2024-03-212023/24:FiU22 · p.8FiUEconomy & finance
Transparency and liquidity on the financial market
Transparency and liquidity in financial markets
What's at stake: The decision affects transparency for investors and, in particular, protection for small retail savers who may unknowingly hold funds marketed as liquid that actually hold hard-to-sell assets, as well as market confidence during periods of financial stress.
Case texts and AI reasoning are AI-translated from the Swedish originals; the Swedish text is authoritative.
What the vote decides
The question is whether current rules on disclosing short-selling positions and on fund liquidity - reinforced since mid-2023, with further work under way at EU level - are sufficient, or whether Sweden should also tighten disclosure of short-selling and require funds to explicitly state the share of illiquid assets they hold.
Yes Yes — the committee proposal
The committee rejects the motions, noting that new rules giving fund managers better tools to manage liquidity risk have applied since mid-2023 and that work on managing liquidity risk in funds is under way at EU level; it currently sees no reason to change the rules on short-selling and market abuse.
No No — the reservations
Reservation 12 (SD)
The reservation (SD) wants to lower the threshold at which short-selling positions must be reported and to work toward making such holdings public to a greater extent, along with a review of how the market abuse regulation can be better implemented. The reservation also wants funds to be required to openly state the share of illiquid assets they hold, for example in a fund fact sheet, pointing to funds having been forced to suspend withdrawals during the covid-19 pandemic and to savers' difficulty in judging real liquidity risk. The reservation wants Sweden to push for a review of the EU's UCITS rules, including a cap on illiquid assets.
Summarised from the committee report. Party labels in the summary come from the report, not from the vote.
What do the votes mean here?
Yes The committee proposal: rejecting the motions (keeping things as they are).
No Backing the counter-proposal: reservation 12 by SD.
Abstain The party marks a position of its own that is not one of the two final alternatives.
What each plan points to — and how the party voted
For each party: the vote its own election manifesto and party programme point to in this case, next to how the party actually voted. A plan can only point to Yes or No; a party can also abstain.
| Plan | Vote | Confidence | Evidence | ||
|---|---|---|---|---|---|
| V | No | Yes 18/0/0/6 | departs from the plan | confidence: high | not addressed |
| S | No | Yes 89/0/0/17 | departs from the plan | confidence: medium | not addressed |
| MP | No | Yes 13/0/0/5 | departs from the plan | confidence: medium | not addressed |
| C | No | Yes 21/0/0/3 | departs from the plan | confidence: low | not addressed |
| L | No | Yes 11/0/0/5 | departs from the plan | confidence: medium | not addressed |
| KD | No | Yes 13/0/0/6 | departs from the plan | confidence: medium | not addressed |
| M | No | Yes 56/0/0/12 | departs from the plan | confidence: low | not addressed |
| SD | No | No 0/63/0/9 | follows the plan | confidence: low | not addressed |
Committee proposal
The Riksdag rejects motions 2023/24:457 by Oscar Sjöstedt et al. (SD) demands 1-4 and 2023/24:460 by Oscar Sjöstedt et al. (SD) demands 1 and 2.
Original (Swedish)
Riksdagen avslår motionerna 2023/24:457 av Oscar Sjöstedt m.fl. (SD) yrkandena 1-4 och 2023/24:460 av Oscar Sjöstedt m.fl. (SD) yrkandena 1 och 2.
Riksdag decision: The Riksdag has considered a government communication concerning, among other things, financial and monetary stability, as well as analysis of economic development and the institution's lending. The Riksdag considers, among other things, that the International Monetary Fund (IMF) plays a very important role in identifying and addressing risks to financial stability. The IMF also fulfills an important function by, with a high degree of integrity and independence, evaluating both the global economy and individual countries. With this, the Riksdag placed the communication in the records, that is, concluded the matter. The Riksdag also rejected approximately 80 proposals in motions on financial market issues from the general motion period 2023. The motions concern, among other things, macroprudential supervision, households' assets and debts, credit information and debt collection activities, as well as cash handling and payment services.
