In accordance with the decision of the Parliament:

ARTICLE 1

Scope

This law concerns the netting and settlement of payments under the clearing and settlement system, as well as the netting and other settlement of supply obligations related to:

(1) investment services (747/2012) Chapter 1, Article 10 And other comparable securities and derivative contracts; or (14.12.2012/768)

2) In Finland or in any other country, trade in legal currency or currency units.

This law shall also apply to the netting of payment and settlement obligations relating to securities, derivatives and foreign exchange transactions referred to in paragraph 1 which are not executed in the clearing system.

This law shall also apply to the collateral provided to the party or to the clearing system party for the purposes of this Article or to the central bank in the performance of its central bank functions.

ARTICLE 2

Definitions

Clearing system For the purposes of this Act, a rule-based system:

1) which the central bank, the credit institution (610/2014) Article 7 of Chapter 1 (1), the credit institution, the value system and the law on clearing and settlement (749/2012) Chapter 1 of Chapter 1 The entity referred to in paragraphs 5 or 8 or the abovementioned foreign entity shall maintain alone or in conjunction with the other entities referred to in this paragraph; or (17/10/2015)

(2) where financial obligations are determined and implemented and where the margins of the payment system are transferred through an account held by the central bank; or

(3) the Ministry of Finance, on application by the Community, approved a report on settlement finality within the scope of Directive 98 /26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems A system or an equivalent system.

Networking For the purposes of this Act, the term 'conventional contract' shall be defined as:

(1) the opposing payment or delivery obligations of the two parties are, according to the date of maturity, a single payment obligation or an obligation to supply the same kind of investment; or

(2) the obligations of several clearing members are linked to the settlement system as referred to in paragraph 1; or

(3) all payment and settlement obligations between the parties due or may be matured and combined in an agreed manner, provided that insolvency proceedings are initiated against one of the parties.

The collateralised settlement agreement Means the rules of the settlement system that the clearing system party must be provided with a guarantee for the fulfilment of the obligations related to the clearing and settlement, as well as a normal agreement in other securities, derivatives or foreign exchange transactions; The other party shall be provided with a guarantee for the fulfilment of the obligation to be netted.

The parties to the clearing system Means the operator of the clearing system and the entity that participates in the operation of the clearing system as well as any other party assimilated to them. (22.10.2010)

Central Bank Shall mean the Bank of Finland, the European Central Bank and the central banks of other countries.

Clearing account Referred to in Article 3 (1) of the Law on Sharing Accounts, which is part of the clearing system of a clearing system (827/1991) § 16 And the financial assets account referred to in Article 4 (2) of Chapter 5 of the Law on Sharing and Settlement Systems. (14.12.2012/768)

Begin of insolvency proceedings Means the initiation of a bankruptcy, the restructuring of a company or a private person's debt arrangement, or a decision to suspend, liquidation, closure or withdrawal of a credit institution, as well as other The decision of the Authority to take enforcement action.

ESMA Authority Referred to in Regulation (EU) of the European Parliament and of the Council establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC No 1095/2010 European Securities and Markets Authority. (12/01/1248)

The European Systemic Risk Board Referred to in Regulation (EU) No 1092/2010 of the European Parliament and of the Council on the macro-prudential oversight of the financial system in the European Union and establishing a European Systemic Risk Board The systemic risk committee. (12/01/1248)

ARTICLE 3

Networking in bankruptcy

The obligations arising before the start of the bankruptcy may be netted without prejudice to bankruptcy and the netting is binding on the party and the clearing system participant.

Obligations notified under the rules of the clearing system after the start of the liquidation of the clearing system participant shall be bound by netting and netting by the bankruptcy of the party if:

(1) the obligations are netted in accordance with the rules of the settlement system on the day on which the bankruptcy has started; and

(2) The administrator of the settlement system can demonstrate that, when the provisions of the settlement system were irrevocable in accordance with the rules of the clearing system, it did not know and should not have known about the start of the bankruptcy.

(22.10.2010)

The collateral provided under the collateralised clearing contract may be executed by the bankruptcy law (120/2004) Without prejudice to any restrictions on the deposit of the deposit assets. (20.2.2004)

§ 4

Effect of netting on the recovery

Networking does not recline from the law on the recovery of bankruptcy (758/1991) § 10 , in spite of the fact that the performance has occurred in the form of unconventional means of payment, prematurely or by an amount which must be regarded as significant in relation to the assets.

The collateral provided under the collateralised clearing contract shall not recur on the basis of Article 14 of the bankruptcy law law.

§ 5

Nettotus in company restructuring

The obligation may be netted by the law on the company's restructuring Article 17 (47/1993) , and without prejudice to the prohibition of the recovery referred to in Article 19 (1) (2) and (3) and the temporary prohibition laid down in Article 22.

Notwithstanding the temporary prohibition laid down in Article 19 (1) (1) and (2) and Article 22 of the Insurance Accompanying Agreement, the rights arising under the collateralised clearing contract may be exercised.

