sou · H7B346 · 2019-11-29 00:00:00 — The Act on the Riksbank and the payments market in war (1957:684) contains further provisions on the activities of the Riks- bank and means of payment during elevated preparedness and when is at war or risks war or when there are extraordinary circumstances because has been at war or has risked war. Other means of payment for the public Section 11 The Riksbank may only issue or circulate electronic money under the Electronic Money Act (2011:755) or provide means of payment intended for the public other than those following from the provisions of Section 3, first paragraph, and of Section 10, first paragraph, points 1 and 2, when consent has been given by the Riksdag. The consent from the Riksdag may be general, limited to elevated preparedness under Section 10 or subject to some other con- dition. Section 12 The Riksbank may charge fees from anyone who collects or submits cash at the bank. The fees may be differentiated geo- graphically. Section 13 The Riksbank may decide that a financial company that conducts operations of importance for the access to cash is obliged to notify the Riksbank a certain period of time before the termina- tion of operations. Banknotes and coins that have been altered or manipulated Section 14 Banknotes and coins that have been altered or manipu- lated must not be circulated. Section 15 Everyone has the right to discharge an obligation by paying with banknotes and coins issued by the Riksbank (legal tender), unless otherwise provided by another statute or by terms of a contract. Section 16 In the event of elevated preparedness, everyone has the right to discharge an obligation by paying with banknotes and coins issued by the Riksbank and emergency money referred to in Sec- tion 10 (legal tender), unless otherwise provided by another statute. Terms of a contract that restrict the right referred to in the first paragraph in relation to a consumer are of no legal effect. Section 17 The Riksbank may issue regulations concerning: 1.the design of banknotes and coins and the conditions for re- deeming them, 3.compensation for interest expenses, 4.such fees referred to in Section 12, and 5.the obligation under Section 13 to notify the Riksbank a certain time before the termination of operations. Chapter 5 Crisis preparedness and elevated preparedness Section 1 The objectives of the activities of the Riksbank under this Chapter are to 1.enable the public to make necessary payments even during peace- time crises and during elevated preparedness, 2.limit vulnerability concerning payments, and 3.ensure that the Riksbank has good capability to handle its tasks even under the conditions referred to in point 1. Section 2 The Riksbank shall be responsible for planning for peace- time crises and elevated preparedness regarding its own activities. The Riksbank shall also have a planning and control responsi- bility in relation to legal persons referred to in Section 3 and traders in cash management referred to in Section 4. Planning and control responsibility concerning the execution of electronic payments Section 3 The Riksbank’s responsibility under Section 2, second paragraph covers the following legal persons in their role for the execution of payment transactions in under Chapter 1, Sec- tion 2, point 3 of the Act (2010:751): 1.participants in a payment settlement system provided by the Riksbank under Chapter 3, Section 2, that are of particular impor- tance for the execution of payment transactions in , and 2.other legal persons that are of particular importance for the execution of payment transactions in . The responsibility under the first paragraph does not cover other state authorities. In the case of a foreign legal person participating via a branch in in the payment settlement system provided by the Riksbank, only the operations of the branch are covered. Planning and control responsibility concerning cash management Section 4 The Riksbank’s planning and control responsibility also covers traders conducting any of the following operations: 1.commercial, physical transportation of cash referred to in the Act (2010:751), 2.counting operations under the Act (2010:751), 3.provision of services for withdrawals and deposits of cash that are of particular importance for the execution of payments by bank- notes and coins. Requirements applying to the Riksbank Preparations for peacetime crises Section 5 The Riksbank shall plan and undertake preparations to establish capability to manage crises, prevent vulnerabilities and with- stand threats and risks in order to achieve the objectives referred to in Section 1. When required, the Riksbank shall also prepare alter- native solutions in relation to the systems and procedures normally used. In a crisis the Riksbank shall take the measures needed to manage the consequences of the crisis. However, the Riksbank shall not take over the responsibility for conducting any operations from another party. Total defence demands and continuity Section 6 The Riksbank shall adhere to the demands made by total defence. The Riksbank’s shall primarily focus its activities during elevated preparedness on tasks that are of importance for the total defence. Other activities shall be performed to the extent possible. Risk and vulnerability analysis Section 7 The Riksbank shall analyse whether there is any vulnera- bility, threat or risk that may impair its capacity to execute payments referred to in Section 1, point 1, in an exceptionally serious way. Section 8 The Riksbank shall: 1.ensure that the personnel concerned at the Bank are given the training and exercises needed to be able to carry out their tasks in conjunction with peacetime crises and in the event of elevated pre- paredness, 2.check that personnel of legal persons and traders referred to in Sections 3 and 4 are given the necessary training and exercises re- garding the operations