Counter-proposals
- The counter-proposal wants to abolish the second amortization requirement to enable more people to own their own home without excessive credit restrictions. (SD) — Reservation 12
Plan vs actual vote
Every party, in chamber order: what its own plan pointed to, how it voted, and the reasoning behind both. Highlighted rows are where the two differ — but a vote that follows the plan is a result too, so the reasoning is there for every party.
The plan's core commitment is that financial capital's power shall be broken through regulations and increased democratic control, and that money shall go to productive investments instead of speculation.
Plan documents: party programme
Reasoning and quotes
The plan's core commitment is that financial capital's power shall be broken through regulations and increased democratic control, and that money shall go to productive investments instead of speculation. Increased transparency about short positions and illiquid assets as well as stricter rules against market abuse are such regulations. The plan also accepts binding minimum levels at EU level precisely for financial flows.
Original (Swedish)
Planens bärande åtagande är att finanskapitalets makt ska brytas genom regleringar och ökad demokratisk kontroll, och att pengar ska gå till produktiva investeringar i stället för spekulation. Ökad öppenhet om blankningspositioner och illikvida tillgångar samt skärpta regler mot marknadsmissbruk är sådana regleringar. Planen accepterar också bindande miniminivåer på EU-nivå just för finansiella flöden.
- regulate financial capitaldecisive»Finanskapitalets makt måste brytas genom regleringar och ökad demokratisk kontroll.« (party programme ↗)“Financial capital's power must be broken through regulations and increased democratic control.”
- against financial speculation»Vi vill beskatta finanssektorn hårdare och använda medel i pensionsfonderna till produktiva investeringar istället för finansiell spekulation.« (party programme ↗)“We want to tax the financial sector harder and use funds in pension funds for productive investments instead of financial speculation.”
- financial instability»Konsekvenserna av den finansiella tillväxten har kommit att bli ett kraftigt ökat antal finansiella kriser.« (party programme ↗)“The consequences of financial growth have come to be a greatly increased number of financial crises.”
- binding minimum levels for financial flows»kan Vänsterpartiet till exempel vara positivt till bindande miniminivåer på dessa områden.« (party programme ↗)“can the Left Party for example be positive to binding minimum levels in these areas.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The party programme requires instruments that increase stability in the financial systems, prevent short-term speculation and favour long-term investments, and draws from the financial crisis the conclusion that the market does not regulate itself.
Plan documents: party programme
Reasoning and quotes
The party programme requires instruments that increase stability in the financial systems, prevent short-term speculation and favour long-term investments, and draws from the financial crisis the conclusion that the market does not regulate itself. Transparency about short-selling positions and caps for illiquid assets in funds are such instruments. That the saver should be able to assess the actual risk responds to the plan's requirement for conscious consumers.
Original (Swedish)
Partiprogrammet kräver instrument som ökar stabiliteten i finanssystemen, motverkar kortsiktiga spekulationer och gynnar långsiktiga investeringar, och drar av finanskrisen slutsatsen att marknaden inte reglerar sig själv. Öppenhet om blankningspositioner och tak för illikvida tillgångar i fonder är sådana instrument. Att spararen ska kunna bedöma den faktiska risken svarar mot planens krav på medvetna konsumenter.
- instruments for financial stabilitydecisive»Det är också nödvändigt att utveckla instrument som ökar stabiliteten i de internationella finanssystemen, motverkar kortsiktiga spekulationer och gynnar långsiktiga investeringar.« (party programme ↗)“It is also necessary to develop instruments that increase stability in the international financial systems, prevent short-term speculation and favour long-term investments.”
- regulation of the financial market»Krisen visar på vikten av demokratiska motvikter och internationella överenskommelser för att förhindra den oreglerade marknadens haveri.« (party programme ↗)“The crisis shows the importance of democratic counterweights and international agreements to prevent the unregulated market's collapse.”
- independent regulations»Enbart regelverk som beslutas av institutioner oberoende av marknaden kan upprätthålla konkurrensen och bryta utvecklingen mot privata monopol.« (party programme ↗)“Only regulations decided by institutions independent of the market can maintain competition and break the development towards private monopolies.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan states that society must counter the excessive risk-taking that has dominated financial markets and that greed and speculation must be countered, which supports demands for more open short-selling rules and a cap on illiquid assets in funds.
