ABOUT THE SWEDISH STRUCTURED INVESTMENT PRODUCTS ASSOCIATION (SPIS)

The Swedish Structured Investment Products Association (SPIS) was formed in 2008 as a project within the Swedish Securities Dealers Association. The aim was to create common guidelines of marketing material for structured investments, these guidelines resulted in the SPIS industry code. The industry contains guidelines for the disclosure of information regarding structured investments, affiliated companies’ adherence is examined twice a year.

SPIS main mission is to promote a healthy, efficient and competitive market for structured investments, and works continuously to investors, regulators and other community stakeholders to increase confidence in the industry by promoting transparency, comparability and understanding of structured investments. SPIS also forwards information and knowledge to the affiliated companies and acts as a consultee on regulatory issues.

In 2012 Swedish Structured Investment Products Association (SPIS) was registered in Sweden as a subsidiary to the Swedish Securities Dealers Association Service (FHF Service), one of the Swedish Securities Dealers Association owned companies. All organizers, ie an entity that on an issuer’s behalf construct a structured investment, and operates in the Swedish market can through an agreement join SPIS.

13 institutions are currently affiliates of SPIS. All committed to the high demands of the SPIS industry code promoting accurate information and high marketing standards. The current affiliates represent more than 90 percent of the volume in the Swedish market for structured investments.

To join please contact the head of SPIS.

 

ORGANISATION

Industry Council

SPIS industry council is the decision-making body composed of representatives from the SPIS affiliated companies which are also members of the Swedish Securities Dealers Association.

Industry Council’s tasks include:

  • Support the head of SPIS in his work on the business plan, budget and relevant issues.
  • Manage and carry out regular reviews of the industry code, related glossary and SPIS’s rules for affiliated companies.
  • Decide on control measures against affiliated companies regarding compliance of the industry code and accompanying glossary.
  • Responsible for the quality in the investigation of disciplinary cases.
  • Decide on the appointment of working groups and preparation of specific issues.

The Chairman of the Industry Council is Kerstin Hermansson (CEO Swedish Securities Dealers Association).

 

Department

The department is responsible for managing and renewing the industry code and ongoing monitoring of industry interests. SPIS is represented by its head Fredrik Bonthron.

 

Disciplinary Committee

SPIS also has an inspection and sanction systems where the SPIS disciplinary committee is the final instance. The Disciplinary Committee is independent and consists of three members, who shall hear cases in which affiliated companies have marketed structured investments in breach of the industry code. When decisions of disciplinary action are handed down SPIS will publish a press release with information about the decision.

The following disciplinary sanctions can be handed to a company that does not follow industry code:

Reminder – If the Disciplinary Committee finds that the company’s breach of the industry code is minor or excusable or during the investigation of the disciplinary committee has taken corrective action, the Disciplinary Committee issues a reminder or completely waives the penalty.

Warning – The Disciplinary Committee may issue warnings when there are grounds for exclusion, but there are special circumstances which renders the warning as sufficient. The Disciplinary Committee may issue a warning concerning the breach of the industrial code if the breach is not serious enough for exclusion.

Exclusion – If a company seriously infringed the information requirements of industry code, repeatedly violated the specified information requirements, used the SPIS logo in contexts where not allowed, The Disciplinary Committee can repeal the affiliated companies contract, resulting in expulsion from SPIS for a maximum of 3 years.

The Disciplinary Committee members:

Anders Malm, lawyer (the chairman of the Disciplinary Committee)

Johan Tjeder, economist

Fredrik Edlund, economist