</P>
<P class="p487 ft4">I <SPAN class="ft45">punkt 3 </SPAN>görs en följdändring och ändringarna i <SPAN class="ft45">punkterna 4 </SPAN>och <SPAN class="ft45">5 </SPAN>är endast språkliga.</P>
<P class="p487 ft2">I <SPAN class="ft3">punkt 6</SPAN>, som är ny, införs ett bemyndigande med stöd av artikel 67.2 i MiFID II att meddela föreskrifter om att viss information och referensuppgifter som ska lämnas till Finansinspektionen i stället ska lämnas till Esma. Det gäller information och referensuppgifter enligt artiklarna 22.1 och 27.1 i MiFIR som ska lämnas av handelsplatser, <NOBR>APA-leverantörer,</NOBR> <NOBR>CTP-leverantörer</NOBR> och systematiska internhandlare.</P>
<P class="p634 ft2">Övervägandena finns i avsnitt 7.13.</P>
<P class="p398 ft25">24 kap.</P>
<P class="p958 ft25">8 a §</P>
<P class="p1188 ft2">Paragrafen genomför artikel 70.3 a iii och delvis artikel 70.6 <NOBR>f–h</NOBR> i MiFID II.</P>
<P style="text-align: justify;padding-right: 153px;margin-top: 16px;margin-bottom: 0px;text-indent: 11px;" class="ft2">Paragrafen reglerar Finansinspektionens möjligheter att ingripa om någon förvärvar, ökar, avyttrar eller minskar ett kvalificerat innehav av aktier eller andelar utan att först ansöka om tillstånd eller anmäla det till inspektionen.</P>
<P class="p332 ft2">Ändringen innebär att Finansinspektionens möjlighet att besluta om sanktionsavgift utvidgas till att, utöver ägare i ett värdepappersbolag, gälla även om ägare i en börs eller en svensk clearingorganisation inte fullgör sin skyldighet enligt 1 eller 4 §. För juridiska personer ska sanktionsavgiften bestämmas enligt 25 kap. 9 §. För fysiska personer ska sanktionsavgiften bestämmas enligt 25 kap. 9 a §.</P>
<P class="p620 ft2">Övervägandena finns i avsnitten 14.2, 14.3.5 och 14.5.2.</P>
<P class="p398 ft25">25 kap<SPAN class="ft54">.</SPAN></P>
<P class="p958 ft25">1 §</P>
<P class="p1175 ft4">Paragrafen genomför delvis artikel 8 c, artikel 8 d och e, artikel 21.1, delvis artikel 21.2, delvis artikel 43 <NOBR>c–e</NOBR> och 44.5 c och e, artikel 44.5 d, delvis artikel 57.14, artiklarna 62 c och d och 69 första stycket k och delvis artikel <NOBR>70.3–70.5</NOBR> och 70.6 b, c och e i MiFID II.</P>
<P class="p487 ft2">Paragrafen reglerar när Finansinspektionen får vidta olika typer av ingripanden mot svenska företag.</P>
<P class="p487 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär att Finansinspektionens möjligheter att ingripa omfattar även svenska leverantörer av datarapporterings- tjänster. Ett svenskt värdepappersinstitut eller en börs kan även vara leverantör av datarapporteringstjänster (jfr 10 kap. 1 § tredje stycket). Genom ändringen kan Finansinspektionen ingripa mot en leverantör av datarapporteringstjänster som inte är ett sådant företag.</P>
<P class="p634 ft2">Övervägandena finns i avsnitten 14.2, 14.3.2, 14.3.4 och 14.5.2.</P>
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</DIV>
</DIV>
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<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 406px;overflow: hidden;">
<P class="p19 ft25">1 a §</P>
<P class="p1517 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2, 70.3, 70.4 a och 70.5 i MiFID II. Den är utformad efter förebild av nuvarande 1 a § första stycket. Nuvarande 1 a § betecknas i stället 1 d §.</P>
<P class="p181 ft2">I paragrafen anges de bestämmelser i lagen som, om de överträds av ett svenskt värdepappersinstitut, ska kunna medföra ett ingripande från Finansinspektionen mot en fysisk person som kan hållas ansvarig. Förut- sättningarna för ett sådant ingripande och de sanktioner som kan komma i fråga framgår av nya 1 c §. Om ett svenskt värdepappersinstitut är ett värdepappersbolag gäller även nya 1 d §. Uppdelningen mellan para- grafer som gäller alla svenska värdepappersinstitut (nya 1 <NOBR>a–1</NOBR> c §§) och en paragraf som gäller enbart värdepappersbolag (nya 1 d §) innebär en skillnad i förhållande till utredningens förslag. Denna uppdelning görs med anledning av att i den uppräkning som finns i överträdelsekatalogen i MiFID II (artikel 70.3 a) finns bestämmelser som gäller endast för värdepappersbolag och inte även för kreditinstitut som driver värdepap- persrörelse. Om ett svenskt värdepappersinstitut är ett kreditinstitut, finns bestämmelser om ingripanden mot ansvariga personer i institutet även i lagen om bank- och finansieringsrörelse (15 kap. 1 a §).</P>
<P class="p164 ft2">I paragrafen definieras den personkrets som kan bli föremål för ingripande. Vidare finns en uppräkning av de överträdelser från ett svenskt värdepappersinstituts sida som kan föranleda ett ingripande mot någon som ingår i personkretsen. Uppräkningen omfattar de bestämmel- ser i lagen som gäller för svenska värdepappersinstitut och som genom- för de regler som räknas upp i artikel 70.3 a, 70.4 a och 70.5 i MiFID II.</P>
<P class="p313 ft2">I många fall kompletteras de angivna bestämmelserna av föreskrifter som meddelas av Finansinspektionen eller av rättsakter som antas av kommissionen, särskilt den delegerade förordningen till MiFID II. Vid bedömningen av om ett svenskt värdepappersinstitut har åsidosatt sina skyldigheter eller på annat sätt överträtt en viss bestämmelse i lagen, bör kraven i lagen förstås så som de preciseras i Finansinspektionens föreskrifter eller i direkt tillämpliga <NOBR>EU-förordningar.</NOBR> Det innebär att en överträdelse av bestämmelser i sådana föreskrifter eller rättsakter också kan utgöra en överträdelse av de bestämmelser i lagen som de hänför sig till. Till skillnad från i utredningens förslag anges i <SPAN class="ft3">punkterna </SPAN><NOBR><SPAN class="ft3">3</SPAN>–<SPAN class="ft3">5</SPAN></NOBR><SPAN class="ft3"> </SPAN>och <SPAN class="ft3">10 </SPAN>uttryckliga hänvisningar till föreskrifter som meddelats med stöd av lagen i de fall det i dessa kan ställas upp mer preciserade krav än de som framgår av lagen.</P>
<P class="p432 ft2">Till skillnad från utredningens förslag innehåller överträdelsekatalogen inte hänvisningar till bestämmelser om förutsättningar för tillstånd och styrelse och revisor i 3 kap. 1 och 5 §§. Av 1 d § följer att överträdelser av vissa av dessa bestämmelser, liksom i dag, kan föranleda ingripande mot ansvariga personer i ett värdepappersbolag. För kreditinstitut finns möjligheter till ingripande mot fysiska personer i stället i lagen om bank- och finansieringsrörelse (se 15 kap. 1 a § första stycket 16).</P>
<P class="p164 ft4"><SPAN class="ft45">Punkt 1</SPAN>, som avser överträdelser som anges i artikel 70.3 a xx och xxi samt 70.4 a i MiFID II, innehåller hänvisningar till bestämmelser i 5 kap. om svenska företags verksamhet utomlands som gäller för värde- pappersbolag och i vissa delar även för svenska kreditinstitut när de driver värdepappersrörelse. I 1 d § första stycket 3 finns hänvisningar till</P>
</DIV>
<DIV style="float:left;border:none;margin: 1px 0px 0px 0px;padding: 0px;border:none;width: 235px;overflow: hidden;">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">745</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_746" style="position:relative; overflow: hidden;margin: 48px 0px 286px 121px;padding: 0px;border: none;width: 520px;">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td152"><P class="p53 ft2">Prop. 2016/17:162</P></TD>
<TD colspan=2 class="tr24 td237"><P class="p23 ft2">överträdelser av</P></TD>
<TD colspan=4 class="tr24 td303"><P class="p23 ft2">bestämmelser i 5 kap. som gäller</P></TD>
<TD colspan=2 class="tr24 td196"><P class="p50 ft2">enbart</P></TD>
<TD class="tr24 td11"><P class="p22 ft2">för</P></TD>
<TD class="tr24 td70"><P class="p20 ft2">värde-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td237"><P class="p23 ft2">pappersbolag.</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr26 td251"><P class="p125 ft2"><SPAN class="ft3">Punkt 2</SPAN>, som avser överträdelser som anges</P></TD>
<TD class="tr26 td157"><P class="p73 ft2">i</P></TD>
<TD colspan=2 class="tr26 td196"><P class="p23 ft2">artikel</P></TD>
<TD colspan=2 class="tr26 td126"><P class="p20 ft2">70.3 a xv i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">MiFID II, omfattar bestämmelser i 6 kap. om anknutna ombud som gäller</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr25 td228"><P class="p23 ft2">för svenska värdepappersinstitut.</P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">Punkt 3</SPAN>, som avser överträdelser som anges i artikel 70.3 a ii, iv, v,</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td74"><P class="p23 ft2">viii,</P></TD>
<TD class="tr26 td75"><P class="p23 ft2"><NOBR>xi–xiii,</NOBR> xvi,</P></TD>
<TD class="tr26 td163"><P class="p44 ft2">xvii</P></TD>
<TD class="tr26 td159"><P class="p87 ft2">samt 70.3 b xi</P></TD>
<TD class="tr26 td117"><P class="p23 ft2">och xiii</P></TD>
<TD colspan=5 class="tr26 td205"><P class="p20 ft2">i MiFID II, omfattar</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">bestämmelser i 8 kap. om rörelseregler som gäller för svenska värdepap-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">persinstitut. Hänvisningarna avser i flera fall bestämmelser som preci-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">seras i Finansinspektionens föreskrifter eller den delegerade förordningen</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">till MiFID II. Enligt nuvarande 1 a § första stycket 4 ska Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">tionen ingripa om ett värdepappersbolag inte uppfyller kraven i 8 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">9 eller 11 § eller i föreskrifter som har meddelats med stöd av nuvarande</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">42 § 4 och 6. De bestämmelserna gäller även för svenska kreditinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">och tas därför in i förevarande paragraf. Hänvisningen till underrättelse-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=8 style="padding: 0px;margin: 0px;width: 332px;vertical-align: bottom;" class="tr26"><P class="p23 ft2">skyldigheten enligt 8 kap. 32 § motsvaras i utredningens</P></TD>
<TD colspan=2 class="tr26 td126"><P class="p20 ft2">förslag av</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">hänvisningar till artiklarna 15.1 och 18.4 i MiFIR, se författnings-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=4 class="tr26 td228"><P class="p23 ft2">kommentaren till den paragrafen.</P></TD>
<TD class="tr26 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">Punkt 4</SPAN>, som avser överträdelser som anges i artikel 70.3 a iv, <NOBR>ix–xiv</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">och xvi i MiFID II, omfattar flera av de uppföranderegler och kund-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">skyddsregler som finns i 9 kap. Även när det gäller dessa bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">är det i många fall så att de krav som ställs på ett svenskt värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">institut preciseras i Finansinspektionens föreskrifter eller den delegerade</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">förordningen till MiFID II. Det gäller t.ex. de grundläggande kraven i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">9 kap. 1 § (nuvarande 8 kap. 1 §). Till skillnad från utredningens förslag</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">finns ingen hänvisning till bestämmelserna i 9 kap. 49 § om tillhanda-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">hållande av tjänster via ett annat företag. Bestämmelserna gäller ansvars-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">fördelning mellan två företag och ett värdepappersinstitut kan inte</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">åsidosätta dessa bestämmelser i sig. Om ett värdepappersinstitut åsido-</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">sätter skyldigheter för vilka ansvaret fördelas enligt 9 kap. 49 §, kan</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">ingripande göras på grund av den överträdelsen (jfr artikel 70.3 a xii i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td237"><P class="p23 ft2">MiFID II).</P></TD>
<TD class="tr25 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td159"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">Punkt 5</SPAN>, som avser de överträdelser som anges i artikel 70.3 a xxxvii–</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">xxxx i MiFID II, omfattar bestämmelser om datarapporteringstjänster i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft2">nya</P></TD>
<TD class="tr25 td75"><P class="p74 ft2">10 kap.</P></TD>
<TD class="tr25 td163"><P class="p23 ft2">De</P></TD>
<TD class="tr25 td159"><P class="p87 ft2">bestämmelserna</P></TD>
<TD class="tr25 td117"><P class="p85 ft2">gäller</P></TD>
<TD colspan=2 class="tr25 td55"><P class="p74 ft2">när</P></TD>
<TD colspan=2 class="tr25 td124"><P class="p687 ft2">ett</P></TD>
<TD class="tr25 td70"><P class="p20 ft27">svenskt</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">värdepappersinstitut får tillhandahålla datarapporteringstjänster med eller</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=7 style="padding: 0px;margin: 0px;width: 321px;vertical-align: bottom;" class="tr26"><P class="p23 ft2">utan tillstånd (se 10 kap. 1 § första och tredje styckena).</P></TD>
<TD class="tr26 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p20 ft2"><SPAN class="ft3">Punkt 6</SPAN>, som avser överträdelser som anges i artikel 70.3 a vi, vii, xviii</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">och xix i MiFID II, omfattar bestämmelser i 11 kap. som gäller för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">svenskt värdepappersinstitut som driver en handelsplattform. Även vissa</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr25 td235"><P class="p23 ft2">bestämmelser i 13 kap. om börsers verksamhet gäller för ett svenskt</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=7 style="padding: 0px;margin: 0px;width: 321px;vertical-align: bottom;" class="tr26"><P class="p23 ft2">värdepappersinstitut som driver en handelsplattform (se</P></TD>
<TD colspan=3 class="tr26 td57"><P class="p20 ft2">11 kap. 1 a §</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">första stycket). De bestämmelserna anges i <SPAN class="ft3">punkt 7</SPAN>, som avser flera av de</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=5 class="tr25 td251"><P class="p23 ft2">överträdelser som anges i artikel 70.3 a vi, xiii</P></TD>
<TD colspan=5 class="tr25 td205"><P class="p20 ft2">och <NOBR>xxviii–xxx</NOBR> samt</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">70.3 b xix i MiFID II. Hänvisningen till kraven i 13 kap. 1 j § motsvaras i</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">utredningens förslag av en hänvisning till artikel 26.7 femte stycket i</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=7 style="padding: 0px;margin: 0px;width: 321px;vertical-align: bottom;" class="tr25"><P class="p23 ft2">MiFIR, se författningskommentaren till den paragrafen.</P></TD>
<TD class="tr25 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td70"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p20 ft2"><SPAN class="ft3">Punkt 8</SPAN>, som avser överträdelser som anges i artikel 70.3 a xxxv och</P></TD>
</TR>
<TR>
<TD class="tr26 td152"><P class="p23 ft7"> </P></TD>
<TD colspan=10 class="tr26 td235"><P class="p23 ft2">xxxvi i MiFID II, omfattar bestämmelser om positionslimiter och hante-</P></TD>
</TR>
<TR>
<TD class="tr25 td152"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td74"><P class="p23 ft2">ring</P></TD>
<TD colspan=4 class="tr25 td48"><P class="p59 ft2">av positioner avseende råvaruderivat och</P></TD>
<TD colspan=4 class="tr25 td118"><P class="p30 ft2">utsläppsrätter</P></TD>
<TD class="tr25 td70"><P class="p20 ft2">i nya</P></TD>
</TR>
<TR>
<TD class="tr27 td152"><P class="p151 ft2">746</P></TD>
<TD colspan=2 class="tr27 td237"><P class="p23 ft2">15 a kap.</P></TD>
<TD class="tr27 td163"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td159"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td117"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td157"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td88"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td115"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td11"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td70"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_747" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 406px;overflow: hidden;">
<P class="p181 ft2"><SPAN class="ft3">Punkt 9</SPAN>, som avser överträdelser som anges i artikel 70.3 a vi och xviii samt 70.5 i MiFID II, omfattar skyldigheter som enligt 22 kap. gäller för ett svenskt värdepappersinstitut som driver en handelsplattform eller som är systematisk internhandlare när Finansinspektionen fattat beslut om handelsstopp.</P>
<P class="p313 ft2"><SPAN class="ft3">Punkt 10</SPAN>, som avser överträdelser som anges i artikel 70.3 a ii, <NOBR>v–vii,</NOBR> xxxvii och 70.5 i MiFID II, avser bestämmelser om tillsyn i 23 kap. Det innebär att ingripande mot någon i personkretsen kan göras om ett svenskt värdepappersinstitut inte lämnar upplysningar enligt 23 kap. 2 § eller om institutet inte följer en begäran enligt 23 kap. 3 §, ett före- läggande enligt 23 kap. 3 a § eller ett beslut enligt 23 kap. 3 b §. Ingrip- ande kan även göras om ett svensk värdepappersinstitut inte tillåter Finansinspektionen att utföra en undersökning enligt 23 kap. 4 §.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p972 ft25">1 b §</P>
<P class="p1216 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2, 70.3 b och 70.4 b. Den är utformad efter förebild av nuvarande 1 a § första stycket.</P>
<P class="p181 ft2">I paragrafen anges de bestämmelser i MiFIR som, om de överträds av ett svensk värdepappersinstitut, ska kunna medföra ingripande från Finansinspektionen mot en fysisk person som kan hållas ansvarig. Förutsättningarna för ett sådant ingripande och de sanktioner som kan komma i fråga framgår av 1 c §. Om ett svenskt värdepappersinstitut är ett värdepappersbolag gäller även nya 1 d §, se författningskommentaren till nya 1 a §.</P>
<P class="p277 ft2">Uppräkningen omfattar de bestämmelser i MiFIR som gäller för värde- pappersinstitut och som anges i artikel 70.3 b och 70.4 b i MiFID II. De angivna bestämmelserna kompletteras i många fall av rättsakter som antas av kommissionen. Vid bedömningen av om ett svenskt värdepap- persinstitut har åsidosatt sina skyldigheter eller på annat sätt överträtt en viss bestämmelse i MiFIR, bör kraven i förordningen förstås så som de preciseras i andra direkt tillämpliga <NOBR>EU-förordningar.</NOBR> Det innebär att en överträdelse av bestämmelser i sådana rättsakter också kan utgöra en överträdelse av de bestämmelser i MiFIR som de hänför sig till.</P>
