Background & Purpose
Payment systems face new challenges through digitalization and international shifts, making updated laws necessary to keep financial transactions secure.
Proposals & Debate
The government proposed a completely new law on clearing and settlement of payments, alongside changes to the securities market act. The goal is to modernize the legal framework and make the Swedish payment infrastructure more resilient against disruptions.
The Decision
The Swedish parliament approved the government's proposal, creating a modernized regulatory framework that enters into force in mid-2024.
Does this affect you?
- Financial institutions: Must adapt their clearing and settlement operations to the new legislative framework starting July 2024.
- Payment service providers: Need to comply with modernized security and operational standards designed to increase systemic resilience.
In Practice
- Clearing activities must follow updated regulations adapted to digital developments.
- The rules for settling payments get a clearer international alignment.
- Financial institutions face strengthened requirements regarding their operational resilience.