concerned, and 3.arrange common training and exercise activities that a private legal person or trader is unable to arrange on their own. Wartime organisation and peacetime command function Section 9 During peacetime the Riksbank shall plan for a wartime organisation during elevated preparedness. In the event of distur- bances regarding the execution of payments referred to in Section 1, point 1, that arise during peacetime crises, the Riksbank shall, when required, be able to immediately set up a command function for coordination and information. Measures ahead of and during elevated preparedness Section 10 Neither the nor may meet in an area occupied by a foreign power. A member of the or may not participate in deci- sion making in another way if the member is in such an area. Wartime posting of Riksbank personnel Section 11 Personnel employed by the Riksbank who are essential for the functioning of the activities concerned in the event of ele- vated preparedness may be assigned a wartime posting at the Riks- bank pursuant to their employment contract. This applies to person- nel who are not claimed by some other part of the total defence. Wartime posting of personnel of certain legal persons and traders Section 12 The legal persons referred to in Section 3 and traders conducting operations referred to in Section 4 that the Riksbank designates may decide to assign personnel employed by them, their contractors and the personnel of their contractors who are not claimed by some other part of the total defence to a wartime posting. The first paragraph also applies to security firms that guard bank- notes or coins in connection with transports under Section 1, first paragraph, point 3, of the Act (1974:191). Requirements for a decision on wartime posting Section 13 The provisions of Section 12 apply, provided that the legal person or trader is obliged to continue their operations in war and during risk of war, under Section 15, point 4, by agreement or on some other grounds. A decision on wartime posting of personnel referred to in Sec- tion 12 may be made to the extent needed to enable payment trans- actions under Chapter 1, Section 2, point 3 of the Act (2010:751) and payments by means of payment under Chapter 4 to be performed even in the event of elevated preparedness. Provisions on general compulsory service Section 14 Chapter 6 of the Act (1994:1809) contains provisions on general compulsory service. Requirements for certain legal persons and traders Section 15 The legal persons and traders referred to in Sections 3 and 4 shall: 1.participate in the Riksbank’s planning for peacetime crises and elevated preparedness in order to ensure that payment transactions under Chapter 1, Section 2, point 3, of the Act (2010:751) and payments by means of payment under Chapter 4 of this Act can be executed even in peacetime crises and in the event of elevated preparedness, 2.participate in the Riksbank’s work on the risk and vulnerability analyses referred to in Section 7. 3.continue the operations referred to in Section 3, first para- graph, and Section 4 in war and during risk of war, unless otherwise decided by the Riksbank, 4.ensure that the personnel concerned are given the training and exercises regarding the relevant operations needed to enable the per- sonnel to carry out their tasks in connection with peacetime crises and in the event of elevated preparedness, and 5.make the personnel concerned available for the joint training and exercise activities decided by the Riksbank. Section 16 After giving the Financial Supervisory Authority and the and the opportunity to state an opinion, the Riksbank may issue regulations on: 1.activities under Section 15, 2.what kinds of legal persons are of particular importance for the execution of payment transactions in under Section 3, first paragraph, 3.what kinds of traders providing services for withdrawals and deposits of cash are of particular importance for the execution of payments by banknotes and coins under Section 4, point 3, and 4.what measures the legal persons and traders referred to in Sec- tions 3 and 4 shall take to manage vulnerabilities and risks other than those referred to in a) the Act on protective security in the Riksdag and its authori- ties (2006:128), b) the Act (2018:585), c) the Act on information security for critical and digital services (2018:1174), d) regulations issued pursuant to the acts stated in a)–c), or e) statutes concerning the Financial Supervisory Authority’s respon- sibilities as a supervisory authority and an authority with special re- sponsibility for crisis preparedness and elevated preparedness. Consultations with the Financial Supervisory Authority Section 17 The Riksbank shall consult with the Financial Super- visory Authority concerning activities under this chapter. Information to the Government etc. Section 18 In the event of elevated preparedness and in the event of serious disturbances to the execution of payments referred to in Section 1 in peacetime crises, the Riksbank shall keep the Govern- ment and the National Debt Office informed about developments and about measures taken and planned. Information to the Swedish Armed Forces Section 19 In the event of elevated preparedness, the Riksbank shall provide the Swedish Armed Forces with the supporting information needed to enable the Swedish Armed Forces to fulfil its obligation to provide information to the Government. Chapter 6 International activities Section 1 The Riksbank may act as a liaison body in relation to international financial institutions of which is a member. Credit to international financial institutions Section 2 Following consent from the Riksdag, the Riksbank may grant credit to international financial institutions of which is a member and make agreements on long-term international finan- cial commitments. Sections 3–8 apply to the activities of the . Financing