Key Benefits:
See the copyright notice Conditions of use .
In accordance with the decision of the Parliament:
This law shall apply to the Law on the operation of credit institutions (610/2014) Chapter 1, Article 8 To deposit banks ( Bank ).
Articles 1, 2, 10 and 15 and Article 16 (1) and (3) of this Act also apply to the (878/2008) The foreign EEA branch referred to in paragraph 16. By way of derogation from Article 3 of this Act, financial supervision is the competent authority to take a decision to temporarily suspend the activities of the branch.
The decision to suspend the operations of the Bank shall be competent to decide on the financial stability authority (195/2014) , the Financial Stability Board as provided for in this Act. The decision to initiate the restructuring procedure for the bank is competent to decide the Finnish court in accordance with the law and the law on the restructuring of the company (187/1993) Provides. The procedure also covers other countries belonging to the European Economic Area ( EEA State ) Located in the Bank's branches. (19/12/2015)
The law applicable to the suspension and reorganisation of the Bank's activities in the European Economic Area is equivalent to the law applicable to commercial banks and other public limited companies. (1501/2001) Article 24a to 24k Provides.
If the bank is apparently unable to fulfil its commitments, the Bank shall immediately inform the Financial Stability Agency, the Bank of Finland and the Financial Supervisory Authority. The notification shall be accompanied by an explanation of the bank's liquidity and the reasons for its deterioration.
If, in the view of the Bank of Finland or the Financial Supervisory Authority, the Bank's liquidity has deteriorated to the extent that it is likely to be unable to fulfil its commitments, the Bank of Finland or the Financial Supervisory Authority shall immediately inform the The Financial Stability Board.
However, it is not necessary for the Bank to make a notification under paragraph 1 if the bank has committed a crisis resolution law (1194/2014) Section 1 of Chapter 4 (4) or of the law on credit institutions (610/2014) Chapter 8a (3) or the notification referred to in Article 5 (a) (3).
The Financial Stability Board may suspend the operations of the Bank for a maximum period of one month if it is clear that the continuation of the activity would seriously damage the stability of the financial markets, the uninterrupted functioning of payment systems or the interests of creditors.
The Financial Stability Board may, for specific reasons, take a decision to extend the suspension by a maximum of one month at a time, but up to a maximum of six months after the adoption of the decision referred to in paragraph 1.
Before taking a decision as referred to in Article 3, the Financial Stability Board shall consult the Financial Supervisory Authority and the Bank of Finland and the Bank subject to the decision if it can take place without jeopardising the purpose of the suspension decision. (19/12/2015)
The suspension decision shall indicate the time when the decision was adopted and the duration of the decision.
The decision to suspend the Financial Stability Agency shall be subject to appeal to the Helsinki Administrative Court within 30 days of its publication in the Official Journal of the European Union. In other respects, the appeal is governed by the law on administrative law (18/06/1996) . (19/12/2015)
In spite of the appeal, the suspension decision shall be complied with, unless otherwise specified by the appeal authority.
If the operation of the deposit bank has been suspended, the financial supervision shall immediately be placed in the bank by the trustee to supervise compliance with the suspension decision in accordance with this law. The Ombudsman shall be subject to the provisions of Article 29 (878/2008) Provides.
The client shall inform and inform certain authorities of the suspension decision and the suspension of the suspension and shall mark the suspension of the suspension and suspension of the suspension of the trade register and of the various types of property; and If applicable, in accordance with the provisions of the law on the restructuring of the undertaking (187/1993) , hereinafter referred to as 'the company law', Article 80 and the regulation adopted pursuant to it.
The legal effects of the initiation of the suspension procedure, the operation of the bank and the seizure of its assets during the suspension and in the suspension procedure shall apply as provided for in Chapters 3, 4 and 5 and Article 99 of the corporate restructuring law, unless: Otherwise provided for in this Chapter. For the purposes of the application of the provisions of this Chapter, the debts incurred prior to the termination of the suspension shall apply as regards the restructuring debt provided for in the corporate restructuring law. The provisions of Article 32 of the Merger Law shall apply mutatis mutandis to the interests of the debts incurred during the suspension procedure and the interest of the claims arising from the beginning and the end of the suspension procedure.
Articles 10, 16, 22, 24, 27 and 28 of the Business Act Act shall not apply to the suspension procedure.
The agent referred to in Article 5 shall apply mutatis mutandis as provided for in Chapters 3, 4 and 5 of the corporate restructuring law.
The legal effects of the suspension shall remain in force until suspension ceases in accordance with Articles 15 or 16. However, if a decision pursuant to Article 13 is taken during the suspension procedure, the legal effects will continue to apply in accordance with Article 28 (2) of the corporate restructuring law.
In the event of an appeal against the suspension decision, the legal effects of the initiation of the suspension procedure, including the rights of the agent and the limitations of the bank's control, remain valid. The legal effects will cease if the decision to initiate the procedure is legally abrogated or the court in which the case is pending is so determined.