Plan documents: party programme
Reasoning and quotes
The plan states that society must counter the excessive risk-taking that has dominated financial markets and that greed and speculation must be countered, which supports demands for more open short-selling rules and a cap on illiquid assets in funds. The plan also wants strong consumer protection with clear labelling when the market offers increasingly complex products, which directly corresponds to the requirement that the proportion of illiquid assets is disclosed in fund fact sheets. The investigation requirements follow from the same principles.
Original (Swedish)
Planen slår fast att samhället måste motverka det överdrivna risktagande som dominerat finansmarknaderna och att girighet och spekulation ska motverkas, vilket bär kraven på öppnare blankningsregler och ett tak för illikvida tillgångar i fonder. Planen vill också ha ett starkt konsumentskydd med tydlig märkning när marknaden erbjuder allt mer komplicerade produkter, vilket direkt motsvarar kravet att andelen illikvida tillgångar redovisas i fondfaktablad. Utredningskraven följer av samma principer.
- counter excessive risk-takingdecisive»motverka det överdrivna risktagande som dominerat finansmarknaderna.« (party programme ↗)“counter the excessive risk-taking that has dominated financial markets.”
- strong consumer protection»god konsumentvägledning, tydlig märkning av varor och tjänster« (party programme ↗)“good consumer guidance, clear labelling of goods and services”
- speculation must be countered»Girighet, överskuldsättning och spekulation ska motverkas.« (party programme ↗)“Greed, over-indebtedness and speculation must be countered.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan requires set and predictable rules for the economy, increased transparency and protection of personal savings.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan requires set and predictable rules for the economy, increased transparency and protection of personal savings. Requiring transparency about short positions and the proportion of illiquid assets in funds gives savers exactly the information needed to assess risk. However, financial market regulation is not addressed in the plan, so the support is derived from general principles.
Original (Swedish)
Planen kräver givna och förutsägbara spelregler i ekonomin, ökad transparens och att det egna sparandet värnas. Krav på öppenhet om blankningspositioner och om andelen illikvida tillgångar i fonder ger spararen just den information som behövs för att bedöma risken. Finansmarknadens regelverk behandlas dock inte i planen, varför stödet är härlett ur allmänna principer.
- predictable rulesdecisive»Ekonomin ska ha givna och förutsägbara spelregler« (party programme ↗)“The economy must have set and predictable rules”
- increased transparency»Sverige ska bli ännu mer transparent.« (2022 manifesto ↗)“Sweden must become even more transparent.”
- protect personal savings»Vi kommer inte att medverka till några skattehöjningar som skadar jobben, det egna sparandet eller gör det dyrare att bo.« (2022 manifesto ↗)“We will not participate in any tax increases that damage jobs, personal savings or make housing more expensive.”
- economic stability»Det finanspolitiska ramverket ska värnas och förstärkas, och Sveriges långsiktiga ekonomiska stabilitet ska försvaras.« (2022 manifesto ↗)“The fiscal policy framework must be protected and strengthened, and Sweden's long-term economic stability must be defended.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan assumes that the consumer shall have knowledge and power to make well-informed decisions and requires consumer laws that give the right to correct product information.
Plan documents: party programme
Reasoning and quotes
The plan assumes that the consumer shall have knowledge and power to make well-informed decisions and requires consumer laws that give the right to correct product information. Open disclosure of illiquid assets and short positions is precisely such information. The plan also establishes that a market economy requires rules of the game to maintain healthy competition and that the individual's savings shall be secure.
Original (Swedish)
Planen utgår från att konsumenten ska ha kunskap och makt att fatta välinformerade beslut och kräver konsumentlagar som ger rätt till korrekt produktinformation. Öppen redovisning av illikvida tillgångar och blankningspositioner är just sådan information. Planen slår också fast att marknadsekonomin kräver spelregler för att upprätthålla sund konkurrens och att den enskildes sparande ska vara tryggt.
