The Administrative Court in Stockholm has rejected Indecap Fonder AB’s application for review of the Swedish Fund Selection Agency’s (FTN) procurement of actively managed global equity funds, an update from FTN has revealed.

The case concerns FTN’s SEK 200bn procurement for Sweden’s premium pension system, its largest procurement to date.

The tender, launched in February 2026, was paused after Indecap Fonder challenged the outcome of the selection process, with the firm submitting further legal arguments to the Administrative Court in April.

FTN said in an update that the Administrative Court upheld FTN’s position and entirely rejected Indecap’s application for review.

The judgment stated that the Administrative Court considers the procurement of fund units for the premium pension fund platform to be covered by the free movement of capital and therefore to fall outside the scope of the Concessions Directive.

The Administrative Court found that there were no grounds for requesting a preliminary ruling from the Court of Justice of the European Union, finding that existing case law had already addressed whether the acquisition of fund units falls under the free movement of capital or services.

It also rejected Indecap's claims that the FTN had breached the Act on the Procurement of Funds for the Premium Pension Fund Platform (LUP), finding no grounds to intervene in the procurement.

Indeed, the court said the FTN acted properly in requesting information ahead of the interview stage and assessing mandatory requirements related to investment objectives, investment focus, share class and signature, while also ruling that Indecap had failed to show its bid was scored incorrectly and that the agency had complied with its disclosure and documentation obligations.

The update also noted that Indecap’s tender was ranked 53rd in the final evaluation and that several of Indecap’s objections were raised only in connection with the review proceedings.

Commenting on the verdict, Swedish Fund Selection Agency executive director, Erik Fransson, said: “The judgment is an important step towards giving savers access to the procured funds, which offer lower fees and high quality.”

He added: “The Swedish Fund Selection Agency welcomes the Administrative Court’s judgment. It confirms that the procurement in question was carried out correctly in accordance with LUP.”

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