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In accordance with the decision of the Parliament:
The objective of the financial supervision shall be to ensure the stability of the credit, insurance and pension institutions and other institutions for the supervision of financial markets, to safeguard the interests of the insured and to maintain general confidence in the financial markets Activities.
Financial supervision works in connection with the Bank of Finland. It is a matter for the Ministry of Finance to deal with it in the State Council.
Financial supervision is governed by this law in addition to the law of the Bank of Finland (1998) , Finnish law on officials of Suomen Pankki (18/06/1998) And other provisions relating to the Bank of Finland, unless otherwise provided for in this Act.
In addition to this law, the coverage of financial supervision costs is governed by the Law on the supervision of the financial supervision (179/2008) .
The role of financial supervision is to monitor the functioning of financial markets, as laid down in this law and elsewhere in law. Financial supervision will also promote good practice in the financial markets and the public's knowledge of the financial markets.
For the purpose of carrying out the tasks specified in the Act, financial supervision:
(1) issue operating licences in the financial markets, register and establish rules governing the functioning of the financial markets;
(2) ensure that the financial markets comply with the applicable financial market provisions, the provisions adopted pursuant to them, the terms and conditions of their authorisation and their activities;
(3) supervise compliance with the provisions and provisions on the issue and trading of financial instruments and on clearing and safekeeping;
(4) monitor compliance with international accounting standards as set out below;
(5) supervise the compliance of financial markets with the relevant provisions and provisions on the prevention and detection of money laundering and terrorist financing;
(6) adopt the provisions necessary for the application of the law as provided for by the law;
(7) control and supervise the functioning of the savings bank;
(7a) in conjunction with the Law on Financial Stability, (195/2014) With the Financial Stability Board, that the financial markets act in accordance with the law on the resolution of credit institutions and investment firms (19/04/2014) (hereinafter ' the Crisis resolution , regulations; (19/04/2013)
(7b) supervise auditors, as in the case of auditors (1141/2015) in Chapter 9, Article 2 Lays down; (18/05/1145)
L to 145/2015 The addition of paragraph 7b shall enter into force on 1 January 2016.
(8) carry out the other tasks assigned to it by law. (19/04/2013)
Financial supervision is also responsible for:
(1) monitor and evaluate the development of the financial markets and the other operating environment in the financial markets and other general framework conditions;
(2) take initiatives on the development of financial market legislation and other necessary measures and contribute to the preparation of legislation;
(3) monitoring and evaluating the availability and pricing of basic banking services;
(4) promote the reliability of the supervisory and control systems in their financial markets, the financial position of which is controlled by the financial supervision;
(5) to compile and periodically publish, in a comparable way, information on the financial position of the financial markets and, otherwise, to promote access to information on financial services and the functioning of financial markets;
(6) participate in domestic cooperation between authorities;
(7) to participate in the European Union's cooperation within the framework of the European System of Financial Supervisors, as referred to in Article 3 (a), and other international cooperation between public authorities; (4 MARCH 2012)
(8) contribute to the prevention of illegal exploitation of the financial system;
(9) to promote, in cooperation with the higher education institution, the scientific research and training of the financial sector; (30.12.2010/1360)
(10) monitoring the development of remuneration systems of credit institutions and investment firms and providing information to the European Banking Authority; (17/04/2013)
(11) conduct and participate in other governmental cooperation activities of the international community identification system; (08.08.2014/11)
(12) prepare, together with the Ministry of Finance and the Bank of Finland, the necessary measures to ensure the stability of the financial system as a whole and decide on such measures as provided for by the law. (08.08.2014/11)
Financial supervision shall carry out the tasks laid down in this and other law, unless the Council Regulation (EU) No entrusts the European Central Bank with specific tasks on the prudential supervision of credit institutions 1024/2013 ('the Yvm Regulation , that is all. (08.08.2014/11)
Financial supervision is part of the European Central Bank referred to in the yvm Regulation, hereinafter referred to as: EKP And a joint control mechanism consisting of national competent authorities.
Financial supervision is part of the European Supervisory Authority (European Banking Authority) and amending Decision No 716 /2009/EC and Regulation (EU) No 1093/2010, Regulation (EU) No 716 /2009/EC of the European Parliament and of the Council amending Decision No 716 /2009/EC and repealing Decision 2009 /77/EC 1095/2010 and the European Supervisory Authority ( Regulation (EU) No 1094/2010 of the European Parliament and of the Council amending Decision No 716 /2009/EC and amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /79/EC, hereinafter referred to as European financial supervision regulations , and Regulation (EU) No 1092/2010 of the European Parliament and of the Council on macro-prudential oversight of the financial system in the European Union and establishing a European Systemic Risk Board, hereinafter referred to as: European Systemic Risk Board Regulation , the purpose of which is to ensure the supervision of the financial system of the European Union.
In carrying out its tasks, the financial supervision shall also take into account the decisions, guidelines and recommendations of the ECB referred to in Article 3 (4), guidelines and recommendations referred to in Article 3 (4) and of the ECB Regulation The European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority referred to in the Regulations referred to in paragraph 2, hereinafter referred to as: The European Supervisory Authorities , decisions, guidelines and recommendations, recommendations of the European Systemic Risk Board and technical standards shall include the European Commission acts adopted by the Commission under the powers conferred on it by the European Financial Supervision Regulations.
Where it is not possible to comply with the guideline or recommendation referred to in paragraph 3, the financial supervision shall state the reasons for the derogation or the recommendation, and shall forward them to the relevant European Supervisory Authority or the European The Systemic Risk Board.
In the cases referred to in European Union acts on financial markets, financial supervision shall be subject to the yvm Regulation, the European Financial Supervision Regulations and the European Systemic Risk Board:
(1) cooperate with the Joint Committee of the ESAs, the European Supervisory Authorities and the European Supervisory Authorities (ESAs) and the European Systemic Risk Board;
(2) provide the ECB, the European Supervisory Authorities, the European Systemic Risk Board and the Joint Committee of the European Supervisory Authorities with the information necessary to carry out their tasks.
Financial supervision shall be carried out in accordance with Article 3 (2) (6) and, in so far as it relates to financial market regulation, in cooperation with the Ministry of Finance, the Ministry of Social Affairs and the Ministry of Health and other With the competent ministry.
Financial supervision shall inform the Ministry of Finance and the Ministry of Social Affairs and Health without delay:
(1) the preparation of an act pending in the ECB, if the act may have an impact on Finnish law;
(2) the preparation of a technical standard or instructions pending before the European Supervisory Authority, where a technical standard or guidance can have an impact on Finnish legislation, according to the assessment of the financial supervision;
(3) a pending case in the ECB, the European Supervisory Authority or the European Systemic Risk Board, if it can have an impact on the functioning or stability of the Finnish financial markets, according to the assessment of the financial supervision.
(08.08.2014/11)Financial supervision works in cooperation with the Financial Intelligence Agency, the police, the Grey Economic Clearance Unit, the Tax Administration and other relevant authorities in the prevention and combating of financial crime.
Where financial supervision in the performance of supervisory activities or other tasks laid down in the law identifies or suspects that financial services or the financial system is or is to be used for the purposes of financial crime, financial supervision shall: Without delay inform the relevant authority referred to in paragraph 1. In this case, account shall be taken of the provisions of Article 71 and the rest of the law on the disclosure of confidential information.
The decree of the Council of State may provide for more detailed provisions on the way in which the cooperation referred to in this Article is implemented.
Controlled, Community and institute referred to in paragraphs 2 to 4 of this Act.
Operating Officer of the Office Referred to in this Act:
1) the law on credit institutions (10/2014) And a branch of a third-country credit institution; (08.08.2014/11)
2) Insurance Companies Act (18/0/2008) The insurance company and the separate company; (20/03/2013)
L to 311/2015 Paragraph 2 shall enter into force on 1 January 2016. The previous wording reads:
2) Insurance Companies Act (18/0/2008) Of the insurance company;
3) the Law on Occupational Pension Insurance Companies; (354/1997) The occupational pension insurance company;
(4) investment fund countries (1999) And the depositary authorised under that law; (17/04/2013)
(5) investment services (18/07/2012) The investment firm and the third country investment firm's branch;
(6) trade in financial instruments (19/08/2012) Of the stock exchange;
(7) the Law on the cooperative system and the law on clearing and settlement (12/09/2012) , including a settlement fund set up by it;
(8) a securities depository within the meaning of the Act on the system of values and clearing and settlement, including the settlement fund set up by it;
(8a) the Finnish central counterparty as referred to in the Act on the system of values and clearing and settlement; (12/04/2013)
(9) by means of payment institutions (197/2010) The payment institution referred to; (12/04/2013)
(10) Law on foreign insurance companies; (398/1995) The third country insurance company's branch; (12/04/2013)
11) by Law of the Association of Deposit Banks (599/2010) , the central entity of the consortium; (17/04/2013)
(12) an alternative fund manager licensed as an alternative fund manager within the meaning of the law on alternative fund managers, and a depositary authorised under that law. (17/04/2013)
For the purposes of the provisions of Chapter 3 of this Act, the Office shall be treated in the same way as: (180/1987) , insurance fund, insurance fund (16/04/1992) For the insurance fund, the pension fund (1774/1995) A pension fund, a credit institution, an investment firm, an investment firm, an insurance company and an insurance company, and a law on the supervision of financial and insurance groups (699/2004) , as provided for in the said Chapter.
With other controllers Referred to in this Act:
(1) the holding entity of the credit institution, investment firm, the insurance company and the insurance company, as well as the holding of a group within the meaning of the Law on the supervision of financial and insurance groups;
(2) the holding community of the stock exchange, the csd and the clearing house;
(3) the guarantee fund referred to in Chapter 13 of the Law on credit institutions and the investor compensation fund for investment services; (19/04/2013)
(4) an insurance undertaking within the meaning of the insurance law;
(5) the pension fund referred to in the insurance fund, the sickness fund and other insurance funds;
(6) the pension fund referred to in the Pension Act;
(7) unemployment fund (603/1984) The unemployment fund and the support allowance for unemployment funds;
(8) The farmer in the Pensions Act (1280/2006) And the seamen's pension fund referred to in (1290/2006) Referred to in Article 7 (1) of the Directive;
(9) the Law on the financing of unemployment benefits; (185/1998) The unemployment insurance fund.
Financial supervision monitors the activities of foreign EEA-controlled branches in Finland and the activities of foreign EEA supplementary pension institutions in Finland and the provision of foreign controlled services in Finland, followed by a branch , as provided for in Chapters 5 and 6. (12/04/2013)
Financial supervision monitors the investment activities of the State Pension Fund and compliance with the provisions on insider and insider notification as in the State Pension Fund Act. (1297/2006) Provides for compliance with the provisions on the investment activities of the municipal pension institution and the internal register and the insider declaration, as is the case in the municipal pension fund (2003) As well as the Pension Fund of the central bank of Kirko, as is the case in the Church Law (1054/1993) Provides. (13/05/198)
In other financial markets Referred to in this Act:
(1) the regulated market and the mtf traded in Finland or the mtf are admitted to trading on a regulated market or mtf in Finland; The issuer and any other person liable to make public the securities (746/2012) Chapter 4, Article 1 Or which provides securities within the meaning of Article 4 of Chapter 1 of that Act;
(2) the accounting officer whose securities are traded within the meaning of paragraph 1 in the other EEA State other than Finland, or whose securities are subject to such trading;
(3) trading parties other than the investment service provider within the meaning of Article 2 (10) of the Law on trade in financial instruments;
(4) the clearing member referred to in Article 3 (6) of the Law on the Shares Cooperative and Settlement Systems;
(5) the accounting officer referred to in Article 3 (9) of Chapter 1 of the Law on Sharing and Settlement Systems;
(6) Article 3 of Chapter 12 of the Securities and Markets Act, Article 17 of Chapter 7 of the Investment Services Act, Article 41 of Chapter 2 of the Act on Trade in Financial Instruments, Article 26 of the Law on Sharing and Settlement of Financial Instruments, and Article 26 of the Investment Fund Act 99. § an insider, as referred to in Article 101 of the Investment Fund Act;
(7) the element of the voluntary takeover bid referred to in Article 19 of Chapter 11 of the Securities and Markets Act, the shareholder referred to in Article 19, the tenderer referred to in Article 27 and the person referred to in Article 5 of that agreement;
(8) which, pursuant to Article 5 of Chapter 9 of the Securities and Markets Act, is obliged to make the flag declaration referred to in that Article;
(9) the law on securities (750/2012) A resident entity within the meaning of paragraph 1 (2);
(10) Article 16 of Chapter 2 of Chapter 2 of the Law on the Law of Shares, Article 16 of the Act on Alternative Fund Managers, of Chapter 2 of the Law on Commerce and Settlement Systems of Chapter 2 of the Financial Instruments Act, Article 16 of the Law on AIFs, Article 42 of the Law on the operation of credit institutions, Article 14 of Chapter 7 of the Investment Services Act, Article 11 of the Law on the supervision of financial and insurance groups, or Chapter 4, Section 5 of the Insurance Companies Act, is required to submit a notification to the financial supervision The acquisition and disposal of shares or units; (17/04/2013)
(11) accident insurance (608/1948) The Association of Accident Insurance Institutions;
12) in the transport insurance law (279/1959) Referred to in the Law on the Motor Insurance Centre and the Law on Accidents (441/2002) The transport accident board referred to;
(13) in the case of patients (185/1986) The patient insurance centre and the patient-accident board;
14) In the Law on the Pension Protection Centre (197/2006) The Pension Security Centre;
(15) the Law on Environmental Insurance (1998) The Environmental Insurance Centre;
16) The Law on the Training Fund (1306/2002) , the Training Fund;
17) by law on insurance mediation (12/07/2005) , including the foreign insurance intermediary referred to in Article 2 (3) of that Law;
(18) in real estate funds (143/1997) The property fund referred to;
(19) credit rating agency referred to in Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies; (21.12.2012)
20), which is Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain issues relating to credit default swaps, hereinafter referred to as: Short selling regulation , pursuant to Article 5 (1), to make a declaration under Article 6 (1), to make public information, to make a declaration under Article 7 (1) or Article 8, the person liable to comply with 12, 13 or 14 , the person making an exception pursuant to Article 17 and the person liable to comply with Article 18 (1), Article 19 (2), Article 20 (2), Article 21 or 23 Or Article 28 (1) of the European Securities and Markets Authority The decision of the Court of (12/04/2013)
21) Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (hereinafter referred to as: The regulation on the market structure, The trade repository referred to in Article 2 (2), the financial counterparty referred to in paragraph 8, the non-financial counterparty referred to in paragraph 9 and the pension scheme referred to in paragraph 10; (12/04/2013)
(22) the obligation to comply with the greenhouse gas emission allowance auctioning pursuant to Directive 2003 /87/EC of the European Parliament and of the Council establishing a scheme for greenhouse gas emission allowance trading within the Community Commission Regulation (EU) No 1031/2010 on timing, administration and other aspects, hereinafter referred to as: The auction Regulation , Articles 38 to 42; (12/04/2013)
(23) the payment service provider referred to in Article 7 of the Payment Institutions Act and the electronic money institution referred to in Article 7a; (17/04/2013)
24), which, on the basis of Article 5 (1) and (2) of the Law on Alternative Fund Managers, has registered in the register of financial supervision; (17/04/2013)
25), which has received a waiver under Article 2 (3) of Chapter 10 of the Law on Alternative Fund Managers; (17/04/2013)
26), which in Finland grants international Community identifiers under the international community identification system; (13/05/198)
(27) the register holder referred to in Article 4f of the Law on the Pension Fund and Article 165 (c) of the municipal pension law. (13/05/198)
For the purposes of this law:
(1) EEA State A State belonging to the European Economic Area;
(2) Third country State other than the EEA State;
(3) The home country EEA State, which has granted authorisation to a foreign EEA controlled power; the home State also refers to the EEA State which granted authorisation to an undertaking providing or intending to provide financial or insurance services to Finland Without setting up a branch; (12/04/2013)
(4) The host State The EEA State, to which a credit institution, investment firm, management company, alternative fund manager or insurance company has established a branch; what is provided for by this law from the host State shall apply mutatis mutandis to the EEA State, to which The credit institution, investment firm, management company, alternative fund manager or insurance company provides or intends to provide services without setting up a branch; (17/04/2013)
(5) The foreign EEA Surveillance Authority A home and host supervisory authority for financial supervision;
(6) Third country supervisory authority The third country supervisory authority responsible for financial supervision;
(7) With foreign supervision An undertaking which is responsible for a credit institution referred to in the Law on the operation of the credit institution, an investment firm within the meaning of the investment facility, a management company within the meaning of the IF, the Law on Alternative Fund Managers, , an insurance company within the meaning of the insurance company law, a payment institution or a central counterparty within the meaning of the Law on Payment Institutions or the Law on settlement and clearing and settlement of: In Finland, a branch or which offers or intends to To provide services to Finland without creating a branch; (17/04/2013)
(8) Foreign EEA controlled Foreign control under the legislation of another EEA State;
(9) Third-country monitoring Foreign control under the law of the third country;
Paragraph 10 is repealed by L 12.4.2013/254 .
