On December 17, the first new share issue signed with a qualified electronic signature will be sent to the Swedish Companies Registration Office. This is possible thanks to a collaboration between the Swedish technology company ZealiD and the law firm Cederquist. Through these means, several new opportunities open up for more efficient and secure handling of company documents in accordance with the European regulation eIDAS.
As Sweden's first issuer of qualified certificates (according to the eIDAS ordinance *) and approved by the Swedish Post and Telecom Agency (PTS), ZealiD can now carry out a digital new share issue that meets the Swedish Companies Registration Office's formal requirements.
- This is a milestone in Swedish digitalisation. Our technical innovation enables companies to sign agreements and documents with qualified signatures for the first time. This will have major positive consequences for Sweden's competitiveness. Not least, technology is valuable in a time like this, when we cannot or may not travel within or between countries. At the same time, the technology means that Swedish and European citizens now have power in their own hands as they can choose to identify themselves and sign documents digitally across national borders for free, says Philip Hallenborg, CEO and founder of ZealiD.
Problems with month-long waiting times for companies
Previously, in cases where there have been formal requirements for documents to be in the original or for them to be signed in ink, as is the case with forms to the Swedish Companies Registration Office, this has meant that the technical solutions for electronic signatures have been insufficient. For the Swedish Companies Registration Office, the submitted documents have increasingly become a bottleneck. Waiting times of up to several months have not been uncommon, especially since the requirements for originals can mean long lead times. Although the Swedish Companies Registration Office has built its own platforms for handling cases, these exclude a large part of the players in the Swedish market due to the choice of identification.
Safer and more efficient exercise of authority
However, thanks to ZealiD's service, qualified electronic signatures can be implemented for the first time that meet the special formal requirements that previously constituted an obstacle. Furthermore, the use of a qualified electronic signature makes it easier for the authority to verify the identities of those who signed the document - something that has previously been complicated, or for documents that must be signed in ink - impossible. This creates the conditions for a safer and more efficient exercise of authority where companies can sign in a more secure and correct way, something that is expected to speed up the process and make it easier for both the Swedish Companies Registration Office and the companies.
Cederquist is one of Sweden's leading law firms with long experience of working with digital solutions and new ways of working to help its clients. Collaboration with ZealiD is a natural continuation of that work.
- Four years after the implementation of eIDAS, Swedish authorities are still far behind other countries in the implementation. Through this issue, we hope to be able to accelerate digital development and get more players to use electronic signatures. By making ZealiD a qualified electronic signature available, many of the difficulties that come with using advanced electronic signatures are eliminated, says Johannes Färje, Head of Digital Services and Innovation at Cederquist.
For more information contact:
Daniel Wahlström, press contact, ZealiD
+46 73 965 24 12
Daniel.wahlstrom@primegroup.com
Johannes Färje, Head of Digital Services and Innovation, Cederquist
johannes.farje@cederquist.se
+46 73 960 65 31
* About eIDAS:
The so-called eIDAS Regulation refers to Regulation No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trusted services for electronic transactions in the internal market. In short, the aim is to establish "a common basis for secure electronic interaction between citizens, businesses and public authorities, thereby increasing the efficiency of public and private network services, electronic commerce and e-commerce in the Union."
Read more here: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014R0910
About ZealiD
ZealiD AB is Sweden's first issuer of qualified certificates (according to the eIDAS ordinance) and approved by PTS. ZealiD AB is listed on PTS and the EU's list of trusted service providers. With the help of the ZealiD App (available in the Appstore and Google Play), a user in Sweden and in 26 EU countries with a mobile phone can apply for a qualified certificate and create qualified signatures according to the regulation in less than 10 minutes. www.zealid.com
About Cederquist
Cederquist is one of Sweden's leading business law firms and offers specialist expertise in most areas of business law. The firm works in a global market and consists of over 100 lawyers located in central Stockholm. Cederquist is a modern and clearly value-driven organization built on the basis of a true partnership structure where decision-making paths are short and efficient, which provides the best opportunities to build small and efficient teams adapted to each customer's unique conditions and needs.
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