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The Following: The Law On Commercial Banks And Other Credit Institutions

Original Language Title: Laki liikepankeista ja muista osakeyhtiömuotoisista luottolaitoksista

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Law on commercial banks and other credit institutions

See the copyright notice Conditions of use .

In accordance with the decision of the Parliament:

Chapter 1

General provisions

ARTICLE 1

This law applies to the deposit bank (s) ( Commercial bank ) And any other limited liability institution which is hereinafter referred to as a credit institution hereinafter referred to as 'credit institution'.

The credit institution shall be subject to the Companies Act (1024/2006) , unless the law or the law on credit institutions (10/2014) Otherwise specified. The capital loans issued by a credit institution are not subject to Article 1 (1) (2) and Article 2 (2) of Chapter 12 of the Companies Act. Savings Bank Act (1502/2001) Shall also be subject to the provisions of the Savings Bank Act and the Law on Cooperative Banks and other Cooperative Credit Institutions (423/2013) , as provided for in the law on cooperative banks and other cooperative credit institutions. Law on mortgage lending operations (688/2010) , the credit institution engaged in the credit institution shall also be subject to the provisions of that law. (88/2014/2013)

ARTICLE 2 (30.7.2004)

At least one of the originators of the credit institution and at least one member of the Board of Directors, as well as the Executive Director, shall have his habitual residence, or where the founder has legal personality, in the European Economic Area, unless the financial audit admits that Derogation. A derogation may be granted if it does not jeopardise the effective supervision of the credit institution and the management of the credit institution in accordance with sound and prudent business principles.

§ 2a. (88/2014/2013)

The board of credit institutions shall have at least 3 members.

The credit institution shall have the Executive Director and Deputy Managing Director.

ARTICLE 3

The general order of the credit institution acting as the central mfi of savings banks may stipulate that the shares of the bank or, where the bank holds shares, may only be held by a savings bank, a savings bank, A subsidiary of a savings bank or a savings bank, a central bank of savings banks and a comparable entity. The general order of the credit institution acting as the central mfi of the cooperative banks may stipulate that the shares of the bank or, where the bank has different shares, only the shares of a cooperative bank, the cooperative banking company, the cooperative bank Or a subsidiary of a cooperative banking company, a central body of cooperative banks and a comparable entity.

§ 3a (21.7.2006/642)

A credit institution may be converted into a cooperative credit institution in accordance with the provisions of Chapter 19 of the Companies Act. In addition, the change in the form of enterprise shall be applied mutatis mutandis, as provided for in Article 6 (1) of the merger.

Chapter 2

Merging

§ 4 (28.12.2007)

The credit institution's draft terms of merger must include, in addition to the provisions of Chapter 16 of Chapter 16 of the Companies Act, a statement of commitments on subordinated loans in accordance with Article 45 (1) (9) of the Law on credit institutions; and The undertakings referred to in Article 46 (1) (3) and (4) and Article 47 (1) (1) of that Law, the creditors of which may object to the merger in accordance with Article 6 (1) of Chapter 16 of the Companies Act.

§ 5 (21.7.2006/642)

Credit institutions participating in the merger, or in the case of a subsidiary merger, the parent credit institution, shall notify the merger to the financial audit. The notification, which shall be accompanied by the draft terms of merger and the opinion referred to in Article 4 (4) of the Companies Act, shall be submitted to the financial audit before the application for an alert referred to in Article 16 (6) of the Companies Act. Upon receipt of the notification, the financial audit may also require other information deemed necessary.

The registry authority shall promptly inform the financial audit of the creditor's opposition within the meaning of Article 15 (2) of Chapter 16 of the Companies Act.

The financial audit may, in respect of the absorption capacity referred to in Article 2 (1) (1) of Chapter 16 of the Companies Act, object to the merger by notifying the registry authority within one month of the date of application of Article 16 (2) of the Companies Act. From the date on which the merger is likely to jeopardise the maintenance of the authorisation conditions of the receiving credit institution. Such resistance shall be communicated without delay to the credit institutions involved in the merger. In the case referred to in this paragraph, the merger shall only be registered if the financial audit does not oppose it in the abovementioned period.

The appeal against the decision of the financial audit referred to in this Article shall be dealt with as a matter of urgency.