<P class="p336 ft2"><SPAN class="ft3">Punkt 1</SPAN>, som avser överträdelser som anges i artikel 70.3 b <NOBR>i–xv</NOBR> och 70.4 b i MiFID II, omfattar bestämmelser i MiFIR som rör transparens. I ett stort antal av de angivna artiklarna ställs krav på offentliggörande, tillgängliggörande eller tillhandahållande av uppgifter som gäller för ett svenskt värdepappersinstitut som driver en handelsplats, som är system- atisk internhandlare eller som har genomfört transaktioner för egen eller en kunds räkning (t.ex. artiklarna 3.1, 6.1, 8.1, 10.1, 12.1, 13.1, 14.1, 15.1, 18.1, 18.5, 20.1 och 21.1 i MiFIR). När det gäller artikel 15.1 i MiFIR så bör direktivets hänvisning till andra stycket tredje meningen</P>
<TABLE cellpadding=0 cellspacing=0 style="width: 393px;margin-top: 1px;font: 13px 'Times New Roman';">
<TR>
<TD class="tr2 td83"><P class="p23 ft2">rätteligen</P></TD>
<TD class="tr2 td237"><P class="p23 ft2">förstås som en</P></TD>
<TD class="tr2 td126"><P class="p109 ft27">hänvisning</P></TD>
<TD class="tr2 td91"><P class="p109 ft2">till tredje stycket</P></TD>
<TD class="tr2 td113"><P class="p23 ft2">(jfr</P></TD>
<TD class="tr2 td163"><P class="p20 ft2">artikel</P></TD>
</TR>
<TR>
<TD class="tr30 td83"><P class="p23 ft14">70.3 b xi</P></TD>
<TD class="tr30 td237"><P class="p23 ft14">och 70.3 b xiii).</P></TD>
<TD class="tr30 td126"><P class="p109 ft14">I vissa</P></TD>
<TD class="tr30 td91"><P class="p109 ft14">artiklar finns krav</P></TD>
<TD class="tr30 td113"><P class="p74 ft14">på</P></TD>
<TD class="tr30 td163"><P class="p20 ft14">icke-</P></TD>
</TR>
</TABLE>
<P class="p163 ft4">diskriminerade tillträde till de arrangemang som ett värdepappersinstitut som driver en handelsplats använder för offentliggörande av information (artiklarna 3.3, 6.2, 8.3 och 10.2 i MiFIR). Bland de uppräknade bestämmelserna finns även sådana som anger krav på arrangemang, system och förfaranden hos ett värdepappersinstitut som driver en</P>
</DIV>
<DIV style="float:left;border:none;margin: 2px 0px 0px 0px;padding: 0px;border:none;width: 235px;overflow: hidden;">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">747</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_748" style="position:relative; overflow: hidden;margin: 50px 0px 286px 121px;padding: 0px;border: none;width: 520px;">
<P class="p994 ft4">Prop. 2016/17:162 handelsplats (t.ex. artiklarna 4.3 och 8.4 i MiFIR). Bland de uppräknade bestämmelserna finns även bl.a. de som innebär krav på att ett värdepap-</P>
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr27 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td368"><P class="p139 ft2">persinstitut som driver en handelsplats på förhand ska inhämta tillstånd</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">från Finansinspektionen för arrangemang för uppskjutet offentliggörande</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">av information (artiklarna 7.1 tredje stycket och 11.1 tredje stycket).</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 2</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xvi i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II, tar sikte på åsidosättande av skyldigheten för ett svenskt</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">värdepappersinstitut som driver en handelsplattform att lagra information</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">enligt artikel 22.2 i MiFIR. En begäran från Finansinspektionen om</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">sådan information enligt artikel 22.1 i MiFIR omfattas av de allmänna</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">bestämmelserna i 23 kap. 2 § om att ett värdepappersinstitut ska lämna</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft27">upplysningar till Finansinspektionen. Om ett svenskt värdepappersinstitut</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">inte fullgör den uppgiftsskyldigheten kan det således föranleda ingrip-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">ande enligt nya 1 a § 10.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 3</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xvii i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II, gäller handelsskyldighet för aktier i vissa fall. I artikel 23.1 i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">MiFIR anges krav på när sådana transaktioner ska göras på en reglerad</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">marknad, en <NOBR>MTF-plattform,</NOBR> via en systematisk internhandlare eller på</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">en handelsplats i tredjeland som bedömts som likvärdig i enlighet med</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">artikel 25.4 a i MiFID II. Sistnämnda handelsplatser benämns, i enlighet</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">med artikel 25.4 a i MiFID II, marknader utanför EES som enligt beslut</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">av Europeiska kommissionen bedömts vara likvärdiga med en reglerad</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">marknad (jfr 9 kap. 25 § fjärde stycket). I förhållande till utredningens</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">förslag förtydligas skyldigheten enligt artikel 23.2 i MiFIR för ett</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersinstitut som driver ett internt matchningssystem på</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">multilateral basis att ha auktorisation för drift av en <NOBR>MTF-plattform.</NOBR></P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkterna 4 </SPAN>och <SPAN class="ft3">5</SPAN>, som avser de överträdelser som anges i artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">70.3 b xviii och xix i MiFID II, omfattar bestämmelser om registerföring</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">och rapporteringsskyldighet. Det som avses är bl.a. kraven på ett svenskt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">värdepappersinstitut att föra register över alla order och transaktioner</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">som det har utfört och hålla dessa uppgifter tillgängliga för Finansinspek-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tionen enligt artikel 25.2 och rapportera uppgifter om transaktioner enligt</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">artikel 26.5 i MiFIR. Enligt den engelska språkversionen av förordningen</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">gäller dessa krav för ”[t]he operator of a trading venue”. Kraven gäller</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">alltså för ett värdepappersinstitut som driver en handelsplats, även om det</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">i den svenska språkversionen anges ”marknadsplatsoperatör” i artik-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">el 25.2 respektive ”marknadsoperatör” i artikel 26.5.</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 6</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xx i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II, omfattar skyldigheterna enligt artikel 27.1 i MiFIR att till-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">handahålla, färdigställa och uppdatera referensuppgifter för finansiella</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">instrument. Med referensuppgifter avses det som i den engelska språk-</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">versionen av förordningen benämns ”identifying reference data” eller</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">”reference data” och i den svenska språkversionen ”identifikationsupp-</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">gifter” eller ”referensuppgifter”.</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p202 ft2"><SPAN class="ft3">Punkt 7</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xxi i</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">MiFID II, avser handelsskyldighet för derivatkontrakt. Artikel 28 innebär</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">att en transaktion med ett finansiellt instrument i vissa fall måste utföras</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">på en handelsplats eller en motsvarande handelsplats i tredjeland. För att</P></TD>
</TR>
<TR>
<TD class="tr26 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td368"><P class="p139 ft2">beskriva det om i MiFIR uttrycks som ”en motsvarande handelsplats i</P></TD>
</TR>
<TR>
<TD class="tr25 td57"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td368"><P class="p139 ft2">tredjeland” används uttrycket ”en marknadsplats utanför EES som enligt</P></TD>
</TR>
<TR>
<TD class="tr27 td57"><P class="p140 ft2">748</P></TD>
<TD class="tr27 td368"><P class="p139 ft2">beslut av Europeiska kommissionen bedömts vara likvärdig med en</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_749" style="position:relative; overflow: hidden;margin: 49px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 406px;overflow: hidden;">
<P class="p163 ft4">handelsplats” (jfr definitionen av handelsplats i 1 kap. 4 b § och artikel 28.1 d och 28.4 i MiFIR). Om ett värdepappersinstitut har underlåtit att genomföra en transaktion på det sätt som krävs enligt artikel 28 i MiFIR utgör det en överträdelse enligt förevarande punkt.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 8</SPAN>, som avser överträdelser som anges i artikel 70.3 b xxii och xxiii i MiFID II, omfattar krav på effektiva system, förfaranden och arrangemang för clearade derivat och på indirekta clearingarrangemang.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 9</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xxiv i MiFID II, omfattar krav på offentliggörande av information och register- föring för ett värdepappersinstitut som tillhandahåller portföljkom- pression.</P>
<P class="p277 ft4"><SPAN class="ft45">Punkt 10</SPAN>, som avser överträdelser som anges i artikel 70.3 b xxvi i MiFID II, omfattar krav som rör tillträde för en central motpart till en handelsplats som drivs av värdepappersinstitutet.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 11</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xxvii i MiFID II, omfattar krav på ett värdepappersinstitut som äger ett referensvärde att till centrala motparter och handelsplatser ge tillgång till uppgifter om referensvärdet och licens för det.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 12</SPAN>, som avser de överträdelser som anges i artikel 70.3 b xxviii i MiFID II, gäller underlåtenhet att följa ett beslut om produktingripande av Esma, Eba eller Finansinspektionen. Enligt artiklarna <NOBR>40–42</NOBR> i MiFIR kan Esma, Eba och Finansinspektionen besluta om förbud eller begränsning av marknadsföring, distribution eller försäljning av vissa finansiella instrument eller strukturerade insättningar, finansiella instrument eller strukturerade insättningar med vissa särskilda egenskap- er eller för en viss typ av finansiell verksamhet eller praxis.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p398 ft25">1 c §</P>
<P class="p953 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2 och 70.6 d, g och h i MiFID II. Den är utformad efter förebild av nuvarande 1 a § tredje och fjärde styckena.</P>
<P class="p181 ft2">I paragrafen anges förutsättningarna för och de sanktioner som kan komma i fråga vid ett ingripande enligt 1 a eller 1 b §.</P>
<P class="p181 ft2">Av <SPAN class="ft3">första stycket </SPAN>framgår förutsättningarna för att ett ingripande enligt 1 a eller 1 b § ska göras. Det krävs dels att värdepappersinstitutets överträdelse är av allvarligt slag, dels att personen i fråga uppsåtligen eller av grov oaktsamhet har orsakat överträdelsen. Förutsättningarna motsvarar de i nuvarande 1 a § tredje stycket (nya 1 d § tredje stycket) och de som gäller enligt bl.a. 15 kap. 1 a § tredje stycket lagen om bank- och finansieringsrörelse (se prop. 2014/15:57 s. 68 och 72).</P>
<P class="p313 ft4">I <SPAN class="ft45">andra stycket </SPAN>anges de ingripanden som kan bli aktuella vid en över- trädelse. Ett ingripande genom ett beslut att en person permanent inte får vara styrelseledamot eller verkställande direktör i ett värdepappersinstitut eller ersättare för någon av dem saknar motsvarighet i nuvarande bestäm- melser i lagen. Ett sådant ingripande kan göras endast om det är fråga om upprepade allvarliga överträdelser. I övrigt motsvarar ingripandena det som gäller enligt 1 d § fjärde stycket (nuvarande 1 a § fjärde stycket) och bl.a. 15 kap. 1 a § fjärde stycket lagen om bank- och finansieringsrörelse (se samma prop.). Ingripandena får användas tillsammans eller var för</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">749</P>
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<P class="p820 ft4">Prop. 2016/17:162 sig. Finansinspektionen får utifrån förutsättningarna i varje enskilt fall avgöra vilket eller vilka ingripanden som bör komma i fråga.</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p1168 ft25">1 d §</P>
<P class="p1179 ft4">Paragrafen, som motsvarar nuvarande 1 a §, genomför delvis artikel 70.2, 70.3, 70.4 a och 70.6 d, g och h i MiFID II.</P>
<P class="p575 ft2">I paragrafen anges de bestämmelser som, om de överträds av ett värde- pappersbolag, ska kunna medföra ett ingripande från Finansinspektionen mot en fysisk person som kan hållas ansvarig, förutsättningarna för ett sådant ingripande och de sanktioner som kan komma i fråga. För dessa personer gäller paragrafen utöver det som anges i nya 1 a §.</P>
<P class="p576 ft2">I <SPAN class="ft3">första stycket </SPAN>definieras den personkrets som kan bli föremål för in- gripande. Där tas det även in en upplysning om att bestämmelserna om ingripande i paragrafen gäller utöver de bestämmelser om ingripande som finns i nya 1 a och 1 b §§. I likhet med i nuvarande 1 a § anges de överträdelser av ett värdepappersbolag som ska kunna föranleda ett ingripande mot någon som ingår i personkretsen. I förhållande till nuvarande 1 a § första stycket disponeras uppräkningen av överträdelser om. Det innebär att <SPAN class="ft3">punkterna 8</SPAN>, <SPAN class="ft3">9</SPAN>, <SPAN class="ft3">11</SPAN>, <SPAN class="ft3">10</SPAN>, <SPAN class="ft3">2</SPAN>, <NOBR><SPAN class="ft3">5</SPAN>–<SPAN class="ft3">7</SPAN></NOBR><SPAN class="ft3"> </SPAN>och <SPAN class="ft3">12 </SPAN>motsvarar nuvarande punkterna 2, 3 och <NOBR>14–20.</NOBR> Ändringen av dispositionen innebär inte någon ändring i sak. I nya punkt 7 justeras hänvisningen till följd av ändrad paragrafnumrering i 23 kap. I de nya punkterna 9 och 11 görs endast språkliga ändringar.</P>
<P class="p580 ft4"><SPAN class="ft45">Punkterna </SPAN><NOBR><SPAN class="ft45">1</SPAN>–<SPAN class="ft45">3</SPAN>,</NOBR> <SPAN class="ft45">8 </SPAN>och <SPAN class="ft45">9 </SPAN>avser överträdelser som anges i artikel 70.3 a <NOBR>i–iii,</NOBR> viii och xx och 70.4 a i MiFID II.</P>
<P class="p575 ft2">I <SPAN class="ft3">punkt 2 </SPAN>(nuvarande punkt 16) införs en hänvisning till kraven i 3 kap. 5 § första stycket. De angivna kraven avser bl.a. antalet styrelseledamöter i bolaget. Styrelsen utses av bolagsstämman. En styrelseledamot kan dock hållas ansvarig för en överträdelse av bestämmelsen om den inte gjort vad som ankommer på den för att ett tillräckligt antal styrelseledamöter ska kunna utses. I <SPAN class="ft3">punkt 3 </SPAN>tas in en hänvisning till 5 kap. 4 §. Överträdelserna enligt punkterna 2 och 3, liksom de enligt <SPAN class="ft3">punkterna 1</SPAN>, <SPAN class="ft3">8 </SPAN>(nuvarande 2) och <SPAN class="ft3">9 </SPAN>(nuvarande 3), avser bestämmelser som genomför regler i MiFID II som gäller endast för värdepappers- bolag. I <SPAN class="ft3">punkt 4 </SPAN>utgår vissa av de hänvisningar som anges i nuvarande 1 a § eftersom överträdelser av de bestämmelserna i stället omfattas av nya 1 a §. I samma punkt justeras hänvisningarna till nuvarande 8 kap. 8 e och 42 §§, eftersom de paragraferna byter beteckning till 8 kap. 8 f och 35 §§.</P>
<P class="p1095 ft4"><SPAN class="ft45">Andra </SPAN>och <SPAN class="ft45">tredje styckena </SPAN>motsvarar nuvarande 1 a § andra och tredje styckena. I andra stycket görs en justering till följd av den ändrade num- reringen i första stycket.</P>
<P class="p575 ft2"><SPAN class="ft3">Fjärde stycket </SPAN>motsvarar nuvarande 1 a § fjärde stycket. I bestämmel- sen införs även en möjlighet att besluta om permanent förbud att utöva ledningsuppdrag. Förutsättningarna för att besluta om ett sådant förbud är desamma som i nya 1 c § andra stycket, se författningskommentaren till den paragrafen.</P>
<P class="p629 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p964 ft2">750</P>
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<P class="p19 ft25">1 e §</P>
<P class="p1216 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2, 70.3 och 70.5 i MiFID II.</P>
<P class="p181 ft2">I paragrafen anges de bestämmelser i lagen som, om de överträds av en börs, ska kunna medföra ett ingripande från Finansinspektionen mot en fysisk person som kan hållas ansvarig. Förutsättningarna för ett sådant ingripande och den sanktion som kan komma i fråga framgår av 1 g §. Paragrafen är utformad efter förebild av nuvarande 1 a § första stycket.</P>
<P class="p277 ft2">I <SPAN class="ft3">första stycket </SPAN>definieras den personkrets som kan bli föremål för in- gripande. I stycket finns också en uppräkning av de överträdelser från en börs sida som kan föranleda ett ingripande mot någon som ingår i per- sonkretsen. Uppräkningen omfattar de bestämmelser i lagen som gäller för börser och som genomför de regler som räknas upp i MiFID II som gäller för börser och som omfattas av artikel 70.3 a och 70.5 i MiFID II.</P>
<P class="p313 ft2">I många fall kompletteras de angivna bestämmelserna av föreskrifter som meddelas av Finansinspektionen eller av rättsakter som antas av kommissionen, särskilt den delegerade förordningen till MiFID II. Vid bedömningen av om en börs har åsidosatt sina skyldigheter eller på annat sätt överträtt en viss bestämmelse i lagen, bör kraven i lagen förstås så som de preciseras i Finansinspektionens föreskrifter eller i direkt tillämpliga <NOBR>EU-förordningar.</NOBR> Det innebär att en överträdelse av bestämmelser i sådana föreskrifter eller rättsakter också kan utgöra en överträdelse av de bestämmelser i lagen som de hänför sig till. Till skill- nad från i utredningens förslag anges i punkterna 2 och 3 b, d, e och j hänvisningar även till föreskrifter som meddelats med stöd av lagen i de fall det i dessa kan ställas upp mer preciserade krav än de som framgår av lagen.</P>