If, in accordance with the agreement of the liquidator, the debtor continues to trade in securities, derivatives or foreign exchange transactions, the obligations arising during the restructuring proceedings may, without prejudice to the restructuring procedure, be subject to the netting of obligations arising before: Initiation of proceedings. The obligation to be networked shall be deemed to have been wholly obtained during the restructuring process. If the liquidator has not been established, the court may authorise the continuation of trade in accordance with this paragraph.

As regards the restructuring of the company, the provisions of this section apply mutatis mutandis to a private person's liability regime.

ARTICLE 6

Etting of the credit institution's insolvency proceedings

Obligations arising from the temporary suspension of the operation of the deposit bank (1509/2001) , may be netted without prejudice to the provisions of that law. The provisions of Article 5 shall apply mutatis mutandis when the operation of the deposit bank is suspended. (2001/1513)

Obligations which have been notified under the rules of the settlement system after the opening of the insolvency proceedings of a party to the clearing system may be netted and netting bound by the insolvency proceedings if:

(1) the obligations are netted in accordance with the rules of the settlement system on the day on which the insolvency proceedings have started; and

(2) The administrator of the settlement system can demonstrate that where the provisions of the clearing system were irrevocable in accordance with the rules of the clearing system, it did not know and should not have known about the commencement of insolvency proceedings.

(22.10.2010)

The rights arising from the collateral provided under the collateralised clearing contract may be exercised without prejudice to the loans referred to in paragraph 1, even if the insolvency proceedings against the credit institution which provided the collateral have begun.

Paragraph 1 provides for a temporary suspension of the operation of the deposit bank, the third country credit institution referred to in Article 8 of Chapter 19 of the Law on Credit Institutions is subject to a temporary suspension of the activities of the branch of the credit institution of the third country. (08.08.2010)

§ 7

Effect of netting on output

If the receivable from the debtor has been netted prior to the date of notification of the prohibition, the forecluse shall be subject to a combined payment or delivery obligation. Exit obtained shall not be netted out to the obligation arising after the date of notification of the prohibition.

Obligations which have been notified under the rules of the settlement system after the date of notification of the prohibition of payment may be netted and netted by the forecluse shall be binding, notwithstanding paragraph 1, if:

(1) the obligations are netted in accordance with the rules of the settlement system on the day on which the prohibition is issued; and

(2) The administrator of the clearing system can demonstrate that, when the provisions of the clearing system were irrevocable in accordance with the rules of the clearing system, it did not know and should not have known about the payment ban.

(22.10.2010)

§ 8

Application of the rules in the clearing system

Where, in accordance with the provisions of this law, an obligation is obtained by virtue of the provisions of this law, notwithstanding the insolvency proceedings of a party to the clearing system, it may also, in any other way, be settled in the clearing system, even if the party has commenced proceedings. Insolvency proceedings.

An obligation to be cleared under the clearing system shall be deemed to have been incurred in the application of this law when it is notified under the rules of the settlement system for the purposes of the scheme. (22.10.2010)

§ 9 (08.08.2010)

Notification of the commencement of insolvency proceedings in the clearing system

The court or other authority which decided to initiate insolvency proceedings in the clearing system shall immediately inform the Ministry of Finance, the Financial Supervisory Authority and the Bank of Finland of its decision. The financial supervision shall without delay inform the operator of the clearing system, the European Systemic Risk Board, the European Securities and Markets Authority and the other countries of the European Economic Area The relevant authorities notified to the Authority.

Financial supervision shall, upon receipt of the notification of the party to the insolvency proceedings of a party in a Member State belonging to the European Economic Area, immediately inform them of the financial supervision (878/2008) § 4 and 5 , the interests of which information may be of interest, and, where appropriate, the Ministry of Finance and the Bank of Finland.

ARTICLE 10 (17/10/2015)

Specific provisions for collateral

In the context of central banking activities, the rights attaching to the collateral provided to the central bank may be executed in spite of the commencement of the insolvency procedure or any other comparable procedure. The guarantee does not recaneffect on the basis of Article 14 of the bankruptcy law.

Where the administrator of the clearing system has lodged a security with the other administrator of the settlement system in relation to the arrangement between those systems, the bankruptcy of the beneficiary or any other Insolvency proceedings shall not affect the right of the guarantor to have such collateral.

ARTICLE 11

Use of credit facility and settlement account after the opening of insolvency proceedings

The credit facility under the clearing system of the clearing system may be used without the insolvency proceedings of the clearing system participant, without prejudice to the collateral available under the system; In the clearing system.

The assets and securities of the clearing system of the clearing system of the clearing system may be used without insolvency without prejudice to the obligations of the clearing system participant in the system. However, where the obligation has been notified according to the rules of the settlement system after the opening of the party's insolvency proceedings, the assets and securities of the clearing account may be used to fulfil that obligation only you In accordance with the rules of the clearing system on the day of the start of the insolvency proceedings. (22.10.2010)

The lien on the value-shares registered in the trade accounts referred to in Article 16 of the Law on Values Act is governed by Article 6 of Chapter 5 of the Law on the Cooperative Society and the Settlement of Law. (14.12.2012/768)

ARTICLE 12

Applicable law

If an entity which is not subject to Finnish law is a party to a clearing system which is governed by Finnish law, the Community insolvency procedure shall, after the commencing of the Community insolvency procedure, apply to or The rights and obligations arising in connection with the Finnish law.