- right to correct product informationdecisive»Därför behövs en stark konkurrenslagstiftning och konsumentlagar som ger rätt till korrekt« (party programme ↗)“Therefore strong competition legislation and consumer laws that give the right to correct”
- rules for healthy market»Marknadsekonomin kräver spelregler för att« (party programme ↗)“A market economy requires rules of the game to”
- strengthened consumer legislation»vardagen behöver stärkas genom förbättrad konsument- och avtalslagstiftning« (party programme ↗)“everyday life needs to be strengthened through improved consumer and contract legislation”
- security in personal savings»Det ska löna sig bättre för den enskilde att spara.« (party programme ↗)“It shall be more worthwhile for the individual to save.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan states that a functioning market economy requires well-informed consumers and effective legal rules, and that confidence in the market economy is threatened without stable institutions and ethical conduct.
Plan documents: party programme
Reasoning and quotes
The plan states that a functioning market economy requires well-informed consumers and effective legal rules, and that confidence in the market economy is threatened without stable institutions and ethical conduct. The counter-proposal's requirements for transparency about short selling positions and about the proportion of illiquid assets in funds, and a review of the market abuse ruleset, are precisely such information and rule requirements. The plan also turns against an economy marked by speculation and irresponsibility. Fund regulation is not, however, addressed explicitly.
Original (Swedish)
Planen slår fast att en fungerande marknadsekonomi kräver välinformerade konsumenter och effektiva rättsliga spelregler, och att tilltron till marknadsekonomin hotas utan stabila institutioner och etiskt handlande. Motförslagets krav på öppenhet om blankningspositioner och om andelen illikvida tillgångar i fonder, samt en översyn av marknadsmissbruksregelverket, är just sådana informations- och spelregelskrav. Planen vänder sig också mot en ekonomi präglad av spekulation och ansvarslöshet. Fondreglering behandlas dock inte uttryckligen.
- well-informed consumersdecisive»och välinformerade konsumenter samt effektiva rättsliga spelregler« (party programme ↗)“and well-informed consumers and effective legal rules”
- confidence in the market is valued»effektiv konkurrens, stabila institutioner och etiskt handlande. I annat fall hotas tilltron till marknadsekonomin« (party programme ↗)“effective competition, stable institutions and ethical conduct. Otherwise confidence in the market economy is threatened”
- speculation is countered»En ekonomi präglad av inflation och spekulation, ansvarslöshet och egoism, är därför motsatsen« (party programme ↗)“An economy marked by inflation and speculation, irresponsibility and selfishness, is therefore the opposite”
- state market supervision»lagstiftningen och en god etik upprätthålls på marknaden« (party programme ↗)“legislation and good ethics are maintained on the market”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan says nothing about short selling, fund liquidity or market abuse.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan says nothing about short selling, fund liquidity or market abuse. The nearest principle is the party programme's that the state's role in the economy is to guard its fundamental institutions and promote competition, together with the election manifesto's ambition to make it easier for households to save. Increased transparency about illiquid assets and short positions provides savers with better information and thus aligns with that principle.
Original (Swedish)
Planen säger inget om blankning, fondlikviditet eller marknadsmissbruk. Närmast liggande princip är partiprogrammets att statens roll i ekonomin är att värna dess grundläggande institutioner och främja konkurrensen, tillsammans med valmanifestets ambition att göra det lättare för hushållen att spara. Ökad öppenhet om illikvida tillgångar och blankningspositioner ger spararna bättre information och ligger därmed i linje med den principen.
- the state guards market institutionsdecisive»institutioner, skydda penningvärdet, främja konkurrensen« (party programme ↗)“institutions, protect money value, promote competition”
- strengthened saving for households»Sänka skatten på investeringssparkonton (ISK) – så att du lättare kan spara till en bostad eller till pensionen« (2022 manifesto ↗)“Lower the tax on investment savings accounts (ISK)—so that you can more easily save for a home or for retirement”
- risk-taking should be rewarded»Risktagande ska därför belönas.« (party programme ↗)“Risk-taking should therefore be rewarded.”
The plan takes no explicit position on what the committee actually decided — often because the committee's reason was procedural. The stance is derived and fully cited, but it does not show the party broke a commitment.