<P class="p164 ft4"><SPAN class="ft45">Punkt 1</SPAN>, som avser överträdelser som anges i artikel 70.3 a xxiv i MiFID II, är utformad med förebild av nuvarande 1 a § första stycket 1.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 2</SPAN>, som avser överträdelser som anges i artikel 70.3 a xxv i MiFID II, omfattar krav på styrelseledamot, verkställande direktör och ersättare för någon av dem. Punkten är utformad efter förebild av nu- varande 1 a § första stycket 16. Till skillnad från utredningens förslag finns ingen hänvisning till kraven i 12 kap. 2 § i sin helhet.</P>
<P class="p181 ft4">I <SPAN class="ft45">punkt 3 </SPAN>anges olika bestämmelser som kan föranleda ingripande mot någon i personkretsen om börsen överträder dem.</P>
<TABLE cellpadding=0 cellspacing=0 class="t53">
<TR>
<TD colspan=2 style="padding: 0px;margin: 0px;width: 393px;vertical-align: bottom;" class="tr27"><P class="p20 ft2"><SPAN class="ft3">Punkterna 3 a </SPAN>och <SPAN class="ft3">3 c</SPAN>, som avser överträdelser som anges i artikel</P></TD>
</TR>
<TR>
<TD colspan=2 style="padding: 0px;margin: 0px;width: 393px;vertical-align: bottom;" class="tr25"><P class="p20 ft2">70.3 a vi, vii, xvii, xviii och xix i MiFID II, gäller när börsen har tillstånd</P></TD>
</TR>
<TR>
<TD colspan=2 style="padding: 0px;margin: 0px;width: 393px;vertical-align: bottom;" class="tr26"><P class="p20 ft2">att driva en handelsplattform. Av 13 kap. 12 § tredje stycket följer att</P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2">8 kap.</P></TD>
<TD style="padding: 0px;margin: 0px;width: 355px;vertical-align: bottom;" class="tr26"><P class="p20 ft2">21 § och 11 kap. gäller för den verksamheten. För en börs mot-</P></TD>
</TR>
<TR>
<TD class="tr26 td170"><P class="p23 ft2">svarar</P></TD>
<TD style="padding: 0px;margin: 0px;width: 355px;vertical-align: bottom;" class="tr26"><P class="p20 ft2">det som anges i punkt 3 c det som för ett svenskt värdepappers-</P></TD>
</TR>
</TABLE>
<TABLE cellpadding=0 cellspacing=0 class="t25">
<TR>
<TD colspan=2 class="tr25 td315"><P class="p23 ft2">institut anges i nya 1 a § 6.</P></TD>
<TD class="tr25 td318"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td158"><P class="p39 ft3">Punkt 3 b<SPAN class="ft2">, som</SPAN></P></TD>
<TD class="tr26 td78"><P class="p1 ft2">avser de</P></TD>
<TD class="tr26 td318"><P class="p20 ft2">överträdelser som anges i artikel</P></TD>
</TR>
<TR>
<TD class="tr26 td158"><P class="p23 ft2">70.3 a <NOBR>xxxvii–xxxx</NOBR></P></TD>
<TD class="tr26 td78"><P class="p23 ft2">i MiFID II,</P></TD>
<TD class="tr26 td318"><P class="p20 ft2">omfattar bestämmelser i 10 kap. och</P></TD>
</TR>
</TABLE>
<P class="p163 ft2">gäller om börsen tillhandahåller datarapporteringstjänster. Punkten mot- svarar nya 1 a § 5 som gäller för svenska värdepappersinstitut som tillhandahåller sådana tjänster.</P>
<P class="p181 ft42"><SPAN class="ft51">Punkt 3 d</SPAN>, som avser överträdelser som anges i artikel 70.3 a xx, xxv, xxvii och xxxiii i MiFID II, omfattar bestämmelser om tillstånd att driva en reglerad marknad i 12 kap.</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">751</P>
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<DIV style="float:left;border:none;margin: 1px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">752</P>
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<P class="p487 ft2"><SPAN class="ft3">Punkt 3 e</SPAN>, som avser överträdelser som anges i artikel 70.3 a xiii, xxii, xxiii, xxvii, <NOBR>xxviii–xxx</NOBR> och <NOBR>xxxii–xxxiv</NOBR> samt 70.3 b xix i MiFID II, omfattar bestämmelser om börsens verksamhet i 13 kap. Hänvisningen till 13 kap. 1 j § motsvaras i utredningens förslag av en hänvisning till artikel 26.7 femte stycket i MiFIR, se författningskommentaren till den paragrafen.</P>
<P class="p1521 ft2"><SPAN class="ft3">Punkt 3 </SPAN><NOBR><SPAN class="ft3">f–h</SPAN>,</NOBR> som avser överträdelser som anges i artikel 70.3 a xxii, xxxi, xxxiii, xxxv och xxxvi i MiFID II, omfattar bestämmelser om del- tagare i handeln på en reglerad marknad i 14 kap., om upptagande av finansiella instrument till handel m.m. i 15 kap. och om positionslimiter och hantering av positioner avseende råvaruderivat och utsläppsrätter i nya 15 a kap. Eftersom en börs inte kan handla med råvaruderivat eller utsläppsrätter finns, till skillnad från i utredningens förslag, inte någon hänvisning till bestämmelserna i 15 a kap. 13 och 14 §§.</P>
<P class="p385 ft2"><SPAN class="ft3">Punkt 3 i</SPAN>, som avser överträdelser som anges i artikel 70.3 a vi, xviii och xxxii samt 70.5 i MiFID II, omfattar bestämmelser som gäller för börsen när Finansinspektionen fattat beslut om handelsstopp enligt 22 kap. Eftersom en börs inte kan vara systematisk internhandlare finns, till skillnad från i utredningens förslag, inte någon hänvisning till beslut enligt 22 kap. 2 § första stycket.</P>
<P class="p506 ft2"><SPAN class="ft3">Punkt 3 j</SPAN>, som avser överträdelser som anges i artikel 70.3 a vi, vii, xviii, xxxiii och xxxvii samt 70.5 i MiFID II, omfattar bestämmelser om tillsyn i 23 kap. Det som gäller för en börs motsvarar i huvudsak det som gäller för ett svenskt värdepappersinstitut enligt nya 1 a § 10, se författ- ningskommentaren till den bestämmelsen. I förhållande till börs kan det dock inte bli fråga om att rikta ett föreläggande enligt 23 kap. 3 a §.</P>
<P class="p506 ft2"><SPAN class="ft3">Punkterna 4 </SPAN>och <SPAN class="ft3">5</SPAN>, som avser överträdelser som anges i artikel 70.3 a xxvi i MiFID II, omfattar de skyldigheter att göra anmälningar till Finansinspektionen som gäller enligt 24 kap. 5 § om en börs får känne- dom om att aktier eller andelar i företaget har förvärvats eller avyttrats. Punkterna är utformade efter förebild av nuvarande 1 a § första stycket 2 och 3.</P>
<P class="p332 ft2"><SPAN class="ft3">Andra stycket </SPAN>motsvarar det som gäller för ingripande mot ansvariga fysiska personer i ett värdepappersbolag enligt nuvarande 1 a § andra stycket. De överväganden som gjordes vid införandet av den bestämmel- sen gör sig gällande även när det gäller ingripanden mot personer i led- ningsorganet för en börs (se prop. 2014/15:57 s. 40).</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p972 ft25">1 f §</P>
<P class="p1175 ft4">Paragrafen, som är ny, genomför delvis artiklarna 70.2, 70.3 b och 70.4 b i MiFID II.</P>
<P class="p487 ft2">I paragrafen anges de bestämmelser i MiFIR som, om de överträds av en börs, ska kunna medföra ingripande från Finansinspektionen mot en fysisk person som kan hållas ansvarig. Förutsättningarna för ett sådant ingripande och den sanktion som kan komma i fråga framgår av 1 g §.</P>
<P class="p506 ft4">De angivna bestämmelserna kompletteras i många fall av rättsakter som antas av kommissionen. Vid bedömningen av om en börs har åsidosatt sina skyldigheter eller på annat sätt överträtt en viss be- stämmelse i MiFIR, bör kraven i förordningen förstås så som de preci-</P>
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<P class="p186 ft4">seras i andra direkt tillämpliga <NOBR>EU-förordningar.</NOBR> Det innebär att en Prop. 2016/17:162 överträdelse av bestämmelser i sådana rättsakter också kan utgöra en</P>
<P style="text-align: justify;padding-left: 11px;padding-right: 248px;margin-top: 0px;margin-bottom: 0px;text-indent: -10px;" class="ft2">överträdelse av de bestämmelser i MiFIR som de hänför sig till. Uppräkningen av överträdelser av MiFIR, som avser överträdelser som</P>
<P class="p113 ft2">anges i artikel 70.3 b <NOBR>i–ix,</NOBR> xvi, xviii, xix, xx, <NOBR>xxii–xxiv</NOBR> och <NOBR>xxvi–xxviii</NOBR> samt 70.4 b i MiFID II, omfattar de bestämmelser i MiFIR som gäller för börser och som anges i artikel 70.3 b och 70.4 i MiFID II. De angivna överträdelserna motsvarar dem som anges nya 1 b § för svenska värde- pappersinstitut som driver en handelsplats, se författningskommentaren till den paragrafen. Överträdelsen enligt <SPAN class="ft3">punkt 6</SPAN>, som gäller börsens skyldighet att se till att alla transaktioner med derivat som genomförs på den reglerade marknaden clearas av central motpart, saknar dock mot- svarighet i 1 b §, eftersom det endast är en börs som får driva en reglerad marknad.</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p398 ft25">1 g §</P>
<P class="p920 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2 och 70.6 g och h i MiFID II. Den är utformad efter förebild av nuvarande 1 a § tredje och fjärde styckena.</P>
<P class="p144 ft2">I paragrafen anges förutsättningarna för och den sanktion som kan komma i fråga vid ett ingripande enligt 1 e eller 1 f §.</P>
<P class="p144 ft2">Av <SPAN class="ft3">första stycket </SPAN>framgår förutsättningarna för att ett ingripande ska få göras. Det krävs dels att börsens överträdelse är av allvarligt slag, dels att personen i fråga uppsåtligen eller av grov oaktsamhet har orsakat överträdelsen. Det motsvarar det som gäller för ingripande mot ansvariga fysiska personer i ett värdepappersbolag enligt nuvarande 1 a § tredje stycket.</P>
<P class="p144 ft4">Av <SPAN class="ft45">andra stycket </SPAN>följer att ingripande görs genom beslut om sanktions- avgift.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p398 ft25">1 h §</P>
<P class="p958 ft2">Paragrafen, som är ny, motsvarar nuvarande 1 d §, som upphävs.</P>
<P class="p429 ft4">I paragrafen finns dels en erinran om att det i lagen om särskild tillsyn över kreditinstitut och värdepappersbolag finns särskilda ingripande- möjligheter, dels en erinran om att det i lagen om kapitalbuffertar finns särskilda bestämmelser om vad som gäller för det fall att ett värde- pappersbolag inte uppfyller kapitalkraven enligt den lagen.</P>
<P class="p165 ft25">2 §</P>
<P class="p920 ft4">Paragrafen motsvarar nuvarande 1 b § och genomför delvis artikel 72.2 i MiFID II. Nuvarande 2 § upphävs eftersom motsvarande bestämmelser finns även i andra stycket i förevarande paragraf.</P>
<P class="p144 ft4">Paragrafen reglerar vilka hänsyn som ska tas vid valet av sanktion. Vid bedömningen ska överträdelsens allvarlighet och varaktighet utgöra utgångspunkt för valet av sanktion.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 14px;margin-bottom: 0px;" class="ft2">753</P>
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<P class="p727 ft4">Prop. 2016/17:162 I <SPAN class="ft45">andra stycket </SPAN>införs en hänvisning till något annat organ, vilket mot- svarar det som anges i nuvarande 2 §. Ett sådant organ kan vara en börs disciplinnämnd (se prop. 2006/07:115 s. 637).</P>
<P class="p536 ft2">Övervägandena finns i avsnitt 14.3.7.</P>
<P class="p1168 ft25">4 §</P>
<P class="p936 ft4">Paragrafen genomför delvis artiklarna 8 första stycket c och 69.2 första stycket f och artikel 69.2 första stycket u och delvis artikel 70.3 a xxv i MiFID II.</P>
<P class="p575 ft2">Paragrafen innebär att Finansinspektionen kan återkalla ett företags tillstånd eller besluta att en styrelseledamot eller verkställande direktör inte längre får vara det om en sådan person inte uppfyller kraven som ställs upp enligt lagen. Finansinspektionen får i ett sådant fall förordna en ersättare. Ett ingripande kan även göras om styrelsen som helhet inte uppfyller de krav som ställs upp enligt lagen.</P>
<P class="p575 ft4">Genom ändringen i <SPAN class="ft45">första stycket </SPAN>kan även svenska leverantörer av datarapporteringstjänster bli föremål för ingripande enligt paragrafen.</P>
<P class="p575 ft2">Ändringarna i <SPAN class="ft3">andra stycket </SPAN>innebär att ingripande kan göras även om styrelsen i en svensk leverantör av datarapporteringstjänster eller i en börs som helhet inte uppfyller kraven i lagen.</P>
<P style="text-align: left;padding-left: 138px;padding-right: 222px;margin-top: 2px;margin-bottom: 0px;" class="ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitten 13.3.6, 14.3.3 och 14.3.4</P>
<P class="p1274 ft25">5 §</P>
<P class="p936 ft4">Paragrafen genomför artiklarna 8 a och b, 44.5 a och b och 62 a och b samt delvis artiklarna 43 a och b, 44.5 e och 70.6 c i MiFID II.</P>
<P class="p575 ft2">Paragrafen reglerar när tillstånd ska återkallas i vissa fall och när var- ning i stället får meddelas om det är tillräckligt.</P>
<P class="p575 ft4">Ändringen i <SPAN class="ft45">första stycket </SPAN>innebär att bestämmelsen omfattar även svenska leverantörer av datarapporteringstjänster.</P>
<P class="p575 ft2">I <SPAN class="ft3">andra stycket</SPAN>, som är nytt, införs en möjlighet för Finansinspektionen att återkalla ett företags tillstånd på formell grund (t.ex. efter det att ett värdepappersbolag har förklarat sig avstå från sitt tillstånd att driva värdepappersrörelse) först efter det att inspektionen har prövat om det finns skäl att ingripa mot företaget på grund av att det har åsidosatt sina skyldigheter enligt regler som gäller för verksamheten. Om det finns skäl att ingripa mot företaget, får Finansinspektionen enligt bestämmelsen även meddela ett beslut om ingripande innan inspektionen återkallar företagets tillstånd på formell grund. Kravet i 7 § förvaltningslagen (1986:223) på skyndsam handläggning förhindrar således inte att Finans- inspektionen utreder och prövar överträdelser även om det finns formell grund för att återkalla ett företags tillstånd.</P>
<P style="text-align: left;padding-left: 138px;padding-right: 153px;margin-top: 2px;margin-bottom: 0px;" class="ft4"><NOBR><SPAN class="ft45">Tredje</SPAN>–<SPAN class="ft45">femte</SPAN></NOBR><SPAN class="ft45"> styckena </SPAN>motsvarar nuvarande <NOBR>andra–fjärde</NOBR> styckena. Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitten 7.4.2, 7.15.3, 14.3.2, 14.3.3 och</P>
<P class="p535 ft2">14.5.4.</P>
<P style="text-align: left;margin-top: 42px;margin-bottom: 0px;" class="ft2">754</P>
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<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 406px;overflow: hidden;">
<P class="p19 ft25">8 §</P>
<P class="p942 ft2">Paragrafen genomför delvis artikel 70.6 f och h i MiFID II.</P>
<P class="p181 ft4">Paragrafen innebär att ett ingripande mot ett företag enligt 1 eller 5 § även kan föranleda beslut om sanktionsavgift i vissa fall.</P>
<P class="p181 ft2">Ändringarna innebär för det första att Finansinspektionen får besluta att en svensk leverantör av datarapporteringstjänster ska betala en sank- tionsavgift om företaget har meddelats beslut om varning eller anmärk- ning. Ändringarna innebär också att Finansinspektionen får besluta om sanktionsavgift om tillståndet återkallas för ett svenskt värdepap- persinstitut, en börs, en svensk leverantör av datarapporteringstjänster eller en svensk clearingorganisation på den grunden att företaget fått det genom falska uppgifter eller på annat otillbörligt sätt.</P>
<P style="text-align: left;padding-left: 11px;padding-right: 97px;margin-top: 4px;margin-bottom: 0px;" class="ft42">Nuvarande andra stycket överförs till 9 § fjärde stycket. Övervägandena finns i avsnitten 14.3.2 och 14.3.3.</P>
<P class="p165 ft25">9 §</P>
<P class="p942 ft2">Paragrafen genomför delvis artikel 70.6 f och h i MiFID II.</P>
<P class="p277 ft4">Paragrafen innehåller bestämmelser om den högsta sanktionsavgift som Finansinspektionen får besluta för en juridisk person. I 9 a § finns motsvarande bestämmelser om sanktionsavgift för fysiska personer.</P>
<P class="p181 ft2">Genom ändringen i <SPAN class="ft3">första stycket </SPAN>omfattar bestämmelsen även svenska leverantörer av datarapporteringstjänster.</P>
<P class="p181 ft2"><SPAN class="ft3">Punkt 1</SPAN>, som är ny, innebär en möjlighet att bestämma den högsta sanktionsavgiften till högst ett belopp som per den 2 juli 2014 i kronor motsvarade fem miljoner euro (artikel 70.6 f i MiFID II).</P>
<P style="text-align: left;padding-left: 11px;padding-right: 45px;margin-top: 1px;margin-bottom: 0px;" class="ft42"><SPAN class="ft51">Fjärde stycket </SPAN>är nytt och motsvarar nuvarande 8 § andra stycket. Övervägandena finns i avsnitten 14.3.3 och 14.3.8.</P>
<P class="p165 ft25">10 §</P>
<P class="p958 ft2">Paragrafen genomför delvis artikel 72.2 i MiFID II.</P>
<P class="p181 ft4">Paragrafen reglerar vilka hänsyn som ska tas när sanktionsavgiftens storlek fastställs.</P>
<P class="p277 ft4">Ändringen är endast en följdändring med anledning av att nuvarande 1 b och 1 c §§ betecknas 2 och 2 a §§, se författningskommentaren till nya 2 §.</P>
<P class="p397 ft25">10 a §</P>
<P class="p1216 ft4">Paragrafen, som saknar motsvarighet i MiFID II, reglerar förfarandet för beslut om sanktioner genom sanktionsföreläggande.</P>
<P class="p181 ft2">Ändringarna i <SPAN class="ft3">första </SPAN>och <SPAN class="ft3">andra styckena </SPAN>innebär att frågor om ingrip- anden mot en fysisk person enligt de nya 1 c, 1 d, 1 g och 15 c §§ för överträdelser enligt någon av nya 1 a, 1 b, 1 <NOBR>d–1</NOBR> f, 15 a eller 15 b §§, på samma sätt som ingripanden enligt nuvarande 1 a §, tas upp genom sank- tionsföreläggande.</P>
<P class="p421 ft2">Övervägandena finns i avsnitt 14.5.2.</P>
</DIV>
<DIV style="float:left;border:none;margin: 1px 0px 0px 0px;padding: 0px;border:none;width: 235px;overflow: hidden;">
<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">755</P>
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</DIV>
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<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">756</P>
</DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 547px;overflow: hidden;">
<P class="p19 ft25">10 c §</P>
<P class="p1276 ft4">Paragrafen, som saknar motsvarighet i MiFID II, anger vad som gäller i fråga om domstolsprövning för det fall ett sanktionsföreläggande enligt 10 a § inte godkänns.</P>
<P class="p487 ft2">Ändringen innebär att en ansökan hos domstol om att sanktion ska beslutas för en överträdelse enligt någon av de nya 1 a, 1 b, 1 <NOBR>d–1</NOBR> f, 15 a eller 15 b §, på samma sätt som för ingripanden enligt nuvarande 1 a §, ska ges in till den förvaltningsrätt som är behörig att pröva ett över- klagande av ett beslut av Finansinspektionen om ingripande mot före- taget, dvs. Förvaltningsrätten i Stockholm.</P>
<P class="p1425 ft2">Övervägandena finns i avsnitt 14.5.2.</P>
<P class="p972 ft25">10 d §</P>
<P class="p1175 ft4">Paragrafen, som saknar motsvarighet i MiFID II, utgör en preskriptions- bestämmelse för sanktioner mot fysiska personer för en juridisk persons överträdelser.</P>
<P class="p487 ft2">Ändringarna innebär att bestämmelsen om preskription gäller för ingripanden för överträdelser enligt någon av nya 1 a, 1 b, 1 <NOBR>d–1</NOBR> f, 15 a eller 15 b § på samma sätt som för ingripanden enligt nuvarande 1 a §.</P>
<P class="p619 ft2">Övervägandena finns i avsnitt 14.6.2.</P>
<P class="p972 ft25">12 §</P>
<P class="p942 ft2">Paragrafen genomför artikel 86.2 <NOBR>första–tredje</NOBR> styckena i MiFID II.</P>
