Disclosure Requirements - Investment Funds - Sweden
Disclosure Category: 2
Clearstream Banking S.A. (“CBL”) may be required, upon request, to disclose the identity and holdings of customers and ultimate beneficial owners in case of holding Swedish investment funds.
In order to comply with the local legislation, customers with holdings in Swedish investment funds or entering into transactions in the Swedish market must consent and are hereby deemed to consent to the required legal disclosure. Such consent includes the appointment of the requestor (for example, the Investment Fund Manager, Transfer Agent, Regulator) as their attorney-in-fact, under power of attorney, to collect from CBL the required information to be disclosed. Customers who do not grant such authority cannot hold such investment funds / financial instruments in their accounts with CBL.
Customers are advised that local laws and regulations oblige CBL to disclose the requested information on ultimate beneficial owners for securities registered in the nominee account to the fund managers, to the extent required by the local legislation relating to the fight against money laundering and the financing of terrorism, as well as Know Your Customer (KYC) requirements.
Background and legal basis
In case of holding Swedish investment fund units or shares, CBL may be obliged under, e.g. the Swedish Money Laundering and Terrorist Financing Act (2017:630) to disclose the identity and holdings of customers and/or ultimate beneficial owners.
The fund management company may refuse entering into a subscription agreement with CBL if CBL fails to disclose the required information.
The information contained in the Disclosure Requirements is based on the legal opinion obtained by CBL that was issued on 26 October 2018. CBL believes the information to be correct as of that date but disclaims any responsibility as to the accuracy and completeness of the information after that date. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Disclosure Requirements do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the disclosure requirements and agree to indemnify and hold harmless, CBL, for any loss, expense, liability, damage or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.