The plan does not address short-selling, fund liquidity or market abuse.
Plan documents: party programme · 2022 manifesto
Reasoning and quotes
The plan does not address short-selling, fund liquidity or market abuse. The nearest-lying principle is the party programme's responsibly regulated market economy built on long-term thinking, which speaks for openness about risks rather than against. The plan's desire to facilitate private saving strengthens the same conclusion, while resistance to further EU regulation is an uncertainty factor.
Original (Swedish)
Planen behandlar inte blankning, fondlikviditet eller marknadsmissbruk. Närmast liggande princip är partiprogrammets ansvarsfullt reglerade marknadsekonomi byggd på långsiktigt tänkande, som talar för öppenhet om risker snarare än mot. Att planen vill underlätta privat sparande stärker samma slutsats, medan motviljan mot ytterligare EU-reglering är en osäkerhetsfaktor.
- responsibly regulated marketdecisive»reglerad marknadsekonomi, byggd på långsiktigt tänkande, är för oss självklar.« (party programme ↗)“regulated market economy, built on long-term thinking, is self-evident to us.”
- security for small savers»Underlätta privat pensionssparande« (2022 manifesto ↗)“Facilitate private pension savings”
- restraint with EU regulation»Stoppa maktöverföringar och EU-skatter« (2022 manifesto ↗)“Stop transfers of power and EU taxes”
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Sources and documents
- The committee report on riksdagen.se (2023/24:FiU22)
- Committee report full text (HB01FiU22)
- Per-MP voting data (API)
- Case status (API)
Documents under consideration
- Motion 2023/24:1003 — Utökat ansvar för banker vid bedrägerier av Adrian Magnusson (S)
- Motion 2023/24:1207 — Alternativa upplåtelseformer av Malcolm Momodou Jallow m.fl. (V)
- Motion 2023/24:1290 — Banker i hela landet av Hanna Westerén (S)
- Motion 2023/24:1519 — En grön klimathandlingsplan för Sverige av Elin Söderberg m.fl. (MP)
- Motion 2023/24:159 — Kontanter som betalningsmedel av Erik Hellsborn (SD)
- Motion 2023/24:1661 — Om överskuldsättning och kreditupplysning i Sverige av Mathias Tegnér och Alexandra Völker (båda S)
- Motion 2023/24:1735 — Ekonomiskt våld av Robert Hannah m.fl. (L)
- Motion 2023/24:1810 — Företagskredit av Anders W Jonsson och Elisabeth Thand Ringqvist (båda C)
- Motion 2023/24:1813 — En svensk modell för regulatorisk sandlåda av Elisabeth Thand Ringqvist (C)
- Motion 2023/24:1814 — Innovation på finansmarknaden av Elisabeth Thand Ringqvist (C)
- Motion 2023/24:1834 — Fritt bankval av Dzenan Cisija (S)
- Motion 2023/24:1843 — Samhällsviktiga kontanter av Lars Mejern Larsson och Mikael Dahlqvist (båda S)
- Motion 2023/24:1852 — Bankservice i glesbygdskommuner av Isak From och Åsa Karlsson (båda S)
- Motion 2023/24:1977 — Bankernas närvaro i hela landet av Ida Karkiainen m.fl. (S)
- Motion 2023/24:2068 — Skogspolitik med helhetssyn av Mattias Eriksson Falk m.fl. (SD)
- Motion 2023/24:2107 — Statens företag av Jesper Skalberg Karlsson och Louise Meijer (båda M)
- Motion 2023/24:2122 — Kontanthantering och betaltjänster av Saila Quicklund (M)
- Motion 2023/24:2190 — Bluffakturor och konsekvenser för företag och enskilda av otillräckliga krav för inkassoverksamhet av Mats Green och Anna af Sillén (båda M)
- Motion 2023/24:2197 — Tillgång till bank-id och bankkonto - en väg till självständighet av Ann-Sofie Lifvenhage (M)
- Motion 2023/24:2259 — Bankkonto för barn och ungdomar av Sten Bergheden (M)
Source: The Swedish Parliament