(11) Group supervision Consolidated supervision of credit institutions and investment firms, group supervision of insurance undertakings and supervision of financial and insurance groups; (20/03/2013)
L to 311/2015 Paragraph 11 shall enter into force on 1 January 2016. The previous wording reads:
(11) Group supervision Consolidated supervision of credit institutions and investment firms, supplementary supervision of insurance undertakings and supervision of financial and insurance groups;
(12) Group, Article 16 of Chapter 1 of the Law on credit institutions and Article 16 of Chapter 1 of the Investment Services Act, the insurance group referred to in Article 2 (2) of Chapter 26 of the Insurance Companies Act, and the financial and insurance groups The financial and insurance group referred to in Article 3 of the Law on supervision; (20/03/2013)
L to 311/2015 The amended paragraph 12 shall enter into force on 1 January 2016. The previous wording reads:
(12) Group, Article 16 of the Law on credit institutions and the consolidation group referred to in Article 16 of Chapter 1 of the Investment Services Act, the insurance group referred to in Article 1 (10) of Chapter 26 of the Insurance Companies Act and the supervision of financial and insurance groups; The financial and insurance group referred to in Article 3 of the Act;
(13) By a foreign EEA group A group of foreign business groups, corresponding to the grouping referred to in paragraph 12, whose group supervision is carried out by a foreign EEA Surveillance Authority, including at least one Finnish company;
(14) Branding The branch of the credit institution, investment firm, the management company, the hedge fund manager, the payment institution and the insurance company, and the Finnish branch of the foreign credit institution referred to in the Act on the activity of credit institutions, A branch of a foreign insurance company in Finland, within the meaning of the Act on Foreign Insurance Companies, a branch of a foreign investment firm in Finland, within the meaning of the Investment Service Act, A foreign EEA company in Finland The branch, the branch of the EEA alternative fund manager in Finland and the Law on the operation of a foreign payment institution in Finland; (298/2010) Of a foreign payment institution in Finland; (17/04/2013)
(15) A foreign branch A foreign-controlled branch in Finland;
16) On the foreign EEA branch The foreign branch of the foreign EEA in Finland;
(17) Rules The supervision of the statutes and the statutes and the cooperative credit institution, the payment institution, the savings bank, the mortgage association, the pension fund, the insurance fund, the unemployment fund, the Deposit Guarantee Fund, the Investor Compensation Fund, The rules of the stock exchange, the clearing house, the securities depository and the IF, as well as the rules on alternative fund managers, as provided for by the law on alternative fund managers, as well as other rules that the financial supervision or other authority In accordance with the financial market provisions The financial markets, or which are otherwise engaged in financial markets, are subject to compliance with the financial market provisions; (17/04/2013)
(18) On a regulated market and an mtf The regulated market and the mtf referred to in Article 2 (6) of the Act on trade in financial instruments;
19) Financial instrument The financial instrument referred to in Article 10 of Chapter 1 of the Investment Services Act.
The functioning of financial supervision is governed by the Executive Board.
The Banking Board, as referred to in Article 10 of the Law on the Bank of Finland, shall carry out financial supervision tasks in accordance with the provisions laid down in this Act.
The Board of Governors shall be responsible for:
(1) supervise the overall effectiveness and efficiency of financial supervision activities;
(2) appoint the members and alternates of the Executive Board and appoint one of the members as President and one of the members as Vice-Chairperson;
(3) deciding on the appointment of a member of the Executive Board and an alternate member for a limited period of time;
(4) appoint and dismiss the Director on a proposal from the Management Board and appoint a Deputy Director;
(5) decide on the reasons for the appointment of the Director, the grounds for freedom of office and the annual leave, as well as the other conditions for this relationship;
(6) deciding whether to issue a warning to the Director and to suspend the Director for a limited period of time;
(7) adopt the Rules of Procedure of the Management Board on a proposal from the Executive Board;
(8) monitor compliance with the reporting requirements laid down in Article 16;
(9) decide on the fees payable to the members of the Executive Board.
The Financial Supervisory Board shall consist of five members.
One member shall be appointed on the basis of a proposal from the Ministry of Finance, one on the basis of a proposal from the Ministry of Social Affairs and Health and one of the Bank's proposals. The members appointed on a proposal from the Ministry of Finance, the Ministry of Social Affairs and Health and the Bank of Finland shall be elected in the same order for each alternate. The Executive Board shall also be elected by two other members. A member of the Executive Board and an alternate shall have a good understanding of the functioning of the financial markets.
A member and an alternate member of the Executive Board shall not be members of the Government, represented, hosts or auditors referred to in Article 4 (6) and shall not be employed by the Executive Board. The members and alternate members of the Executive Board shall be subject to the aesthetic requirements of the Administrative Act (2003) Provides.
The Board's term of office shall be three years.
The Executive Board shall be quorum in the presence of three members or alternates. One must be President or Vice-Chairperson. Cases shall be settled by simple majority. In the event of a tie, the vote of the President of the Assembly or the matter referred to in Article 10 (1) (5) shall be settled by the vote.
If a member of the Executive Board or a substitute member is charged with a criminal offence or under investigation, he or she may be ordered to be arrested or suspended for a period of time and for the loss of his fee.
The Executive Board shall have the following tasks concerning financial market surveillance:
(1) set specific targets for the functioning of financial supervision and decide on its policies and direct and control the achievement of these objectives and compliance with policies;
(2) adopt the provisions of the law and the instructions which it has not delegated to the Director for approval;
(3) decide on the principles of financial supervision in international cooperation;
(4) provide for the development of cooperation between supervisors in financial markets;
(4a) the development of cooperation between the authorities referred to in Article 3c; (14.12.2012/752)
(5) condemn the periodic penalty payment imposed by the financial supervision and decide on the other administrative penalties provided for in Chapter 4; (08.08.2014/11)
(6) adopt a decision on the establishment, amendment or retention of the supplementary capital requirement referred to in Sections 4, 7 and 8 of Chapter 10 of the Law on the operation of the credit institution or in accordance with Article 11 (5) of that Law; Regulation (EU) No 575/2013 of the European Parliament and of the Council on the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012, hereinafter referred to as: EU Capital Requirements Regulation The setting of capital requirements for loans to mortgage-backed loans referred to in Articles 124 and 164 above the minimum amount of the Regulation, or amending the earlier decision or Article 458 of that Regulation, Application. (08.08.2014/11)
The Executive Board shall have the following tasks concerning the Management of Financial Supervision:
(1) decide on the supervisory fees and charges for financial supervision and deal with the plan referred to in Article 70;
(2) approve the control agreements referred to in Article 67 and the compensation to be paid or paid to the foreign EEA supervisory authority from a foreign EEA supervisory authority, in so far as financial supervision by such agreements takes over; or Surrender tasks that are not based on the cooperation obligations required by European Union law;
(3) examine the annual budget for financial supervision and subject it to the Board of Governors of the Bank of Finland;
(4) submits to the Banking Council the Rules of Procedure of the Financial Supervisory Authority;
5) approve the principles of competition for the services needed for financial supervision;
(6) to propose to the Board of Governors a presentation of the appointment and dismissal of the Director, the appointment of the deputy director and the suspension of the Director's duties;
(7) appoint and dismiss the Director, with the exception of senior officials of the financial supervision;
(8) decide on the suspension of the official act and the issuing of a warning;
(9) settle matters relating to the internal management of financial supervision which are laid down in the Rules of Procedure to be settled;
(10) submit an annual report on the activities of the Financial Supervisory Authority to the Banking Board;
(11) provide, where appropriate, at least once a year, a report to the Board of Governors on the objectives and the implementation of the financial supervision activities, including an assessment of the expected changes in control, their impact; The collection of supervisory fees and the measures required for the expected changes;
(12) to consult, on an annual basis, representatives of financial markets and representatives of other users of consumers and financial services on the objectives and implementation of the supervision, as well as the budget referred to in paragraph 3 and 11 The assessment referred to in paragraph 2. (4 MARCH 2012)
In addition to the provisions of paragraphs 1 and 2, the Executive Board shall decide on the broad and principled matters which the Director shall refer to it. The right of the Executive Board to decide on a matter to be decided by the Director shall be governed by Article 13.
The decision-making powers under paragraph 1 (2) may be delegated by the Rules of Procedure to the Director in matters of minor importance.
The reports referred to in paragraph 2 (10) and (11) shall also cover the functioning of financial supervision as part of the European System of Financial Supervision. (4 MARCH 2012)
The head of financial supervision is the manager. The Director's term of office shall be five years.
As a condition of eligibility for the post of Director, a senior higher education qualification, good familiarity with the financial markets and practical managerial skills.
In the event of a vacancy, the Director shall be replaced by a financial supervision officer appointed by the Board of Governors for this purpose.
If the Director is charged with a criminal offence or under investigation, he or she may be subject to a charge or investigation for the duration of the investigation and for the loss of his fee.
In the performance of the Director's independence, the functions of the Supervisory Board of the European Supervisory Authority or of a member of the Executive Board shall be laid down in the European Financial Supervision Regulations. (4 MARCH 2012)
The Director shall be responsible for:
(1) lead to the functioning of financial supervision and to make non-executive financial supervision decisions;
(2) be responsible for ensuring that the tasks of the Financial Supervisory Authority are conducted in an efficient and appropriate manner and in accordance with the instructions given by the Executive Board;
(3) responsible for the proper preparation of the matters dealt with by the Executive Board;
(4) keeping the Executive Board informed, through the activities of the Financial Supervisory Authority, the European Supervisory Authorities and the European Systemic Risk Board, on issues and initiatives affecting financial market developments and financial legislation; And to respond to other reports to the Executive Board; (4 MARCH 2012)
(5) appoint and dismiss non-senior Financial Supervisory officials;
(6) deciding on the suspension of the official act of the official appointed and issuing a warning.
The decisions to be taken by the Director shall be communicated to the Management Board prior to their conclusion, if they concern:
(1) the authorisation of the authorisation, the withdrawal of authorisation, the limitation of the operation of the authorisation, the suspension of a foreign EEA branch, or any limitation of its activities, or, where such termination is a matter for the other authority, A proposal for the withdrawal or restriction of operations; (24.6.2010/604)
(2) the establishment of controlled rules, where the case is of general scope or of fundamental importance;
(3) compliance with the obligation to take measures to withdraw or withdraw the measure or proceedings it has taken or to establish an adjustment;
4) limiting the distribution of funds to be monitored;
(5) the imposition of an additional capital requirement on the supervision;
(6) temporary limitation of the activities of controlled management; or
(7) public disclosure of important contributions to the general development of financial markets.
The Executive Board may, at the request of a member, take the matter referred to in paragraph 1. Such a case may be addressed by the Management Board if it can significantly affect the stability of financial markets or, otherwise, significant developments in financial markets, or cause significant disruption to the functioning of the financial system. Notwithstanding the provisions of paragraph 1 or of this paragraph, the Director may decide if a decision is to be taken as a matter of urgency. The Director's decision shall then be brought to the attention of the Management Board. (17/04/2013)
More detailed provisions may be laid down in the Rules of Procedure. Article 12 of the Rules of Procedure of the Director may also be conferred on the other official of financial supervision by the Rules of Procedure.
Financial supervision of officials, posts and positions of office shall apply mutatis mutandis, as provided for by the law of the Bank of Finland.
The official of financial supervision shall be independent of supervision, external supervision and other financial markets, and shall not be subject to supervision, external supervision and other financial markets The Management Board, the Government, the Representatives, the hosts or the auditors, and not in the service of controlled, foreign controlled or other financial markets. Article 4 (6) shall also apply to the pension institution referred to in Article 4 (6).
The accessibility of the persons referred to in paragraph 1 shall be governed by the administrative law.
The independence of a financial supervisory officer in the performance of his duties as a member of the Board of Supervisors of the European Systemic Risk Board or other tasks related to that Committee shall be laid down in the European Systemic Risk Board Regulation. (4 MARCH 2012)
Before appointment, a member of the Executive Board, a member of the Executive Board, and an official appointed by a decision of the Executive Board, shall report on the appointment of:
(1) business activities;
(2) ownership of companies and significant other assets;
(3) its debts, guarantees and other contingent liabilities;
4) the side activities referred to in Article 14 of the Act on Civil Service of Suomen Pankki;
(5) other interests which may be relevant for the assessment of his/her conditions to perform the functions of the post.
The provisions of paragraph 1 shall also apply to the appointment of a post of office which, in the event of non-adventitious access to the financial market, or the economic status or business secrecy of private entities or persons, shall be assigned to the post Shall be kept confidential. The Board of Governors shall determine, on a proposal from the Executive Board, which posts are available here.
The clearing obligation referred to in paragraph 1 shall also apply to a person appointed for a post office relationship with the functions of the post referred to in paragraphs 1 or 2.
The official shall, without delay, report any material changes in the information contained in the report, remedy the deficiencies identified therein and, if necessary, complete the report it has given. If necessary, he shall also provide information on the matters referred to in paragraph 1, at the request of the financial supervision. The Board of Governors shall lay down the provisions on how to provide a report.
A member and an alternate member of the Financial Supervisory Board and an official of the Financial Supervisory Authority shall inform the Executive Board of the financial supervision of the credit or supervision or supervision of the credit or foreign Under the supervision of a guarantee or other liability.
A member, an alternate member and an official of the Financial Supervisory Board shall communicate to the regulated market or the mtf the subject of shares in Finland and financial instruments whose value Is determined on the basis of the shares in question, as provided for in Article 16a, to the list of the Financial Supervisory Board. (14.12.2012/752)
The information contained in the report on the matters referred to in paragraph 1 (1) to (3) is confidential. However, everyone has the right to receive information from the list referred to in paragraph 6.
