The Swedish Securities Markets Association
The Swedish Securities Markets Association (SSMA) was founded in Stockholm on 15 December 1908 under its former name, the Swedish Securities Dealers Association. The association was and remains a collaborative partnership among firms engaged in dealing on the securities market.
The SSMA has 23 members – banks, securities companies and equivalent foreign firms – that conduct securities business or conduct business directed at the Swedish securities market.
At a meeting held 29 November 2021, the board of directors of the Swedish Securities Markets Association adopted the following mission and tasks for the SSMA in 2022.
The fundamental mission of the SSMA is to foster and promote a sustainable and competitive Swedish securities market.
For a securities market to be “sustainable” in the broad sense of the word, it must be efficient and offer good, relevant protection to clients in the market, who must be provided relevant information in such a form and manner that the information can easily be understood. As well, market rules and regulations must be proportional and client-specific, market firms must demonstrate a high level of compliance and ethics and supervision must be effective and balanced.
The tasks of the SSMA are to:
- foster and promote a high level of trust in the Swedish securities market by means including self-regulation, drafting standards and guidance, providing supportive expertise to legislators and competent authorities on an ongoing basis and in connection with consultations, and providing information about the securities market and its function;
- foster and promote sustainable and competitive regulations whose content and design ensure efficient function in the Swedish market;
- foster and promote harmonisation and coordination of regulations and supervision in the EU and, where relevant, countries outside the EU, observing the principles of subsidiarity and proportionality so that overlaps and divergent applications are avoided or, if such nevertheless occur, adverse impacts are minimised;
- foster and promote sustainable, efficient and secure infrastructure, where the regulatory structure and scope ensure efficient function in the Swedish market;
- foster and promote the securities market as an attractive venue for large and small investors, where market participants of various sizes can act on a level playing field, where large and small firms can initially and continuously manage their capital and liquidity supply and where market participants protect and defend good consumer protection;
- foster and promote diversity in the securities market through internal SSMA initiatives and in collaboration with SSMA members;
- foster and promote fruitful dialogue with policymakers in the EU and, where relevant, outside the EU, to promote the interests of SSMA members;
- foster and promote the increased future presence of Swedes in EU institutions and EU financial supervisory authorities and maintain good relationships with those already present; and
- where deemed relevant, cooperate with other organisations in Sweden in performing these tasks, as well as with organisations in other EU and non-EU countries.
The Swedish Securities Markets Association shall furthermore provide service to its members by means including:
- onward communication of information and knowledge and dialogue with SSMA members on matters of common interest;
- providing forums for dialogue related to matters including issues relating to potential, new and amended regulations, as well as the securities market infrastructure;
- addressing issues pertaining to new and forthcoming regulations, including by coordinating and communicating industry viewpoints in consultation responses to legislators and competent authorities in Sweden and at the EU level, where information and knowledge are disseminated and issues are addressed within the framework of SSMA working groups, by providing information digitally and in other forms, as well as at conferences, seminars and meetings with policymakers and other stakeholders.
The Swedish Securities Markets Association believes that new and amended rules and regulations should be thoroughly examined in the light of:
- the principle of subsidiarity, so that an assessment is made of whether the regulation should be instituted at the EU level or whether it would be better for it to be partially or entirely managed at the national level;
- the principle of proportionality, so that consumer protection, stability issues and other benefits are balanced against costs and other adverse impacts.
The Swedish Securities Markets Association furthermore believes that:
- whether and to what extent regulation should be entirely or partially in the form of government regulation, principles-based regulation or self-regulation should always be considered;
- unless compelling reasons dictate otherwise, there must be timely consultation with market participants and that both the form and content of the regulation should be discussed in this process;
- particularly in relation to rules pertaining to consumer information, the process should include relevant tests of the design of information requirements and the comprehensibility of the information, while further developing financial education;
- implementation periods should be adapted to allow for the time required for concerned parties to adjust their businesses and modify products and services and that regulations should not begin to apply until all relevant detailed rules have been drafted and market participants have had sufficient time to comply in order to foster better compliance and reduce costs to the benefit of clients and counterparties.