§ 5a (21.7.2006/642)

If the creditor has objected to the merger, the registry authority shall request an opinion from the Financial Supervisory Authority on how the implementation of the merger affects the creditor's position and whether it is necessary to implement the merger without delay To ensure stable operation. Notwithstanding the provisions of Article 15 (2) of Chapter 16 of the Companies Act concerning the conditions for registration, the Authority shall register the implementation of the merger in spite of the opposition's opposition, if the financial audit considers in its opinion, That the implementation of the merger does not undermine the creditor's financial position and the implementation of the merger without delay is necessary to ensure the sound operation of credit institutions.

§ 5b (28.12.2007)

The participation of the Finnish credit institution in cross-border mergers in the European Economic Area shall be governed by Articles 4, 5 and 5a.

However, if the merging company is registered or registered in another country, Article 5 (3) and (4) shall not apply to the merger. The registration authority shall not issue a European Company Statute for such a merger (742/2004) (3) or of a certificate referred to in Article 26 of Chapter 16 of the Companies Act, where the financial audit has informed the registry authority of the granting of the authorisation referred to in paragraph 2 of the above paragraphs that the credit institution has not complied with the The merger, the continuation or cessation of activities in Finland. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 of the Companies Act only if the financial audit has indicated that it does not object to the transfer of the seat related to the merger or the establishment of a European company.

If the receiving credit institution, which is registered in another country, intends to continue with the activity of credit institutions in Finland after the merger, it shall be subject to the provisions of the foreign credit institution's activities in Finland.

ARTICLE 6

The provisions of Articles 6, 7 and 15 of Chapter 16 of the Companies Act are not applicable to the depositor. However, the merging credit institution shall notify the depositary no later than three months before the deadline set by the Authority under Chapter 16 (2) of the Companies Act. The notification shall indicate the name and address of the receiving credit institution. (9.2.2008)

The notification referred to in paragraph 1 shall show that where the aggregate amount of deposits in credit institutions involved in the merger of the depositor exceeds the (1195/2014) in Chapter 5, Section 8 , Article 13 of that Chapter shall apply to the deposit facility. The depositary shall be entitled, within six months of receipt of the notification, to terminate, notwithstanding the original terms of the contract, the deposit which, pursuant to Article 8, is wholly or partially excluded from the coverage. The provisions of this paragraph shall not apply where the deposit banks are considered as a deposit bank within the meaning of Article 8 (6) for the purposes of applying the upper limit referred to in Article 8 (1). (19/04/2013)

As provided for in paragraph 1, the depositor shall apply mutatis mutandis to the depositor of the receiving credit institution where, pursuant to Article 6 (3) of Chapter 16 of the Companies Act, the creditors of the receiving credit institution are to be consulted. (21.7.2006/642)

The provisions of this Article concerning the depositor and the right to terminate the depositor in the event of a merger shall apply mutatis mutandis to the transfer of the seat of the credit institution to another State belonging to the European Economic Area and to a merger where: The receiving credit institution shall be registered in another country. The depositary shall have the right of withdrawal if the deposit under the Law on the Financial Stability Board, as provided for in the Law on the Financial Stability Board, is completely or partially excluded from the coverage of the deposit facility. In the notification to the depositary, the credit institution shall examine any changes to the information provided under Article 18 of Chapter 5 of the Law on the Financial Stability Board. (19/04/2013)

The credit institution shall, in the cases referred to in paragraph 3, draw up a deposit guarantee ( Deposit guarantee guarantee ), which sets out the arrangements for the coverage of the deposit facility before and after the measure, as well as any differences in coverage coverage. The credit institution shall request the opinion of the fsa on the deposit guarantee report. The request for opinions shall be accompanied by explanatory notes to the financial audit. The deposit guarantee statement and a copy of the financial audit opinion shall be attached to the notification to the depositary. (13.08.2004)

§ 6a (21.7.2006/642)

Where a credit institution is incorporated in another country or a credit institution receiving a merger is registered in another country and after the procedure the deposit is wholly or partly excluded from the coverage, the depositor shall have the right to: The deposit shall also be made in such a way as to ensure that the credit institution is immediately required to pay the deposit or provide security for its payment. The denunciation shall be made in writing and at the latest on the date specified in the alert issued to the creditors of the credit institution in accordance with Chapter 16, Section 6 of the Companies Act. The notification referred to in Article 6 shall mention the depositor's right to terminate his deposit in accordance with this Article. The credit institution shall notify the financial audit without delay after the expiry of the period specified in this Article.