The member and alternate member of the Financial Supervisory Board, as well as the Financial Supervisory Authority, shall report within one month from the date on which he took up his duties.
The inner circle declaration shall state:
(1) the undertaker who is subject to the obligation to notify;
(2) an entity or a foundation in which the reporting obligation or the disabled person referred to in paragraph 1 are directly or indirectly controlled;
(3) owned by the Community or the Foundation referred to in paragraph 1 and owned by the entity or by the Foundation referred to in paragraph 2 and owned by a regulated market or a multilateral trading system traded in Finland, and Financial instruments whose value is determined on the basis of those shares.
The inside declaration shall include the information necessary for the identification of the person, entity or foundation concerned, as well as information on shares and other financial instruments.
The information referred to in paragraph 2 (2) and (3) shall not be notified to the extent that they concern the housing limited company, the Housing Limited Company Act, (1599/2009) in Chapter 28, Article 2 Or a non-profit-making association or a non-profit-making entity. However, where a financial instrument is regularly traded by the Community, the relevant information shall be provided.
The reporting obligation shall inform the Financial Supervisory Committee within fourteen days of the following changes:
(1) the acquisition and disposal of shares and financial instruments referred to in paragraph 2 (3) where the change of ownership is at least eur 5 000;
(2) other changes in the information referred to in this Article.
More detailed provisions shall be laid down in the Rules of Procedure concerning the handling, decision-making and the duties of officials and the other internal management of financial supervision
Without undue delay, without undue delay, without undue delay, without undue delay, the supervisory and other financial markets shall submit to the Financial Supervisory Authority the information and explanations necessary for financial supervision as provided for by law Management. A similar obligation is the one with the accounting law (1136/1997) in Chapter 1, Article 5 Controlled by a controlled or other financial market or which is controlled or controlled by other financial markets.
Financial supervision may provide rules for the supervision of the financial position, owners, internal control and risk management, members of the administrative and supervisory bodies and staff, as well as Article 3 (3), 3 to 5 For the purpose of carrying out the tasks referred to in paragraph 1, the provision of the information necessary for the supervision of financial supervision.
The right of financial supervision to obtain information in order to impose a supervisory fee is governed by the Law on the supervision of the financial supervision.
The financial supervision shall, notwithstanding the secrecy provisions, have the right to obtain from the following persons any control or other relevant information in their possession on the financial market that is necessary for financial supervision, as provided for by law For the purpose of carrying out control:
(1) a regulated and other financial market auditor;
(2) a controlling auditor within the meaning of Section 5 of Chapter 1 of the Accounting Act in a controlled or other financial market;
3) a controlled or other controlled auditor of the financial market.
Paragraph 1 shall also apply to another person who, under the law, is obliged to attach an opinion or other document to a prospectus as referred to in Section 1 of Chapter 4 of the Securities and Markets Act, or which has provided: Consent to the inclusion of such an opinion or other document in the prospectus. (14.12.2012/752)
The financial supervision shall, notwithstanding the secrecy provisions, have the right to identify, for the purposes of supervision, information which is necessary for the purposes of supervision other than those referred to in this Article, which may, therefore, be presumed to be Information necessary for the control operation.
Financial supervision shall also have the right to obtain from the auditor the information on the auditor that is necessary for the supervision of the supervisory function of the Financial Supervisory Board. (18/05/1145)
L to 145/2015 Article 4 shall enter into force on 1 January 2016.
Financial supervision has the right to a law on enforcement of the fine (672/2002) Article 46 Information necessary for the purpose of ascertaining the reliability provided for by the owner, member of the Board of Directors, the Executive Director or the law of service.
The right of financial supervision to obtain information from the criminal record is punishable by a criminal record (770/1993) .
Without prejudice to the confidentiality rules, the financial supervision shall have the right of access to supervision and other financial markets, as well as to the members of the Board of Directors, the Executive Director and the Board of Directors, who are required to: Abuse, disclosure of information affecting the value of the securities traded on a regulated market or mtf, or on a regulated market or mtf, The securities market sector or In order to monitor compliance with the provisions of the law on trade in financial instruments, or the provisions adopted pursuant to these instruments, if the information relates to:
(1) a regulated market or a multilateral trading platform for the securities traded;
(2) a regulated market or a multilateral trading platform for securities admitted to trading;
(3) a security whose value is determined by a regulated market or a multilateral trading platform on the basis of a securities traded;
4. The issuer of the security referred to in paragraphs 1 to 3;
(5) transactions concluded with the securities referred to in paragraphs 1 to 3 above.
For the purposes of the supervision referred to in paragraph 1, the financial supervision shall also have access to the information necessary for the supervision referred to in paragraph 1:
(1) acting on behalf of or on behalf of supervision and other financial markets;
(2) is involved in a transaction or order relating to a security referred to in paragraph 1;
(3) where otherwise justified, the information referred to in paragraph 1 may be presumed.
What this article provides for a security is another financial instrument.
Financial supervision shall be entitled, where appropriate, to be summoned by a representative of the legal person referred to in Articles 18, 19 and 21 or by a person employed by it or by a natural person within the meaning of those articles. The consultation shall be subject to the administrative law governing the oral procedure. In the case of non-compliance, the penalty payment referred to in Article 33a may not be imposed and the administrative penalty referred to in Chapter 4 shall not be imposed.
The provisions of this Chapter shall also apply to any other Finnish company which, with the supervision of the group supervision, belongs to the same group, which is responsible for group supervision, or which is a supervisory associate, Or, if controlled by the pension fund or the pension fund, the pension fund or the employer of the pension fund. In addition, the financial supervision shall, notwithstanding the provisions of confidentiality, have the right to have the corresponding information on the foreign company belonging to the same group in the same group and to the extent necessary for the supervision of the foreign affiliate. Financial supervision to carry out the supervisory function provided for by law.
The right of access to the EEA branch of the EEA branch is laid down in Article 60, on the right to information of a Finnish company belonging to a foreign group under Article 63 and a foreign undertaking belonging to such a group. On the right to information, the group supervision of which is responsible for financial supervision, Article 64.
The financial supervision shall, notwithstanding the secrecy provisions, have the right to have access to documents and other records and information systems relating to the activities and management of this activity and to the management of other financial markets. To the extent necessary for the supervision of the supervisory function provided for by law. Financial supervision shall have the right to receive, free of charge, the necessary copies of the documents and other records referred to in this Article.
Paragraph 1 shall also apply to supervision and other financial markets, including an undertaking which, as a tied agent or a tied agent within the meaning of Article 7 (7) of Chapter 7 of Chapter 7 of the Securities and Markets Authority, Or on behalf of a regulated or other financial market, tasks related to this business, accounting, information system, risk management or internal control. (14.12.2012/752)
In addition, the financial supervision shall, notwithstanding the provisions of confidentiality, entitle the persons and undertakings referred to in Articles 19, 21 and 23 to inspect documents and records containing the information referred to in those articles.
The right of access to the EEA branch of the EEA branch shall be governed by Article 60, from the right of verification of a Finnish company belonging to a foreign EEA group in Article 63 and a foreign undertaking belonging to such a group. The right of inspection, the supervision of which is carried out by the financial supervision of the financial controller, in Article 64.
In the cases referred to in European Union Directives on financial markets, the European Supervisory Authority shall be entitled to participate in the audit, in accordance with the European financial supervision regulations. (912.2011/1242)
By way of derogation from this Chapter, Financial supervision shall not be entitled to access to the law on lawyers (446/1958) Information, documents or records relating to the client of the lawyer or the client of his/her assistant, and not to check them or any other person in the course of the exercise of his or her duties; Information, documents or records received and not checked. Legal advice concerning the legal position of the client in the case of a criminal offence or other matters relating to the legal situation of the client is to be included in the procedural and judicial functions. At the pre-litigation stage, or the initiation or avoidance of a trial.
Notwithstanding the provisions of paragraph 1, the Financial Supervisory Board shall have the right to obtain information, documents and records referred to in Article 21 relating to a lawyer or a client of his/her assistant, and to examine them in accordance with Article 24 (3) In accordance with
Financial supervision may be withdrawn from the supervisory authorisation or, where the ECB or the other authority is the competent licensing authority, to withdraw the authorisation if the achievement of the objectives set out in Article 1 of the supervision of financial markets is not possible Adequate protection by limiting the control function in accordance with Article 27 or by any other measure provided for by this Act or by other measures provided for by law and: (20.3.2015/311)
L to 311/2015 The amended recital enters into force on 1 January 2016. The previous wording reads: Financial supervision may be withdrawn from the supervisory authorisation or, where the ECB or other authority is the competent licensing authority, to withdraw the authorisation if the supervision of the financial market in accordance with Article 1 The achievement of the objectives cannot be adequately safeguarded by limiting the activity of supervision in accordance with Article 27 or by other measures provided for by law or by law elsewhere, and: (19/04/2013)
(1) the essential conditions for the granting of authorisation or for the opening of operations are no longer;
(2) the monitoring of the implementation of the recovery plan referred to in Chapter 8a of the Act on the operation of credit institutions, the temporary suspension of the operation of the deposit bank, (1509/2001) Or in Article 25 (5) or (6) of Chapter 25 of the Insurance Companies Act or Section 11 of Chapter 25 of the Insurance Companies Act, or Chapter 26 of Chapter 26 of the Insurance Companies Act, Article 20 of the Pension Insurance Companies Act, Article 46 of the Law on Foreign Insurance Companies or the financial position within the meaning of Article 6b of Chapter 12 of the Insurance Association Act, or the short-term The measures set out in the financing plan, or where such a plan The implementation has been neglected; or (20/03/2013)
L to 311/2015 Paragraph 2 shall enter into force on 1 January 2016. The previous wording reads:
(2) the monitoring of the implementation of the recovery plan referred to in Chapter 8a of the Act on the operation of credit institutions, the temporary suspension of the operation of the deposit bank, (1509/2001) , in the restructuring plan referred to in Article 25 of the Law on the supervision of financial and insurance groups, or in Sections 25 or 26 of Chapter 11 of the Insurance Companies Act, Chapter 26, 12 or 13 § Article 20 of the Pension Insurance Companies Act, Article 46 of the Act on Foreign Insurance Companies or Article 6b of Chapter 12 of the Insurance Association Act, or the financial position plan referred to in Article 12 (7) (7) or (8) of the Insurance Association Act, or The measures set out in the short-term financing plan, or The implementation of such a plan has been neglected; or (19/04/2013)
(3) the failure to comply with the prohibition laid down in Article 33 has been grossly disregarded.
Financial supervision may cancel the supervisory authorisation or withdraw the authorisation if:
(1) there has been a substantial breach of the provisions of the financial market or the rules or regulations adopted by the authority on the financial markets, the conditions for authorisation or the rules governing the operation of supervision;
(2) supervision has ceased to operate for more than six months or has been liquidised;
(3) the supervised business has not been started within 12 months of the authorisation; or
(4) in the case of applications for authorisation, incorrect or incomplete information on matters of relevance to regulation and supervision has been made.
Financial supervision shall, before the decision or decision referred to in Article 2 (2) (1) and (2) (1), be subject to a reasonable time limit for the correction of a deficiency, unless immediate withdrawal of authorisation is necessary The supervision of financial markets to safeguard the achievement of the objectives set out in Article 1. (08.08.2014/11)
Financial supervision shall cancel the third-country credit institution's credit institution's branch, payment institution, mortgage association, insurance company, third-country insurance company, branch, investment firm, third country The investment firm in Finland, the branch of the investment firm, the management company and the depositary, as well as the alternative fund manager, the branch manager of the EEA alternative fund, and the alternative funds, A depositary or a depositary referred to in On application by a special depositary, an authorisation granted to him by the depositary if such controls are no longer carried out in accordance with the authorisation and has applied for the withdrawal of the authorisation. The withdrawal of a credit institution's authorisation of a credit institution's application shall be governed by the law on commercial banks and other corporate credit institutions (2002) , on the withdrawal of the savings bank's licence from the savings bank's application to the Savings Bank Act (1502/2001) And the withdrawal of the credit institution's authorisation from the credit institution's application by law on cooperative banks and other cooperative credit institutions (423/2013) .
Financial supervision shall revoke the authorisation granted to the supervisory authority or withdraw the authorisation when the supervision has been declared bankrupt, by a judicial decision of the registry authority or the court or tribunal, or The liquidators have given the final statement on the liquidation. The licence shall also be withdrawn if the insurance company has taken a decision on the liquidation or financial supervision order issued by the insurance company. (20/03/2013)
L to 311/2015 The amended paragraph 5 shall enter into force on 1 January 2016. The previous wording reads:
Financial supervision shall revoke the authorisation granted to the supervisory authority or withdraw the authorisation when the supervision has been declared bankrupt, by a judicial decision of the registry authority or the court or tribunal, or The liquidators have given the final statement on the liquidation. (08.08.2014/11)
The supervision of the supervisory authority, which is also active in another EEA State, shall notify its decision to the supervisory authority of the Host State.
The prohibition of the activities of the foreign EEA branch is provided for in Article 61 and of the withdrawal of the rights of the third-country credit institution's representation in the law on credit institutions.
The provisions of this Article for withdrawal of authorisation shall also apply to the termination of the activities of an insurance undertaking and the withdrawal of the authorisation granted to an investment firm in the third country referred to in Article 5 of Chapter 5 of the Investment Services Act. Paragraph (1) (3) and (2) (1) shall also apply to the withdrawal of the authorisation and shall also apply to the imposition of the activities of the pension fund and the insurance fund.
L cooperative banks and other cooperative credit institutions 1504/2001 Has been repealed by L in respect of cooperative banks and other cooperative credit institutions 423/2013 , which is valid from 1 January 2014. See: L commercial banks and other credit institutions 1501/2001 Chapter 5 And the Savings Bank Articles 103 and 110 of 1502/2001 .
Financial supervision may be limited to a period of limited duration, or, where the ECB or other authority is the competent licensing authority, to submit a draft decision if: (08.08.2014/11)
(1) the conditions for withdrawal provided for in Article 26 (1) (1) to (3) are met; or
(2) In addition, incompetence or indiscretion has been found to be supervised in a controlled management, and it is obvious that the continuation of activities would seriously jeopardise the achievement of the objectives set out in Article 1 of the supervision of financial markets.
If the state of affairs has not been remedied within the prescribed period, the financial supervision may, after the expiry of that period, amend or amend the terms of the authorisation to limit the operation. (08.08.2014/11)
In addition, the operation of a controlled foreign branch may be restricted or it is prohibited to continue the activities of the branch if it has been neglected to comply with its obligations under the host State.
The decision referred to in this Article shall apply to the provisions of Article 26 (3) and (6).
As regards the limitation of activity, the provisions of this Article shall also apply to the limitation of activities in accordance with the rules of the insurance undertaking and the authorisation granted to an investment firm in the third country referred to in Article 5 (5) of the Investment Services Act. In accordance with Article 2. The prohibition of insurance mediation is governed by the law on insurance mediation. This Article shall not apply to the central community of deposit banks. (14.12.2012/752)
The restriction of the activity of a foreign EEA branch is governed by Article 61 of this Act.