<P class="p332 ft2">I paragrafen finns bestämmelser om hur Finansinspektionen ska in- gripa och i övrigt agera om ett utländskt företag som hör hemma i ett annat land inom EES när det driver värdepappersrörelse från filial i Sverige överträder bestämmelser som gäller för verksamheten här i landet. När det gäller verksamheten vid sådana filialer har den behöriga myndigheten i värdlandet ansvaret för tillsynen över att företaget följer vissa bestämmelser som gäller i det landet (se artiklarna 16.11 och 35.8 i MiFID II). Vid överträdelser av dessa bestämmelser ska den behöriga myndigheten i värdlandet agera i enlighet med artikel 86.2 i MiFID II.</P>
<P class="p302 ft2">I <SPAN class="ft3">första stycket </SPAN>anges att Finansinspektionen ska ingripa när ett sådant utländskt värdepappersföretag överträder vissa bestämmelser. Hänvis- ningen till genomförandeförordningen till MiFID I är inte längre relevant och tas därför bort. I många fall kompletteras de angivna bestämmelserna dock av föreskrifter som meddelas av Finansinspektionen eller av rättsakter som antas av kommissionen, se författningskommentaren till 1 a §. Ändringarna innebär att uppräkningen justeras för att omfatta överträdelser av de bestämmelser som i svensk rätt genomför de regler som anges i artiklarna 16.11 och 35.8 i MiFID II. Det införs därför hän- visningar till de nya bestämmelserna i 8 och 9 kap. om dokumentation, kompetenskrav, systematiska internhandlares underrättelse, information om orderutförande, ersättningssystem, information till kunder, urvalet av finansiella instrument vid investeringsrådgivning på oberoende grund, ersättning till och från tredjepart, lämplighetsförklaringar, information till kunder om var en order utförts, bedömningen av bästa möjliga resultat vid utförande av order för en <NOBR>icke-professionell</NOBR> kunds räkning, offentlig- görande av information om utförandeplatser och kvalitet på order-</P>
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<P class="p186 ft4">utförande samt om produkthantering (8 kap. 15, <NOBR>17–20</NOBR> 32 och 33 §§ och Prop. 2016/17:162 9 kap. <NOBR>10–12,</NOBR> <NOBR>15–17,</NOBR> <NOBR>20–22,</NOBR> <NOBR>28–30,</NOBR> 32 och 37 §§). En hänvisning finns</P>
<P class="p113 ft2">även till bestämmelsen i 13 kap. 9 § om offentliggörande av information om kvaliteten på utförande av transaktioner på en handelsplattform, som (enligt nya 11 kap. 1 a § första stycket) ska tillämpas på ett värdepap- persinstitut som driver en handelsplattform. Vidare ändras hänvisningar i uppräkningen till paragrafer i 8 kap. med anledning av att beteckningarna på de paragraferna ändras (nuvarande 8 kap. 1, 12, 22 <NOBR>a–33</NOBR> §§ som betecknas 9 kap. 1, 16, 18, 19, <NOBR>23–27,</NOBR> 31, <NOBR>33–36</NOBR> och 38 §§). Det tas också in hänvisningar till de nya 9 kap. 14 och 39 §§, vilket motsvarar de nuvarande hänvisningarna till 8 kap. 22 § och 9 kap. 1 §. De nuvarande hänvisningarna till 9 kap. <NOBR>2–9</NOBR> §§ och 10 kap. <NOBR>2–4</NOBR> §§ tas bort, eftersom de paragraferna upphävs med anledning av de bestämmelser som numera finns i MiFIR. Hänvisningen till 8 kap. 32 § motsvaras i utredningens förslag av hänvisningar till artiklarna 15.1 och 18.4 i MiFIR, se författ- ningskommentaren till den paragrafen.</P>
<P class="p357 ft2">I <SPAN class="ft3">andra stycket</SPAN>, som är nytt, anges att ett föreläggande ska utfärdas också när det gäller överträdelser av vissa bestämmelser i MiFIR. Upp- räkningen omfattar överträdelser av de bestämmelser som anges i artikel 35.8 i MiFID II. Till skillnad från utredningens förslag och i enlighet med vad som i övrigt gäller för ingripanden mot juridiska personer är uppräkningen inte begränsad till sådana överträdelser som anges i artik- el 70 i MiFID II.</P>
<P class="p1541 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 14.3.6.</P>
<P class="p397 ft25">15 §</P>
<P class="p920 ft4">Paragrafen genomför delvis artiklarna 43 <NOBR>a–e,</NOBR> 57.14, <NOBR>70.3–70.5,</NOBR> 70.6 b, c, e, f och h samt 72.2 i MiFID II.</P>
<P class="p144 ft2">Ändringarna i <SPAN class="ft3">första stycket </SPAN>innebär att bestämmelserna om sanktions- avgift i 8 och 9 §§ samt 2, 2 a och 10 §§ om de omständigheter som ska beaktas vid ingripande, val av sanktion och bestämmande av sanktions- avgift ska tillämpas om ett utländskt företag som hör hemma utanför EES och driver värdepappersrörelse från filial i Sverige åsidosätter sina skyl- digheter enligt bestämmelser som gäller för verksamheten här i landet. <SPAN class="ft3">Andra meningen</SPAN>, som är ny, innebär att det som anges i 5 § om återkall- else av tillstånd och varning ska tillämpas också när det gäller ett till- stånd enligt 4 kap. 5 § att driva verksamhet från filial i Sverige.</P>
<P style="text-align: left;padding-left: 11px;padding-right: 358px;margin-top: 4px;margin-bottom: 0px;" class="ft4">Övriga ändringar i paragrafen är endast språkliga. Övervägandena finns i avsnitten 14.3.2 och 14.3.6.</P>
<P class="p397 ft25">15 a §</P>
<P class="p920 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2, 70.3 och 70.5 i MiFID II. Den är utformad efter förebild av nuvarande 1 a § första stycket.</P>
<P class="p264 ft4">I paragrafen anges de bestämmelser i lagen som, om de överträds av ett utländskt företag som hör hemma utanför EES som driver värdepappers- rörelse från filial i Sverige, ska kunna medföra ett ingripande från Finansinspektionen mot en fysisk person som har ansvaret för ledningen</P>
<P class="p1241 ft2">757</P>
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<P class="p820 ft4">Prop. 2016/17:162 av filialen. Förutsättningarna för ett sådant ingripande och den sanktion som kan komma i fråga framgår av 15 c §.</P>
<P class="p575 ft2">Enligt paragrafen kan den eller de personer som har ansvaret för ledningen av filialen bli föremål för ingripande. Av lagen (1992:160) om utländska filialer m.m. framgår att filialen ska stå under ledning av en verkställande direktör och att denna är ansvarig för filialens verksamhet. En eller flera vice verkställande direktörer får utses och det som anges i lagen om verkställande direktör gäller även för den eller dem (8 och 10 §§).</P>
<P class="p1539 ft4">Uppräkningen av överträdelser av lagen omfattar de bestämmelser som genomför de regler i MiFID II som gäller för företaget enligt artikel 41.2 och som anges i artikel 70.3 a och 70.5 i direktivet.</P>
<P class="p575 ft2"><SPAN class="ft3">Punkt 1</SPAN>, som inte har någon motsvarighet i överträdelsekatalogen i artikel 70.3 i MiFID II, är utformad efter förebild av nuvarande 1 a § första stycket 1.</P>
<P class="p575 ft2"><SPAN class="ft3">Punkt 2</SPAN>, som inte har någon motsvarighet i överträdelsekatalogen i artikel 70.3 i MiFID II, avser krav på den som har ansvaret för ledningen av filialen enligt 4 kap. 4 § 5. Nämnda krav hänvisar till bestämmelserna i 3 kap. 1 § 5 och 6, vilka preciseras i föreskrifter som har meddelats med stöd av 3 kap. 12 § 2.</P>
<P class="p576 ft2"><SPAN class="ft3">Punkt 3 </SPAN>avser överträdelser som anges i artikel 70.3 a <NOBR>iv–vii,</NOBR> <NOBR>ix–xiv,</NOBR> <NOBR>xvi–xix</NOBR> och <NOBR>xxviii–xxx,</NOBR> 70.3 b xi, xiii och xix samt 70.5 och som gäller för företaget enligt artikel 41.2 i MiFID II. Uppräkningen omfattar bestämmelser i lagen som kan föranleda ett ingripande, se vidare författ- ningskommentaren till 1 a §.</P>
<P class="p1413 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p1524 ft25">15 b §</P>
<P class="p1179 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2, 70.3 b och 70.4 b. Den är utformad efter förebild av nuvarande 1 a § första stycket.</P>
<P class="p575 ft2">I paragrafen anges de bestämmelser i MiFIR som, om de överträds av ett utländskt företag som hör hemma utanför EES och som driver värde- pappersrörelse från filial i Sverige, ska kunna medföra ett ingripande från Finansinspektionen mot en fysisk person som har ansvaret för ledningen av filialen. Förutsättningarna för ett sådant ingripande och den sanktion som kan komma i fråga framgår av 15 c §.</P>
<P class="p576 ft2">Uppräkningen av överträdelser av MiFIR avser bestämmelser som anges i artikel 70.3 b <NOBR>i–xix</NOBR> och 70.4 b i MiFID II och som gäller för före- taget enligt artikel 41.2 i MiFID II, se vidare författningskommentaren till 1 b §.</P>
<P class="p1413 ft2">Övervägandena finns i avsnitt 14.3.4.</P>
<P class="p1524 ft25">15 c §</P>
<P class="p1179 ft4">Paragrafen, som är ny, genomför delvis artikel 70.2 och 70.6 g och h i MiFID II. Den är utformad efter förebild av nuvarande 1 a § tredje och fjärde styckena.</P>
<P class="p575 ft42">I paragrafen anges förutsättningarna för och den sanktion som kan komma i fråga vid ett ingripande enligt 15 a eller 15 b §.</P>
<P class="p1114 ft2">758</P>
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<TABLE cellpadding=0 cellspacing=0 class="t37">
<TR>
<TD class="tr2 td134"><P class="p39 ft2">Av <SPAN class="ft3">första stycket </SPAN>framgår förutsättningarna för att ett ingripande enligt</P></TD>
<TD class="tr2 td67"><P class="p20 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">15 a eller 15 b § ska kunna göras. Det krävs dels att företagets över-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">trädelse är av allvarligt slag, dels att personen i fråga uppsåtligen eller av</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">grov oaktsamhet har orsakat överträdelsen. Förutsättningarna för ingrip-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">ande är desamma som enligt nuvarande 1 a § tredje stycket.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Av <SPAN class="ft3">andra stycket </SPAN>följer att ett ingripande görs genom beslut om sank-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">tionsavgift.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 14.3.4.</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr62 td134"><P class="p23 ft25">16 §</P></TD>
<TD class="tr62 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr24 td134"><P class="p23 ft2">Paragrafen genomför delvis artikel 86.3 första och andra styckena i</P></TD>
<TD class="tr24 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">MiFID II.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Paragrafen reglerar ingripande mot utländska företag som driver en</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">reglerad marknad eller clearingverksamhet från filial i Sverige.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">I <SPAN class="ft3">första stycket</SPAN>, som saknar motsvarighet i MiFID II, finns bestäm-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">melser som gäller utländska företag som har tillstånd att driva en reglerad</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">marknad eller clearingverksamhet från filial i Sverige. Ändringen innebär</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">att bestämmelserna om sanktionsavgift i 8 och 9 §§ samt 2, 2 a och 10 §§</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">om de omständigheter som ska beaktas vid ingripande, val av sanktion</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">och bestämmande av sanktionsavgift ska tillämpas om företaget åsido-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">sätter sina skyldigheter enligt bestämmelser som gäller för verksamheten</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">här i landet.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Övriga ändringar i paragrafen är endast språkliga.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitt 14.3.6.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">17 §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen genomför delvis artikel 70.4 a och 70.6 b och <NOBR>f–h</NOBR> i MiFID II.</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Paragrafen reglerar Finansinspektionens möjligheter att ingripa mot</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">fysiska och juridiska personer som driver verksamhet som omfattas av</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">lagen utan att vara berättigade till det.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär att sanktionsavgift får beslutas mot</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">den som utan att vara berättigad till det driver någon verksamhet som</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">omfattas av lagen. Ändringen innebär också att sanktionsavgift får be-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">slutas mot den som i handel med finansiella instrument använder beteck-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">ningen börs utan att ha tillstånd att driva en reglerad marknad.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2"><SPAN class="ft3">Fjärde stycket </SPAN>tas bort som en följdändring med anledning av ändring-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">en i första stycket.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Övriga ändringar i paragrafen är endast språkliga.</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr27 td134"><P class="p39 ft2">Övervägandena finns i avsnitten 14.3.5 och 14.5.2.</P></TD>
<TD class="tr27 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr52 td134"><P class="p23 ft25">17 a §</P></TD>
<TD class="tr52 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td134"><P class="p23 ft2">Paragrafen, som är ny, genomför delvis artiklarna 57.14, 70.3 a xxxv och</P></TD>
<TD class="tr33 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">70.6 b och <NOBR>f–h</NOBR> i MiFID II.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p39 ft2">Paragrafen innehåller bestämmelser om ingripande mot fysiska och</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">juridiska personer som överträder en beslutad positionslimit. Finans-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">inspektionen ska ingripa genom föreläggande om rättelse eller beslut om</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">sanktionsavgift mot den som överträder en sådan positionslimit. Para-</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">grafen omfattar såväl en överträdelse av en positionslimit som har</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p23 ft2">beslutats av Finansinspektionen enligt 15 a kap. som en överträdelse av</P></TD>
<TD class="tr31 td67"><P class="p20 ft2">759</P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_760" style="position:relative; overflow: hidden;margin: 50px 0px 289px 121px;padding: 0px;border: none;width: 673px;">
<P class="p727 ft2">Prop. 2016/17:162 en positionslimit som har beslutats av en behörig myndighet i ett annat land inom EES med stöd av nationella bestämmelser som i det landet genomför artikel 57 i MiFID II (jfr 15 a kap. 2 § tredje stycket). Det kan i det senare fallet vara fråga om en positionslimit för ett råvaruderivat som handlas på flera handelsplatser inom EES där positionslimiten, på grund av att den största andelen av handeln sker i ett annat land inom EES (se artikel 57.6 i MiFID II), beslutats av den behöriga myndigheten i det landet.</P>
<P style="text-align: left;padding-left: 138px;margin-top: 20px;margin-bottom: 0px;" class="ft2">Övervägandena finns i avsnitten 14.3.5 och 14.5.2.</P>
<P class="p1168 ft25">28 a §</P>
<P class="p1549 ft2">Paragrafen, som är ny, genomför artikel 69.2 första stycket e i MiFID II. Paragrafen innebär en möjlighet för Finansinspektionen att mot en fysisk eller juridisk person ansöka om betalningssäkring för en sanktions- avgift. Paragrafen är utformad efter förebild av 3 kap. 8 § lagen (2016:1306) med kompletterande bestämmelser till EU:s marknadsmiss- bruksförordning och 46 kap. 6 och 7 §§ skatteförfarandelagen</P>
<P class="p1072 ft2">(2011:1244).</P>
<P class="p575 ft4">Av <SPAN class="ft45">första stycket </SPAN>följer att betalningssäkring kan avse den som är betalningsskyldig. Betalningsskyldig är den som är eller kan bli föremål för ett beslut om sanktionsavgift.</P>
<P class="p575 ft2">I <SPAN class="ft3">andra stycket </SPAN>anges förutsättningarna för ett beslut om betalnings- säkring. Båda förutsättningarna ska vara uppfyllda för att betalnings- säkring ska komma i fråga. För att en ”påtaglig risk” enligt <SPAN class="ft3">punkt 1 </SPAN>ska föreligga krävs att risken för betalningsunderlåtelse ska kunna beläggas i det enskilda fallet. Omständigheter som kan knytas till den betalnings- skyldige måste tala för att det finns en risk att denne drar sig undan skyldigheten (jfr prop. 2010/11:165 s. 908). Betalningsskyldigheten ska även, enligt <SPAN class="ft3">punkt 2</SPAN>, avse ”betydande belopp”. Betalningsskyldigheten kan avse betydande belopp om det är fråga om ett allvarligt åsidosättande som föranleder en hög sanktionsavgift.</P>
<P class="p576 ft2">Enligt <SPAN class="ft3">tredje stycket </SPAN>kan betalningssäkring beslutas även om sanktions- avgift inte har fastställts. Om det är sannolikt att sanktionsavgift kommer att fastställas, måste förvaltningsrätten även pröva till vilket belopp sank- tionsavgiften sannolikt kommer att fastställas. Betalningssäkringen får inte avse ett större belopp än detta (jfr samma prop.).</P>
<P class="p654 ft4">I <SPAN class="ft45">fjärde stycket </SPAN>erinras om att proportionalitetsprincipen gäller vid prövningen av en begäran om betalningssäkring (jfr 2 kap. 5 § skatteför- farandelagen).</P>
<P class="p536 ft2">Övervägandena finns i avsnitt 14.6.3.</P>
<P class="p1168 ft25">28 b §</P>
<P class="p936 ft2">Paragrafen, som är ny, innehåller bestämmelser om hur ett ärende om betalningssäkring ska handläggas. Paragrafen är utformad efter förebild av 3 kap. 9 § lagen med kompletterande bestämmelser till EU:s mark- nadsmissbruksförordning.</P>
<P class="p1020 ft42">Av <SPAN class="ft51">första stycket </SPAN>framgår att beslut om betalningssäkring fattas på an- sökan av Finansinspektionen av den förvaltningsrätt som är behörig att</P>
<P class="p1114 ft2">760</P>
</DIV>
<DIV id="page_761" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p186 ft4">pröva ett överklagande av Finansinspektionens beslut om sanktionsav- Prop. 2016/17:162 gift, dvs. Förvaltningsrätten i Stockholm.</P>
<P class="p144 ft2">I <SPAN class="ft3">andra stycket </SPAN>hänvisas till de bestämmelser i skatteförfarandelagen som ska tillämpas i fråga om en ansökan om betalningssäkring. Dessa bestämmelser rör förutsättningarna för domstolen att upphäva ett beslut om betalningssäkring, rätten för den enskilde att begära muntlig förhand- ling, underrättelse om ett beslut, när ett beslut om betalningssäkring för en betalningsskyldighet som inte är fastställd upphör att gälla och rätten för en enskild att få skadestånd från staten under vissa förutsättningar. Hänvisningarna innebär att bestämmelserna i skatteförfarandelagen om möjlighet att ta egendom i förvar före det att rätten har prövat en ansökan om betalningssäkring inte gäller för Finansinspektionen.</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 14.6.3.</P>
<P class="p398 ft25">28 c §</P>
