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Fondförvaltning på paus? En studie om hur UDI-lagens standstillperiod påverkar svenska fondbolag

Bengtsson, Caspian LU (2024) LAGF03 20242
Faculty of Law
Department of Law
Abstract
The Foreign Direct Investment Act (the FDI Act) went into force on Decem-ber 1, 2023. The purpose of the legislation is to protect Swedish protection-worthy business from hostile foreign investors. A mandatory notification re-quirement is included in the FDI Act as a tool for achieving this purpose. The notification requirement forces investors (regardless of nationality) to report their investments in advance, if the investor wishes to acquire at least ten per-cent of the votes in a Swedish protection-worthy business. Once the notifica-tion has been handed in to the Swedish review authority (ISP) a standstill period begins, during which the investor is forced to remain passive until the ISP have made their decision on the matter.
The... (More)
The Foreign Direct Investment Act (the FDI Act) went into force on Decem-ber 1, 2023. The purpose of the legislation is to protect Swedish protection-worthy business from hostile foreign investors. A mandatory notification re-quirement is included in the FDI Act as a tool for achieving this purpose. The notification requirement forces investors (regardless of nationality) to report their investments in advance, if the investor wishes to acquire at least ten per-cent of the votes in a Swedish protection-worthy business. Once the notifica-tion has been handed in to the Swedish review authority (ISP) a standstill period begins, during which the investor is forced to remain passive until the ISP have made their decision on the matter.
The purpose of the paper is to critically examine how the standstill period of the FDI Act affects Swedish fund managers. Almost all Swedes save in mu-tual fonds in some capacity. Therefore, it is interesting to investigate how the fund management companies’ risk being affected by the FDI Act. A critical legal dogmatic method is used to examine this issue. The material analyzed in the study includes, inter alia, legislation, preparatory legal work, EU law, arti-cles and referral opinions.
In this study the focus is first placed on analyzing how the Swedish FDI Act and the EU’s FDI-regulations should be applied to Swedish fund manage-ment companies. Later on, potential conflicts between the FDI Act and the current regulations for fund companies are examined. Finally, the principal question concerning how the standstill period of the FDI Act affects Swedish fund managers is answered. The conclusion of the paper is that the standstill period influences Swedish fund managers in various ways. Firstly, it imposes additional resource demands on the investment process. Furthermore, it is likely that the standstill period under the FDI Act contravenes current regula-tions governing fund companies. Lastly, it is concluded that the standstill pe-riod could end up hindering fund managers from acquiring more than a ten percent stake of Swedish protection-worthy businesses. (Less)
Abstract (Swedish)
Den 1 december 2023 trädde lagen (2023:560) om granskning av utländska direktinvesteringar (UDI-lagen) i kraft. Syftet med lagen är att skydda svenska skyddsvärda verksamheter från fientliga utländska aktörers infly-tande. Anmälningsskyldigheten är ett av lagens verktyg för detta ändamål. Den ålägger investerare (oavsett nationalitet) en plikt att anmäla sina investe-ringar i förväg, om investeraren önskar att förvärva minst tio procent av rös-terna i en svensk skyddsvärd verksamhet. När anmälan har lämnats in inleds en standstillperiod under vilken investeraren beordras att förhålla sig passiv, tills granskningsmyndigheten (ISP) tar sitt beslut i ärendet.
Uppsatsens syfte är att kritiskt granska hur UDI-lagens standstillperiod på-verkar... (More)
Den 1 december 2023 trädde lagen (2023:560) om granskning av utländska direktinvesteringar (UDI-lagen) i kraft. Syftet med lagen är att skydda svenska skyddsvärda verksamheter från fientliga utländska aktörers infly-tande. Anmälningsskyldigheten är ett av lagens verktyg för detta ändamål. Den ålägger investerare (oavsett nationalitet) en plikt att anmäla sina investe-ringar i förväg, om investeraren önskar att förvärva minst tio procent av rös-terna i en svensk skyddsvärd verksamhet. När anmälan har lämnats in inleds en standstillperiod under vilken investeraren beordras att förhålla sig passiv, tills granskningsmyndigheten (ISP) tar sitt beslut i ärendet.