The ban on the transfer and deposit of the assets of the insurance company, the foreign insurance company, the insurance undertaking, the pension fund and the insurance fund and the ban on the sale of the insurance to policyholders are provided separately.
The financial supervision may be suspended for a period not exceeding five years, shall prohibit a person from acting as a member of the Management Board or as an alternate, as the managing director or as a replacement for the Executive Director or as other senior management, if:
(1) this has demonstrated a manifest incompetence or indiscretion in the management of its mission and it is evident that it could seriously jeopardise the achievement of the objectives set out in Article 1 of the supervision of financial markets; or
2) he does not meet the skills and reliability requirements laid down in the law.
Paragraph 1 shall apply mutatis mutandis to the insurance undertaking, the pension fund and the insurance fund, as well as to the credit institution, investment firm, insurance undertaking, insurance undertaking, financial and insurance group, the central securities depository, The clearing house and the stock exchange. Paragraph 1, as provided for by the Executive Director and his replacement, shall apply mutatis mutandis to the agent of the pension fund and to his replacement.
Financial supervision may set up an agent to supervise the operation of the authorisation where there has been incompetence, negligence or irregularities in the management of the authorisation, or any other specific reason. Financial supervision may also set up an agent to supervise the cash flow of the licence-controlled assets in the event of liquidation or bankruptcy.
The financial supervision shall determine the remuneration of the funds to be supervised by the Ombudsman. The premium must correspond to the general level of remuneration in the sector. Financial supervision has to pay a premium that will not be recovered from the control.
The Ombudsman shall have his duties under Articles 18, 19, 24 and 32. The client shall act under criminal law in the performance of public administrative tasks conferred by this law. The damage caused by the duties of a client is subject to the provisions of the law on damages. (1999) Provides.
The customer shall have adequate knowledge of the financial and legal issues in relation to the quality and scope of the task. The independence of a client shall be governed by Article 15 of this Act.
The provisions of this Article shall apply mutatis mutandis to the insurance fund, the pension fund, the insurance fund and the unemployment fund and the depositary of alternative funds within the meaning of Article 11 (2) of the Investment Fund Act. The depositary, within the meaning of Article 14 (1) of the Act. (17/04/2013)
In addition, the provision of a client to a credit institution or an investment firm is subject to Article 10a of Chapter 11 of the Law on the operation of credit institutions. (19/04/2013)
If the Financial Supervisory Authority considers that the supervisory oversight in its financial statements has not meant the correct value or does not otherwise give a correct and sufficient picture of the financial position to be controlled, the financial supervision may limit this The use of distributable assets for purposes other than the strengthening of prudential soundness, as well as other allocation of funds to shareholders or shareholders if the distribution of the funds could seriously jeopardise financial market supervision 1 -the achievement of the objectives set out in §
The statutory auditor shall, without delay, inform the Financial Supervisory Authority of any aspect or decision which he has received in the performance of his/her duties and which can be considered as:
(1) constitute an essential breach of the conditions of authorisation or of the exercise of the exercise of the supervision or the provisions adopted pursuant thereto;
(2) the continuation of the controlled operation of the hazard; or
(3) a leading audit report for the presentation of a standard statement other than the standard statement of the Court of Auditors or of Chapter 3, Section 5 of the Audit Act. (18/05/1145)
L to 145/2015 The amended paragraph 3 shall enter into force on 1 January 2016. The previous wording reads:
(3) the leading audit report, other than the auditing law, (209/2007) , or the comments referred to in Article 15 (4) of the Code of Auditing.
The statutory auditor shall also be required to inform the Financial Supervisory Authority of the circumstances referred to in paragraph 1 or of a decision which he/she receives in the course of the performance of his/her duties with the supervision of a group or group Within the Community.
The audited auditor shall not be liable for any financial damage caused by the measures under this Article.
The provisions of this Article shall also apply to the insurance undertaking, the pension fund, the insurance fund and the unemployment fund, as well as to the pension fund of the agricultural undertakings and the Merimiespension fund.
The representative of the Financial Supervisory Authority shall have the right to be present at the meetings of the governing bodies and the governing bodies and the right to convene them if necessary. The representative of the Financial Supervisory Authority shall have the right to speak in meetings and to make the observations in the minutes to which he considers the matter to be subject.
Paragraph 1 shall also apply to insurance undertakings, to the pension fund, to the insurance fund and to the unemployment fund.
Paragraph 1 shall also apply to the meeting of the owners and representatives of the fund shares referred to in the Investment Fund Act.
Financial supervision may be subject to Article 42 of the Law on credit institutions, Article 14 of Chapter 7 of the Investment Services Act, Article 16 of the Investment Fund Act, Section 9 of Chapter 7 of the Act on Alternative Fund Managers, or Chapter 14, Section 9, Financing and Article 11 (a) of the Law on the supervision of insurance groups, Article 21a of the Law on Payment Institutions, Article 10 of Chapter 2 of the Law on Trade in Financial Instruments, Section 8 of Chapter 2 of the Law on the cooperative system and settlement activity, or the Insurance Companies Act 4 , the notification referred to in Article 5 shall prohibit the use of The acquiring institution, the investment firm, the management company, the alternative fund manager, the depositary, the depositary, the special depositary, the insurance company and their holdings, the financial and The holding of an insurance group, the entity, the stock exchange, the stock exchange, the central securities depository, the central securities depository, the holding community, the clearing house or the settlement entity, if the ownership of the holding would jeopardise Of the undertaking or entity subject to the contract; and The insured interests, in accordance with careful business principles or, where the contract is the subject of an insurance company, on the grounds that there are reasonable grounds for suspecting:
(1) the reputation or the adequacy of the financial position;
(2) the reliability, suitability, suitability of the management of the undertaking or the management of the entity or other conditions of authorisation as a result of the acquisition;
(3) breach of the conditions for the exchange of information between the undertaking subject to the contract or the Community control and the relevant authorities; or
4) the integration of the procurement into money laundering or terrorist financing.
(17/04/2013)Financial supervision may also prohibit the acquisition referred to in paragraph 1 if it has not obtained additional information within the meaning of Article 32b (2) within the meaning of Article 32b (2) or in Article 42 (6) of the Law on Credit Insurance, Article 16 (6) of Chapter 7 of the Investment Services Act, Article 16 (6) of the Investment Fund Act, Article 9 (5) of the Law on Alternative Fund Managers, Article 11 (6) of the Law on the supervision of financial and insurance groups, Article 21a (6) of the Law on Payment Institutions or Section 5 (6) of Chapter 4 of the Insurance Companies Act Information or studies. Financial supervision may also prohibit the acquisition within the meaning of Article 10 (5) of the Financial Instruments Act, Article 10 (5) of Chapter 2 of the Financial Instruments Act and Article 8 of Chapter 2 of the Law on Settlement and Settlement of Financial Instruments. The reports referred to in paragraph 5, within two months of receipt of the notification of the acquisition. In addition, financial supervision may prohibit the acquisition if it has not received the required clarifications provided for in Article 32b (1) within 60 working days from the date of transmission of the notification to the reporting obligation. (17/04/2013)
For the purposes of this Article, financial supervision may, at the same time, specify the time limit within which the notified acquisition is to take place, at the risk of the supervision of the financial supervision of the measures referred to in Article 32c.
Article 7 of the Act on Occupational Pension Insurance Companies shall apply to the prohibition of the acquisition of shares and guaranteed shares in the Occupational Pension Insurance Company.
Where the ECB is competent under the yVM Regulation to take a decision within the meaning of this Article, the financial supervision shall submit a draft decision to the ECB. (08.08.2014/11)
Financial supervision shall be without delay, by the second working day at the latest, by the notification referred to in Article 32a (1) and, where the notification is later supplemented, in writing, confirm in writing The notifier has received the notification. The confirmation shall indicate that the declaration contains the required reports or, if the notification does not contain all the required explanations, the information on the missing reports. The confirmation shall also indicate the processing time referred to in paragraph 2.
Financial supervision shall take the decision referred to in Article 32a or, where the ECB is the competent authority, a draft decision of 60 working days from the date on which it has confirmed that it has received all the information required ( Processing time ). Financial supervision may, during the course of the proceedings, but not later than the fiftieth working day after the start of the processing period, request the necessary additional information in writing. The request for additional information interrupts the processing time until such time as the supplementary information requested has been obtained, but not more than 20 working days or, where the declarant has its registered office outside the European Economic Area or is subject to a notification other than: A credit institution authorised in the European Economic Area, an investment firm, an electronic money entity, an insurance company or a management company, for a maximum of 50 working days. The decision to extend the duration of proceedings shall be notified without delay to the notification obligation. (08.08.2014/11)
The decision to object to the acquisition shall be notified to the reporting obligation no later than the second working day following the end of the processing period. If, during the period within the meaning of this Article, financial supervision has not taken a decision or a draft decision within the meaning of Article 32a, it shall be deemed to have accepted the contract. (08.08.2014/11)
Where the obligation to notify is a foreign EEA, or a parent undertaking or a natural or legal person having control over a foreign EEA controlled or its parent within the meaning of Article 5 of Chapter 1 of the Accounting Act, The financial supervision shall be a decision or a draft decision, in cooperation with the EEA Surveillance Authority, in cooperation with the EEA Surveillance Authority, and, where the subject is the subject of the acquisition of the financial and financial conglomerate, the financial and Other than those referred to in the law on the supervision of insurance groups With key supervisory authorities. The decision shall reflect the position of the foreign supervisory authorities referred to in this paragraph. (08.08.2014/11)
Instead of this section, apply:
(1) Article 7 of the Act on the acquisition of shares or guarantees by the occupational pension insurance company;
(2) Article 11 of Chapter 2 of the Law on the acquisition of the shareholding of the stock exchange and the stock exchange holding in the financial instruments;
(3) Article 9 of Chapter 2 of the Law on the Acquisition System and the Settlement Procedure of the CSD and the CSD;
(4) Article 9 of Chapter 2 of the law on the cooperative and winding up of the clearing house and the liquidation of the clearing house.
(14.12.2012/752)Financial supervision may prohibit the holder of shares or units from exercising the right to vote in a credit institution, investment firm, management company, alternative fund manager, depositary, special depositary, financing - And the owner of the insurance group, the electronic money community, the insurance company and their holdings, the stock exchange, the stock exchange, the central securities depository, the securities depository, the clearing house or the clearing house In the ownership community for a period not exceeding one year At a time if:
(1) the acquisition of shares or units is not carried out in Article 42 of the Law on Credit Institutions, Article 14 of Chapter 7 of the Investment Services Act, Article 16 of the Investment Fund Act, Article 9 of Chapter 7 of the Law on Alternative Fund Managers or Section 9 of Chapter 14; Article 11 of the Law on the supervision of financial and insurance groups, Article 21a of the Law on Payment Institutions, Article 10 of Chapter 2 of the Law on Trade in Financial Instruments, Article 10 of Chapter 2 of the Law on the Cooperative Society and Settlement Procedure, or Article 8 thereof, or The notification referred to in Section 5 of Chapter 4 of the Insurance Companies Act;
(2) the shares or other equity have been acquired in spite of the prohibition referred to in Article 32a of the financial supervision; or
(3) property exceeding the ownership limit laid down in the loans referred to in paragraph 1, jeopardises the activities of the undertaking or the Community in accordance with the sound and prudent business principles referred to in Article 32a; If the contract is the subject of an insurance company, insured interests.
(17/04/2013)The holder of the prohibition referred to in paragraph 1 of the financial supervision does not have any rights other than the right to victory in the target company, based on these shares or units. The recovery referred to in paragraph 1 (1) (1) or (2) shall not be included in the list of shareholders or members of the offeree company or on the list of shareholders or members to be included in the list of shareholders.
Instead of this section, Article 7a of the Pension Insurance Companies Act shall apply to the owners of the shares or interests of the occupational pension insurance company.
Where the ECB is competent under the yVM Regulation to take a decision within the meaning of this Article, the financial supervision shall submit a draft decision to the ECB. (08.08.2014/11)
Financial supervision may prohibit the execution of a controlled or other financial market decision or of a controlled or other planned measure in a supervisory or other financial market, or requires supervision or other financial markets to: Cease to operate in accordance with the procedure it applies in the event of a decision, a measure or proceeding which is contrary to the applicable financial market provisions or to any other financial market Conditions, conditions of authorisation, or control or other With the rules on the functioning of financial markets. The financial supervision shall, in its prohibition of supervision or other continuation of the financial market, provide for a reasonable time limit for the correction of the procedure if it does not seriously jeopardise the supervision of financial markets in Article 1. The achievement of the objectives.
Where supervision or other financial markets have implemented or implemented the other measure referred to in paragraph 1, the financial supervision may oblige the supervision or other To take action within a reasonable period of time for the implementation of the decision or for the withdrawal or correction of the measure. Where the financial supervision decision referred to in this paragraph has a significant effect on the position of the supervisory or other Party or other non-Party of financial markets, the application of this paragraph shall be subject to the following: Implementation or implementation of the measure could seriously jeopardise the achievement of the objectives set out in Article 1 of the supervision of financial markets.
The provisions of this Article shall apply mutatis mutandis to the decision of the owners and representatives of the members of the fund of funds referred to in the IF.
On the right of financial supervision:
(1) prohibit the foreign EEA branch or any other foreign activity under Article 61;
(2) prohibit activities contrary to the law on the institution of credit institutions and to impose an anti-law procedure to be corrected by Article 1 of Chapter 22 of the Law on the operation of credit institutions;
(3) to prohibit the anti-investment service procedure and to impose an anti-law procedure to be corrected by Article 1 of Chapter 16 (a) of the Investment Services Act;
(4) prohibit activities in the field of securities markets in respect of the provision of securities, trade and securities reporting obligations, and a procedure for correcting the procedure laid down in Chapter 17, Section 2 of the Securities and Markets Act;
(5) temporarily prohibit the exercise of voting rights in shares which have not been subject to reporting obligations, as laid down in Chapter 17, Section 1a of the Securities and Markets Act;
(6) prohibit the sale of a financial instrument from the exchange of transactions provided for in Article 32 of Chapter 2 of the Law on trade in financial instruments;
(7) prohibit the organiser of a multilateral trading system from organising trading on a financial instrument in accordance with Article 8 of Chapter 4 of the Law on trade in financial instruments;
(8) prohibit the internal implementation of the internal implementation of the financial instrument by means of the internal implementation of the financial instrument by Article 6 of Chapter 5 of the Financial Instruments Act.
(12/05/1279)Where the supervision or other activities of a financial market in the financial markets fails to comply with the provisions of the financial market or the provisions adopted pursuant thereto, the executive prohibition or correction mechanism issued under Article 33 of the Financial Supervisory Authority, or Other rules on the supervision or prohibition of financial supervision, the terms and conditions of their authorisation, the financial supervision, may impose obligations on the supervision or other financial markets to fulfil its obligations if: The omission is not insignificant. The provisions of this paragraph shall also apply to a group belonging to a group within the meaning of the law on the supervision of financial and insurance groups, which fails to comply with its obligations under that law or Shall be governed by the provisions adopted.
Financial supervision may impose obligations under Articles 18, 19, 21, 23 and 24 in order to comply with the obligations laid down in those articles, if the omission is not limited.
The periodic penalty payment shall not be imposed on a natural person as an element of the obligation to provide the information provided for in this Act where a person is suspected of having committed a criminal offence and the information relates to the subject matter of the suspected criminal offence.
