Swedsec Licensiering AB is a wholly owned subsidiary of the Swedish Securities Dealers Association which is responsible for licensing securities dealers. The company started operating in 2001. To get and keep a licence the Licence Holders must pass the licensing exam, be qualified to have a licence and must undertake to comply with the rules of the securities market. Since knowledge is perishable, all Licence Holders also must undergo an annual knowledge update in areas that are determined by SwedSec’s review board.