Swedish Financial Supervisory Authority publishes roundtable summary on underwriting guarantees after new offence for unauthorised financial activity

The Swedish Financial Supervisory Authority has published a summary of a 10 March roundtable with participants from across the issuance market on underwriting guarantees, aimed at gathering views on how the market currently functions and expectations for future developments. The roundtable was convened in response to the Law (2026:56) on penalties for unlawful financial activity, under which conducting financial business without the licences or registrations required by applicable rules has been criminalised since 1 March 2026. While the law does not change existing conduct rules, it has raised questions about how the regulatory framework should be applied to, among other things, underwriting guarantees. Participants included industry associations, trading venues, the Swedish Bar Association, and a number of investment firms and banks.