§ 7 (9.2.2008)

A credit institution to be set up in a combination of a credit institution shall be required to apply for a credit institution. A combination may not be registered unless it is registered at the same time.

Chapter 3

Distribution and reduced equity capital

§ 8 (21.7.2006/642)

§ 8 has been repealed by L 21.7.2006/642 .

§ 9

For the purposes of the distribution plan and the implementation of the distribution, the distribution plan and the implementation permit and the certificate shall apply mutatis mutandis as provided for in Articles 4, 5, 5a, 5b, 6 and 6a. Article 5 (3) does not, however, apply to the total distribution within the meaning of Article 2 (1) (1) of Chapter 17 of the Law on Shares Companies if the distribution is to be established by companies which are exclusively credit institutions. (28.12.2007)

2. Has been repealed by L 21.7.2006/642 .

The credit institution to be set up shall, mutatis mutandis, be subject to the provisions of Article 7.

Article 16 (6) of Chapter 17 of the Companies Act, which provides for the debts of a distribution company, does not apply to any part of the debt or liability which may be substituted for the deposit protection fund referred to in Chapter 5 of the Law on Financial Stability, or Investment services (747/2012) Within the meaning of Article (19/04/2013)

ARTICLE 10 (88/2014/2013)

The provisions of Chapter 14, Sections 2 to 5 of Chapter 14 and Articles 6, 7 and 15 of Chapter 17 of the Companies Act shall be governed by the provisions of this Chapter for the purposes of which the credit institution has provided the guarantee or any other comparable undertaking or to which: A derivative contract with a credit institution may lead to a monetary claim if a commitment is transferred to a credit institution other than that referred to in Article 7 (1) of Chapter 1 of the Act on the operation of a credit institution.

ARTICLE 11 (21.7.2006/642)

In the case of a reduction in the share capital of the credit institution, the overresources fund or the reserve fund or the allocation of free equity in such a way that the creditors have the right to object to the reduction or distribution, in accordance with Chapter 14, Chapter 14, of the Shareholders Act, the depositors shall not apply, Which Article 14 (2) to (5) of the Companies Act provides for creditors.

Chapter 4

Delivering business

ARTICLE 12

Credit institution ( The credit institution giving up ) May dispose of its assets and liabilities to one or more credit institutions or other undertakings ( Receiving company ) As provided for in this Chapter.

The transfer of a business may be carried out, even if the credit institution that is abandoned has been liquidised, unless the assets of the credit institution have been undertaken to share with the shareholders.

ARTICLE 13

The government of the donor credit institution shall draw up an extradition plan, which shall apply mutatis mutandis to Section 3 of Chapter 17 of the Shared Companies Act. The surrender plan shall also be subject to the provisions of Article 4 above. (21.7.2006/642)

In addition, the implementation of the transfer of business shall apply mutatis mutandis to the implementation of Chapter 3. However, the procedure for consulting the creditors referred to in this paragraph shall apply only to the debts to be disclosed.

The transfer of business shall apply mutatis mutandis as provided for in Article 16 (6) of Chapter 17 of the Companies Act and Article 9 (4) above. (21.7.2006/642)

The assets, liabilities, reserves and commitments of the donor credit institution shall be transferred to the recipient undertaking as provided for in the delivery plan once the transfer is registered.

Chapter 5

Voluntary withdrawal of authorisation

ARTICLE 14 (14.12.2012/760)

The financial supervision may, in accordance with this Chapter, withdraw its authorisation from the credit institution without the credit institution being liquidised.

The application shall be accompanied by:

(1) a copy of the decision of the credit institution's general meeting in which the credit institution has decided to waive the authorisation;

(2) a statement that the credit institution no longer has deposits and is no longer engaged in any other business activity, as provided for in the law on credit institutions or in the investment facility;

(3) the auditor's opinion on the report referred to in paragraph 2;

(4) the authorisation of the registration authority to give up authorisation.

§ 15 (21.7.2006/642)

The decision to waive the credit institution's authorisation shall be taken by a qualified majority in accordance with Section 27 of Chapter 5 of the Companies Act.