The sentencing of a periodic penalty payment shall be decided by the financial supervision, unless otherwise specified elsewhere by law. In other respects, the imposition and sentencing of the periodic penalty payment shall apply. (1113/1990) .
Financial supervision may be carried out by auditors or other external experts in order to establish a supervisory or other relevant expertise in a controlled or other financial market. This shall be exercised in accordance with Articles 18, 19, 23 and 24 and shall act under criminal law in the exercise of public administrative functions conferred by this law. The damage caused by the expert's duties shall be governed by the provisions of the law on compensation.
The expert shall have adequate knowledge of financial, accounting and legal matters in relation to the quality and scope of the task. The independence of the expert shall be subject to the provisions of Article 15.
Financial supervision may provide an expert's fee on the assets of a Community or Foundation for the supervision of a financial market or other financial market, where a specific, supervised or other Community financial market Or the cause of the foundation. The premium must correspond to the general level of remuneration in the sector. Financial supervision shall be subject to a fee which shall not be recovered from the Community or the Foundation for the purpose of recovery or other financial markets.
Financial supervision may provide the supervisory authority and the financial institution of the same group together with the technical provisions necessary for the supervision of the insurance undertaking in respect of the recording of transactions in the running accounts and the balance sheet By way of derogation from the recognition of external liabilities as provided for in Sections 4 to 10 of Chapter 2 of the Accounting Act and the provisions adopted pursuant to them.
Financial supervision may prohibit the presence of the financial supervision, or from which the financial supervision has requested information or explanations concerning a case which may lead to an investigation of a crime or an offence, Or any information or information requested on the subject to which the investigation is directed or any other person. The prohibition shall be given in writing. The conditions and the validity of the prohibition shall apply: (805/2011) in Chapter 11, Section 5 Provides. (12/01/833)
Penalties for breach of the prohibition laid down in paragraph 1 shall be punishable under criminal law (39/1889) 1 or 2, unless a heavier penalty is imposed in the rest of the law.
Financial supervision ensures that accounting agents who are obliged under the accounting law or other law to comply with the international accounting standards referred to in Chapter 7a of the Accounting Act ( IFRS Accounting Professional ), comply with these standards. The provisions of this Article shall apply to the annual accounts, the financial statements and the interim report respectively. (14.12.2012/752)
If, in the view of the Financial Supervisory Authority, IFRS has been erroneously prepared its financial statements, the financial supervision may require IFRS to correct an error. The letter of amendment shall indicate that IFRS may request the opinion of the Accounting Board as provided for in paragraph 3.
Where IFRS considers that it has not acted in breach of the applicable provisions in breach of the provisions applicable to it, the IFRS financial reporting entity may, within one month of the notification of the request for information, request The opinion of the Accounting Board.
The financial supervision, as referred to in Article 33a, may oblige the IFRS reporting entity to comply with the complaint. Financial supervision shall not take such a decision before the adoption of the opinion referred to in paragraph 3 or, if the reporting entity does not seek an opinion, before the expiry of the period provided for in paragraph 3. However, the financial supervision may take a decision without prejudice to the above decision if no opinion has been delivered within four months of notification of the request to the IFRS reporting entity. (17/04/2013)
Financial supervision may provide the provisions necessary for the monitoring of compliance with IFRS accounting and related documents to the Financial Supervisory Authority.
Articles 18, 19 and 24 provide for other financial supervision of the financial markets to be subject to the right of access and verification of financial supervision, also applicable to the subsidiary undertaking IFRS. Article 24 (2), which provides for a company operating in other financial markets, shall also apply to the undertaking entrusted with the activities of the IFRS subsidiary undertaking in relation to its accounts.
Before taking a decision on the exceptional situations provided for in Articles 20 (2) and 21 of the short selling Regulation and the decision referred to in Article 13 (3) and Article 14 (2), financial supervision shall request the following: The opinion of the Ministry of Finance and of Finland, subject to the urgency of the matter. However, the opinion shall always be requested from the Ministry of Finance in the cases referred to in paragraph 2.
Financial supervision shall not take the decision referred to in Article 20 (2) or Article 21 of the Short Selling Regulation and shall not give the consent referred to in Article 22 to the intention of the competent authorities of other EEA States with regard to a short sale regulation 20 Or of the measures referred to in Article 21 against the issue of a sovereign debt or a credit default swap to be issued by the Finnish State if the Ministry of Finance objects to a decision or consent.
Financial supervision shall inform the Ministry of Finance without delay of any information relating to the application of Articles 13 and 14 of the Short Selling Regulation in respect of a sovereign debt issued by the Finnish State. The credit default swap.
The financial supervision shall impose a fee on the person who intentionally or negligently:
(1) fails or is in breach of the obligation to provide financial supervision with the information referred to in Article 18 (2) or (3), or any other information that has been or has been provided on a regular basis as provided for in the Law on Financial Supervision For the purpose of
(2) fails or is in breach of Article 1 of Chapter 15 of the Securities and Markets Act, Article 1 of Chapter 15 of the Investment Services Act, Article 1 of Chapter 10 of the Law on trade in financial instruments, Article 8 of Chapter 8 of the Law on the Cooperative Society and Settlement Procedure; or The provisions referred to in Section 1 of Chapter 22 of the Law on Alternative Fund Managers or in Article 144a of the IF Act; (17/04/2013)
(3) fails or infringes the obligation to notify, as provided for in Article 5 (1) of the short selling regulation, the obligation to disclose information or the reporting obligation laid down in Article 7 (1) or Article 8; or Comply with the restriction provided for in Article 12 (1), Article 13 (1) or Article 14 (1), or the decision taken by the financial supervision pursuant to Article 18 (1) or Article 19 (2); (12/04/2013)
(4) fails or infringes Article 5 of the Regulation on the obligation to determine the obligation to determine, Article 7 on access to the ccp, Article 8 on access to the market place, Article 9 on the reporting obligation or Article 11 Risk mitigation techniques for OTC derivative contracts not specified in the CCP; (12/04/2013)
(5) fails or infringes the notification requirement laid down in Article 42 (2) of the Auctioning Regulation; (19/04/2013)
(6) fails or is in breach of the obligation to pay the EU stability fee or the deposit guarantee fee referred to in Chapter 5 of the Financial Stability Board under Chapter 4. (19/04/2013)
The amount of the fee is based on an overall assessment. When assessing the amount of the fee, account shall be taken of the nature, extent and duration of the procedure. The fee for the legal person shall be at least eur 5 000 and not more than eur 100 000. The fee for a natural person shall be at least eur 500 and not more than eur 10 000.
The fee is payable to the State.
In the case of an act or omission, a penalty payment may be imposed instead of payment.
The fee may be imposed, provided that the overall assessment does not give rise to more stringent measures. (08.08.2014/11)
Financial supervision shall provide a public warning to the supervised and other financial markets if this intentionally or negligently goes to the financial markets other than those referred to in Article 38 (1) or Article 40 (1) or (2) , or contrary to the provisions adopted pursuant to them. A public warning shall also be issued if, in breach of the terms and conditions of its authorisation, the monitoring of the terms and conditions of its authorisation is carried out on an intentional or negligent basis. (12/04/2013)
A public warning may be issued, provided that the overall assessment does not give rise to more stringent measures.
The penalty payment shall be imposed on the person who intentionally or negligently fails or is in breach of Article 2 of Chapter 15 of the Securities and Markets Act, Article 2 of Chapter 15 of the Investment Services Act, Article 2 (2) of the Law on trade in financial instruments, of securities accounts Article 15 of the Law on the Cooperative Society and Chapter 8 of Chapter 8 of the Law on Settlement Procedure, Article 48a of the Law on Payment Institutions, Section 2 of Chapter 22 of the Law on Alternative Fund Managers, Article 144 (b) of the Investment Fund Act, Article 1 of Chapter 20 of the Act or Chapter 18, Section 1 of the Resolution , or decisions. (19/04/2013)
The levy shall also be imposed on the person who, intentionally or negligently, fails or infrings:
(1) the provision of Article 4 (1) or (3) of the Market Act for the determination of OTC derivatives by a counterparty in a financial market or the provision of Article 10 (1) by a non-financial counterparty The obligation to determine and notify OTC derivatives;
2) a decision taken pursuant to Article 20 (2), Article 21 (1) or Article 23 (1) of the Financial Control Regulation or Article 28 (1) of the European Securities and Markets Authority; or
(3) the provisions of Articles 38, 39 and 40 of the auctions Regulation on the prohibition of insider information, the provisions of Article 41 of the prohibition on market manipulation or the provisions of Article 42 (1), (3) or (5) to reduce market abuse; Of the European Union.
(12/04/2013)The penalty payment may not be imposed on a natural person for an act or omission which is punishable by law. However, financial supervision may impose a penalty payment and fail to inform the investigating authority if the act or omission is its harmfulness, its guilt and its benefits and other acts or omissions; , taking account of the factors involved, as a whole. (08.08.2014/11)
The penalty payment may be imposed, in addition to the penalty imposed on the legal person, or for a person belonging to the management of a legal person whose obligations are contrary to the obligations laid down in this Article. A penalty payment to be imposed on the person concerned shall be subject to the condition that the person has contributed substantially to the act or omission. (12/05/1279)
The financial supervision shall amount to a penalty payment if it is not higher than EUR 1 million. Otherwise, the penalty fee shall be determined by a market law on a proposal from the Financial Supervisory Authority.
The amount of the penalty shall be based on an overall assessment. When assessing the amount of the penalty, account shall be taken of the nature, extent and duration of the proceeding and the financial position of the author. In addition, the assessment shall take into account the benefits of the procedure or the damage caused, provided that they are determined, the author's cooperation with financial supervision in order to clarify the case, previous financial market provisions. Infringements and omissions and the possible impact of the procedure on financial stability.
The fee shall not exceed 10 % of the turnover of the year preceding the act or omission of the legal person, but shall not exceed EUR 10 million. If the financial statements have not yet been completed, the penalty payment shall be made subject to the financial statements of the annual accounts of the preceding year. If the legal person has only commenced operations and the financial statements are not available, the turnover can be estimated on the basis of the rest of the claim.
The penalty fee to be imposed on a natural person shall not exceed 10 % of his last taxable income, but not more than eur 100 000. If the income cannot be reliably determined by the tax data or have materially changed after the last tax, they can be assessed on the basis of the rest of the claim.
Where a penalty payment for a natural person providing services on a financial market is subject to his business activity under Article 5 (17), the penalty payment shall not exceed 10 % of his business Of the latter's taxable income, but not exceeding EUR 2,5 million.
Article 6 has been repealed by L 23.10.2011. .
In this article, Turnover, Means:
(1) in the case of a credit institution, investment firm and any other undertaking belonging to the consolidating group, the amount of returns calculated in accordance with Article 316 of the EU Solvency Regulation;
(2) the premiums paid by the insurer, the insurance undertaking, the pension fund or the insurer referred to in Article 18 (b) of Chapter 2 of the Insurance Companies Act, or the pension fund of the pension fund or insurance fund;
(3) for an undertaking other than those referred to in paragraphs 1 or 2, the turnover or turnover corresponding to the turnover referred to in Section 1 of Chapter 4 of the Accounting Act.
(12/05/1279)The penalty payment is payable to the State.
Where the penalty fee is covered by Article 1 (2) and (4) of Chapter 20 of the Law on the operation of the credit institutions, Article 2 (2) and (5) of Chapter 15 of the Investment Services Act or infringement of the provisions referred to in Article 1 (1) of Chapter 18 of the Resolution The penalty fee shall not exceed 10 % of the turnover of the legal person or the turnover of the preceding year and the penalty payment shall not exceed EUR 5 million.
Where the penalty payment relates to an infringement of the provisions referred to in Article 2 (2) of the Securities and Markets Act, a penalty payment shall be imposed on the legal person, whichever is greater, up to 5 % of the act of the legal person, or Of the previous year's turnover or not exceeding EUR 10 million, as well as a penalty fee of up to eur 2 million for the natural person.
However, notwithstanding the provisions laid down in this Article, the penalty fee shall not exceed twice the value of the act or omission if the benefit is to be determined.
In this article, Turnover, Means:
(1) in the case of a credit institution, investment firm and any other undertaking included in the consolidation group, the returns calculated in accordance with Article 316 of the EU Capital Requirements Regulation, or where the credit institution or The consolidated group of the investment firm, the sum of the consolidated returns;
(2) the premiums paid by the insurer, the insurance undertaking, the pension fund or the insurer referred to in Article 18 (b) of Chapter 2 of the Insurance Companies Act, or the payment of the pension fund or the insurance fund, or, if the insurance company, the insurance undertaking, the pension institution, The separate company, the pension fund or the insurance fund shall be a subsidiary of the group, the insurance premium in accordance with the consolidated financial statements or, respectively, the payment log;
(3) for an undertaking other than those referred to in paragraphs 1 or 2, the turnover referred to in Article 1 (1) of Chapter 4 of the Accounting Act, or, where the undertaking is, in accordance with Article 1 of Chapter 6 of the Accounting Act, to draw up consolidated financial statements or, if the undertaking is: Belongs to a subsidiary group, a turnover in accordance with the consolidated financial statements of the group's highest parent company.
Financial supervision may leave a non-payment or without a public warning if:
(1) Whereas the measures referred to in Articles 38 or 39 have, on their own initiative, taken adequate measures to correct the error immediately after the error has been detected and reported a mistake without delay to the Financial Supervisory Board, and not a mistake or omission; Serious or recurrent;
(2) the incorrect procedure must be considered to be low; or
(3) The imposition of a fee or the issuing of a public warning shall otherwise be considered to be manifestly disproportionate.
Financial supervision may, instead of imposing a penalty payment, issue a public warning on the grounds set out in paragraph 1 (2) and (3).
The fee or penalty payment may not be imposed on the person suspected of the same offence in the case of preliminary investigation, prosecution or criminal proceedings pending before a court. Neither the penalty payment or the penalty payment may be imposed on the person who has been convicted of the same offence.
Financial supervision may leave a penalty payment without imposing or postponing the imposition of a penalty by a legal person if it makes the same notification to the authority referred to in Article 3c, or takes the form of a control measure provided for by the law. (08.08.2014/11)
The charge shall not be imposed or a public warning shall be issued if it has not been made within five years of the date on which the infringement or omission took place, or in the case of an extended infringement or omission within five years from the date on which: An infringement or omission ended.
Financial supervision shall not impose a penalty payment or make an act of imposing it on market law if it has not been concluded within ten years of the date on which the infringement or omission took place, or the infringement or omission thereof. Within five years from the date of the end of the infringement or omission.
Financial supervision shall be made public by a rikepayment, a public warning and a penalty payment and a penalty payment imposed by market law. The disclosure shall indicate whether the decision to issue or impose sanctions is legal. Where the appeal authority annuls the decision, the financial supervision shall disclose the information of the appeal authority in a manner equivalent to that of the issuing or imposition of the sanction. The following information shall be kept on the financial supervision website for a period of five years.
The penalty may be disclosed without the name being the subject of the sanction if the disclosure referred to in paragraph 1 would jeopardise the stability of financial markets or the ongoing conduct of public authorities, or would cause disproportionate damage to the parties, or Would be disproportionate to the natural person.
Publication of the penalty may be deferred if the conditions referred to in paragraph 2 may be expected to cease within a reasonable period.