On the basis of this Act, effective or uninterrupted implementation or assistance may be continued on the basis of an earlier application for assistance or official auxiliaries following the legal effects of the suspension procedure, or, if In the course of the suspension procedure, a decision is taken to initiate a business restructuring procedure, as provided for in Article 28 (3) of the Act.
The bank shall not be liquidated or declared bankrupt when its operations are suspended. If the bank is suspended, the application for liquidation or bankruptcy shall be postponed until the suspension procedure ceases. If, during the suspension procedure, a decision is taken to initiate a corporate restructuring procedure, the initiation of a business restructuring procedure shall be subject to the provisions of Article 24 of the Business Accompanying Act.
The operation of a bank in crisis management cannot be interrupted in accordance with this law.
In addition to what is laid down in Article 29 of the Works Council Act, the Bank shall not be suspended without the authorisation of the Financial Stability Board to receive deposits or other repayable funds from the public. In addition, the Bank shall not, without the consent of the agent, grant or otherwise acquire new credit or other financial agreements or conclude derivative contracts for purposes other than hedging purposes. The granting of credit shall be treated in the same way as the provision of a guarantee or other contingent liability or the imposition of a guarantee on another debt.
Immediately after the suspension decision, the Bank shall draw up a plan indicating how the Bank intends to restore its economic status, or where such measures cannot be presented, how the bank intends to close down. The plan shall be submitted to the Financial Stability Agency before the expiry of the period referred to in Article 3 (1) or, if the deadline has been extended, before the end of the extended period.
If the Bank does not draw up a plan within the period referred to in paragraph 1, or in the plan, no measures may be taken to enable the Bank's financial position to be redeemed before the expiry of the period referred to in Article 3, The Financial Stability Board shall present to the Financial Supervisory Authority the withdrawal of the Bank's authorisation.
Before examining the plan referred to in paragraph 1, the Financial Stability Board shall request the opinion of the Financial Supervisory Authority and Suomen Pankki.
However, it is not necessary for the Bank to carry out a plan provided for in this Article if the bank has carried out a recovery plan under the law on the activity of a credit institution or is subject to a recovery plan for a consolidated group under that law. And where the bank has made a crisis resolution under the law on the resolution of credit institutions and investment firms or is subject to a group resolution plan in accordance with that law.
When the Bank is suspended, the Financial Stability Board may, on application by the Bank or the Ombudsman, authorise derogations from the law, cooperative banks and other equity banks in respect of commercial banks and other credit institutions. Law on cooperative credit institutions (423/2013) And the savings bank (1502/2001) Provides for:
(1) the inclusion of a mid-term review of the draft terms of merger;
(2) the procedure for convening a body using the bank's chief executive;
(3) the decision of the institution which exercises the authority of the bank to decide on the qualified majority required by law or articles of association; and
4) a public challenge for creditors in the merger of the bank.
The derogation provided for in paragraph 1 shall also be subject to the condition that it may occur without unduly jeopardising the interests of creditors and of the shareholders or members of the banks involved in the merger. An application for an exemption shall be requested by the Bank of Finland and the Financial Supervisory Authority.
Paragraph 1, which provides for the application of the provisions relating to the merger, shall apply to the extent to which the division of the bank and the transfer of business are provided for if all the recipient companies are credit institutions.
When the Bank is suspended, the Financial Stability Board may submit an application for the initiation of a restructuring procedure within the meaning of the corporate restructuring law. The application shall be accompanied by a statement of the conditions of the restructuring procedure laid down in Article 6 (1) (2) and (3) of the restructuring law, or the consent of the bank and of at least two creditors representing at least one fifth of the Bank 's Of known debts. Unless otherwise provided below, the Bank shall be subject to a corporate restructuring law. (19/12/2015)
Article 5, Article 6 (2) and Chapter 13 are not applicable to the bank.
Article 10 of this Act shall also apply to the bank as provided for in Article 29 of the Act. As regards the debts incurred during the course of the procedure, the corporate restructuring law also applies to debts incurred during the suspension procedure. The date of issue of the suspension decision shall be deemed to be the date of the decision within the meaning of Article 35 (2) of the Merger Regulation.
The court or tribunal shall request a restructuring programme before its adoption by the Financial Stability Board. In addition to the obstacles to the consolidation of the restructuring programme, Chapter 8 of the Law on Enterprise, the Bank's restructuring programme must not be confirmed if the Financial Stability Board has opposed it. Before issuing the opinion referred to in this paragraph, the Financial Stability Board shall request a restructuring programme for the financial supervision and the opinion of Suomen Pankki. (19/12/2015)
The liquidator referred to in Article 8 of the Corporate Social Insurance Act shall be ordered and separated from the Financial Control Act. Article 83 of the Merger Act and Article 86 of that Law are laid down in Article 83 of the Act on the termination of a person proposed by the Commission or the creditor. The appointment or dismissal of the liquidator on a proposal from the creditor commission or creditor shall be subject to the consent of the financial supervision. (19/12/2015)
The court shall issue a certificate to the liquidator for his determination. (17,05/0412)
In addition to what is provided for in Article 10 (1) of the Act on the Statute of the creditor, the Board of Directors shall be composed of representatives of the Financial Stability Agency, the Financial Supervisory Authority and the Bank of Finland and, if deemed necessary by the Financial Stability Board, A separate hedge fund representative, in addition to which, if the bank is a member of the investor compensation fund, representatives of the investor compensation fund. (19/12/2015)
In the communications referred to in Chapter 10 of the Corporate Resting Act, the creditors should also be mentioned, in addition to what is provided for in the corporate restructuring law, whether the creditor is to be informed of the claim or obtained by the creditor.