ARTICLE 16 (21.7.2006/642)

Licensing shall be subject to the authorisation of the registry authority. The authorisation procedure shall apply mutatis mutandis to the provisions of Articles 2 to 5 of Chapter 14 of the Companies Act and Article 10 of this Act. A recognition of a credit institution's distribution or transfer of business to the creditors may be granted together with an alert for the waiver of the authorisation, provided that they are applied at the same time.

§ 17 (27.6.2003/589)

The financial audit shall indicate the decision to register as referred to in Article 14. The withdrawal of the authorisation shall take effect once the decision is registered.

Chapter 6

Clearing and bankruptcy

Clearing space provisions (17,05/08/408)
ARTICLE 18

The credit institution's liquidation shall be subject to the provisions of the Companies Act, unless otherwise provided for in this Act.

By the deadline referred to in Section 5 of Chapter 20 of the Companies Act, the Authority and the Court of Justice shall request the opinion of the financial audit on the removal or liquidation of the Register. (21.7.2006/642)

The credit institution shall not be subject to the trade register law (129/1979) Article 24 Provides. (21.7.2006/642)

Article 18a (21.7.2006/642)

The credit institution shall inform the financial audit before the credit institution is liquidised by a decision of the general meeting. As regards the decision of the general meeting, the unanimous decision of the shareholders referred to in Article 1 (2) of Chapter 5 of the Companies Act shall apply mutatis mutandis.

§ 19 (27.6.2003/589)

Subject to the provisions of Chapter 5, the financial audit shall, at the same time, terminate the credit institution's credit institution in order to withdraw its authorisation. The liquidation shall begin when the decision to review the authorisation and the liquidation of the authorisation has been taken.

§ 20

When the financial audit takes place, the decision to set up a credit institution shall at the same time be selected by one or more liquidator. By the way, the clearing members are subject to the provisions of Article 9 (1) and (3) of Chapter 20 of the Companies Act. The provision referred to in Article 9 (3) of Chapter 20 of the Law Company Law may also apply to the financial audit in addition to what is provided for in that paragraph. (21.7.2006/642)

The clearing members shall notify the Deposit Guarantee Fund, the guarantee fund and the investor compensation fund as referred to in Section 20 of Chapter 20 of the Companies Act, if the credit institution is a member of the Fund and, where the notification is based on non-Article 19 , the financial audit. (21.7.2006/642)

The clearing members shall, without delay, after the financial audit has taken a decision to withdraw the authorisation, convene a general meeting of the credit institution to decide on the measures to be taken by a credit institution to another credit institution, or The correction of the authorisation conditions in any other way or of the winding-up of the credit institution. (27.6.2003/589)

Clearers shall apply to the Financial Supervisory Board to withdraw the authorisation without delay after the conditions for authorisation no longer exist or the continuation of the investigation is no longer subject to authorisation. (27.6.2003/589)

Clearers shall notify the final statement and the notification referred to in Article 17 (1) of Chapter 20 of the Companies Act to the Financial Supervisory Authority. (21.7.2006/642)

§ 20a (17,05/08/408)

The registry authority, the Financial Supervisory Authority and the Court of Justice shall, when selecting the liquidator, give him a certificate of his choice. An extract or a copy of the minutes of the general meeting shall be proof that the General Meeting has selected the liquidator.

Article 20b (17,05/08/408)

When a credit institution's liquidation is provided to the creditors in accordance with Article 14 of Chapter 20 of the Companies Act and the Law on the Public Challenge (729/2003) In accordance with paragraph 3, the notification shall also include: (21.7.2006/642)

(1) Article 24 (2) provides for the lodging of a depositor with the bank; and

(2) whether the creditor must be informed of the claim or obtained by the creditor.

The notification shall be made at least in Finnish and Swedish. The notification shall include all countries belonging to the European Economic Area ( EEA State ) In the official languages, the title 'Call for notification or submission of comments; deadlines to be followed'.

Concourse provisions (17,05/08/408)
ARTICLE 21 (19/04/2013)

A credit institution may be subject to the bankruptcy of a credit institution or its creditor, in accordance with the bankruptcy law (2003) And hereinafter referred to in this Chapter.

