The Government is examining the introduction of funds incorporated as limited liability companies with variable share capital (SICAV) into Swedish law

At a Government meeting held on 14 December 2023, a decision was made to appoint a special investigator to examine, among other things, the possibility of introducing fund structures based on limited liability companies with variable share capital (SICAV) into Swedish law for mutual funds, special funds and other alternative investment funds. Such a change could lead to greater cost efficiency and flexibility, as well as strengthen the Swedish fund market. The issue has been discussed on two previous occasions, in SOU 2002:56 and SOU 2016:45, but the possibility to establish such funds has not yet been realised under Swedish law.

Furthermore, there is currently no specific regulation for alternative investment funds that are not a special fund formed on a contractual basis, similar to the regulations for mutual funds and Swedish special funds. Although it is currently possible to establish alternative investment funds that are not a special fund on a contractual basis, the review aims to facilitate the establishment of such funds.

The investigation will also review the Swedish fund regulations in light of upcoming changes to the AIFM and UCITS Directives, explore the possibility of introducing a listed share class for mutual funds and Swedish special funds, and review the redemption frequency for mutual funds and Swedish special funds.

The investigation is to be presented 30 April 2025. The Committee Directive Dir. 2023:163 is attached (in Swedish).