The implementation of the fee and penalty fees shall be carried out by the Court of Justice. Implementation is laid down in more detail by the Government Decree.
The Court of Justice shall return the payment and penalty payment already paid on the application if the same offence is punishable by the same offence on the basis of which the rikepayment or penalty payment is imposed. Chapter 51 of the Criminal Code In accordance with Articles 1 to 5.
The issue of a fee, public warning and penalty payment shall be initiated by market law in respect of a proposal from the Financial Supervisory Authority or by a complaint to which the financial supervision has been imposed. The complaint is governed by the Law on Administrative Loan (18/06/1996) .
The financial supervision proposal to impose a penalty payment shall be made in writing. The motion shall state:
(1) its name, domicile and address to which the claim is addressed;
(2) the requirement and criteria; and
3) the facts and documents relied on by the financial supervision.
Before the hearing or appeal has been reached, the case shall be prepared before the hearing, under the direction of a market law judge or a market judge, so that it can be resolved without delay. No preparation shall be necessary if the motion or appeal is inadmissible or dismissed as immediately unfounded.
When preparing the case, an opportunity shall be provided orally or in writing to respond to the proposal or to the complaint. The market law shall ensure the necessary measures for the consultation of financial supervision. The preparation may be decided, although the interested party has not provided the requested response as a result of a proposal or a complaint.
The market law may oblige the person concerned to enter the session and to present its business correspondence, records, minutes and other explanatory documents. Where the obligation to submit documents is not completed or the person concerned fails to appear before a hearing, the party may, at the penalty of the fine, be required to produce the documents or to appear in the sitting.
The procedure for dealing with and clarifying the case is otherwise provided for in the Law on the Trials of Justice (100/2013) . (31.1.2013/13)
In the cases referred to in European Union acts relating to financial markets, financial supervision shall be transmitted to the relevant European Supervisory Authority: (21.12.2012)
(1) information on the published sanction referred to in this Chapter at the same time as the sanction is made public and information on any possible appeal and its outcome; (08.08.2014/11)
(2) annual aggregated data for each year of the penalties provided for in this Chapter.
The provisions of paragraph 1 shall also apply to a measure assimilated to the sentence.
Financial supervision and the Financial Stability Board shall cooperate with each other. Financial supervision shall, before taking action in accordance with Chairs 3 or 4, consult the Financial Stability Agency, where supervision or other financial markets act as referred to in Chapter 1, Section 4 (1) of the Resolution or Contrary to Commission regulations and decisions adopted on the basis of the resolution directive.
Financial supervision shall ensure that supervision and insurance intermediaries comply with the marketing and contractual conditions applicable to them, as well as to the consumer-related provisions contrary to good practice or otherwise inappropriate for the consumer. In addition, compliance with the rules on the marketing of financial instruments is regulated by the Securities and Markets Act, the Investment Service and the rest of the law.
The provisions of paragraph 1 shall also apply to a foreign branch, other foreign controlled, which provides services to Finland without the establishment of a branch, and to a foreign insurance intermediary, in so far as the financial supervision is competent The authority to monitor compliance with the provisions referred to in paragraph 1.
The lawfulness of marketing, the use of the contract terms and the other procedures referred to in Article 45 shall also be subject to the control of the consumer ombudsman.
The financial supervision and the ombudsman must cooperate with each other.
Financial supervision shall, before taking action in accordance with Articles 33 or 33a or Chapter 4, request an opinion from the Consumer Ombudsman where it finds that the financial market, as referred to in Article 45, acts in the field of consumer protection (38/1978) Against.
Articles 48 to 49 are repealed by L 14.12.2012/752 .
In the cases referred to in the European Union directives on the financial market, financial supervision shall inform the relevant European Supervisory Authority of the procedures in place in Finland for which supervision and other In the case of financial market customers, the individual disagreements on the application of financial market laws may be brought to the attention of the independent institutions providing the settlement.
Financial supervision shall cooperate with the foreign EEA supervisory authorities. Financial supervision shall also pay due attention to the potential impact of its decisions on the stability of the financial system in other EEA States, in particular in crisis situations. (30.12.2010/1360)
Financial supervision shall act as a market for financial instruments, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC As a contact point within the meaning of Article 56 (1) (3) of Directive 2004 /39/EC of Parliament and of the Council. Financial supervision shall make the notifications under that Directive to the European Securities and Markets Authority, the European Commission and the EEA Surveillance Authority, unless otherwise provided for elsewhere by law. (912.2011/1242)
Financial supervision shall act as a competent authority within the meaning of Article 22 of Regulation (EC) No 1060/2009 on credit rating agencies.
In the cases referred to in European Union Directives on financial markets, financial supervision may, in accordance with European financial supervision regulations, refer to the European Supervisory Authority financial supervision and foreign exchange Dispute between the EEA Surveillance Authority:
1) the exchange of information or the conduct of the inspection;
2) the exercise of supervisory powers or the imposition of penalties;
(3) cooperation or the performance of tasks within the supervisory body;
(4) other matters dealt with under the powers of the supervisory authorities.
Financial supervision shall act as a competent authority within the meaning of Article 32 of the short selling Regulation, taking into account the provisions of Article 37a.
Financial supervision shall act as a public authority within the meaning of Article 10 (5) of the Regulation on the market structure and as a competent authority for compliance with the Regulation referred to in Article 22 (1). Financial supervision shall be consistent with the cooperation and exchange of information between the authorities referred to in Articles 23, 24, 83 and 84 of that Regulation.
Financial supervision shall act as the competent authority within the meaning of Article 43 of the Auctioning Regulation.
Financial supervision acts as a competent authority within the meaning of Article 44 of the AIFM Directive.
Financial supervision shall act as a competent authority within the meaning of Article 3 of Regulation (EU) No 345/2013 of the European Parliament and of the Council on European venture capital funds.
Financial supervision shall act as a competent authority within the meaning of Article 3 of Regulation (EU) No 346/2013 of the European Parliament and of the Council on European social entrepreneurship funds.
Financial supervision shall disclose the market abuse and mistrust of the market to the EEA Surveillance Authority in the territory of which that activity is conducted or where the financial instruments affected are: In a regulated market or mtf are the object of such trading or have been applied for.
Financial supervision shall, at the request of the foreign EEA Surveillance Authority, examine market abuse. The staff of the requesting authority may participate in the investigation.
Financial supervision shall provide the foreign EEA control authorities with all relevant information in their possession, which may facilitate supervision by those authorities. The information shall be provided at least to the extent required by the European Union instruments for each control. The information to be substantially affected by the conditions of authorisation of insurance companies must be provided on a similar scale. The exchange of information under group supervision is also provided for in Article 65.
Where the Financial Supervisory Authority has reasonable grounds for suspecting that an operator not covered by its supervision carries out or has pursued an activity contrary to European Union law in respect of financial markets in the territory of another EEA State, it shall indicate: In the cases referred to in European Union acts relating to financial markets, to the competent authority of the EEA State concerned.
Financial supervision may only refuse to cooperate with a foreign EEA Surveillance Authority if:
(1) cooperation would jeopardise the sovereignty, security or public order of Finland;
(2) the request for cooperation concerns the person concerned in a case pending in Finland for a cooperation request; or
(3) In Finland, a final decision has been taken on the person subject to the cooperation request.
Financial supervision shall inform the requesting authority and the relevant European Supervisory Authority, in the cases referred to in the European Union Directives on financial markets, and the reasons for it. (912.2011/1242)
Financial supervision shall be appropriate in cooperation with a third country supervisory authority:
(1) the entity under the control of which the company has established or intends to establish a branch in Finland or which a credit institution under its supervision has established or intends to establish a representation in Finland;
2) which has been or intends to establish a branch;
(3) in which securities issued by a Finnish company are subject to a regulated market or a multilateral trading system;
(4) the securities issued by a company under the supervision of which are traded on a regulated market or mtf are traded in Finland. (12/04/2013)
(5) Whereas it is necessary to introduce a Directive of the European Parliament and of the Council amending Directive 2003 /41/EC and Directive 2003 /65/EC and amending Regulation (EC) No 1060/2009 and (EU) No 1095/2010 Cooperation arrangements that are necessary and effective for the effective application of 2011 /61/EU. (17/04/2013)
The right of financial supervision to obtain and verify information from a third-country credit institution in Finland is subject to the provisions of Articles 18 and 24.
The cooperation with the Swiss Insurance Supervisory Authority is governed by the Insurance Companies Act and the Law on Foreign Insurance Companies.
On the obligation of financial supervision to inform the host State's supervisory authority of the establishment of a branch in the host State and the provision of services to the host State without the establishment of a branch, The law, the law on payment institutions, the investment services, the investment fund law, the law on alternative fund managers and the insurance company law. The provision of supplementary pensions in another EEA State provides for pension savings law and insurance fund and insurance mediation in another EEA State under the law on insurance mediation. The obligation of financial supervision to inform the second EEA Surveillance Authority of the activities of the exchange in another EEA State shall be governed by the law on trade in financial instruments.
The right of financial supervision to be audited by a credit institution, a payment institution, an investment firm, a management company and an insurance company in another EEA State shall be subject to the provisions of Article 24. Before carrying out the inspection, financial supervision shall be notified to the supervisory authority of the host State.
After the second EEA Surveillance Authority declared that the supervision or other financial market operation does not comply with the legislation of that State when providing services there, the financial supervision shall take the necessary steps 3 and 4 , in order to ensure an end to the non-compliance. Financial supervision shall inform the supervisory authority of the State concerned of the measures taken.
Financial supervision shall immediately inform the host State supervisory authority of the bankruptcy of a credit institution, payment institution, investment firm, management company and insurance company established in another EEA State or providing services to another EEA State, or On the decision to initiate the liquidation and the effects of bankruptcy or liquidation, on the decision to withdraw or restrict the authorisation, as well as the placing on the market of property rights. (30.4.2010/301)
Financial supervision shall operate in sufficient cooperation with the host State's supervisory and other authorities and liquidators.
The financial supervision shall, without delay, notify the decision initiating the bankruptcy of a foreign credit institution, investment firm, a management company or an insurance company, and the consequences of the bankruptcy of a foreign credit institution, an investment firm, a management company or an insurance company, and The decision to withdraw the authorisation of a branch of the company in Finland to the supervisory authorities of the other EEA States to which such a company has established a branch or provides services.
The notification of an insurance company within the meaning of this Article shall be made to the authorities responsible for the supervision of all EEA States.
For cooperation with the host State authority on the transfer of the insurance stock and the setting up of an insurance company's property, the insurance company is subject to an insurance company law.
Financial supervision shall inform the foreign EEA branch or, in the case of foreign EEA, its supervisory authority, within a period of two months from the date of receipt by the branch or the foreign The EEA Surveillance Authority's notification of the opening of a foreign EEA branch in Finland or of any significant change in such activities, the activities of the branch and the implementation of supervision and the requirements of the public interest The conditions to be followed by a foreign EEA in Finland when acting in Finland . The provisions of this paragraph shall not apply to the establishment of a foreign investment firm or a branch of a foreign management company in Finland. The introduction of additional pension activities in Finland is governed by the Act on Foreign Insurance Companies.
Financial supervision may be requested from a foreign EEA supervisory authority responsible for the consolidated supervision of a foreign EEA credit institution or, unless the credit institution is subject to supervision on a consolidated basis, the home of the foreign EEA credit institution The designation by the supervisory authority of a credit institution's branch in Finland. The request shall include sufficient justification, which shall at least specify:
(1) whether the market share of the branch exceeds 2 % by deposits in Finland;
(2) how the suspension or winding up of a credit institution is likely to affect liquidity and payment and settlement systems in Finland;
3) the size and importance of the branch in terms of the number of customers in the Finnish banking or financial system.
The financial supervision shall work together with the foreign supervisory authority of the foreign EEA credit institution and, where a credit institution is included in the consolidated supervision, with the CIA Surveillance Authority A joint decision on the designation of a branch of a credit institution in Finland as significant.
Where a joint decision is not reached within two months of receipt of the request for financial supervision by the foreign EEA Surveillance Authority referred to in paragraph 1, the financial supervision shall take a decision on the designation of the branch as significant Within two months from the expiry of the period referred to in this paragraph. When making a decision, financial supervision shall also draw attention to the issues raised by the foreign EEA supervisory authorities referred to in paragraph 2. The financial supervision decision shall be notified to the foreign EEA supervisory authorities referred to in paragraph 2.
Where the International EEA Surveillance Authority referred to in paragraph 1 has referred the matter of the joint decision to the European Banking Authority within two months of receiving the financial supervision referred to in paragraph 1 , Financial supervision shall await the decision of the European Banking Authority and shall act in accordance with the decision. (912.2011/1242)
The home State supervisory authority may, within the limits of its competence, verify the activity of a foreign EEA branch through a foreign EEA, to the extent necessary for the supervision of a foreign EEA, if it is before the Of the Financial Supervisory Authority. Financial supervision has the right to participate in the audit.
Financial supervision may, at the request of the home State supervisory authority, check the activities of the foreign EEA branch. The right to information and verification of financial supervision shall apply in this case, as provided for in Chapter 3, on the right of access to the financial supervision of the financial supervision and the right to inspect, and in Article 34, the right to use an external expert and 33 a. § the right to impose a periodic penalty payment to enhance the right of access to information and inspection.
Financial supervision may, at the request of the home State supervisory authority or, if justified for the prudential purposes of the Finnish financial market or for the performance of the tasks laid down by law in the rest of the Act, on its own initiative, In advance, the home State supervisory authority shall obtain the information necessary for the supervision of the foreign EEA branch and check the activities of the foreign EEA branch. The right to information and verification of financial supervision shall apply in this case, as provided for in Chapter 3, on the right of access to the financial supervision of the financial supervision and the right to inspect, and in Article 34, the right to use an external expert and 33 a. § the right to impose a periodic penalty payment to enhance the right of access to information and inspection. For the purposes of this paragraph, the EEA branch shall apply mutatis mutandis to a fixed establishment in Finland of a foreign EEA supplementary pension institution.
Financial supervision shall have the right to obtain the information necessary for the performance of its duties under this law and in the rest of the law, from a foreign EEA supplementary pension institution, as well as a foreign supervisory authority which provides services to Finland by a branch Without foundation.
Financial supervision may provide for the provision of information necessary for the performance of the tasks referred to in Article 3 (3) (3) and (5) of the EEA Foreign EEA branch referred to in Article 3 (3) (3) and (5). On financial supervision. Financial supervision may, in addition, provide for the regular transmission of the other information referred to in Article 18 (2) to financial supervision where necessary for the purposes of Article 67 of the Financial Supervisory Authority Management.
Financial supervision shall inform the home country supervisory authority of the information received under this Article in so far as the information is relevant to the financial position of the credit institution as a whole or to the stability of the financial markets in Finland.
Where the Financial Supervisory Board has reasonable grounds to suspect that the foreign EEA branch fails to comply with the conditions of general interest referred to in Article 59, or what the branch's obligation is in the Finnish law on the financial market or its , the financial supervision may call on the branch to correct the matter within the time limit laid down in the rules or regulations adopted. (08.08.2014/11)
In the event of failure to comply with the request referred to in paragraph 1, the financial supervision shall be notified to the supervisory authority of the home Member State.