By way of derogation from the law on the order of creditors of the creditors (1578/1992) , the bankruptcy of the credit institution:

(1) natural and non-audit law (459/2007) The eligible deposits of legal persons crossing the threshold referred to in paragraph 2 shall have priority in relation to unsecured and unsecured debts and the liabilities referred to in paragraph 3 of this paragraph;

(2) for the purposes of paragraph 1, in the case of a part of the deposit which is replaced by the provisions of Chapter 5 of Chapter 5 of the Financial Stability Authority Act, priority shall be given to the part of the deposit which is excluded from the protection;

(3) the law on the resolution of credit institutions and investment firms (1194/2014) § 2 of Chapter 7 The compensation referred to in paragraph 3 shall take precedence over unsecured and unsubordinated debts.

The provisions of this Article shall also apply to the recovery of the Financial Stability Agency referred to in Article 15 of Chapter 5 of the Law on Financial Stability Board.

Auditing 259/2007 Has been repealed by L 1141/2015 , valid from 1 January 2016, see Auditing 1141/2015, Chapter 2, Section 5 2 k

§ 22

In the case of a creditor applying for a credit institution, the court of law shall immediately inform the Financial Supervisory Authority of the application. The court or tribunal shall postpone the proceedings for a period of up to one month, if the financial audit presents a request to that effect within one week of receipt of the notification referred to in this paragraph. (27.6.2003/589)

A debt which is obtained exclusively from the Deposit Guarantee Fund to be fully reimbursed, cannot claim a commercial bank on the basis of such an asset.

§ 22a (17,05/08/408)

In addition to what is otherwise provided for in the notice on the supervision of claims to creditors of a credit institution:

(1) what Article 23 provides for the obligation to control the depositor and what Article 24 (2) provides for a depositor's reporting to the bank; and

(2) whether the creditor must be informed of the claim or obtained by the creditor.

A notification to the creditors of a credit institution concerning the supervision of claims or submission of comments shall be made at least in Finnish and Swedish. The notification shall include, in all the official languages of the EEA States, the title 'Call for notification of the claim; deadlines to be followed' or, respectively, 'Call for comments; deadlines to be followed'.

ARTICLE 23 (88/2014/2013)

Subject to Article 24 (2), where the property of the commercial bank has been declared bankrupt, the depositary shall not be required to declare or supervise its receivable on the deposit account. What this Article provides for a depositor does not apply to the Deposit Guarantee Fund, to which the depositary's rights have been transferred pursuant to Article 8 (7) of the Law on the operation of the credit institution.

Common provisions on liquidation and bankruptcy (17,05/08/408)
§ 23a (17,05/08/408)

The liquidation of a credit institution shall be competent to decide the shareholders' meeting of the credit institution, the registration authority, the financial audit and the Finnish court as provided for in this Act and the Law on Sharing Companies. The bankruptcy of a credit institution is competent to decide the Finnish court as expressly provided for. The above procedure shall also include branches of the credit institution located in other EEA States.

§ 23b (19/122008/881)

A credit institution which has a branch in another EEA State, a liquidator and a liquidator in bankruptcy, shall publish in the Official Journal of the European Union a decision on liquidation or bankruptcy In the newspaper and each of the two national daily newspapers of the EEA State referred to in this article. The sample shall be published at least in Finnish and Swedish.

§ 23c (17,05/08/408)

In the event of a liquidation or bankruptcy, the administrator shall request that the opening of the liquidation or bankruptcy proceedings be entered in another EEA property register, trade register or other public register, if: The registration of the register shall be carried out under the law of that State for the initiation of liquidation or bankruptcy proceedings.

Article 23d (17,05/08/408)

Any creditor residing, having its registered office or registered office in another EEA State may indicate or supervise its claims or submit observations in the official language of the other State. However, in the event of a notification, monitoring or claims related to the claim, the title 'Reporting or monitoring' or 'presentation of the comments accompanying the heading' shall, however, be either Finnish Or Swedish.

In the liquidation and bankruptcy of a credit institution, the public authority of another EEA State shall be treated as a creditor within the meaning of paragraph 1.

Article 23e (17,05/08/408)

The liquidator and the estate manager shall regularly inform the creditors of the progress of the liquidation and bankruptcy proceedings.

