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Responsibility of the Council

The Council for Swedish Financial Reporting Supervision (the Council) is responsible for 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 of annual reports including sustainability reports and semi-annual reports is conducted pursuant to the provisions of the Annual Accounts Act (1995:1554) including the IAS Ordinance (EC No 1606/2002), the Taxonomy Regulation (EU2020/852), ESEF regulation (EU2019/815 and ESMA Guidelines on Alternative Performance Measures.

The review is carried out by delegation from the Swedish Financial Supervisory Authority (“SFSA”), which has ultimate responsibility for the supervision and has the authority to to enforce sanctions.

The Council works to ensure that listed companies’ corporate reporting is of high quality and is highly comparable within Sweden and internationally. The 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 the Council’s supervision are specified in Chapter 16 of Securities and Market Act (2007:528) and in the SFSA's regulations regarding supervision of issuers’ periodic financial information (FFFS 2018:18).

The Council follows European Securities and Markets Authority (ESMA) Guidelines on Enforcement of Financial Information (ESMA32-50-218) and Guidelines on Enforcement of Sustainability Information (32-992851010-1815. The Council also adheres to other ESMA guidelines and recommendations that pertain to the Council’s activities. The Council actively collaborates in financial supervision on a European level through Financial Reporting Working Group (FRWG) and Sustainability Reporting Working Group (SRWG) as well as in other working groups.

The Council reviews the listed companies’ sustainability reports according to the Annual Accounts Act (1995:1554) and the Taxonomy Regulation (EU2020/852). With the introduction of the Corporate Sustainability Reporting Directive (CSRDdirective) and the associated European standards, the European Sustainability Reporting Standards (ESRS), higher demands is placed on the sustainability information reporting of listed companies.