<P class="p920 ft2">Paragrafen, som är ny, innehåller bestämmelser om verkställighet av ett beslut om betalningssäkring för en sanktionsavgift. Paragrafen är utfor- mad efter förebild av 3 kap. 10 § lagen med kompletterande bestäm- melser till EU:s marknadsmissbruksförordning.</P>
<P class="p264 ft2">I paragrafen anges de bestämmelser i skatteförfarandelagen som ska tillämpas vid verkställighet av ett beslut om betalningssäkring. Av dessa bestämmelser följer att Kronofogdemyndigheten är den som verkställer beslutet, att egendom som beslutet avser omedelbart ska lämnas tillbaka om beslutet upphävs, att Kronofogdemyndigheten får ta emot säkerhet för betalningen, när ställd säkerhet får tas i anspråk av Kronofogde- myndigheten och hur Kronofogdemyndighetens beslut ska överklagas.</P>
<P class="p357 ft2">I 69 kap. 15 § skatteförfarandelagen hänvisas till de regler i utsök- ningsbalken som tillämpas vid Kronofogdemyndighetens verkställighet av beslut om betalningssäkring. Av hänvisningen till 1 kap. utsöknings- balken framgår att mål om verkställighet av beslut om betalningssäkring ska handläggas som allmänt mål hos Kronofogdemyndigheten (1 kap. 6 § och prop. 2010/11:165 s. 1178).</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 14.6.3.</P>
<P class="p398 ft25">26 kap.</P>
<P class="p958 ft25">1 §</P>
<P style="text-align: left;padding-left: 11px;padding-right: 311px;margin-top: 4px;margin-bottom: 0px;text-indent: -10px;" class="ft4">Paragrafen genomför artikel 74.1 första meningen i MiFID II. Paragrafen reglerar möjligheterna till överklagande.</P>
<P class="p144 ft2">Ändringen i <SPAN class="ft3">andra stycket </SPAN>innebär att även beslut som Finansinspek- tionen fattar med stöd av MiFIR får överklagas till allmän förvaltnings- domstol. Därigenom uppfylls kravet i artikel 74.1 första meningen i MiFID II att beslut som fattas i enlighet med förordningen ska få över- klagas till domstol.</P>
<P class="p369 ft2">Övervägandena finns i avsnitt 15.2.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 69px;margin-bottom: 0px;" class="ft2">761</P>
</DIV>
<DIV id="page_762" style="position:relative; overflow: hidden;margin: 51px 0px 289px 0px;padding: 0px;border: none;width: 794px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">762</P>
</DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 547px;overflow: hidden;">
<P class="p19 ft25">2 §</P>
<P style="text-align: right;padding-right: 153px;margin-top: 2px;margin-bottom: 0px;" class="ft4">Paragrafen genomför artiklarna 7.3 och 74.1 andra meningen i MiFID II. Paragrafen innehåller bestämmelser om s.k. dröjsmålstalan som prövas av allmän förvaltningsdomstol, dvs. förvaltningsrätt, som första instans</P>
<P class="p19 ft2">med möjlighet till överprövning i kammarrätten.</P>
<P class="p487 ft2">Ändringen i <SPAN class="ft3">första stycket </SPAN>innebär att det införs en möjlighet till dröjs- målstalan även när det gäller ansökan av ett företag som hör hemma utanför EES om tillstånd att driva värdepappersrörelse från filial i Sverige och ansökan av ett svenskt företag om tillstånd att tillhandahålla datarapporteringstjänster. Därigenom uppfylls kravet i artikel 74.1 andra meningen i MiFID II på rätt till domstolsprövning även när den behöriga myndigheten inte har fattat beslut i ett ärende om tillstånd inom sex månader från det att en fullständig ansökan gavs in.</P>
<P class="p620 ft2">Övervägandena finns i avsnitt 15.2.</P>
<P class="p972 ft25">4 §</P>
<P class="p1175 ft2">Paragrafen innehåller bestämmelser om att den som är missnöjd med ett beslut om att avslå en ansökan om inregistrering av ett överlåtbart värde- papper och beslut om avnotering och avregistrering av ett finansiellt instrument under vissa förutsättningar får väcka talan mot börsen vid allmän domstol.</P>
<P class="p1113 ft4">I paragrafen görs endast en följdändring med anledning av att definitionen av överlåtbart värdepapper byter placering i 1 kap. 4 §. Detta innebär inte någon ändring i sak.</P>
<P class="p397 ft25">Ikraftträdande- och övergångsbestämmelser</P>
<P class="p1188 ft4">Ikraftträdande- och övergångsbestämmelserna genomför delvis artikel 93 och artikel 95 i MiFID II.</P>
<P class="p487 ft2"><SPAN class="ft3">Punkt 1 </SPAN>innebär att de lagändringar som föranleds av MiFID II och MiFIR och de rättsakter som kommissionen har antagit enligt dem träder i kraft den 3 januari 2018, vilket är den tidpunkt de ska börja tillämpas enligt artikel 93.1 andra stycket i MiFID II.</P>
<P class="p487 ft2">Av <SPAN class="ft3">punkt 2 </SPAN>följer att nuvarande bestämmelser gäller för överträdelser som ägt rum före ikraftträdandet. Det innebär att nuvarande bestäm- melser i 25 kap. ska tillämpas på överträdelser som ägt rum före ikraft- trädandet och att de nya bestämmelserna i det kapitlet ska tillämpas på överträdelser som äger rum därefter.</P>
<P class="p332 ft2"><SPAN class="ft3">Punkt 3</SPAN>, som inte har någon motsvarighet i utredningens förslag, innehåller en bestämmelse som gör det möjligt för Finansinspektionen att ta ut avgifter före ikraftträdandet för ansökningar och underrättelser enligt de nya bestämmelserna, när dessa har kommit in till inspektionen före det att bestämmelserna trätt i kraft. Denna övergångsbestämmelse ska senare kompletteras med ändringar i förordningen (2001:911) om avgifter för prövning av ärenden hos Finansinspektionen. Övergångs- bestämmelsen är utformad efter förebild av bl.a. punkt 4 i ikraftträdande- och övergångsbestämmelserna till lagen (2016:51) om ändring i lagen (1998:1479) om kontoföring av finansiella instrument.</P>
<P class="p302 ft42">Av <SPAN class="ft51">punkt 4 </SPAN>följer, i enlighet med artikel 93.1 andra stycket i MiFID II, att kraven för en <NOBR>CTP-leverantör</NOBR> i 10 kap. 8 § inte behöver uppfyllas före</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_763" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p186 ft4">den 3 september 2019 när det gäller information som offentliggjorts Prop. 2016/17:162 enligt artiklarna 10 och 21 i MiFIR. Av punkten 1 följer dock att kraven i</P>
<P class="p113 ft2">10 kap. 8 § ska börja tillämpas vid ikraftträdandet när det gäller information som offentliggjorts enligt artiklarna 6 och 20 i MiFIR.</P>
<P class="p144 ft2">I <SPAN class="ft3">punkt 5 </SPAN>anges i enlighet med artikel 95 i MiFID II, att Finans- inspektionen t.o.m. den 3 juli 2021 får meddela vissa undantag från EU:s förordning om <NOBR>OTC-derivat,</NOBR> centrala motparter och transaktionsregister. Undantagen rör s.k. <NOBR>C6-energiderivatkontrakt.</NOBR> Med <NOBR>C6-energiderivat-</NOBR> kontrakt avses optioner, terminer, swappar och andra derivatkontrakt som nämns i punkt 6 i avsnitt C i bilaga I till MiFID II, avser kol eller olja, handlas på en <NOBR>OTF-plattform</NOBR> och måste avvecklas fysiskt (artikel 4.1.16 i MiFID II). Undantaget i <SPAN class="ft3">a) </SPAN>gäller för <NOBR>icke-finansiella</NOBR> motparter vars positioner i <NOBR>OTC-derivat</NOBR> överstiger ett tröskelvärde för clearingkrav enligt den nämnda förordningen (artikel 10.1) och <NOBR>icke-finansiella</NOBR> mot- parter som får tillstånd att driva värdepappersrörelse fr.o.m. den 3 januari 2018 (de blir därför att betrakta som finansiella motparter enligt artikel 2.8 i förordningen och omfattas därmed av clearingkrav). Undantaget innebär att clearingkravet och riskhanteringsförfarandena i förordningen inte behöver tillämpas på <NOBR>C6-energiderivatkontrakt.</NOBR> Undantaget i <SPAN class="ft3">b) </SPAN>inne- bär att <NOBR>C6-energiderivatkontrakt</NOBR> inte ska ingå vid beräkningen av om företagets positioner i <NOBR>OTC-derivatkontrakt</NOBR> överstiger ett tröskelvärde för clearingkrav enligt förordningen (artikel 10).</P>
<P class="p1511 ft2">Övervägandena finns i avsnitt 18.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 251px;margin-top: 33px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.3</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (1991:980) om handel med finansiella instrument</SPAN></P>
<P class="p1086 ft25">4 kap. 17 §</P>
<P class="p920 ft2">Paragrafen innehåller ett undantag från kravet på att ett moderföretag ska lägga samman sitt eget aktieinnehav med aktier som innehas av ett dotterföretag. Undantaget är tillämpligt när det är fråga om aktier som ett värdepappersinstitut förvaltar för enskilda kunder och förutsättningarna i paragrafen är uppfyllda. Det motiveras av att värdepappersinstitutens investeringar görs för någon annans (kundernas) räkning och att dessa är särskilt reglerade genom den lagstiftning som gäller för sådana företag (se prop. 2006/07:65 s. 175).</P>
<P class="p429 ft2">Ändringarna i <SPAN class="ft3">första stycket 1 </SPAN>innebär att hänvisningarna till 8 kap. 1 och <NOBR>21–23</NOBR> §§ lagen om värdepappersmarknaden ersätts av hänvisningar till motsvarande bestämmelser i 9 kap. samma lag (1, 9, 13, 14, 18, 19 och 23 §§). Det tas in hänvisningar även till nya bestämmelser i 9 kap. lagen om värdepappersmarknaden som har betydelse vid portföljförvaltning. Det gäller 10 § om ersättningssystem, de utökade informationskraven i 15 och 16 §§ samt 21 och 22 §§ om ersättningar till och från tredjepart.</P>
<P class="p426 ft42">I <SPAN class="ft51">andra stycket </SPAN>ersätts hänvisningen till MiFID I av en hänvisning till MiFID II. Hänvisningen är utformad på så sätt att den avser direktivet i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 32px;margin-bottom: 0px;" class="ft2">763</P>
</DIV>
<DIV id="page_764" style="position:relative; overflow: hidden;margin: 51px 0px 289px 0px;padding: 0px;border: none;width: 794px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">764</P>
</DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 547px;overflow: hidden;">
<P class="p19 ft25">6 kap. 3 b §</P>
<P class="p1175 ft4">Paragrafen innehåller bestämmelser om beräkningen av sanktionsavgifter för juridiska och fysiska personer för överträdelser enligt 3 a §.</P>
<P class="p487 ft2">Ändringen i paragrafen genomför delvis artikel 28 b.1 första stycket c i första strecksatsen i öppenhetsdirektivet (i dess lydelse enligt ändrings- direktivet till öppenhetsdirektivet).</P>
<P style="text-align: left;padding-left: 12px;padding-right: 153px;margin-top: 0px;margin-bottom: 0px;" class="ft4">Ändringarna i <SPAN class="ft45">andra stycket 1 a </SPAN>och <SPAN class="ft45">2 a </SPAN>är endast språkliga. Ändringen i <SPAN class="ft45">andra stycket 1 b </SPAN>innebär att om en juridisk person som</P>
<P class="p486 ft2">har gjort sig skyldig till en överträdelse ingår i en koncern, ska den högsta sanktionsavgift som gäller enligt punkten bestämmas utifrån koncernredovisningen. Med ”motsvarande omsättning” avses det som utgör omsättning enligt de redovisningsregler som gäller för den juridiska personen. Posterna för beräkning av omsättningen på koncern- nivå hämtas ur koncernredovisningen för det yttersta moderföretaget. Ur denna redovisning hämtas alltså de relevanta intäktsposter som motsvarar omsättningen enligt de redovisningsregler som gäller för det företag som ingripandet riktas mot. Utifrån tillämpliga redovisningsregler finns tre typer av omsättning: omsättning från verksamhet som redovisas enligt årsredovisningslagen (1995:1554, förkortad ÅRL), omsättning från verksamhet som redovisas enligt lagen (1995:1559) om årsredovisning i kreditinstitut och värdepappersbolag (förkortad ÅRKL) och omsättning från verksamhet som redovisas enligt lagen (1995:1560) om årsredovis- ning i försäkringsföretag (förkortad ÅRFL).</P>
<P class="p1113 ft2">De juridiska personer som inte omfattas av ÅRKL eller ÅRFL ska vanligtvis upprätta sin årsredovisning enligt ÅRL, jfr prop. 2015/16:10 s. 362 och prop. 2015/16:170 s. 158. Om den juridiska person som en sanktion ska riktas mot upprättar sin årsredovisning enligt ÅRL, är den omsättning som ska ligga till grund för sanktionsavgiften summan av nettoomsättningen och övriga rörelseintäkter. Om sanktionsavgiften ska beräknas på koncernnivå ska motsvarande årsomsättning, dvs. summan av nettoomsättningen och övriga rörelseintäkter, ligga till grund för beräkningen av sanktionsavgiften.</P>
<P class="p385 ft2">I kreditinstitutens och värdepappersbolagens redovisning (resultat- räkning) används inte begreppet omsättning. Dessa företag redovisar i stället olika intäktsposter i sin resultaträkning. Av förarbetena till lagen om bank- och finansieringsrörelse framgår att med ett kreditinstituts årsomsättning avses de sammanlagda bruttointäkter som anges i punkterna 1, 2, 4, 5, 7 och 8 i bilaga 2 till ÅRKL, se prop. 2002/03:139 s. 552. Det inkluderar ränteintäkter (1), leasingintäkter (2), erhållna utdelningar (4), provisionsintäkter (5) samt övriga rörelseintäkter (8). Beträffande nettoresultat av finansiella transaktioner (7) ska dessa inkluderas, om de utgör ett positivt belopp. Årsomsättningen kan därmed aldrig uppgå till ett negativt belopp.</P>
<P class="p302 ft4">Av 7 kap. 2 § Finansinspektionens föreskrifter (FFFS 2008:25) om års- redovisning i kreditinstitut och värdepappersbolag framgår att en koncerns resultaträkning i stället ska upprättas enligt Europaparlamentets och rådets förordning (EG) nr 1606/2002 av den 19 juli 2002 om tillämp- ning av internationella redovisningsstandarder <NOBR>(IAS-förordningen).</NOBR> IAS- förordningen har en annan systematik än ÅRKL. De aktuella posterna i en koncerns resultaträkning kan därför skilja sig från de poster som anges</P>
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<P class="p116 ft2">i de nämnda punkterna i bilaga 2 till ÅRKL. Beräkningen på koncernnivå ska utgå från motsvarande omsättning som beräknas för den juridiska person som ett ingripande ska riktas mot. De poster som ska ingå på koncernnivå, när en sanktion ska riktas mot ett kreditinstitut eller ett värdepappersbolag, är alltså ränteintäkter, leasingintäkter, erhållna utdel- ningar, provisionsintäkter, övriga rörelseintäkter och dessutom netto- resultatet av finansiella transaktioner om det är positivt. I de fall kapital- andelsmetoden tillämpas bör resultatandelen ingå i årsomsättningen för en juridisk person och en koncern om resultatandelen är positiv.</P>
<P class="p912 ft2">I likhet med vad som gäller för kreditinstitut och värdepappersbolag ska alla försäkringsföretag upprätta sin koncernredovisning enligt IAS- förordningen. Detta följer av 7 kap. 2 § Finansinspektionens föreskrifter och allmänna råd (FFFS 2015:12) om årsredovisning i försäkrings- företag. Det innebär att en koncerns resultaträkning som upprättas enligt <NOBR>IAS-förordningen</NOBR> har en annan systematik än den resultaträkning som ska upprättas för den juridiska personen enligt bilaga 2 till ÅRFL och bilaga 2 till Finansinspektionens föreskrifter och allmänna råd om årsredovisning i försäkringsföretag. De aktuella posterna som avser koncernens omsättning kan därför skilja sig från de poster som anges i bilaga 2 till ÅRFL.</P>
<P class="p624 ft2">De poster som ingår i omsättningen för försäkringsföretag, enligt bilaga 2 till ÅRFL beror på vilken typ av försäkringsverksamhet försäk- ringsföretaget bedriver. Omsättningen för skadeförsäkringsföretag utgörs av premieintäkterna (efter avgiven återförsäkring) dvs. premieinkomst (före avgiven återförsäkring) minus premier för avgiven återförsäkring och plus alternativt minus förändring i avsättning för ej intjänade premier och kvardröjande risker netto efter återförsäkrares andel, se uppställningsformen för resultaträkningen i bilaga 2 till ÅRFL och den tekniska redovisningen av skadeförsäkringsföretag (bilaga 2 till ÅRFL avsnitt I. 1. <NOBR>a.–d.).</NOBR></P>
<P class="p912 ft2">Beträffande förändringen i avsättning för ej intjänade premier och kvardröjande risker netto efter återförsäkrares andel ska denna enbart inkluderas om nettot av posterna som ingår i premieintäkterna totalt sett utgör ett positivt belopp. Årsomsättningen kan därmed aldrig uppgå till ett negativt belopp.</P>
<P class="p623 ft2">Omsättningen för livförsäkringsföretag utgörs av premieinkomsten efter avgiven återförsäkring, se uppställningsformen för resultat- räkningen i bilaga 2 till ÅRFL och den tekniska redovisningen av livför- säkringsföretag (bilaga 2 till ÅRFL avsnitt II. 1. <NOBR>a.–b.).</NOBR></P>
<P class="p622 ft2">För livförsäkringsföretag med fondförsäkringsprodukter, kommer en del av de inbetalda premierna att redovisas i resultaträkningen och den större delen av de inbetalda premierna att redovisas i balansräkningen. Därför utgörs omsättningen i livförsäkringsföretag med fondförsäkrings- produkter av inbetalda premier.</P>
<P class="p624 ft2">Om den juridiska person som är föremål för ingripande är ett försäk- ringsföretag ska således på koncernnivån all omsättning från försäkrings- verksamhet anses vara motsvarande omsättning. Eftersom beräkningen av den högsta sanktionsavgiften på koncernnivå utgår från vilken typ av omsättning som gäller för det företag som ett ingripande ska riktas mot, kan den högsta sanktionsavgift som får tas ut variera för olika typer av företag inom en koncern. En bank och ett försäkringsföretag med ett och</P>
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<P class="p19 ft2">Prop. 2016/17:162</P>
<P class="p514 ft2">765</P>
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<P class="p820 ft4">Prop. 2016/17:162 samma yttersta moderföretag kan därmed få olika tak för sina respektive sanktionsavgifter.</P>
<P class="p575 ft2">I <SPAN class="ft3">andra stycket 1 c </SPAN>och <SPAN class="ft3">2 b </SPAN>görs språkliga justeringar. I samma stycke tas <SPAN class="ft3">punkterna 1 d </SPAN>och <SPAN class="ft3">2 c </SPAN>bort. Ändringarna motsvarar de i 25 kap. 9 § lagen om värdepappersmarknaden, se författningskommentaren till den bestämmelsen i avsnitt 20.1.</P>
<P style="text-align: left;padding-left: 138px;padding-right: 222px;margin-top: 2px;margin-bottom: 0px;" class="ft42">Paragrafen har utformats i enlighet med <SPAN class="ft51">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 17.2.</P>
<P class="p1240 ft25">6 kap. 3 f §</P>
<P style="text-align: left;padding-left: 126px;padding-right: 153px;margin-top: 3px;margin-bottom: 0px;" class="ft4">Paragrafen reglerar vilka hänsyn som ska tas när sanktionsavgiftens storlek fastställs.</P>
<P class="p591 ft4">Ändringarna motsvarar de i 25 kap. 10 § lagen om värdepappersmark- naden, se författningskommentaren till den bestämmelsen i avsnitt 20.1.</P>
<P class="p1508 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt 17.2.</P>
<P style="text-align: left;padding-left: 187px;padding-right: 249px;margin-top: 30px;margin-bottom: 0px;text-indent: -61px;" class="ft23"><SPAN class="ft21">20.4</SPAN><SPAN class="ft162">Förslaget till lag om ändring i årsredovisningslagen (1995:1554)</SPAN></P>