§ 24

The creditor of a credit institution shall, subject to the terms of the contract, also be required to receive payment of the outstanding debt after the credit institution has been liquidised or declared bankrupt. In this case, they are entitled to compensation for the damage caused by the difference between the agreed rate and the lower market rate. The provisions of this paragraph shall not apply to the collateralised bonds referred to in Article 2 of the mortgage bank Act.

When a commercial bank has been liquidated or declared bankrupt, the bank must invite depositors who have not been using a bank account for up to ten years before the liquidation or bankruptcy, two years of Of the issuing of an alert to the bank, at the risk of losing his or her speech to the credit institution. The request shall also be sent to the depositors referred to above by letter at the known address of the Bank. The provisions of Article 20b (2) and Article 22a (2) shall apply accordingly. (17,05/08/408)

Provisions of the applicable law in the European Economic Area (17,05/08/408)
§ 24a (17,05/08/408)

The liquidation and bankruptcy of a credit institution and the legal effects of the procedure shall be governed by Finnish law, unless otherwise provided for in this Chapter.

§ 24b (17,05/08/408)

Legal effects on employment contracts and employment relationships are governed solely by the law of the EEA State which applies to the contract or employment relationship in question.

Article 24c (17,05/08/408)

The legal effects on the use or disposal of immovable property shall be governed solely by the law of the EEA State in whose territory the fixed assets are situated.

Article 24d (17,05/08/408)

Legal effects on the rights of a credit institution relating to immovable property, vessel or aircraft and entered in a public register shall be governed by the law of the EEA State in which the register is kept.

Article 24e (17,05/08/408)

Rights to securities and derivative contracts whose birth or transfer is to be recorded in an account, a register or a central storage system, are determined by the law of the EEA State in which the register or account is Is kept or where the storage system is located.

Article 24f (19/04/2013)

The legal effects of the netting agreements shall be governed solely by the law applicable to those contracts, subject to Articles 7 to 11 of Chapter 12 of the law on the resolution of credit institutions and investment firms.

The legal effects of repurchase agreements shall be governed solely by the law applicable to those contracts, unless the provisions of the law on the resolution of credit institutions and investment firms referred to in paragraph 1, or Subject to Article 24e.

Article 24g (17,05/08/408)

The legal effects of the liquidation or bankruptcy proceedings on transactions carried out on a regulated market shall be governed solely by the law applicable to transactions carried out on that market, subject to Article 24e.

Article 24h (17,05/08/408)

The beginning of a liquidation or bankruptcy shall not affect the right of the creditor or of the secondary object which, at the start of the procedure, affects the assets of the credit institution in another EEA State. The same shall apply to rights deriving from the retention of title if the assets at the start of the measure or proceedings are located in another EEA State other than Finland.

The beginning of a liquidation or bankruptcy shall not prevent the creditor from using his credit to the credit institution's debt if such a settlement is permitted under the law applicable to the credit institution's claim.

Paragraphs 1 and 2 shall not preclude the appeal to the invalidity or invalidity of a legal action or the introduction of a legal act under Finnish law.

Article 24i (17,05/08/408)

Where a credit institution, after the commencement of liquidation or bankruptcy, takes a legal action relating to immovable property, a public register of a significant ship or aircraft, or a securities or derivative contract to which Where the rights are entered in a register or an account or placed in a central storage system, the validity of such a legal action shall be determined by the law of the EEA State in whose territory the immovable property is situated or where the register, account or The system is kept.

Article 24j (17,05/08/408)

The provisions of Article 24a or Article 24h (3) shall not apply to the invalidity or invalidity of a legal act or to the recovery of a legal act if the person who has benefited from the injurious effect of the creditors shows that the legal action is applicable to: The law of the rest of the EEA State other than the Finnish law and that, under this Act, a legal action cannot be challenged in that case.

Article 24k (17,05/08/408)

If, at the start of the liquidation or bankruptcy proceedings, a trial involving the property or right of a credit institution governed by the procedure is pending, the legal effects of the trial shall be governed solely by the law of the EEA State where: The trial is pending.