If an entity subject to Finnish law is a party to a settlement system or equivalent within the scope of the Directive on settlement finality in payment and securities settlement systems A non-eea State clearing system which does not apply to Finnish law shall, after the commencing of the Community insolvency proceedings, apply to, or in connection with, the Community's participation in that clearing system The rights and obligations arising from the law of the State Shall apply to that clearing system.

Where the security has not been issued in writing, or if it is retained in the deposit scheme, the law of the State in which the right is entered in the register or account shall be governed by the law of the State in which the security is entered. The law applicable to the right to a value is governed by Article 5a (4) of the Law on book-entry accounts.

ARTICLE 13

Clearing and settlement rules

The clearing system shall have written rules which shall include:

(1) the operator or operators of the clearing system;

(2) the law of which state law applies;

3) how the rules are changed and changes are communicated to the parties;

(4) the parties to the clearing system or the criteria by which the system can be linked and separated or separated;

(5) clearing and settlement obligations to be cleared under the clearing and settlement system and making them binding to the clearing members;

(6) the obligations and responsibilities of the administrator of the clearing system and, where there are several operators, the distribution of responsibilities between them;

(7) the date on which the obligation is deemed to be declared;

(8) the date after which the party to the clearing system may not unilaterally withdraw an order for a notified obligation;

(8a) how the settlement date to be followed by the clearing system is determined if it is not a calendar day; (22.10.2010)

(9) provision and management of any collateral required by the clearing members;

(10) in the event of a disruption or failure of a clearing member to fulfil its obligation to operate the settlement system.

The operator of the settlement system shall inform the Ministry of Finance of the rules of the settlement system and its amendments to the Ministry of Finance prior to the commencement of the operation of the clearing system or the entry into force of the change in the rules. However, the obligation to notify shall not apply to the central bank, the clearing house or the guidance community.

Article 13a (30.4.2010/293)

Processing of personal data

The processing of personal data in the clearing system shall be subject to the provisions of the Personal Data Act (523/1999) Provides.

Notwithstanding the provisions of Article 11 of the Personal Data Act and the confidentiality of the information provided, the party to the clearing system shall receive, without prejudice to, the confidentiality of the information provided to the other Party and, otherwise, to process the information concerning the suspects and In the case of offences committed if the processing of data is necessary for the prevention or detection of criminal offences.

The party to the clearing system shall not register any information on the offence and shall not disclose it to the other party before the offence has been reported to the police or any other pre-trial authority or to the prosecutor. However, information may be registered and disclosed before such notification is made, provided that it is necessary to prevent a serious or widespread threat to the transmission of payments.

Information on the offence shall be deleted from the register immediately following the absence of the criterion referred to in paragraph 2. The justification and the need for treatment shall be evaluated at least every five years.

ARTICLE 14 (12/01/1248)

Notifications to ESMA

The Ministry of Finance shall identify and communicate to the European Securities and Markets Authority Directive 98 /26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems Which are subject to the Finnish law and their operators.

In the absence of a settlement system maintained by the central bank, the Ministry of Finance shall, before deciding on the notification of the notification system to the European Securities and Markets Authority, request the Bank of Finland and Financial supervision and ensure that the rules of the settlement system comply with the requirements of the Directive referred to in paragraph 1. The same must be done before the Ministry of Finance takes the decision referred to in Article 2 (1) (3).

The Ministry of Finance shall inform the European Securities and Markets Authority, which of the other Member States of the European Economic Area shall send the notification to the European Securities and Markets Authority in accordance with paragraph 1 The opening of the insolvency proceedings of a party to the clearing system covered by that Directive.

§ 15

Reporting obligations of the clearing system participant

The operator of the clearing system shall inform the Ministry of Finance of the parties to the clearing system and any changes thereto.

When asked, the clearing system participant shall indicate which settlement systems it participates and shall provide information on the essential content of the rules of these clearing and settlement systems.

ARTICLE 16

Entry and transitional provisions

This Act shall enter into force on 11 December 1999.

This Act repeals the Act of 19 June 1997 on certain conditions for the trading of securities and foreign exchange transactions and the payment system (1998) The subsequent amendments and the Act of 27 March 1998 of the Bank of Finland (214/1998) Article 7 Paragraph 2, as amended by Law 1004/1998.

This law shall not apply where insolvency proceedings have started before the law enters into force.

At the time of entry into force of this Act, the operator of a clearing and settlement system for payment and settlement obligations shall comply with the reporting obligations referred to in Article 13 (2) and Article 15 (1) for three months After the entry into force.

THEY 99/1999 , TaVM 10/1999, EV 56/1999, Council Directive 98 /26/EC; OJ L 166, 11.6.1998, p. 45