<P class="p927 ft4">Ändringarna innebär att hänvisningarna till definitionen av handels- plattform i 1 kap. 5 § lagen om värdepappersmarknaden ersätts med en hänvisning till motsvarande definition i 1 kap. 4 b § samma lag. Den nya definitionen av handelsplattform i 1 kap. 4 b § lagen om värdepappers- marknaden omfattar även en <NOBR>OTF-plattform.</NOBR> Hänvisningen till MTF- plattform innebär att förevarande paragraf inte ändras i sak.</P>
<P style="text-align: left;padding-left: 187px;padding-right: 196px;margin-top: 28px;margin-bottom: 0px;text-indent: -61px;" class="ft118"><SPAN class="ft21">20.5</SPAN><SPAN class="ft166">Förslaget till lag om ändring i lagen (1999:1309) om system för avveckling av förpliktelser på finansmarknaden</SPAN></P>
<P class="p1507 ft25">4, 7 och 16 §§</P>
<P class="p936 ft4">Paragraferna innehåller bestämmelser som rör administratörer av avveck- lingssystem.</P>
<P class="p575 ft2">I <SPAN class="ft3">4 § andra stycket 4 </SPAN>kompletteras hänvisningen till företag med till- stånd enligt nuvarande 2 kap. 1 § 8 lagen om värdepappersmarknaden att driva en handelsplattform med en hänvisning till företag med tillstånd att driva en <NOBR>OTF-plattform</NOBR> enligt 2 kap. 1 § 9 samma lag. Ändringen för- anleds av att det införs en ny typ av investeringsverksamhet, drift av <NOBR>OTF-plattform.</NOBR> Den nuvarande investeringsverksamheten drift av handelsplattform motsvarar den nya investeringsverksamheten drift av <NOBR>MTF-plattform.</NOBR> Ändringen innebär att på motsvarande sätt som ett före- tag som har tillstånd att driva en <NOBR>MTF-plattform,</NOBR> får även ett företag som har tillstånd att driva en <NOBR>OTF-plattform</NOBR> vara administratör av ett av- vecklingssystem (jfr prop. 2006/07:115 s. 665 och prop. 1999/2000 s. 50 f.).</P>
<P class="p398 ft2">766</P>
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<P class="p747 ft42">Ändringarna i <SPAN class="ft51">7 § första stycket </SPAN>och <SPAN class="ft51">16 § första stycket 2 </SPAN>motsvarar Prop. 2016/17:162 dem i 4 §.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 251px;margin-top: 29px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.6</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (2003:862) om finansiell rådgivning till konsumenter</SPAN></P>
<P class="p1086 ft25">3 a §</P>
<P class="p920 ft4">Paragrafen innebär att för de företag och verksamheter som anges gäller inte de näringsrättsliga bestämmelserna i 4 och 5 §§.</P>
<P class="p144 ft2">Ändringarna i <SPAN class="ft3">punkterna 1 </SPAN>och <SPAN class="ft3">4 </SPAN>innebär att det som anges om närings- idkarens skyldigheter i 4 och 5 §§ inte heller ska tillämpas på den råd- givning om finansiella instrument som ett fondbolag, ett förvaltnings- bolag eller en <NOBR>AIF-förvaltare</NOBR> kan lämna inom ramen för sin fondverk- samhet. Det innebär att sådan rådgivning, liksom investeringsrådgivning som ett fondbolag eller en <NOBR>AIF-förvaltare</NOBR> lämnar med stöd av ett tillstånd för sidotjänster, i stället regleras i lagen om värdepappersfonder respek- tive lagen om förvaltare av alternativa investeringsfonder. Ändringen är en följd av att bestämmelserna om investeringsrådgivning i lagen om värdepappersmarknaden i stället ska tillämpas på rådgivning i fondverk- samheten, se författningskommentarerna till 2 kap. 17 g § lagen om värdepappersfonder och 8 kap. 1 a § lagen om förvaltare av alternativa investeringsfonder i avsnitten 20.7 och 20.15.</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 10.4.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 259px;margin-top: 32px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.7</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (2004:46) om värdepappersfonder</SPAN></P>
<P class="p1086 ft25">1 kap. 1 §</P>
<P class="p958 ft2">Paragrafen innehåller definitioner.</P>
<P class="p429 ft2">I <SPAN class="ft3">första stycket 5 </SPAN>och <SPAN class="ft3">12 </SPAN>utformas hänvisningarna på så sätt att de avser direktiven i en viss angiven lydelse, s.k. statisk hänvisning. Hänvisningen i punkt 5 uppdateras även så att den anger direktivets senaste lydelse. I punkt 12 ersätts också den nuvarande hänvisningen till direktiv 83/349/EEG med en hänvisning till EU:s redovisningsdirektiv. Defini- tionen bygger på en motsvarande hänvisning i <NOBR>UCITS-direktivet</NOBR> (se prop. 2002/03:150 s. 203). Eftersom direktiv 83/349/EEG har upphävts och hänvisningar till det ska läsas som hänvisningar till redovisnings- direktivet uppdateras hänvisningen (se artikel 52 i redovisnings- direktivet). I redovisningsdirektivet används termen koncernredovisning i stället för uttrycket sammanställd redovisning, varför uttrycket grupp för sammanställd redovisning ersätts av termen koncern. Den ändrade terminologin innebär ingen ändring i sak. I <SPAN class="ft3">punkt 21 </SPAN>görs en följdändring.</P>
<P class="p930 ft25">1 kap. 10 §</P>
<P style="text-align: justify;padding-right: 248px;margin-top: 5px;margin-bottom: 0px;" class="ft4">I paragrafen anges bestämmelser som ska tillämpas för förvaltnings- bolags och fondföretags verksamhet i Sverige.</P>
<P class="p890 ft2">767</P>
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<P class="p727 ft4">Prop. 2016/17:162 Ändringen i <SPAN class="ft45">andra stycket </SPAN>innebär att bestämmelserna i den nya 2 kap. 17 g § ska tillämpas på ett förvaltningsbolags verksamhet som drivs från filial i Sverige enligt 6 § första stycket 1.</P>
<P class="p536 ft2">Övervägandena finns i avsnitt 10.4.</P>
<P class="p1168 ft25">2 kap. 17 g §</P>
<P class="p936 ft2">Paragrafen, som är ny, gäller för sådan rådgivning om andelar i fonder som ett fondbolag utför inom ramen för sin fondverksamhet och som inte kräver tillstånd enligt 7 kap. 1 § första stycket 3. För investeringsråd- givning avseende andra finansiella instrument som kräver tillstånd för sidotjänst gäller 7 kap. 3 §.</P>
<P class="p654 ft2">Paragrafen gäller rådgivning både om andelar i värdepappersfonder eller utländska fondföretag som fondbolaget förvaltar och om andelar i sådana värdepappersfonder eller utländska fondföretag som fondbolaget på uppdrag av ett annat fondbolag eller ett utländskt förvaltningsbolag får förvalta, administrera, marknadsföra eller ge råd om (jfr prop. 2010/11:135 s. 262 f.).</P>
<P class="p654 ft2">Paragrafen gäller enbart för rådgivning till <NOBR>icke-professionella</NOBR> kunder. De bestämmelser om investeringsrådgivning i lagen om värdepappers- marknaden som ska tillämpas enligt paragrafen gäller intressekonflikter (8 kap. 12 §), kompetenskrav för den personal som tillhandahåller rådgivning (8 kap. 15 §), indelning av kunder i kategorierna professionell</P>
<TABLE cellpadding=0 cellspacing=0 class="t83">
<TR>
<TD colspan=3 class="tr24 td79"><P class="p23 ft2">kund och <NOBR>icke-professionell</NOBR></P></TD>
<TD colspan=3 class="tr24 td183"><P class="p20 ft2">kund (9 kap. <NOBR>3–6</NOBR> §§), ersättningssystem</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft2">(9 kap.</P></TD>
<TD colspan=2 class="tr26 td194"><P class="p1 ft2">10 §), information till</P></TD>
<TD colspan=3 class="tr26 td183"><P class="p20 ft2">kund vid investeringsrådgivning (9 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td139"><P class="p23 ft2">17 §),</P></TD>
<TD class="tr26 td27"><P class="p23 ft2">ersättningar till</P></TD>
<TD class="tr26 td25"><P class="p178 ft27">och</P></TD>
<TD class="tr26 td177"><P class="p73 ft2">från tredjepart</P></TD>
<TD class="tr26 td208"><P class="p71 ft2">(9 kap. 21 §),</P></TD>
<TD class="tr26 td117"><P class="p30 ft2">lämplig-</P></TD>
</TR>
<TR>
<TD colspan=2 class="tr26 td232"><P class="p23 ft2">hetsbedömning (9 kap.</P></TD>
<TD class="tr26 td25"><P class="p94 ft2">23 §),</P></TD>
<TD class="tr26 td177"><P class="p1 ft2">rapportering till</P></TD>
<TD class="tr26 td208"><P class="p82 ft2">kund (9 kap.</P></TD>
<TD class="tr26 td117"><P class="p30 ft2">27 §) och</P></TD>
</TR>
</TABLE>
<P class="p535 ft2">lämplighetsförklaring till kund (9 kap. 28 och 29 §§).</P>
<P class="p575 ft2">Nuvarande undantag för fondbolag i lagen (2003:862) om finansiell rådgivning till konsumenter (3 a § 1) utvidgas till att omfatta även sådan rådgivning som avses i förevarande paragraf, se avsnitten 2.12 och 20.6.</P>
<P class="p697 ft2">Övervägandena finns i avsnitt 10.4.</P>
<P class="p1168 ft25">7 kap. 3 §</P>
<P class="p1169 ft2">Paragrafen genomför artikel 6.4 i <NOBR>UCITS-direktivet.</NOBR></P>
<P class="p575 ft2">I paragrafen anges vilka bestämmelser i lagen om värdepappersmark- naden som ett fondbolag ska tillämpa om det utför diskretionär portfölj- förvaltning avseende finansiella instrument och när det lämnar investe- ringsråd eller utför andra sidotjänster enligt 1 §. I förevarande lag behålls till skillnad från enligt utredningens förslag, uttrycket diskretionär port- följförvaltning avseende finansiella instrument för att beteckna sådan portföljförvaltning som ett fondbolag kan få tillstånd för enligt 1 kap. 4 § andra meningen. För rådgivning om andelar i fonder som ett fondbolag utför inom ramen för sin fondverksamhet och som inte kräver tillstånd enligt 1 § första stycket 3, gäller 2 kap. 17 g §.</P>
<P class="p580 ft2">Ändringarna i paragrafen innebär följdändringar med anledning av genomförandet i svensk rätt av MiFID II (artiklarna 16, 24 och 25), dels genom att vissa bestämmelser i 8 kap. lagen om värdepappersmarknaden överförs till 9 kap. samma lag, dels genom att flera nya bestämmelser</P>
<P class="p535 ft14">införs i den lagen som också de ska tillämpas av ett fondbolag när det</P>
<P class="p19 ft2">768</P>
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<P class="p186 ft4">utför diskretionär portföljförvaltning avseende finansiella instrument och Prop. 2016/17:162 när det lämnar investeringsråd eller utför andra sidotjänster. Det innebär</P>
<P class="p113 ft2">att samma regler gäller för ett fondbolag när det utför dessa tjänster som för ett värdepappersinstitut när det utför motsvarande tjänster.</P>
<P class="p144 ft2">När ett fondbolag har tillstånd för diskretionär portföljförvaltning avseende finansiella instrument enligt 1 kap. 4 § ska det, liksom i dag, när det utför sådana tjänster och när det utför tjänster enligt 7 kap. 1 § första stycket – t.ex. att lämna investeringsråd avseende finansiella instrument – tillämpa vissa bestämmelser i lagen om värdepappersmark- naden. <SPAN class="ft3">Fondbolagens förening </SPAN>uppmärksammar att några av hänvis- ningarna i utredningens förslag bör ses över. Eftersom nuvarande 8 kap. 1, 12, 14, 21 a, 22 <NOBR>a–23,</NOBR> 26, 27 och 34 §§ får nya beteckningar och det tas in nya paragrafer som motsvarar nuvarande 8 kap. 21, 22 och 35 §§ justeras hänvisningarna till dessa bestämmelser (till 8 kap. 16 och 22 §§ samt 9 kap. 1, 9, 13, 14, 18, 19, 23, 26, 27, 40 och 41 §§). Ändringarna i paragrafen innebär även att fondbolag ska tillämpa nya bestämmelser i lagen om värdepappersmarknaden som genomför artiklarna 16, 24 och 25 i MiFID II. Det innebär att de även ska tillämpa de nya bestäm- melserna i lagen om värdepappersmarknaden om intressekonflikter (8 kap. 12 §), produktstyrningskrav för distributörer (8 kap. 14 §), kompetenskrav för den personal som tillhandahåller rådgivning (8 kap. 15 §), ersättningssystem (9 kap. 10 §), särskilda kundskyddsregler för distributörer av finansiella instrument (9 kap. 12 §), utökade informa- tionskrav (9 kap. <NOBR>15–17</NOBR> §§), urvalet av finansiella instrument om investe- ringsrådgivning tillhandahålls på oberoende grund (9 kap. 20 §), ersätt- ningar till och från tredjepart (9 kap. 21 och 22 §§), lämplighets- förklaring till kund (9 kap. 28 och 29 §§) och förbud mot säkerhets- överlåtelser (9 kap. 43 §) (se författningskommentarerna till de bestäm- melserna i avsnitt 20.2). Ändringarna i paragrafen innebär vidare att fondbolag ska tillämpa bestämmelserna i lagen om värdepappersmark- naden om indelning av kunder i kategorierna professionell kund och <NOBR>icke-professionell</NOBR> kund (9 kap. <NOBR>3–6</NOBR> §§).</P>
<P style="text-align: left;padding-left: 11px;margin-top: 11px;margin-bottom: 0px;" class="ft2">Övervägandena finns i avsnitt 10.4.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 251px;margin-top: 32px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.8</SPAN><SPAN class="ft162">Förslaget till lag om ändring i lagen (2004:297) om bank- och finansieringsrörelse</SPAN></P>
<TABLE cellpadding=0 cellspacing=0 class="t149">
<TR>
<TD class="tr42 td359"><P class="p23 ft25">7 kap. 1 §</P></TD>
<TD class="tr42 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr33 td359"><P class="p23 ft2">Paragrafen innehåller bestämmelser som reglerar vilken typ av verk-</P></TD>
<TD class="tr33 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">samhet som ett kreditinstitut får driva.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p39 ft2">Vad som är finansiell verksamhet exemplifieras i <SPAN class="ft3">andra stycket</SPAN>.</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p39 ft2"><SPAN class="ft3">Punkt 16</SPAN>, om investeringstjänster och investeringsverksamhet av-</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">seende vissa utsläppsrätter som inte är finansiella instrument, tas bort.</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">Ändringen görs med anledning av att enligt punkt 11 i avsnitt C i bilaga I</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">till MiFID II är utsläppsrätter numera finansiella instrument. Direktivet</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td359"><P class="p23 ft2">genomförs i denna del genom att det i definitionen av finansiella</P></TD>
<TD class="tr25 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">instrument i 1 kap. 4 § lagen om värdepappersmarknaden ingår</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td359"><P class="p23 ft2">utsläppsrätter enligt Europaparlamentets och rådets direktiv 2003/87/EG</P></TD>
<TD class="tr26 td147"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td359"><P class="p23 ft2">av den 13 oktober 2003 om ett system för handel med utsläppsrätter för</P></TD>
<TD rowspan=2 class="tr36 td147"><P class="p20 ft2">769</P></TD>
</TR>
<TR>
<TD class="tr29 td359"><P class="p23 ft13"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_770" style="position:relative; overflow: hidden;margin: 52px 0px 289px 121px;padding: 0px;border: none;width: 673px;">
<P class="p727 ft4">Prop. 2016/17:162 växthusgaser inom gemenskapen, se författningskommentaren till den bestämmelsen i avsnitt 20.2. Investeringstjänster och investeringsverksam- het avseende sådana utsläppsrätter omfattas därmed av värdepappersrörelse enligt punkt 13.</P>
<P class="p1240 ft25">7 kap. 3 §</P>
<P class="p936 ft4">Paragrafen innehåller bestämmelser om förvärv av egendom för att skydda en fordran.</P>
<P class="p576 ft2">Ändringarna innebär att hänvisningen till definitionen av handels- plattform i 1 kap. 5 § lagen om värdepappersmarknaden ersätts av en hänvisning till motsvarande definition i 1 kap. 4 b § samma lag. Den nya definitionen av handelsplattform i lagen om värdepappersmarknaden om- fattar även en <NOBR>OTF-plattform.</NOBR> Genom den nya hänvisningen omfattas därmed även köp på en sådan plattform. Bestämmelsen överensstämmer därmed med det som gäller för värdepappersbolag enligt 7 kap. 10 § lagen om värdepappersmarknaden.</P>
<P class="p1249 ft25">15 kap. 8 §</P>
<P class="p936 ft4">Paragrafen anger hur sanktionsavgifter för kreditinstitut enligt 7 § ska beräknas.</P>
<P class="p575 ft2">I <SPAN class="ft3">första stycket </SPAN>förtydligas att vid bestämmande av sanktionsavgiftens storlek utgör det högsta av de beräknade beloppen det högsta belopp som får fastställas (jfr 25 kap. 9, 9 a, 19 och 19 a §§ lagen om värdepappers- marknaden och prop. 2015/16:26 s. 148 f. samt 12 kap. 8 och 8 a §§ lagen om värdepappersfonder och prop. 2015/16:170 s. 158 f.).</P>
<P class="p575 ft4">Ändringen i <SPAN class="ft45">punkt 1 </SPAN>genomför delvis artikel 66.2 andra stycket och artikel 67.2 andra stycket i kapitaltäckningsdirektivet. Ändringen mot- svarar ändringen i 6 kap. 3 b § lagen om handel med finansiella instru- ment, se författningskommentaren till den bestämmelsen i avsnitt 20.3.</P>
<P class="p575 ft2">I <SPAN class="ft3">punkt 2 </SPAN>görs en språklig justering. <SPAN class="ft3">Punkt 3 </SPAN>tas bort. Ändringarna motsvarar ändringarna i 25 kap. 9 § lagen om värdepappersmarknaden, se författningskommentaren till den bestämmelsen i avsnitt 20.1.</P>
<P class="p1570 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitten 14.3.8 och 17.2.</P>
<P class="p1274 ft25">15 kap. 8 a §</P>
<P class="p936 ft4">Paragrafen innehåller bestämmelser om den högsta sanktionsavgift som Finansinspektionen får besluta för en fysisk person.</P>
<P class="p575 ft2">I <SPAN class="ft3">första stycket </SPAN>förtydligas att vid bestämmande av sanktionsavgiftens storlek utgör det högsta av de beräknade beloppen det högsta belopp som får fastställas (jfr 9, 19 och 19 a §§ och prop. 2015/16:26 s. 148 f. samt 12 kap. 8 och 8 a §§ lagen om värdepappersfonder och prop. 2015/16:170 s. 158 f.).</P>
<P class="p575 ft4">I <SPAN class="ft45">punkt 2 </SPAN>görs en språklig justering. <SPAN class="ft45">Punkt 3 </SPAN>tas bort. Ändringarna motsvarar de i 25 kap. 9 a § lagen om värdepappersmarknaden, se för- fattningskommentaren till den bestämmelsen i avsnitt 20.1.</P>
<P class="p1508 ft4">Paragrafen har utformats i enlighet med <SPAN class="ft45">Lagrådets </SPAN>förslag. Övervägandena finns i avsnitt17.2.</P>
<P class="p19 ft2">770</P>
</DIV>
<DIV id="page_771" style="position:relative; overflow: hidden;margin: 48px 0px 289px 0px;padding: 0px;border: none;width: 794px;">
<TABLE cellpadding=0 cellspacing=0 class="t56">
<TR>
<TD class="tr42 td134"><P class="p23 ft25">15 kap. 9 §</P></TD>
<TD class="tr42 td67"><P class="p23 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p23 ft2">Paragrafen reglerar vilka hänsyn som ska tas när sanktionsavgiftens</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">storlek fastställs.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Ändringen motsvarar ändringen i 25 kap. 10 § lagen om värdepappers-</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td134"><P class="p23 ft2">marknaden, se författningskommentaren till den bestämmelsen i avsnitt</P></TD>
<TD class="tr25 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p23 ft2">20.1.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr26 td134"><P class="p39 ft2">Paragrafen har utformats i enlighet med <SPAN class="ft3">Lagrådets </SPAN>förslag.</P></TD>
<TD class="tr26 td67"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr31 td134"><P class="p39 ft2">Övervägandena finns avsnitt 17.2.</P></TD>
<TD class="tr31 td67"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P style="text-align: left;padding-left: 213px;padding-right: 286px;margin-top: 29px;margin-bottom: 0px;text-indent: -59px;" class="ft23">20.9 Förslaget till lag om ändring i lagen (2004:1199) om handel med utsläppsrätter</P>
