Setterwalls Advokatbyrå today presents the Fintech Report 2024, an annual in-depth analysis of how fintech participants and Swedish companies can navigate the current legal landscape. This year’s report concentrates on cyber and information security and the broad wave of new regulation affecting Swedish firms—rules that have clear reasons, but which over time may influence the sector’s competitiveness and capacity for innovation.
Setterwalls Advokatbyrå is one of Sweden’s oldest and largest commercial law firms, with more than 150 years of experience advising companies, organizations and public bodies on complex legal matters. Fintech is a field where Setterwalls has particular strength, reflected in independent rankings. When the global, independent organization Chambers released its 2024 rankings, Setterwalls was again placed as a leading firm (tier 1) in fintech for the sixth consecutive year—a recognition of the firm’s deep expertise in the legal framework surrounding the fintech industry.
In this year’s Fintech Report, Setterwalls identifies several challenges related to new laws and regulations. The focus this year is primarily on three major cybersecurity developments: DORA (Digital Operational Resilience Act), NIS 2 (Network and Information Security Directive) and the Cyber Resilience Act (CRA). The report also features articles on the AI Act and proposed new rules for consumer credit institutions.
A turning point for Swedish fintech
The report’s authors note an increasing regulatory burden, with the risk of overlapping and hard-to-navigate requirements that demand significant resources to manage. They warn that smaller firms risk being overwhelmed by administrative work, while implementing the rules in larger companies can become both costly and time-consuming.
“Previously, our work focused primarily on negotiating agreements and drafting contracts, but increasingly we spend time advising clients and helping them navigate an ever more complex regulatory environment. We see several challenges for our clients,” says Joacim Johannesson, partner, head of Setterwalls’ fintech group and co-author of the report, adding:
“Much of the legislation is still new, and the lack of established standards and shared interpretations creates considerable uncertainty. Several EU regulations coming into force next year impose requirements that Swedish firms will find challenging to meet within the set timeframes. We see a pressing need for clearer guidance and realistic implementation schedules. Otherwise, there is a real risk of hampering innovation and growth across Sweden’s fintech sector—and for Swedish companies more generally.”
Read the full report here.