The notification shall be made at least in Finnish and Swedish. The communication shall contain, in all the official languages of the EEA States, the title 'Call for notification of the claim; deadlines to be followed', or 'Call for comments to be submitted; deadlines to be followed'.
Any creditor residing or having its registered office or registered office in another EEA State other than Finland may, in the course of restructuring proceedings, declare its claim or submit observations in the official language of the other EEA State. However, in the event of a notification or any comments relating to the claim, when presenting the title 'notification of the claim' or 'submission of comments accompanying the claim' must, however, be either Finnish or Swedish.
In the Bank's corporate restructuring proceedings, the other EEA State public authority shall be treated as equivalent to the liabilities referred to in paragraph 1.
The Financial Stability Agency shall withdraw the suspension immediately if the conditions for suspension no longer exist. Before taking a decision to withdraw the suspension, the Agency shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
The suspension shall cease at the end of the period laid down in the suspension decision referred to in Article 3 (1) or, if it has been decided to extend that period, at the end of the period laid down in accordance with the decision to continue, but no later than six months after Article 3 (1) Of the Treaty on European Union.
In the event of a suspension, as referred to in Article 13, the decision to open a business restructuring procedure or the decision to cancel the suspension referred to in Article 15, the suspension shall cease when the decision to initiate or terminate the take-over procedure Cancellation is made.
The suspension of the activities of a foreign EEA branch shall cease, notwithstanding the provisions of this Article, when the branch of the branch of the branch of the branch of the branch decides in accordance with Article 1 (1) of the Law on the operation of credit institutions The reorganisation measure or the opening of the winding-up proceedings referred to in paragraph 2 in the credit institution to which the branch belongs. (08/2014/2013)
The Financial Stability Agency shall inform without delay the suspension of the operations of the Bank and the opening of the restructuring procedure and the possible impact of the procedure on the other ESA supervisory authorities in which the Bank has a branch or In which it provides services within the meaning of the law on credit institutions. (19/12/2015)
The notification referred to in paragraph 1 shall be subject to the cessation of activity and the cessation of the restructuring proceedings.
The client shall inform without delay of the interruption of the operations of the Bank in the Official Journal of the European Union and in the two national daily languages of the EEA States in which the Bank has A branch or where the bank provides services within the meaning of the Act on the activity of credit institutions. The notification shall accordingly be made no later than the expiry of the period specified in the suspension decision. The same applies to the obligation of the liquidator to notify the opening and closing of the restructuring process.
The notice of initiation referred to in paragraph 1 shall, at the same time, specify the purpose of the procedure, the applicable law, the time of appeal and the competent review authority.
The suspension and the restructuring procedure shall be valid irrespective of whether the notification referred to in paragraph 1 has been published.
The client shall request that the suspension of the operations of the bank be entered in another EEA Member State's property register, trade register or other public register if the registration is under the law of that State. Be made to initiate such proceedings. Similarly, the liquidator must ask for the marking to be initiated.
This Act shall enter into force on 1 January 2002.
THEY 180/2001 , TaVM 20/2001, EV 203/2001This Act shall enter into force on 1 July 2003.
THEY 175/2002 , N ° 27/2002, EV 277/2002
This Act shall enter into force on 31 May 2004.
Before the entry into force of this Act, the provisions in force at the time of entry into force of this Act shall apply.
THEY 23/2004 , TaVM 7/2004, EV 40/2004, European Parliament and Council Directive 2001 /24/EC (32001L0024); OJ L 125, 5.5.2001, p. 15
This Act shall enter into force on 15 February 2007.
THEY 21/2006 , TaVM 25/2006 EV 252/2006
This Act shall enter into force on 1 January 2009.
THEY 66/2008 , TaVM 20/2008, EV 109/2008
This Act shall enter into force on 15 August 2014.
THEY 39/2014 , TaVM 6/2014, EV 62/2014, Directive 2013 /36/EU of the European Parliament and of the Council (32013L0036); OJ L 176, 27.6.2013, p. 338-436 Regulation (EU) No 575/2013 of the European Parliament and of the Council (32013R0575); OJ L 176, 27.6.2013, p. 1-337
This Act shall enter into force on 1 January 2015.
The administrative decision adopted before the entry into force of this Act shall apply to the provisions in force at the time of entry into force of this Act.
THEY 175/2014 , TaVM 20/2014, EV 191/2014, Directive 2014 /59/EU of the European Parliament and of the Council (32014L0059); OJ L 173, 12.6.2014, p. 190