Uppsatsens syfte är att kritiskt granska hur UDI-lagens standstillperiod på-verkar svenska fondbolag. I princip samtliga svenskar sparar i fonder på nå-got sätt, det är därför intressant att utreda hur fondbolagens verksamheter ris-kerar att påverkas av UDI-lagen. En kritisk rättsdogmatisk metod används för att undersöka frågan. Materialet som behandlas i utredningen består av bland annat lagtext, förarbeten, EU-rätt, artiklar och remissyttranden.
Under uppsatsen utreds först hur UDI-lagen respektive EU:s UDI-förordning ska tillämpas på svenska fondbolag, sedan analyseras potentiella normkonflik-ter mellan UDI-lagen och det gällande regelverket för fondbolag. Slutligen besvaras den övergripande frågeställningen om hur UDI-lagens standstillpe-riod påverkar svenska fondbolag.
Resultatet av den kritiska granskningen är att standstillperioden påverkar svenska fondbolag på flera sätt. Standstillperioden ger upphov till ökade kost-nader och mer tidskrävande investeringsprocesser. Det är dessutom sannolikt att standstillperioden strider mot gällande regelverk för fondbolag. Mot bak-grund av dessa problem kan UDI-lagens standstillperiod påverka fondbolag till en sådan grad att den hindrar fondbolagens möjligheter att förvärva tio procent av rösterna eller mer i svenska skyddsvärda verksamheter. (Less)
Please use this url to cite or link to this publication:
author
Bengtsson, Caspian LU
supervisor
organization
course
LAGF03 20242
year
type
M2 - Bachelor Degree
subject
keywords
Associationsrätt, UDI-lagen, fondbolag, utländska direktinvesteringar, anmälningsskyldighet
language
Swedish
id
9179210
date added to LUP
2025-03-20 13:51:41
date last changed
2025-03-20 13:51:41
@misc{9179210,
  abstract     = {{The Foreign Direct Investment Act (the FDI Act) went into force on Decem-ber 1, 2023. The purpose of the legislation is to protect Swedish protection-worthy business from hostile foreign investors. A mandatory notification re-quirement is included in the FDI Act as a tool for achieving this purpose. The notification requirement forces investors (regardless of nationality) to report their investments in advance, if the investor wishes to acquire at least ten per-cent of the votes in a Swedish protection-worthy business. Once the notifica-tion has been handed in to the Swedish review authority (ISP) a standstill period begins, during which the investor is forced to remain passive until the ISP have made their decision on the matter. 
The purpose of the paper is to critically examine how the standstill period of the FDI Act affects Swedish fund managers. Almost all Swedes save in mu-tual fonds in some capacity. Therefore, it is interesting to investigate how the fund management companies’ risk being affected by the FDI Act. A critical legal dogmatic method is used to examine this issue. The material analyzed in the study includes, inter alia, legislation, preparatory legal work, EU law, arti-cles and referral opinions. 
In this study the focus is first placed on analyzing how the Swedish FDI Act and the EU’s FDI-regulations should be applied to Swedish fund manage-ment companies. Later on, potential conflicts between the FDI Act and the current regulations for fund companies are examined. Finally, the principal question concerning how the standstill period of the FDI Act affects Swedish fund managers is answered. The conclusion of the paper is that the standstill period influences Swedish fund managers in various ways. Firstly, it imposes additional resource demands on the investment process. Furthermore, it is likely that the standstill period under the FDI Act contravenes current regula-tions governing fund companies. Lastly, it is concluded that the standstill pe-riod could end up hindering fund managers from acquiring more than a ten percent stake of Swedish protection-worthy businesses.}},
  author       = {{Bengtsson, Caspian}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Fondförvaltning på paus? En studie om hur UDI-lagens standstillperiod påverkar svenska fondbolag}},
  year         = {{2024}},
}