Chapter 7

Obligation to pay damages

ARTICLE 25 (21.7.2006/642)

The credit institution's shareholder, Board of Directors and a member of the Board of Directors and the Executive Director for damages, based on infringements of this law, are laid down in the Act on the operation of credit institutions. For the purpose of bringing an action for damages on the basis of the liability referred to above, the account of the credit institution is valid, as provided for in Articles 6 to 8 of Chapter 22 of the Companies Act. The statutory auditor's liability is laid down in the Audit Act (17/01/2015) . (18/09/1231)

L to 1231/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:

The credit institution's shareholder, Board of Directors and a member of the Board of Directors and the Executive Director for damages, based on infringements of this law, are laid down in the Act on the operation of credit institutions. For the purpose of bringing an action for damages on the basis of the liability referred to above, the account of the credit institution is valid, as provided for in Articles 6 to 8 of Chapter 22 of the Companies Act. The statutory auditor's liability is laid down in the Audit Act (186/1994) .

Without prejudice to Articles 6 and 7 of Chapter 22 of the Shareholders Act, the financial supervision shall be without prejudice to the right if it considers that the interests of depositors require it to bring an action for damages in respect of a person referred to in Article 1 of Chapter 21 of the Law on the activity of credit institutions, or Against the community. (88/2014/2013)

Chapter 8

Entry and transitional provisions

§ 26

This Act shall enter into force on 1 January 2002 and repeal the Commercial Banking Act of 28 December 1990. (1269/1990) With its subsequent modifications.

§ 27

The provisions of this law are in place instead of an order contrary to this Act. The amendment of the anti-law statutes must be notified to be registered at the same time as other changes in the statutes are reported to be registered, and no later than three years after the entry into force of the law.

Where an authorisation for a reduction, merger or division of shares has been applied to the Ministry of Finance before the entry into force of this Act, the provisions of the Commercial Bank Act in force at the time of entry into force of this Act shall apply.

Article 24 (1) shall not apply to debts incurred prior to the entry into force of the law.

THEY 180/2001 , TaVM 20/2001, EV 203/2001

Entry into force and application of amending acts:

27.6.2003/589:

This Act shall enter into force on 1 July 2003.

THEY 175/2002 , N ° 27/2002, EV 277/2002

19.5.2004:

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

30.07.2004:

This Act shall enter into force on 5 August 2004.

THEY 69/2004 , TaVM 12/2004, EV 103/2004, European Parliament and Council Directive 2002/87/EC (32002L0087); OJ L 035, 11.2.2003, p. 1-27

13 AUGUST 2004:

This Act shall enter into force on 8 October 2004.

THEY 55/2004 , TaVM 13/2004, EV 107/2004 Council Regulation (EC) No 2157/2001 (32001R2157); OJ L 294, 8.10.2001, p. 1

21.7.2006/642:

This Act shall enter into force on 1 September 2006.

The merger or division shall be subject to the provisions in force at the time of entry into force of this Act if the merger or division plan is declared to be registered before the entry into force of this Act.

The provisions in force at the time of entry into force of this Act, where a decision on the measure in question has been adopted before the date of application of this law, shall apply to the reduction of the tied capital, the transfer of business, the renunciation of the authorisation and the liquidation of the Entry into force.

Compensation for damages based on acts or omissions before the entry into force of this Act shall apply from the date of entry into force of this Act.

THEY 109/2005 , TaVM (EV).

9.2.2007/12:

This Act shall enter into force on 15 February 2007.

THEY 21/2006 , TaVM 25/2006 EV 252/2006

28.12.2007/1421:

This Act shall enter into force on 31 December 2007.

THEY 103/2007 , EV 115/2007, Directive 2005 /56/EC of the European Parliament and of the Council, OJ L 310, 12.7.2005, p. 1 TO 9

19.12.2008/881:

This Act shall enter into force on 1 January 2009.

THEY 66/2008 , TaVM 20/2008, EV 109/2008

14.12.2012/760:

This Act shall enter into force on 1 January 2013.

THEY 32/2012 , TaVM 11/2012, EV 117/2012

8.8.2014/613:

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

19.12.2014/1204:

This Act shall enter into force on 1 January 2015.

THEY 175/2014 , TaVM 20/2014, EV 191/2014, Directive 2014 /49/EU of the European Parliament and of the Council (32014L0049); OJ L 173, 12.6.2014, p. Directive 2014 /59/EU of the European Parliament and of the Council (32014L0059); OJ L 173, 12.6.2014, p. 190

18.09.2015/1231:

This Act shall enter into force on 1 January 2016.

THEY 254/2014 , TaVM 34/2014, EV 371/2014