<P style="text-align: left;padding-left: 153px;margin-top: 5px;margin-bottom: 0px;" class="ft25">7 kap. 8 §</P>
<P class="p1556 ft4">Paragrafen innehåller en skyldighet för tillsynsmyndigheten att anmäla misstänkta brott.</P>
<P class="p11 ft2">Paragrafen ändras med anledning av att straffbestämmelserna i 8 kap. som avser överträdelser av auktioneringsförordningen upphävs.</P>
<P class="p100 ft2">Övervägandena finns i avsnitt 16.</P>
<P style="text-align: left;padding-left: 153px;margin-top: 20px;margin-bottom: 0px;" class="ft25">9 kap. 1 §</P>
<P class="p1556 ft4">Paragrafen reglerar hur beslut fattade med stöd av lagen om handel med utsläppsrätter överklagas.</P>
<P class="p11 ft2">Ändringen i <SPAN class="ft3">punkterna 12 </SPAN>och <SPAN class="ft3">13 </SPAN>görs som en följd av att artiklarna <NOBR>37–42</NOBR> i auktioneringsförordningen inte är tillämpliga efter den 3 januari 2018 när även utsläppsrätter i form av <NOBR>2-dagars</NOBR> spotkontrakt kommer att klassificeras som finansiella instrument (se författningskommentaren till 1 kap. 4 § lagen om värdepappersmarknaden i avsnitt 20.2).</P>
<P class="p492 ft2">Övervägandena finns i avsnitt 16.</P>
<P style="text-align: justify;padding-left: 213px;padding-right: 251px;margin-top: 32px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.10</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 21px;line-height: 22px;">Förslaget till lag om ändring i lagen (2005:405) om försäkringsförmedling</SPAN></P>
<P style="text-align: left;padding-left: 153px;margin-top: 6px;margin-bottom: 0px;" class="ft25">5 kap. 4 §</P>
<P style="text-align: justify;padding-left: 153px;padding-right: 248px;margin-top: 3px;margin-bottom: 0px;" class="ft2">En försäkringsförmedlare får, efter tillstånd av Finansinspektionen, som sidoverksamhet ta emot och vidarebefordra order och tillhandahålla investeringsrådgivning avseende fondandelar (5 kap. 1 §). I sådan verk- samhet gäller bestämmelserna i 8 kap. lagen om värdepappersmarknaden i tillämpliga delar (se prop. 2006/07:115 s. 677).</P>
<P class="p103 ft2">Ändringen i <SPAN class="ft3">fjärde stycket </SPAN>innebär att nuvarande bestämmelser i 8 kap. lagen om värdepappersmarknaden gäller även i fortsättningen. Ändring- en föranleds av att det görs omfattande ändringar i 8 och 9 kap. lagen om värdepappersmarknaden samtidigt som det, såsom beskrivs i avsnitt 10, för närvarande pågår ett annat lagstiftningsärende inom vilket det över- vägs ändringar i den lagstiftning som gäller för försäkringsförmedling.</P>
<P style="text-align: left;padding-left: 164px;margin-top: 4px;margin-bottom: 0px;" class="ft2">Övervägandena finns i avsnitten 6.6.9 och 10.</P>
<P style="text-align: right;padding-right: 136px;margin-top: 13px;margin-bottom: 0px;" class="ft2">771</P>
</DIV>
<DIV id="page_772" style="position:relative; overflow: hidden;margin: 52px 0px 289px 0px;padding: 0px;border: none;width: 794px;">
<DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 247px;overflow: hidden;">
<P class="p1040 ft2">Prop. 2016/17:162</P>
<P class="p1041 ft2">772</P>
</DIV>
<DIV style="float:left;border:none;margin: 0px 0px 0px 0px;padding: 0px;border:none;width: 547px;overflow: hidden;">
<P style="text-align: left;padding-left: 61px;padding-right: 250px;margin-top: 0px;margin-bottom: 0px;text-indent: -61px;" class="ft23"><SPAN class="ft121">20.11</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 22px;line-height: 22px;">Förslaget till lag om ändring i marknadsföringslagen (2008:486)</SPAN></P>
<P class="p1086 ft25">1 §</P>
<P class="p1211 ft2">I paragrafen finns bl.a. en lista över lagar som innehåller bestämmelser om marknadsföring. Ändringen innebär att listan kompletteras med en hänvisning till lagen om värdepappersmarknaden, enligt vilken mark- nadsföringslagens bestämmelser ska tillämpas (se författningskommen- taren till 9 kap. 14 § lagen om värdepappersmarknaden i avsnitt 20.2). Listan kompletteras även med hänvisningar till lagen om värdepappers- fonder (jfr 4 kap. 20 § tredje stycket i den lagen) och lagen om förvaltare av alternativa investeringsfonder (jfr 10 kap. 3 § tredje stycket i den lagen).</P>
<P style="text-align: justify;padding-left: 61px;padding-right: 159px;margin-top: 35px;margin-bottom: 0px;text-indent: -61px;" class="ft23"><SPAN class="ft121">20.12</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 22px;line-height: 22px;">Förslaget till lag om ändring i konkurrenslagen (2008:579)</SPAN></P>
<P class="p1086 ft25">4 kap. 3 §</P>
<P class="p1211 ft2">Ändringarna innebär att hänvisningarna till definitionerna av reglerad marknad och handelsplattform i 1 kap. 5 § lagen om värdepappersmark- naden ersätts med hänvisningar till motsvarande definitioner i 1 kap. 4 b § samma lag. Den nya definitionen av handelsplattform i 1 kap. 4 b § lagen om värdepappersmarknaden omfattar även en <NOBR>OTF-plattform.</NOBR> Hän- visningen till <NOBR>MTF-plattform</NOBR> innebär att förevarande paragraf inte ändras i sak.</P>
<P style="text-align: justify;padding-left: 61px;padding-right: 182px;margin-top: 34px;margin-bottom: 0px;text-indent: -61px;" class="ft23"><SPAN class="ft121">20.13</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 22px;line-height: 22px;">Förslaget till lag om ändring i offentlighets- och sekretesslagen (2009:400)</SPAN></P>
<P class="p1086 ft25">30 kap. 4 b §</P>
<P class="p1188 ft2">Paragrafen reglerar sekretess i en statlig myndighets verksamhet för uppgift i en anmälan eller utsaga om överträdelse av bestämmelse som gäller för verksamhet på finansmarknadsområdet. Tystnadsplikt i annan än statlig myndighets verksamhet regleras i 1 kap. 11 § lagen om värde- pappersmarknaden och 1 kap. 10 § lagen om bank- och finansierings- rörelse. I dessa bestämmelser finns en hänvisning till offentlighets- och sekretesslagen när det gäller det allmännas verksamhet.</P>
<P class="p1113 ft2">I paragrafen finns bl.a. bestämmelser om sekretess till skydd för upp- gifter som kan avslöja den anmälda personens identitet i viss verksamhet hos Finansinspektionen. Genom ändringarna i <SPAN class="ft3">andra stycket </SPAN>genomförs kraven i artikel 73.1 andra stycket c i MiFID II. Tillägget innebär att sekretess ska gälla i Finansinspektionens verksamhet enligt lagen om värdepappersmarknaden för uppgift om en enskilds personliga och ekonomiska förhållanden i en anmälan eller utsaga om överträdelse av bestämmelse i lag eller annan författning som gäller för vissa särskilt angivna tillsynsobjekt, om uppgiften kan avslöja den anmäldes identitet och det inte står klart att uppgiften kan röjas utan att denne lider skada</P>
</DIV>
</DIV>
</DIV>
<DIV id="page_773" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p186 ft4">eller men. Sekretesskyddet gäller för den fysiska personen som utpekas i Prop. 2016/17:162 en anmälan eller utsaga. Genom begreppet värdepappersinstitut omfattar</P>
<P class="p113 ft2">bestämmelsen även svenska kreditinstitut som har fått tillstånd enligt lagen om värdepappersmarknaden att driva värdepappersrörelse (se definitionen av värdepappersinstitut i 1 kap. 4 b § och definitionen av värdepappersrörelse i 1 kap. 4 c § lagen om värdepappersmarknaden), värdepappersbolag och utländska företag som driver värdepappersrörelse i Sverige genom filial här i landet eller genom att använda sig av anknutna ombud. Av artikel 1.3 d och 1.4 c i MiFID II framgår att artikel 73 i direktivet är tillämplig även på kreditinstitut i vissa fall. Vad som avses med leverantörer av datarapporteringstjänster framgår av defini- tionen i 1 kap. 4 b § lagen om värdepappersmarknaden. Regleringen omfattar därmed de verksamheter som MiFID II tar sikte på när det gäller rapportering av överträdelser.</P>
<P class="p1540 ft2">Övervägandena finns i avsnitt 13.5.4.</P>
<P style="text-align: left;padding-left: 60px;padding-right: 312px;margin-top: 32px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.14</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 21px;line-height: 22px;">Förslaget till lag om ändring i lagen (2011:1268) om investeringssparkonto</SPAN></P>
<P class="p1086 ft25">2, 6, 13, 14 och 22 §§</P>
<P class="p920 ft2">Ändringarna i paragraferna innebär att termen handelsplattform ersätts med <NOBR>MTF-plattform</NOBR> och är en följd av att definitionen av handelsplatt- form i lagen om värdepappersmarknaden ändras så att den, förutom <NOBR>MTF-plattformar,</NOBR> även omfattar <NOBR>OTF-plattformar.</NOBR> Termen <NOBR>MTF-platt-</NOBR> form definieras i nya 1 kap. 4 b § lagen om värdepappersmarknaden. Förslaget innebär inte någon ändring i sak i förhållande till det som gäller i dag (se prop. 2011/12:1 s. 291 f. och 498 f.).</P>
<P class="p401 ft2">Övervägandena finns i avsnitt 7.3.1.</P>
<P class="p972 ft25">5 §</P>
<P class="p942 ft2">Paragrafen innehåller en definition av investeringsföretag.</P>
<P class="p429 ft42">I <SPAN class="ft51">punkt 3 </SPAN>ersätts hänvisningen till MiFID I av en hänvisning till MiFID II. Hänvisningarna i punkterna <SPAN class="ft51">3 </SPAN>och <SPAN class="ft51">4 </SPAN>utformas på så sätt att de avser direktiven i en viss angiven lydelse, s.k. statisk hänvisning.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 251px;margin-top: 27px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.15</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 21px;line-height: 22px;">Förslaget till lag om ändring i lagen (2013:561) om förvaltare av alternativa investeringsfonder</SPAN></P>
<P class="p964 ft25">3 kap. 2 §</P>
<P class="p1526 ft4">Paragrafen genomför artikel 6.4, 6.5 a, 6.5 b och 6.6 i <NOBR>AIFM-direktivet.</NOBR> Paragrafen innehåller bestämmelser om tjänster som en <NOBR>AIF-förvaltare</NOBR></P>
<P class="p113 ft2">som har tillstånd för förvaltning av en investeringsfond kan få tillstånd att utföra vid sidan av den verksamheten (se prop. 2012/13:155 s. 437 f.). Motsvarade möjlighet att utföra tjänster vid sidan av fondförvaltningen finns även för fondbolag (1 kap. 4 § och 7 kap. lagen om värdepappers- fonder).</P>
<P class="p1323 ft2">773</P>
</DIV>
<DIV id="page_774" style="position:relative; overflow: hidden;margin: 48px 0px 287px 121px;padding: 0px;border: none;width: 520px;">
<TABLE cellpadding=0 cellspacing=0 class="t80">
<TR>
<TD class="tr24 td46"><P class="p56 ft2">Prop. 2016/17:162</P></TD>
<TD class="tr24 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr24 td304"><P class="p23 ft2">I <SPAN class="ft3">tredje stycket </SPAN>anges vilka bestämmelser i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">marknaden som en <NOBR>AIF-förvaltare</NOBR> ska tillämpa om den erbjuder och till-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">handahåller diskretionär förvaltning av investeringsportföljer eller sido-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">tjänster enligt denna paragraf. För rådgivning om andelar i alternativa</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">investeringsfonder som en <NOBR>AIF-förvaltare</NOBR> utför inom ramen för sin fond-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">verksamhet och som inte kräver tillstånd enligt första stycket 4, gäller</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">8 kap. 1 a §.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td304"><P class="p23 ft2">Ändringarna i paragrafen innebär följdändringar med anledning av</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">genomförandet i svensk rätt av MiFID II (artiklarna 16, 24 och 25), dels</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">genom att vissa bestämmelser i 8 kap. lagen om värdepappersmarknaden</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">överförs till 9 kap. samma lag, dels genom att flera nya bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">införs i den lagen som också de ska tillämpas av en <NOBR>AIF-förvaltare</NOBR> när</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">den erbjuder och tillhandahåller tjänster enligt första och andra styckena.</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">Det innebär att samma regler gäller för en <NOBR>AIF-förvaltare</NOBR> när den utför</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">dessa tjänster som för ett värdepappersinstitut när det utför motsvarande</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">tjänster. En <NOBR>AIF-förvaltare</NOBR> ska, liksom i dag, när den utför sådana</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">tjänster tillämpa vissa bestämmelser i lagen om värdepappersmarknaden.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">Eftersom nuvarande 8 kap. 1, 12, 14, 21 a, 22 <NOBR>a–27</NOBR> och 34 §§ får nya</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">beteckningar och det tas in nya paragrafer som motsvarar nuvarande</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">8 kap. 21, 22 och 35 §§ justeras hänvisningarna till dessa bestämmelser</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">(till 8 kap. 16 och 22 §§ samt 9 kap. 1, 9, 13, 14, 18, 19, <NOBR>23–27,</NOBR> 40 och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">41 §§).</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td304"><P class="p23 ft2">Ändringarna i paragrafen innebär även att <NOBR>AIF-förvaltare</NOBR> ska tillämpa</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">nya bestämmelser i lagen om värdepappersmarknaden som genomför</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">artiklarna 16, 24 och 25 i MiFID II. Det innebär att de även ska tillämpa</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">de nya bestämmelserna i lagen om värdepappersmarknaden om intresse-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">konflikter (8 kap. 12 §), produktstyrningskrav för distributörer (8 kap.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">14 §), kompetenskrav för den personal som tillhandahåller rådgivning</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">(8 kap. 15 §), ersättningssystem (9 kap. 10 §), särskilda kundskydds-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">regler för distributörer av finansiella instrument (9 kap. 12 §), utökade</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">informationskrav (9 kap. <NOBR>15–17</NOBR> §§), urvalet av finansiella instrument om</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">investeringsrådgivning tillhandahålls på oberoende grund (9 kap. 20 §),</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">ersättningar till och från tredjepart (9 kap. 21 och 22 §§), lämplighets-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">förklaring till kund (9 kap. 28 och 29 §§) och förbud mot säkerhets-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">överlåtelser (9 kap. 43 §) (se författningskommentarerna till de bestäm-</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">melserna i avsnitt 20.2). Ändringarna i paragrafen innebär vidare att en</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2"><NOBR>AIF-förvaltare</NOBR> ska tillämpa bestämmelserna i lagen om värdepappers-</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">marknaden om indelning av kunder i kategorierna professionell kund och</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2"><NOBR>icke-professionell</NOBR> kund och om jämbördiga motparter (9 kap. <NOBR>3–8</NOBR> §§).</P></TD>
</TR>
<TR>
<TD class="tr27 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td304"><P class="p23 ft2">Övervägandena finns i avsnitt 10.4.</P></TD>
</TR>
<TR>
<TD class="tr52 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr52 td64"><P class="p57 ft25">5 kap. 8 och 13 §§</P></TD>
</TR>
<TR>
<TD class="tr33 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr33 td64"><P class="p57 ft2">Paragraferna innehåller bestämmelser om utländska <NOBR>AIF-förvaltares</NOBR></P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">verksamhet i Sverige.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td304"><P class="p23 ft2">Ändringarna i paragraferna innebär att utländska <NOBR>AIF-förvaltare</NOBR> ska</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">tillämpa bestämmelserna i nya 8 kap. 1 a § i fråga om verksamhet som</P></TD>
</TR>
<TR>
<TD class="tr25 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr25 td64"><P class="p57 ft2">drivs genom filial i Sverige.</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td71"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td304"><P class="p23 ft2">Motsvarande ändringar görs i lagen (2014:797) om ändring i lagen om</P></TD>
</TR>
<TR>
<TD class="tr26 td46"><P class="p23 ft7"> </P></TD>
<TD colspan=2 class="tr26 td64"><P class="p57 ft2">förvaltare av alternativa investeringsfonder, lagen (2014:798) om ändring</P></TD>
</TR>
<TR>
<TD rowspan=2 class="tr42 td46"><P class="p60 ft2">774</P></TD>
<TD class="tr31 td71"><P class="p57 ft2">i</P></TD>
<TD class="tr31 td304"><P class="p73 ft2">lagen om förvaltare av alternativa investeringsfonder och lagen</P></TD>
</TR>
<TR>
<TD class="tr66 td71"><P class="p23 ft142"> </P></TD>
<TD class="tr66 td304"><P class="p23 ft142"> </P></TD>
</TR>
</TABLE>
</DIV>
<DIV id="page_775" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p186 ft4">(2015:398) om ändring i lagen om förvaltare av alternativa investerings- Prop. 2016/17:162 fonder.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 10.4.</P>
<P class="p398 ft25">8 kap. 1 a §</P>
<P class="p920 ft2">Paragrafen, som är ny, gäller för sådan rådgivning om andelar eller aktier i alternativa investeringsfonder som en <NOBR>AIF-förvaltare</NOBR> utför och som inte kräver tillstånd för sidoverksamhet enligt 3 kap. 2 § andra stycket 4. För att lämna investeringsråd som kräver tillstånd för sidotjänst gäller 3 kap. 2 § tredje stycket. För fondbolag införs en motsvarande bestämmelse i 2 kap. 17 g § lagen om värdepappersfonder (se författningskommentaren till den paragrafen i avsnitt 20.7).</P>
<P class="p429 ft2">Paragrafen gäller enbart för rådgivning till <NOBR>icke-professionella</NOBR> investe- rare. De bestämmelser om investeringsrådgivning i lagen om värdepap- persmarknaden som ska tillämpas enligt paragrafen gäller intresse- konflikter (8 kap. 12 §), kompetenskrav för den personal som tillhanda- håller rådgivning (8 kap. 15 §), indelning av kunder i kategorierna professionell kund och <NOBR>icke-professionell</NOBR> kund (9 kap. <NOBR>3–6</NOBR> §§), ersätt- ningssystem (9 kap. 10 §), information till kund vid investerings- rådgivning (9 kap. 17 §), ersättningar till och från tredje part (9 kap. 21 §), lämplighetsbedömning (9 kap. 23 §), rapportering till kund (9 kap. 27 §) och lämplighetsförklaring till kund (9 kap. 28 och 29 §§).</P>
<P class="p357 ft4">Nuvarande undantag för <NOBR>AIF-förvaltare</NOBR> i lagen om finansiell rådgiv- ning till konsumenter (3 a § 4) utvidgas till att omfatta även sådan råd- givning som avses i förevarande paragraf, se avsnitten 2.12 och 20.6.</P>