Where the measures taken by the home State control authority prove to be insufficient and the branch continues proceedings against the provisions or provisions referred to in paragraph 1, the financial supervision shall, after informing the By a branch of the supervisory authority referred to in Article 33, a penalty payment referred to in Article 38, the public warning referred to in Article 39, the penalty payment referred to in Article 39 or the penalty payment provided for in Article 33 (a) , at the risk of prohibiting the branch from continuing with the provisions and provisions Of any or all or part of the continuation of the branch. (17/04/2013)
Notwithstanding paragraph 3, the financial supervision may take the measures referred to in paragraph 3 immediately if:
(1) the branch fails to comply with the relevant financial market provisions or provisions adopted pursuant to them, or rules and measures relating to the operation of the branch are necessary to safeguard the public interest; or
(2) the branch fails to comply with any provisions relating to it or any provisions adopted pursuant thereto, or rules governing the operation of the branch, the supervision of which is equivalent to the supervision of the financial supervision.
Financial supervision shall inform the European Commission and the European Supervisory Authority concerned in the cases referred to in the European Union Directives on financial markets, and in the cases referred to in the European Union Directives, To which it has taken action to put an end to any action against the provisions, regulations, rules or conditions referred to in paragraph 1.
The foregoing paragraph of this Article shall also apply to the foreign EEA Supplementary Pensions Institute and to the foreign control, which provides services to Finland without a secondary movement.
What is provided for in this article for a foreign control, is also applicable in Finland under the supervision of another EEA State authority in Finland under Article 1 of Chapter 3 of the Law on trade in financial instruments The market operator.
§ 61a has been repealed by L 12.4.2013/254 .
On the obligation of financial supervision to inform the foreign EEA supervisory authorities responsible for the supervision of the parent undertaking and its subsidiaries in charge of the supervision and authorisation of the foreign EEA Surveillance Authority, as well as The supervision of the owners of the EEA Surveillance Authority is governed by the law on credit institutions, the Investment Services Act, the Investment Fund Act, the Law on Alternative Fund Managers and the Insurance Companies Act.
When the supervision of the financial supervision is carried out by the Financial Supervisory Authority, the financial supervision shall be subject to the supervision of a foreign authority under the supervision of a foreign authority under group supervision, or of such authorisation Upon application, without delay inform the authority responsible for granting authorisation and the relevant EU Supervisory Authority:
1) the structure of the group;
(2) the owners of the parent undertaking, who are under the supervision of at least Article 1 of Chapter 3 of the Law on the operation of credit institutions, Article 14 of Chapter 7 of the Investment Services Act, Article 11 of the Law on the supervision of financial and insurance groups, Article 21a of the Paying Act, Article 16 of the Investment Fund Act, Article 9 of Chapter 7 of the Law on Alternative Fund Managers or Chapter 14, Section 9, or a significant shareholding within the meaning of Section 5 of Chapter 4 of the Insurance Companies Act; and
3) group level governance, internal control and risk management.
The financial supervision may, at the request of the foreign EEA Surveillance Authority, carry out an inspection in a company in Finland belonging to a foreign EEA group. The right of access to information and verification of financial supervision shall be governed by Articles 18 and 24. Financial supervision may allow the requesting supervisory authority to participate in the audit.
If the Financial Supervisory Authority intends to check a company located in another EEA State, which is part of a group whose group supervision the financial supervision is responsible for, it shall request the supervisory authority of that State to carry out an inspection. Financial supervision shall have the right itself to carry out an inspection or to participate in the inspection if the requested authority so permits.
Financial supervision shall inform the foreign EEA Surveillance Authority, which is responsible for the supervision of a foreign EEA group, at its request, all information necessary for the purposes of group supervision.
In addition, the financial supervision shall, unless otherwise agreed between the authorities responsible for the supervision of undertakings belonging to the group, indicate, on its own initiative, the relevant information relevant to the group supervision referred to in paragraph 1 To the EEA Surveillance Authority or, where financial supervision is responsible for group supervision, to the foreign EEA supervisory authorities responsible for the supervision of companies belonging to the group.
In addition, financial supervision shall, without delay, provide the supervisory authorities referred to in paragraphs 1 and 2 and those responsible for the functioning of the financial market in their home Member State to the supervisory authorities referred to in paragraphs 1 and 2. Information in their possession concerning matters which could jeopardise the stable functioning of financial markets in those countries or cause significant disruption to their financial markets.
Paragraph 4 has been repealed by L 8.8.2014/611 .
Financial supervision shall supervise compliance with the provisions on group supervision, in cooperation with the supervisory authorities responsible for supervision of the foreign supervision of the same group.
The financial supervision shall, subject to the urgency of the matter, be subject to a decision which may significantly affect the external EEA Surveillance Authority, consult the supervisory authority responsible for its supervision, if the decision concerns:
(1) significant change in a controlled or administrative structure;
(2) the decision to prohibit the acquisition of an important holding within the meaning of Article 32a;
(3) imposing a significant administrative penalty on the administrator;
(4) the imposition of an additional supervisory capital requirement; or
(5) the control of a control measure which significantly restricts the control activity.
In the case referred to in paragraph 2 (3), the financial supervision shall always consult the supervisory authority responsible for the supervision of the group.
If the supervision of the financial supervision is carried out by the supervision of a controlled group, the financial supervision shall, in addition to the rest of the law, carry out the following tasks:
(1) coordination of the gathering and sharing of the information required under the supervision;
(2) the planning and coordination of supervisory activities with the other EEA supervisory authorities involved in the supervision and, where appropriate, in the event of crisis and preparedness, in cooperation with the relevant EEA States, where appropriate; With central banks.
If, in order to carry out its tasks, the financial supervision needs to provide information on a foreign company responsible for the supervision of financial supervision, which is part of a group with which financial supervision is responsible, the financial supervision shall request such Information primarily from the authority responsible for the supervision of such a company. If the financial supervision requires such information on a company belonging to a group which is responsible for supervision by the other supervisory authority, the financial supervision shall request information primarily from the group supervision of such a group. The competent authority.
Financial supervision shall establish a supervisory college if:
(1) The supervision of financial supervision shall be carried out by the supervision of the supervision of the group and, if the group is subject to supervision by another EEA State or supervised by a group, has set up a branch of a significant branch in another EEA State; or
(2) A Finnish credit institution which is not covered by consolidated supervision has set up a significant branch in another EEA State.
The foreign EEA supervisory authorities and the European Supervisory Authority shall be entitled to participate in the colleges of supervisors under the supervision of the supervised and branches referred to in paragraph 1. Where appropriate, financial supervision may invite the representatives of the central banks of the EEA States to the Supervisory Board and the supervisory authorities of the non-EEA States responsible for financial supervision. (20/03/2013)
L to 311/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
The supervisory authorities of credit institutions and branches referred to in paragraph 1 and the foreign EEA supervisory authorities supervising the activities of undertakings in the financial and insurance sector shall be entitled to participate in the college of supervisors. Where appropriate, financial supervision may invite the representatives of the central banks of the EEA States to the Supervisory Board and the supervisory authorities of the non-EEA States responsible for financial supervision.
The role of the college of supervisors is to facilitate cooperation between supervisory authorities in the supervision of the supervisory and the branches concerned. Financial supervision strengthens the written policy of supervisory cooperation to the College of Supervisors. Prior to the adoption of the operational principles, financial supervision shall be subject to consultation with the participating foreign EEA supervisory authorities. (20/03/2013)
L to 311/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
The role of the college of supervisors is to facilitate cooperation between supervisory authorities in the supervision of the credit institutions and branches concerned and of financial and insurance groups. Financial supervision strengthens the written policy of supervisory cooperation to the College of Supervisors. Prior to the adoption of the operational principles, financial supervision shall be subject to consultation with the participating foreign EEA supervisory authorities. (13.12.2012)
The operating principles referred to in paragraph 1 shall cover at least the following:
1. Exchange of information;
(2) possible agreement on the allocation of voluntary tasks and responsibilities;
3) the control programme and other procedures for carrying out the assessment referred to in Article 31 (2) of the Law on the Law on credit institutions and the supervision of financial and insurance pools;
(4) strengthening control by removing unnecessary duplication of requirements;
5) crisis preparedness and response to crisis situations;
(6) the principles according to which financial supervision may limit the right of a foreign supervisory authority to participate in a single case in the College;
(7) the consistent application of the solvency requirements for the purposes of Article 65b (1) (1); and
8) the procedures for the adoption of the decisions referred to in Sections 6, 28, 30 and 32 of Chapter 26 of the Insurance Companies Act and the notification obligation referred to in Article 11 (4) of Chapter 26.
(20/03/2013)L to 311/2015 (2) shall enter into force on 1 January 2016. The previous wording reads:
The operating principles referred to in paragraph 1 shall cover at least the following:
1. Exchange of information;
(2) possible agreement on the allocation of voluntary tasks and responsibilities;
3) the control programme and other procedures for carrying out the assessment referred to in Article 31 (2) of the Law on the Law on credit institutions and the supervision of financial and insurance pools;
(4) strengthening control by removing unnecessary duplication of requirements;
5) crisis preparedness and response to crisis situations;
(6) the principles according to which financial supervision may limit the right of a foreign supervisory authority to participate in a single case in the College;
(7) the consistent application of the solvency requirements for the purposes of Article 65b (1) (1).
(08.08.2014/11)Financial supervision shall convene meetings of the supervisory board and shall chair the meetings. Financial supervision shall inform the European Supervisory Authority of the functioning of the supervisory college. (13.12.2012)
Financial supervision shall inform the foreign supervisory authorities of the College in advance of the matters dealt with in the College and shall subsequently inform the supervisory authorities of the College of decisions taken by the College, Have not been present in the decision-making process.
Financial supervision shall contribute to the fact that the principles and procedures for supervisory cooperation referred to in this Chapter are laid down in a written control book, all of which is subject to supervision or group supervision. The participating supervisory authorities shall sign.
Financial supervision may conclude with the home State supervisory authority that the Financial Supervisory Authority carries out tasks related to a foreign EEA control audit, which are the responsibility of the national supervisory authority. Financial supervision may also conclude a contract with the host State supervisory authority for carrying out tasks related to the supervision of the supervision of the financial supervision. (12/04/2013)
Financial supervision may conclude with the foreign EEA Surveillance Authority responsible for group supervision of a foreign group that the financial supervision carries out the tasks of group supervision under the responsibility of another EEA Surveillance Authority. Or that the International EEA Surveillance Authority carries out audit tasks of group supervision under the responsibility of the financial supervision.
The receipt of the tasks under this Article may be subject to compensation. Compensation shall be recovered from the receipt of tasks which are not based on cooperation obligations arising from European Union law, unless the Board of Governors, for a particular reason, decides otherwise. Any delegation of tasks under this section to the European Supervisory Authority or the EEA Surveillance Authority may be remunerated if the tasks entrusted are not covered by the European Supervisory Authority or the The cooperation obligations referred to above by the EEA Surveillance Authority. (19/04/2013)
Financial supervision shall be subject to the supervision contract referred to in this Article or, by the way, to be certified by the home State supervisory authority, as provided for in Articles 18, 19 and 23 to 25. With regard to the right of access to information and verification of financial supervision, Article 34 on the right to use an external expert and Article 38 to impose a penalty payment in order to enhance the right of access to information and inspection.
Financial supervision may delegate supervisory decisions to a foreign EEA supervisory authority, such as the Law on Credit Insurance, the Insurance Companies Act, the Investment Services Act and the supervision of financial and insurance groups Is provided for in the Act. (20/03/2013)
L to 311/2015 The amended paragraph 5 shall enter into force on 1 January 2016. The previous wording reads:
Financial supervision may delegate supervisory decisions to a foreign EEA supervisory authority, as provided for by the law on credit institutions, the Investment Services Act and the Law on the supervision of financial and insurance groups. Provides. (14.12.2012/752)
Financial supervision may only delegate decision-making powers and audit tasks necessary for the effective supervision of a supervisory or group performing cross-border activities. (4 MARCH 2012)
The provisions of paragraph 6 governing the limitations of the delegation of powers and of the delegation of inspection tasks shall apply mutatis mutandis to the transfer of the power of decision to the European Supervisory Authorities in the cases referred to in the European financial supervision regulations. (19/04/2013)
Financial supervision shall transmit to the European Commission and the European Supervisory Authority concerned, in accordance with the provisions of the European Union financial market, the agreement referred to in this Article. (912.2011/1242)
In order to cover the costs of financial supervision, fees and charges shall be levied. The right of financial supervision to recover from the supervision of the supervisory tasks provided for in Article 67 is provided for in paragraph 3 of that Article.
The amount of the financial supervision and the other direct payments to be charged shall be subject to the provisions of the State contribution law (150/1992) Provides. Financial supervision provides more detailed provisions on the payment of services and the amount of the fee.
Financial supervision may be charged to a foreign EEA supervisory authority within the meaning of Articles 60 and 63 of the State payment law, where the financial supervision, at its request, carries out a supervisory or control measure relating to the said The branch or company referred to in the articles. Financial supervision may also charge directly to the branch, if it is not possible to recover from a foreign supervisory authority.
The supervisory fee for the financial supervision shall be regulated separately.
The Bank of Finland shall be responsible for the replacement of the damage resulting from a mistake or negligence on the part of the financial supervision as provided for by the law on compensation.
The Bank of Finland shall, without delay, obtain compensation from the State in respect of its compensation under paragraph 1, in so far as the compensation exceeds the amount which Suomen Pankki may transfer under Article 21 (2) of the Bank of Finland Act to the State Needs.
If the amount to be recovered in the form of control fees and operational payments, together with the other proceeds of the financial supervision, remains below 95 % ( Alite ) The cost of financial supervision, financial supervision, while drawing up its budget for the next year, shall draw up a plan for the measures to be taken as a result of the subset.
