The Council for Swedish Financial Reporting Supervision is tasked with reviewing periodic financial information that all listed companies are obliged to provide pursuant to Chapter 16, Sections 4 and 5 of the Securities Market Act (2007:528). The review is conducted pursuant to the provisions of the IAS Ordinance (EC No 1606/2002) and the Annual Accounts Act (1995:1554).
The Council works to ensure that listed companies’ financial reporting is of high quality and is highly comparable within Sweden and internationally. Our work focuses on protecting investors, promoting confidence in the market and avoiding regulatory arbitrage in order to maintain a well-functioning and efficient Swedish securities market.
Provisions regulating supervision are specified in Chapter 16 of the Securities Market Act and Swedish Financial Supervisory Authority (SFSA) regulations regarding supervision of issuers’ periodic financial information (FFFS 2018:18). We follow European Securities and Markets Authority (Esma) guidelines for supervision of financial information (Esma/2014/1293). The Council also adheres to other Esma guidelines that pertain to the Board’s activities. The Council actively collaborates in Esma’s work on a European level through European Enforcers Coordination Sessions (EECS).
In its work the Council complies with the terms of its agreement with the SFSA, dated 9 January 2019, concerning the transfer of certain SFSA duties to the Council.