Swedish fund association adjusts ownership principles in its industry code

The Swedish Investment Fund Association (Fondbolagens förening) has updated guidelines in place since 2002 for how fund companies should manage ownership of equities, following implementation of new EU rules on 10 June. Among other changes to this section of its code for industry participants, this has removed the term 'ownership policy', which is replaced with 'principles for equity owner engagement'. The Swedish code for fund copmanies has also removed a requirement to stymie short term trading. The requirement has become outdated, Sifa noted, for example, because fees for short ter...