of the activities of the Section 3 The Riksbank may be a financial counterparty to the Inter- national . Section 4 Following consent from the Riksdag, the Riksbank may make capital contributions from its own funds to the . Section 5 The Riksbank may acquire the Special Drawing Rights resulting from 's participation in the . The Riksbank has the duty of fulfilling obligations resulting from 's participation in this system. Section 6 The Riksbank may decide to provide credits or other funding of the activities of the if the funding has been approved by the Riksdag. Regarding the financing of the ’s activities for Low Income Countries, the Riksbank may decide to provide credits or other financing, when the Riksbank has been in- formed by the Government that the Riksdag has approved this. Section 7 In conjunction with transfer of funds from the Riksbank to the when making a transaction pursuant to Sections 4 or 6, the Riksbank shall borrow a correspond- ing sum from the National Debt Office. The Riksbank shall pay compensation to The National Debt Office corresponding to the interest payment received by the Riks- bank from the . The Act on the Natio- nal Debt Office’s borrowing for the needs of the Riksbank (2021:000) contains further provisions on borrowing. Section 8 The Riksbank shall return the capital amount that the Riksbank receives from the to the Natio- nal Debt Office. Deposits in foreign currency or gold Section 9 The Riksbank may, with or without interest compen- sation, receive deposits in foreign currency or gold from, and make such deposits with, banks, foreign banking companies, central banks, credit market companies, foreign credit institutions, () and the for Re- construction and Development (). The Riksbank may also re- ceive such deposits from other sovereign states and intergovern- mental bodies. The Riksbank may participate in payment settlement from or to other central banks and intergovernmental bodies. The Riksbank may charge fees for such services. The Riksbank may also reach agreements with respect to obli- gations and rights linked to the stated deposits and payments re- ferred to in the first and second paragraph. Section 10 The Riksbank may participate in international coopera- tion that 1.is of importance for its ability to reach the objectives under this Act, or 2.concerns exchange of knowledge with other central banks. Section 11 The Riksbank shall ensure that the Government regularly receives information about events of significance to the international work that the Riksbank participates in. Section 12 In the case of decisions on important matters of prin- ciple in international contexts that are linked to the activities of another public authority, the Riksbank shall consult with the authority concerned. Section 13 The Riksbank shall base its international work on state- ments that the Government or the Riksdag may have made about 's overall stance. Chapter 7 Other provisions about the activities of the Riksbank Section 1 At the request of the Riksbank, financial companies that conduct operations in are obliged to provide the Riksbank with the information necessary to enable the bank to fulfil its tasks under this Act. Section 2 In addition to what is stated in Section 1, the following legal and natural persons shall also provide the Riksbank with the information necessary to enable the bank to fulfil certain tasks under this Act: 1.Swedish issuers of securities, with regards to the activities of the Riksbank under Chapters 2 and 3, 2.participants in the Riksbank’s payment settlement system, legal persons that have qualifying holdings in these participants and companies to which participants have outsourced operations, with regards to the activities of the Riksbank under Chapter 3, 3.legal persons that are subject to oversight under Chapter 3, Section 5, and companies to which such legal persons have outsourced operations, 4.legal persons and traders referred to in Chapter 5, Sections 3 and 4, with regards to the activities of the Riksbank under Chap- ters 4 and 5, and 5.anyone who has performed a transaction with a foreign counter- party or who has held assets and liabilities with a foreign connection, whether on behalf of another party or on their own account, with regards to the Riksbank’s balance of payments statistics and inter- national investment position statistics under Section 5. Section 3 A financial company that has a reporting obligation under Section 1 or Section 2, points 1–4 shall, at the request of the Riks- bank, provide the information about subsidiaries that the bank con- siders necessary to fulfil its tasks under this Act. Section 4 Regulation (EU) No 648/2012 of Parlia- ment and of 2012 on OTC derivatives, central counterparties and trade repositories contains further provisions on reporting obligations for central counterparties. Section 5 The Riksbank is responsible for producing and publishing balance of payment statistics, statistics on the international invest- ment position and financial market statistics. The Riksbank may also produce and disseminate statistics that are 1.necessary to enable the bank to fulfil its tasks under this Act, or 2.required for cooperation within a)the ESCB, or b)or other international organisations. Sections 1–3 shall apply to the production of statistics. Section 6 The Riksbank may provide and publish the interest rate benchmarks and other benchmarks referred to in Regulation (EU) 2016/1011 of Parliament and of 2016 on used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regu- lation (EU) No 596/2014. Section 7 The Riksbank may charge fees from the users of interest rate benchmarks and other benchmarks provided by the Riksbank, in order to finance the activities under Section 6. Section 8 The Riksbank may issue regulations on: 1.the reporting obligation under Sections 1–3, and 2.the fees referred to in Section 7. The Riksbank