In addition to what the law on public authorities' activities (18/09/1999) , Financial supervision shall have the right to disclose without prejudice to confidentiality rules:
(1) the Ministry of Social Affairs and Health, the Ministry of Finance, the Financial Stability Agency and the other financial market supervising or operating the financial market for the performance of their tasks; (19/04/2013)
2) the prosecutor and pre-trial authority of Finland or the other EEA State to prevent and investigate the offence;
(3) the other EEA State Financial Market Authority, the other EEA State Resolution Authority, the other EEA State Financial Market Authority and the European Supervisory Authorities, the European The Joint Committee of Supervisors and the European Systemic Risk Board; (19/04/2013)
(4) to the Accounting Board, in the context of the procedure referred to in Article 2 (3) of Chapter 8 of the Accounting Act, to the extent necessary to fulfil the supervisory role provided for in Article 37 of this Act;
(5) the Central Chamber of Commerce Assessment Board referred to in Articles 18a to 18e of the real estate fund Act; (14.12.2012/752)
(6) to the authority of Finland or the other EEA State, whose task is to take part in a licence or bankruptcy procedure or any other similar procedure under the supervision of a supervisory authority or equivalent;
(7) to the authority of Finland or the other EEA State, which is responsible for the supervision of the institutions involved in the supervision of the authorisation or of the equivalent foreigner, or the institutions involved in any other similar procedure;
(8) to the authority of Finland or any other EEA State which is responsible for the supervision of persons carrying out statutory audits of statutory audits carried out on the financial markets;
(9) the independent actuaries of the EEA State carrying out the legal supervision of insurance companies and the institution responsible for the supervision of those actuaries;
(10) to the EEA State authority or to an institution which is legally responsible for monitoring compliance with company law and investigating infringements;
(11) the ECB, the Bank of Finland or the other central bank of the EEA State and any other institution with a similar function as a monetary authority, and any other authority responsible for the supervision of payment systems; (08.08.2014/11)
(11a) to carry out the tasks referred to in the Auctioning Regulation and to control the derivatives market, the electricity market or the natural gas market; (88/2014/651)
(11b) For the purposes of carrying out its supervisory tasks relating to competition matters to the Office for Competition and Consumer Protection, the supply and derivative contracts for the supply and derivative contracts for the supply of electricity or natural gas must be kept; (88/2014/651)
(11c) to the Agency for the Cooperation of Energy Regulators and to the other EEA State authority responsible for the supervision of the electricity and natural gas markets; (88/2014/651)
(11 d) to the authority of Finland or the EEA State, which is responsible for the adoption of a regulation adopted pursuant to Article 215 of the Treaty on the Functioning of the European Union, for certain debts owed to Finland as a member of the United Nations and the European Union. Of the law on compliance (659/1967) Or the freezing of funds in the fight against terrorism (325/2013) To participate in the freezing of assets of a natural or legal person, to the extent necessary to fulfil the tasks related to the freezing; (24/05/505)
(12) to an authority or an institution other than the EEA State referred to in this paragraph; (08.08.2014/11)
(13) For the purposes of the performance of their tasks, the credit institution referred to in the Law on Credit Insurance and the Investor Compensation Fund for investment services. (08.08.2014/11)
Financial supervision shall have the right to release only the information necessary for the performance of each of the tasks of the authority referred to in paragraph 1, and where such information is disclosed to a foreign authority, provided that such information relates to: As regards the obligation of professional secrecy as financial supervision.
Financial supervision shall have the right, notwithstanding the confidentiality rules, to disclose information relating to supervision, foreign supervision and other relevant information on the financial markets of such controlled, foreign controlled or other financial markets The auditor.
Financial supervision shall have the right to inform supervised and foreign EEA branches where the same debtor is found to have significant commitments or obligations, or if there is reason to suspect that any of their clients are Damage to them. In addition, the Financial Supervisory Authority has the right to provide supervisory and foreign control information on trading on a stock exchange and an mtf in Finland, as referred to in the law on financial instruments, and The central securities depository, clearing house and central counterparty, as well as other financial markets and other persons on the stock exchange, as referred to in the law on the cooperative system and clearing and settlement activities, if the disclosure of information Is necessary for the control function they are subject to or To ensure the reliability of clearing and settlement activities. (12/04/2013)
The financial supervision shall not disclose any confidential information received from another State's control or other authority or in another State during a check carried out, unless the issuing authority or its foreign, where the Has been carried out, the other supervisory authority concerned has given no explicit consent. Such information may be used only for the exercise of the functions under this law or for the purposes for which consent has been given.
Without prejudice to the confidentiality of data elsewhere in the law, financial supervision shall, without delay, provide the Ministry of Finance, the Ministry of Social Affairs and Health, the Bank of Finland and the Financial Stability Agency with information in its possession, Which may affect the stability of financial markets or otherwise significantly affect the development of financial markets or cause significant disturbances in the functioning of the financial system. The provisions of this paragraph shall also apply to the corresponding authority of another EEA State and the Deposit Guarantee Fund, where the credit institution has the parent undertaking of the group referred to in Article 3 (1) (7) of Chapter 1 of the Resolution; or A subsidiary of a parent undertaking or a branch of another credit institution belonging to the credit institution or its credit institution, and, where such other EEA State is responsible for macro-prudential supervision other than the abovementioned authority, such other The other EEA State authority, if the information is provided in this section. Shall be bound by the obligation of professional secrecy equivalent to that law in another EEA State and the addressee. (19/04/2013)
The provisions of this section on the authority of another State shall apply mutatis mutandis to the Community or to an institution which, according to the law in its home country, carries out tasks equivalent to that laid down in this or other law.
Financial supervision shall maintain a system through which it can receive notifications of irregularities related to financial market provisions.
Financial supervision shall keep the necessary information referred to in paragraph 1 for a period of five years. The information shall be deleted after a period of five years from the date of the notification, unless it is necessary to preserve the information necessary for the purposes of criminal investigations, pending legal proceedings, the judicial investigation or the notifier or the notifier. The protection of the person's rights. The need for further data retention shall be examined no later than three years after the review of the need to maintain the previous data. A marking shall be made on the review.
The data subject subject to the notification shall not have the right of access to the information referred to in paragraphs 1 and 2 if the disclosure of the information could harm the detection of criminal offences or irregularities. The Data Protection Supervisor may, at the request of the data subject, verify the legality of the data relating to the registration referred to in paragraphs 1 and 2.
Without prejudice to the secrecy of documents, the financial supervision may publish statistics and comparable data on the activities, status and development of insurance and pension institutions and insurance intermediaries, drawn up in accordance with Of all insurance or pension institutions or insurance intermediaries.
The decision to review the financial supervision shall be lodged by the decision of the Helsinki Administrative Court, as provided for by the Administrative Law, unless otherwise provided in this Article or elsewhere in the law.
Pursuant to Articles 38 to 41 of the financial supervision, an appeal is brought against a decision by the choice of market law as provided for in the administrative law.
The decision to be taken pursuant to paragraph 2 of the market law, as well as the decision under Articles 40 and 41, shall be appealed against by the appeal to the Supreme Administrative Court as laid down by the Administrative Law.
Financial supervision shall have the right to appeal against the decision of the administrative court or of the market law to which the administrative law or market law has amended or annulled a decision taken by the Financial Supervisory Authority or which has rejected the Financial supervision of the imposition of a penalty payment.
The financial supervision decision can be implemented without legal force. If the decision is appealed, the decision shall be taken for the time being, unless the appeal authority decides otherwise or otherwise provided otherwise by law.
The appeal against a decision concerning a member of the Financial Supervisory Board or an alternator or an official's term of office shall be determined separately.
The penalty payment and the penalty payment, the penalty payment and the charge of measures imposed by this law on the basis of this law may be charged without judgment or decision in the order of the implementation of taxes and charges Of the law (20/2007) Provides. However, the fee and penalty fees may only be implemented on the basis of a final decision.
Where, in accordance with the procedure laid down in the European Financial Supervision Regulations, the European Supervisory Authority adopts a single decision addressed to the financial market in a case which has previously been adopted by the Financial Supervisory Authority, Shall be replaced by a decision of the European Supervisory Authority. The decision to amend the European Supervisory Authority's decision is laid down in the European Financial Supervision Regulations.
This Act shall enter into force on 1 January 2009 and repeal the Law of 27 June 2003 on the financial audit (587/2003) And the Law of 29 January 1999 on the Insurance Supervisory Authority (1999) With their subsequent modifications.
Financial supervision will continue the activities of the Financial Supervisory Authority and the Insurance Supervisory Authority. The assets, liabilities and liabilities of the Insurance Supervisory Authority will be transferred free of charge to the Bank of Finland at the time of entry into force of this Act. The Bank of Finland shall be responsible for the transition to a maximum amount equal to the amount of money transferred to it. In other respects, the debts are borne by the Finnish State.
Officials at the time of the entry into force of this Act shall be employed by the Financial Supervisory Authority. The offices of the Insurance Supervisory Authority will cease to apply when this Act enters into force. The transitional staff shall be subject to the conditions of employment of the Bank of Finland and the rights and obligations of the Bank in the event of a transitional period. Officials who are transferred to the Bank of Finland under this Act shall continue to be subject to the Act on the entry into force of the Pensions Act (1296/2006) (2) and (3) from the time when they were the State Pensions Act (1295/2006) In the service covered by the contract. A precondition for this is that the service in the Bank of Finland will continue for a continuous period of time in the pension event. If a civil servant moves in 2009 or 2010 from the Bank of Finland (2003) Or back to the service covered by the State Pensions Act, this paragraph shall continue to apply if that service continues continuously for the pension event.
The term of office of the Executive Board of the Financial Supervisory Authority appointed under the repealed laws shall end upon the date of entry into force of this Act. The Financial Supervisory Board shall, after the entry into force of the law, deal with the deliberations of the Financial Supervisory Board and the Management Board of the Insurance Supervisory Authority on matters relating to the period prior to the entry into force of the law, in so far as they are processed Until the entry into force of the law, the Board of Directors of the Financial Supervisory Authority or the Insurance Supervisory Authority has not expired.
Before the entry into force of the Act, the necessary measures may be taken to appoint members of the Executive Board referred to in Article 9 of this Law and the Director referred to in Article 11, with a view to determining the Deputy Director, In order to comply with the notification requirement referred to in Article 16 and to lay down the Rules of Procedure referred to in Article 17, and to take decisions thereon in the Management Board and the Banking Board.
The provisions in force at the time of entry into force of this Act shall apply to any other authority pending the entry into force of this Act.
Otherwise, the reference to the Law on the Financial Supervisory Act and the Act on the Insurance Supervisory Board, which is to be repealed by law or by law, means a reference to this law. The reference to financial control and to the Insurance Supervisory Board, which is provided for by law or by law, means a reference to financial supervision. Decisions and orders issued before the entry into force of the law by the Financial Inspection or the Insurance Supervisory Authority shall be valid after the entry into force of this Act, as provided for by the financial supervision.
THEY 66/2008 , TaVM 20/2008, EV 109/2008This Act shall enter into force on 8 April 2009.
THEY 235/2008 , TaVM 1/2009, EV 15/2009, Directive 2007 /44/EC of the European Parliament and of the Council (32007L0044), OJ L 247, 21.9.2007, p. 1
This Act shall enter into force on 1 January 2010.
THEY 175/2008 , TaVM 4/2009, EV 46/2009
This Act shall enter into force on 1 February 2010.
THEY 187/2009 , TaVM 28/2009, EV 241/2009
This Act shall enter into force on 1 July 2010.
THEY 243/2009 , TaVM 6/2010, EV 40/2010
This Act shall enter into force on 1 August 2010.
THEY 42/2010 , TaVM 12/2010, EV 112/2010
This Act shall enter into force on 31 December 2010.
THEY 127/2010 , TaVM 33/2010, EV 260/2010, Directive 2009 /111/EC of the European Parliament and of the Council (32009L0111); OJ L 302, 17.11.2009, p. Directive 2010 /76/EU of the European Parliament and of the Council (32010L0076); OJ L 329, 14.12.2010, p. 3 TO 35
This Act shall enter into force on 15 March 2011.
THEY 287/2010 , TaVM 40/2010, EV 296/2010
This Act shall enter into force on 1 January 2014.
THEY 222/2010 , LaVM 44/2010 EV 374/2010
This Act shall enter into force on 1 August 2011.
THEY 2/2011 , TaVM 1/2011, EV 3/2011, Directive 2009 /110/EC of the European Parliament and of the Council (32009L0110) OJ L 267, 10.10.2009, p. 7-17
This Act shall enter into force on 31 December 2011.
THEY 71/2011 , TaVM 4/2011, EV 30/2011, Directive 2010 /78/EU of the European Parliament and of the Council (32010L0078); OJ L 331, 15.12.2010, p. 120-161
This Act shall enter into force on 31 December 2011.
THEY 113/2011 , TaVM 10/2011, EV 100/2011, Directive 2009 /65/EC of the European Parliament and of the Council (32009L0065); OJ L 302, 17.11.2009, p. 32, Commission Directive 2010 /43/EU (32010L0043); OJ L 176, 10.7.2010, p. 42, Commission Directive 2010 /44/EU (32010L0044); OJ L 176, 10.7.2010, p. 28, (corrected by OJ L 179, 14.7.2010, p. 16), Directive 2010 /78/EU of the European Parliament and of the Council (32010L0078); OJ L 331, 15.12.2010, p. 120
This Act shall enter into force on 1 January 2013.
The declarant referred to in Article 16a of this Act shall bring an insider declaration into line with the requirements of this law within one month of the entry into force of the law.
Financial supervision shall bring the list referred to in Article 16 (6) to meet the requirements of this Act within two months of the entry into force of the law.
The acts and omissions made 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 32/2012 , TaVM 11/2012, EV 117/2012
This Act shall enter into force on 1 January 2013.
THEY 121/2012 , TaVM 13/2012, EV 118/2012, Regulation (EU) No 236/2012 of the European Parliament and of the Council (32012R0236); OJ L 86, 24.3.2012, p. 1 TO 24
This Act shall enter into force on 1 September 2013.
THEY 124/2012 , LaVM 15/2012, EV 158/2012
This Act shall enter into force on 15 April 2013.
THEY 4/2013 , TAVM 5/2013, EV 30/2013, Commission Regulation (EU) No 1031/2010 (32010R1031); OJ L 302, 18.11.2010, p. Regulation (EU) No 648/2012 of the European Parliament and of the Council (32012RO648); OJ L 201, 27.7.2012, p. 1 TO 59
This Act shall enter into force on 1 September 2013.
FROM 20/2013 , TaVM 17/2013, YmVL 7/2013, EV 88/2013, Directive 2009 /72/EC of the European Parliament and of the Council (32009L0072); OJ L 211, 14.8.2009 p. Directive 2009 /73/EC of the European Parliament and of the Council (32009L0073); OJ L 211, 14.8.2009, p. 94
This Act shall enter into force on 1 January 2014.
THEY 83/2013 , TAVM 28/2013, PVL 24/2013, EV 146/2013
This Act shall enter into force on 15 March 2014.
THEY 94/2013 , TaVM 38/2013, PeVL 43/2013, EV 4/2014, Directive 2011 /61/eu of the European Parliament and of the Council; (32011L0061); OJ L 174, 1.7.2011, p. 1
This Act shall enter into force on 15 August 2014.
The acts and omissions made 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 39/2014 , TaVM 6/2014, EV 62/2014, Council Regulation (EU) No 1024/2013 (32013R1024); OJ L 287, 29.10.2013, p. 63-89
This Act shall enter into force on 1 September 2014.
THEY 50/2014 , TaVM 7/2014, EV 75/2014, Regulation (EU) No 1227/2011 of the European Parliament and of the Council (32011R1227); OJ L 326, 8.12.2011, p. 1
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
This Act shall enter into force on 1 April 2015.
THEY 340/2014 , StVM 44/2014, EV 294/2014
This Act shall enter into force on 1 January 2016.
THEY 344/2014 , TaVM 30/2014, EV 304/2014, Directive 2009 /138/EC of the European Parliament and of the Council (32009L0138); OJ L 335, 17.12.2009, p. Directive 2011 /89/EU of the European Parliament and of the Council (32011L0089); OJ L 326, 8.12.2011, p. 113., European Parliament and Council Directive 2014 /51/EU (32014L0051); OJ L 153, 22.5.2014, p. 1.
This Act shall enter into force on 1 June 2015.
THEY 288/2014 , HaVM 44/2014, EV 280/2014
This Act shall enter into force on 1 January 2016.
THEY 254/2014 , TaVM 34/2014, EV 371/2014
This Act shall enter into force on 26 November 2015.
The acts and omissions made 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 11/2015 , TaVM 4/2015, EV 9/2015, Directive 2004 /109/EC of the European Parliament and of the Council (32004L0190) OJ L 390, 31.12.2004, p. 38-57, European Parliament and Council Directive 2013 /50/EU (32013L0050) OJ L 294, 6.11.2013, p. 13-27