<P class="p147 ft2">Övervägandena finns i avsnitt 10.4.</P>
<P style="text-align: left;padding-left: 60px;padding-right: 263px;margin-top: 33px;margin-bottom: 0px;text-indent: -60px;" class="ft118"><SPAN class="ft121">20.16</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 21px;line-height: 21px;">Förslag till lag om ändring i lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag</SPAN></P>
<P class="p964 ft25">2 kap. 3 §</P>
<P style="text-align: left;padding-left: 11px;padding-right: 248px;margin-top: 4px;margin-bottom: 0px;text-indent: -10px;" class="ft4">I paragrafen behandlas Finansinspektionens ingripandemöjligheter. <SPAN class="ft45">Första stycket </SPAN>är nytt och ger Finansinspektionen möjlighet att ingripa</P>
<P class="p889 ft2">mot ett institut som inte uppfyller ett särskilt kapitalbaskrav som be- slutats enligt 1 § eller ett särskilt likviditetskrav som beslutats enligt 2 §.</P>
<P style="text-align: left;padding-left: 11px;padding-right: 418px;margin-top: 1px;margin-bottom: 0px;" class="ft42"><SPAN class="ft51">Andra stycket </SPAN>motsvarar nuvarande 2 §. Övervägandena finns i avsnitt 17.3.</P>
<P style="text-align: justify;padding-left: 60px;padding-right: 332px;margin-top: 28px;margin-bottom: 0px;text-indent: -60px;" class="ft23"><SPAN class="ft121">20.17</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 21px;line-height: 22px;">Förslaget till lag om ändring i lagen (2015:1016) om resolution</SPAN></P>
<P class="p964 ft25">2 kap. 1 §</P>
<P style="text-align: left;padding-right: 248px;margin-top: 3px;margin-bottom: 0px;" class="ft4">I paragrafen ändras definitionen av värdepappersbolag så att den inkluderar svenska aktiebolag med tillstånd att driva <NOBR>OTF-plattform.</NOBR> Den</P>
<P class="p19 ft5">nuvarande definitionen av värdepappersbolag motsvarar definitionen av</P>
<P class="p596 ft2">775</P>
</DIV>
<DIV id="page_776" style="position:relative; overflow: hidden;margin: 52px 0px 289px 121px;padding: 0px;border: none;width: 673px;">
<P class="p727 ft4">Prop. 2016/17:162 värdepappersföretag i artikel 2.1.3 i krishanteringsdirektivet. Genom MiFID II omfattar krishanteringsdirektivets definition av värdepappers- företag även värdepappersbolag som driver <NOBR>OTF-plattform</NOBR> (se artikel 4.1.2 i tillsynsförordningen, artikel 4.1.1 i MiFID I samt artiklarna 4.1.1 och 94 i MiFID II jämförda med avsnitt A i bilaga I till MiFID II).</P>
<P class="p1240 ft25">8 kap. 12 §</P>
<P class="p939 ft4">Paragrafen ändras så att det i <SPAN class="ft45">första stycket </SPAN>tydliggörs att hänvisningen till 25 kap. 15 § lagen om värdepappersmarknaden inte innebär att de åtgärder som Riksgäldskontoret får vidta enligt 25 kap. lagen om värde- pappersmarknaden inkluderar att besluta om sanktionsavgift eller om varning eller återkallelse av filialtillstånd på de grunder som anges i 25 kap. 5 § samma lag. Förtydligandet föranleds av ändringarna i 25 kap. 15 § lagen om värdepappersmarknaden.</P>
<P class="p1140 ft25">14 kap. 3 §</P>
<P class="p939 ft4">I paragrafen justeras <SPAN class="ft45">punkt 2 </SPAN>så att den även omfattar en begäran riktad till ett värdepappersinstitut med tillstånd att driva en handelsplattform i form av en <NOBR>OTF-plattform.</NOBR></P>
<P style="text-align: left;padding-left: 187px;padding-right: 173px;margin-top: 30px;margin-bottom: 0px;text-indent: -61px;" class="ft23"><SPAN class="ft121">20.18</SPAN><SPAN style="font: 17px 'Times New Roman';margin-left: 22px;line-height: 22px;">Förslaget till lag om ändring i lagen (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden</SPAN></P>
<P class="p1169 ft25">1 kap. 2 §</P>
<P class="p1179 ft4">Paragrafen innehåller en uppräkning av vilka finansiella instrument som omfattas av lagens tillämpningsområde.</P>
<P class="p575 ft2">I <SPAN class="ft3">första stycket 2 </SPAN>görs ett tillägg som innebär att lagen även är tillämp- lig på finansiella instrument som handlas på en <NOBR>OTF-plattform.</NOBR> Liksom i dag gäller att handeln inte behöver ske på en <NOBR>OTF-plattform</NOBR> utan det räcker att agerandet rör ett finansiellt instrument som handlas på en OTF- plattform. Av <SPAN class="ft3">punkt 3 </SPAN>följer att även finansiella instrument vilkas värde är beroende av ett finansiellt instrument som handlas på en <NOBR>OTF-platt-</NOBR> form omfattas av tillämpningsområdet.</P>
<P class="p576 ft2">Av <SPAN class="ft3">andra stycket</SPAN>, som är nytt, framgår att lagen även gäller ageranden i samband med auktionering på en auktionsplattform i enlighet med auk- tioneringsförordningen. Det klargörs vidare att det som anges i lagen om order även gäller bud i en auktion enligt auktioneringsförordningen. Det innebär att återkallelse av ett bud kan vara straffbart enligt 2 kap. 1 § (insiderbrott). Vidare omfattas manipulerande budläggning av 2 kap. 4 § (marknadsmanipulation). Handel med utsläppsrätter och auktionerade produkter på primärmarknaden, dvs. i samband med auktionsförfarandet, omfattas därmed av straffbestämmelserna. Eftersom utsläppsrätter och andra auktionerade produkter är finansiella instrument i och med de ändringar som görs i lagen om värdepappersmarknaden omfattas även handel på sekundärmarknaden, dvs. vidareförsäljning från den som har</P>
<P class="p535 ft2">köpt utsläppsrätter i en auktion, under förutsättning att något av villkoren</P>
<P class="p942 ft2">776</P>
</DIV>
<DIV id="page_777" style="position:relative; overflow: hidden;margin: 50px 0px 289px 153px;padding: 0px;border: none;width: 641px;">
<P class="p186 ft4">i första stycket om handel med det finansiella instrumentet på en reglerad Prop. 2016/17:162 marknad, <NOBR>MTF-plattform</NOBR> eller <NOBR>OTF-plattform</NOBR> är uppfyllda.</P>
<P class="p144 ft2">Definitioner av <NOBR>OTF-plattform</NOBR> och auktioneringsförordningen finns i 4 §.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 16.</P>
<P class="p972 ft25">1 kap. 4 §</P>
<P class="p1283 ft4">Paragrafen innehåller definitioner som har betydelse för tillämpningen av lagen.</P>
<P class="p144 ft2">I paragrafen införs en definition av auktioneringsförordningen. Defini- tionen har betydelse för tillämpningen av 2 §. Hänvisningen till auktione- ringsförordningen är utformad på så sätt att den avser förordningen i den vid varje tidpunkt gällande lydelsen, s.k. dynamisk hänvisning.</P>
<P class="p144 ft4">Definitionen av begreppet handel på värdepappersmarknaden utvidgas till följd av införandet av en ny typ av handelsplats, <NOBR>OTF-plattform,</NOBR> i lagen om värdepappersmarknaden.</P>
<P class="p147 ft2">Det införs även en definition av <NOBR>OTF-plattform.</NOBR></P>
<P class="p144 ft2">Övriga justeringar görs som en följd av att definitionerna får en ny placering i lagen om värdepappersmarknaden.</P>
<P class="p168 ft2">Övervägandena finns i avsnitt 16.</P>
<P style="text-align: left;padding-left: 485px;margin-top: 451px;margin-bottom: 0px;" class="ft2">777</P>
</DIV>
<DIV id="page_778" style="position:relative; overflow: hidden;margin: 52px 0px 289px 121px;padding: 0px;border: none;width: 673px;">
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<INGENBILD zsrc="H403162778x1.jpg/" style="width:112px;height:1px;">
</DIV>
<P class="p621 ft1"><SPAN style="font: 13px 'Times New Roman';line-height: 15px;position: relative; bottom: 7px;">Prop. 2016/17:162 </SPAN>Finansdepartementet</P>
<P style="text-align: left;padding-left: 126px;margin-top: 14px;margin-bottom: 0px;" class="ft2">Utdrag ur protokoll vid regeringssammanträde den 30 mars 2017</P>
<P class="p867 ft2">Närvarande: statsminister Löfven, ordförande, och statsråden</P>
<P class="p1167 ft2">Y Johansson, M Johansson, Baylan, Bucht, Hultqvist, Regnér,</P>
<P class="p535 ft2">Andersson, Hellmark Knutsson, Ygeman, A Johansson, Bolund,</P>
<P class="p1072 ft2">Bah Kuhnke, Shekarabi, Wikström, Eriksson, Skog,</P>
<P class="p1140 ft2">Föredragande: statsrådet Bolund</P>
<P style="text-align: left;padding-left: 126px;padding-right: 157px;margin-top: 76px;margin-bottom: 0px;" class="ft42">Regeringen beslutar proposition Nya regler om marknader för finansiella instrument (MiFID II och MiFIR)</P>
<P style="text-align: left;margin-top: 499px;margin-bottom: 0px;" class="ft2">778</P>
</DIV>
<DIV id="page_779" style="position:relative; overflow: hidden;margin: 46px 0px 289px 151px;padding: 0px;border: none;width: 643px;">
<TABLE cellpadding=0 cellspacing=0 style="width: 507px;font: 12px 'Times New Roman';">
<TR>
<TD class="tr43 td278"><P class="p73 ft1">Rättsdatablad</P></TD>
<TD class="tr43 td109"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td198"><P class="p23 ft7"> </P></TD>
<TD class="tr43 td176"><P class="p39 ft2">Prop. 2016/17:162</P></TD>
</TR>
<TR>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 137px;vertical-align: bottom;" class="tr1"><P class="p23 ft7"> </P></TD>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 132px;vertical-align: bottom;" class="tr1"><P class="p23 ft7"> </P></TD>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 128px;vertical-align: bottom;" class="tr1"><P class="p23 ft7"> </P></TD>
<TD class="tr45 td176"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr50 td278"><P class="p73 ft152">Författningsrubrik</P></TD>
<TD class="tr50 td109"><P class="p23 ft152">Bestämmelser som</P></TD>
<TD colspan=2 class="tr50 td28"><P class="p23 ft152">Celexnummer för</P></TD>
</TR>
<TR>
<TD class="tr27 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td109"><P class="p23 ft152">inför, ändrar, upp-</P></TD>
<TD colspan=2 class="tr27 td28"><P class="p23 ft152">bakomliggande EU-</P></TD>
</TR>
<TR>
<TD class="tr25 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td109"><P class="p23 ft152">häver eller upprepar</P></TD>
<TD colspan=2 class="tr25 td28"><P class="p23 ft152">regler</P></TD>
</TR>
<TR>
<TD class="tr27 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td109"><P class="p23 ft152">ett normgivnings-</P></TD>
<TD class="tr27 td198"><P class="p23 ft7"> </P></TD>
<TD class="tr27 td176"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD class="tr25 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td109"><P class="p23 ft152">bemyndigande</P></TD>
<TD class="tr25 td198"><P class="p23 ft7"> </P></TD>
<TD class="tr25 td176"><P class="p23 ft7"> </P></TD>
</TR>
<TR>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 137px;vertical-align: bottom;" class="tr48"><P class="p23 ft61"> </P></TD>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 132px;vertical-align: bottom;" class="tr48"><P class="p23 ft61"> </P></TD>
<TD style="border-bottom: #000000 1px solid;padding: 0px;margin: 0px;width: 128px;vertical-align: bottom;" class="tr48"><P class="p23 ft61"> </P></TD>
<TD class="tr49 td176"><P class="p23 ft75"> </P></TD>
</TR>
<TR>
<TD class="tr55 td278"><P class="p73 ft27">Lag (2007:528) om</P></TD>
<TD class="tr55 td109"><P class="p23 ft27">6 kap. 10 §</P></TD>
<TD colspan=2 class="tr55 td28"><P class="p23 ft27">32014L0065</P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p73 ft73">värdepappersmarknaden</P></TD>
<TD class="tr30 td109"><P class="p23 ft73">8 kap. 35 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td109"><P class="p23 ft73">9 kap. 50 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td109"><P class="p23 ft73">11 kap. 12 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr49 td278"><P class="p23 ft75"> </P></TD>
<TD class="tr49 td109"><P style="font: 12px 'Times New Roman';line-height: 13px;" class="p23">12 kap. 11 §</P></TD>
<TD class="tr49 td198"><P class="p23 ft75"> </P></TD>
<TD class="tr49 td176"><P class="p23 ft75"> </P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td109"><P class="p23 ft73">13 kap. 17 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td109"><P class="p23 ft73">15 a kap. 1 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr30 td278"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td109"><P class="p23 ft73">20 kap. 8 §</P></TD>
<TD class="tr30 td198"><P class="p23 ft34"> </P></TD>
<TD class="tr30 td176"><P class="p23 ft34"> </P></TD>
</TR>
<TR>
<TD class="tr26 td278"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td109"><P class="p23 ft27">23 kap. 15 §</P></TD>
<TD class="tr26 td198"><P class="p23 ft7"> </P></TD>
<TD class="tr26 td176"><P class="p23 ft7"> </P></TD>
</TR>
</TABLE>
<P style="text-align: left;padding-left: 487px;margin-top: 464px;margin-bottom: 0px;" class="ft2">779</P>
</DIV>
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11Riksdagen antar regeringens förslag till lag om ändring i lagen (2007:528) om värdepappersmarknaden.Delvis bifallDelvis bifall2016/17:FiU35FiU2007:5282017:67822Riksdagen antar regeringens förslag till lag om ändring i lagen (2007:528) om värdepappersmarknaden.Delvis bifallDelvis bifall2016/17:FiU35FiU2007:5282017:67933Riksdagen antar regeringens förslag till lag om ändring i lagen (1991:980) om handel med finansiella instrument.Delvis bifallDelvis bifall2016/17:FiU35FiU1991:9802017:68044Riksdagen antar regeringens förslag till lag om ändring i lagen (1993:931) om individuellt pensionssparande.BifallBifall2016/17:FiU35FiU1993:9312017:68155Riksdagen antar regeringens förslag till lag om ändring i årsredovisningslagen (1995:1554).BifallBifall2016/17:FiU35FiU1995:15542017:68266Riksdagen antar regeringens förslag till lag om ändring i lagen (1995:1559) om årsredovisning i kreditinstitut och värdepappersbolag.BifallBifall2016/17:FiU35FiU1995:15592017:68377Riksdagen antar regeringens förslag till lag om ändring i lagen (1998:1479) om värdepapperscentraler och kontoföring av finansiella instrument.BifallBifall2016/17:FiU35FiU1998:14792017:68488Riksdagen antar regeringens förslag till lag om ändring i lagen (1999:158) om investerarskydd.BifallBifall2016/17:FiU35FiU1999:1582017:68599Riksdagen antar regeringens förslag till lag om ändring i lagen (1999:1309) om system för avveckling av förpliktelser på finansmarknaden.BifallBifall2016/17:FiU35FiU1999:13092017:6861010Riksdagen antar regeringens förslag till lag om ändring i lagen (2000:35) om byte av redovisningsvaluta i finansiella företag.BifallBifall2016/17:FiU35FiU2000:352017:6871111Riksdagen antar regeringens förslag till lag om ändring i lagen (2000:1087) om anmälningsskyldighet för vissa innehav av finansiella instrument.BifallBifall2016/17:FiU35FiU2000:10872017:6881212Riksdagen antar regeringens förslag till lag om ändring i lagen (2003:862) om finansiell rådgivning till konsumenter.BifallBifall2016/17:FiU35FiU2003:8622017:6891313Riksdagen antar regeringens förslag till lag om ändring i lagen (2004:46) om värdepappersfonder.BifallBifall2016/17:FiU35FiU2004:462017:6901414Riksdagen antar regeringens förslag till lag om ändring i lagen (2004:297) om bank- och finansieringsrörelse.Delvis bifallDelvis bifall2016/17:FiU35FiU2004:2972017:6911515Riksdagen antar regeringens förslag till lag om ändring i lagen (2004:1199) om handel med utsläppsrätter.BifallBifall2016/17:FiU35FiU2004:11992017:6921616Riksdagen antar regeringens förslag till lag om ändring i lagen (2005:405) om försäkringsförmedling.BifallBifall2016/17:FiU35FiU2005:4052017:6931717Riksdagen antar regeringens förslag till lag om ändring i lagen (2006:451) om offentliga uppköpserbjudanden på aktiemarknaden.BifallBifall2016/17:FiU35FiU2006:4512017:6941818Riksdagen antar regeringens förslag till lag om ändring i marknadsföringslagen (2008:486).Delvis bifallDelvis bifall2016/17:FiU35FiU2008:4862017:6951919Riksdagen antar regeringens förslag till lag om ändring i konkurrenslagen (2008:579).BifallBifall2016/17:FiU35FiU2008:5792017:6962020Riksdagen antar regeringens förslag till lag om ändring i offentlighets- och sekretesslagen (2009:400).BifallBifall2016/17:FiU35FiU2009:4002017:6972121Riksdagen antar regeringens förslag till lag om ändring i kommissionslagen (2009:865).BifallBifall2016/17:FiU35FiU2009:8652017:6982222Riksdagen antar regeringens förslag till lag om ändring i skatteförfarandelagen (2011:1244).BifallBifall2016/17:FiU35FiU2011:12442017:6992323Riksdagen antar regeringens förslag till lag om ändring i lagen (2011:1268) om investeringssparkonto.BifallBifall2016/17:FiU35FiU2011:12682017:7002424Riksdagen antar regeringens förslag till lag om ändring i lagen (2013:561) om förvaltare av alternativa investeringsfonder.BifallBifall2016/17:FiU35FiU2013:5612017:7012525Riksdagen antar regeringens förslag till lag om ändring i lagen (2014:797) om ändring i lagen (2013:561) om förvaltare av alternativa investeringsfonder.BifallBifall2016/17:FiU35FiU2014:7972017:7022626Riksdagen antar regeringens förslag till lag om ändring i lagen (2014:798) om ändring i lagen (2013:561) om förvaltare av alternativa investeringsfonder.BifallBifall2016/17:FiU35FiU2013:5612017:7032727Riksdagen antar regeringens förslag till lag om ändring i lagen (2015:398) om ändring i lagen (2013:561) om förvaltare av alternativa investeringsfonder.BifallBifall2016/17:FiU35FiU2013:5612017:7042828Riksdagen antar regeringens förslag till lag om ändring i lagen (2014:968) om särskild tillsyn över kreditinstitut och värdepappersbolag.BifallBifall2016/17:FiU35FiU2014:9682017:7052929Riksdagen antar regeringens förslag till lag om ändring i lagen (2015:1016) om resolution.BifallBifall2016/17:FiU35FiU2015:10162017:7063030Riksdagen antar regeringens förslag till lag om ändring i lagen (2016:1306) med kompletterande bestämmelser till EU:s marknadsmissbruksförordning.BifallBifall2016/17:FiU35FiU2016:13062017:7073131Riksdagen antar regeringens förslag till lag om ändring i lagen (2016:1307) om straff för marknadsmissbruk på värdepappersmarknaden.BifallBifall2016/17:FiU35FiU2016:13072017:708BBordlagd2017-04-05 00:00:00inträffat0behandlingINLInlämnad2017-04-05 00:00:00inträffat0behandlingHÄNHänvisad2017-04-06 00:00:00inträffat0behandlingMOTMotionstid slutar2017-04-20 00:00:00inträffat0behandling0218878014918Stefan LöfvenS1Statsråd10956444284814Per BolundMP2Statsråd2inlamnatavInlämnat avFinansdepartementetH4031622018-08-08 14:40:42statustextstatustextÄrendet är avslutatH4031622019-04-05 13:12:20tilldelatTilldelatFinansutskottetH4031622018-08-08 14:40:42H403162prop_201617__162.pdf3882648pdfNya regler om marknader för finansiella instrument (MiFID II och MiFIR)https://data.riksdagen.se/fil/F94AD397-3AAB-40F2-B785-9433BA9AAF53H403162d2prop_201617__162_d2.pdf6180665pdfprop 2016/17 162 d2https://data.riksdagen.se/fil/F4615821-1E7E-4E45-B401-30761337AC1Ebehandlas_i2016/17:FiU35H401FiU35bet2016/17FiU35Nya regler om marknader för finansiella instrument (MiFID II och MiFIR)betBetänkandeföljdmotionav Håkan Svenneling m.fl. (V)<br />med anledning av prop. 2016/17:162 Nya regler om marknader för finansiella instrument (MiFID II och MiFIR) H4023711mot2016/173711med anledning av prop. 2016/17:162 Nya regler om marknader för finansiella instrument (MiFID II och MiFIR) av Håkan Svenneling m.fl. (V)motMotion