may issue regulations to the effect that certain in- formation that under Sections 1–3 shall be provided to the Riksbank shall instead be provided to Statistics . Before issuing regulations concerning the reporting obligation under Section 1, Section 2, points 1–4 and Section 3, the Bank shall give the Financial Supervisory Authority and Statistics the opportunity to state an opinion. Section 9 The Riksbank has the right to compensation for amounts, corresponding to input tax in accordance with the Value Added Tax Act (1994:200), that are attributable to its activities. However, the Riksbank does not have the right to compensation if the input tax is covered by limitations in the right to deduction in accordance with Chapter 8, Sections 9, 10, 15 or 16 of the Value Added Tax Act. Charges for official documents Section 10 The Riksbank may make charges for copies, transcripts and printouts of official documents. The charges shall be determined with the guidance of the regulations applying to authorities under the Government. Section 11 Before the Riksbank issues regulations or guidelines, it shall conduct an impact assessment. Such assessments shall be con- ducted with the guidance of the regulations applying to authorities under the Government. Chapter 8 Budget, accounting and equity Section 1 Each year before the end of , shall adopt a budget for the activities of the Riksbank during the following financial year. shall submit the budget to , the National Audit Office and . Obligation to maintain accounting records Section 2 The Riksbank is obliged to maintain accounting records and is obliged to draw up an annual report for each financial year. This shall be done according to generally accepted accounting prin- ciples. In addition to the provisions under this Act, Cen- tral Bank’s Guideline on the legal framework for accounting and financial reporting within System of Central Banks shall be followed, to the extent that the Guideline can be applied to the Riksbank. The Riksbank shall state explanatory reasons for any deviations made from the guideline. Section 3 The Riksbank’s financial year is the calendar year. Content of the annual report Section 4 The annual report shall contain a profit and loss account, a balance sheet and a directors’ report. adopts the profit and loss account and the balance sheet. also decides under Sections 11 and 12 on the profit or loss for the year. The directors’ report is drawn up by . It shall contain an account of the monetary policy conducted and of the Riksbank’s other activities. In the annual report shall make an assess- ment of whether the internal control at the Riksbank is satisfactory. Further provisions on the annual report Section 5 Chapter 12, Sections 7 and 8 contain provisions about the presentation of the annual report and decisions about it. Section 6 The Riksbank’s equity shall consist of capital, a reserve fund and retained profits. Funds in revaluation accounts referred to in Cen- tral Bank’s Guideline on the legal framework for accounting and financial reporting within System of Central Banks are not included in equity. Target level and base level Section 7 The Riksbank’s equity shall at most amount to its target level. The target level shall be billion adjusted for the develop- ment of prices in the way stated in Section 9. However, the Riksdag may decide on a higher target level. The amount that corresponds to two-thirds of target equity is the base level of equity. Size of the capital and reserve fund Section 8 The capital shall be billion and the reserve fund shall be SEK zero. The size of the capital and the reserve fund are changed according to Sections 11 and 12. Adjustment for the development of prices Section 9 The target level shall be inflation-proofed by recalculating the target level each year in accordance with the change in the con- sumer price index published by Statistics . If the change is less than zero, no recalculation shall be carried out. Section 10 The Riksbank may make financial provisions in accor- dance with ’s Guideline on the legal frame- work for accounting and financial reporting within System of Central Banks to a reasonable extent. Profit or loss for the year Section 11 If the Riksbank’s profit and loss account shows a prof- it, a provision shall be made to the reserve fund unless otherwise provided by Section 12, third paragraph. The provision shall not exceed an amount that corresponds to the change in the base level of equity. The remaining funds shall be transferred to retained prof- its. If the Riksbank’s equity exceeds the target level after the pro- vision to the reserve fund and the transfer to retained profits, the remaining profit shall be distributed to the State. When the reserve fund exceeds billion, the Riksbank shall transfer these funds to capital through a bonus issue. Section 12 If the Riksbank’s profit and loss account shows a loss, this shall be covered by retained profits in the first place and then by the reserve fund and in the last instance by capital. If retained profits are greater than zero after loss coverage has been carried out, an amount no greater than the change in the base level of equity may be transferred from the retained profits to the reserve fund. If the capital has been used to cover losses, profits in coming years shall be used in the first place to restore capital to its level before a loss arose. The remaining funds may be transferred to the reserve fund until equity reaches the recalculated base level. Section 13 If the reported equity is less than one third of the target level, the Riksbank shall make a submission to the Riksdag for restora- tion of its equity. The Riksbank’s submission for restoration shall be for an amount that restores equity to its base level, unless unrealised profits on the balance sheet provide reason for not restoring equity or for restoring it at a lower level.