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In accordance with the decision of the Parliament:
This Act provides for the legal effects of securities accounts and accounts held in Finland on the basis of the maintenance of securities, on the obligations of the custodian and on the protection of holders of accounts Insolvency proceedings.
The provisions of this Law on securities shall apply to the securities market (10/06/2012) And, where applicable, the other investment services (747/2012) The financial instrument referred to in Article 10.
The value-share accounts to be maintained in the value-share system shall be regulated separately.
For the purposes of this law:
(1) Conservation, An agreement on the management of securities on behalf of a client, where the securities are identified in the contract on the basis of their species and quantity;
(2) Custodian The person who carries on the maintenance of Article 2 (1) or 2 of Chapter 2 of the Investment Services Act and the Law on the cooperative and clearing (749/2012) In accordance with Article 16 (2) or the Law on (827/1991) The account holder of a property management account within the meaning of Article 5a;
(3) Securities account An account held by the custodian showing the account holder, the securities to be retained on behalf of the account holder and the rights and limitations of the account holder;
(4) Right of account The rights of the securities account holder.
For the purposes of this law, securities held by a depositary shall be treated as a custodian of a custodian or an equivalent right under the law of a foreign country equivalent to that of the custodian.
The depositary shall maintain the security of the securities accounts of the securities. The accounts shall be kept in a reliable manner and in such a way that the exact date of the marking shown on each account shall be reliably cleared.
The securities account shall be:
(1) identification of the account holder and any other account holder;
(2) the type and amount of securities held on behalf of the account holder;
(3) the rights and restrictions referred to in Article 6 for the account holder.
Unless otherwise provided for in this Chapter, the entries and any amendments thereto shall be made on behalf of the account holder or on behalf of the account holder who, under other law, has the right to determine the property in question. Labels shall be made without undue delay.
The account holder is entitled:
(1) obtain the performance of the securities entered in the account and exercise other security-based rights;
(2) to provide for the right to be extradited, as well as the establishment of lien and other rights;
(3) exchange the custodian or enter the account with its own management.
The depositary shall ensure the exercise of the rights of the account holder referred to in paragraph 1 by taking all the necessary measures to exercise the right to exercise his rights within the limits of his or her reasonable influence and The account holder has been agreed. Financial contributions shall be paid and any other measures relating to the exercise of rights shall be taken without undue delay.
Article 11 lays down the rights of the holder in the event of bankruptcy and other insolvency proceedings.
The rights referred to in Article 4 (1) of the account holder are retained. Maintenance of securities indirectly so that the custodian has the right referred to in Article 2 (2), does not confer rights on the account holder on any person other than the holder of the account holder.
The rights of the account holder to the issuer shall be adjusted separately.
The securities account shall be subject to a lien on the right to account, but not of the mortgage, and any other right or restriction on the right to account. The forecluse and the precautionary measure against the law shall be entered in the account of the notification of the authority concerned and the bankruptcy of the bankruptcy. Law on the restructuring of the company (187/1993) Shall be credited to the account of the notification by the liquidator. The right of the deposit, the forecluse and any other comparable right or restriction shall be adequately identified in the account.
Where a securities account has been imprinted with an indication of the right to account or a restriction on account rights, the performance of the securities shall be carried out to the person who, according to the account of the account, is entitled to an execution. The equivalent shall apply mutatis mutandis to the exercise of other security-based rights.
An indication of the right or restriction may be deleted if the rightholder concerned has given his consent. Without the consent of the holder of the rights of the person concerned, a security shall not be removed in a manner that would infringe the rights and restrictions entered in the account.
The right in accordance with Article 6 for securities accounts shall take precedence over a right which is not entered in the account. In the past, the right to a securities account shall take precedence over the subsequent right.
However, in the past, the right of the person who has been born has, without prejudice to Article 1 (1), a primacy in relation to a subsequent right if a subsequent court or tribunal is aware of, or should have been aware of, a prior right when his rights were entered in an account.
The depositary shall correct an incorrect statement of the securities account without undue delay. However, in the event of a deterioration in the status of an account holder or other rightholder in the event of an adjustment, a correction may be made to this paragraph and the marking shall be corrected only if he knew or had to be aware of the misconduct when incorrect The marking was made.
Financial supervision may provide more detailed provisions on technical procedures for the maintenance of securities accounts and on the content of information relevant to securities accounts.
The depositary shall ensure that it continues to have the securities equivalent to the securities accounts of its customers under its control, as agreed with the account holders. The security shall be under the control of the custodian before the entry referred to in Article 3 (2) (2) is entered into a securities account.
The securities held by the depositary on behalf of the depositary shall be subject to the maintenance and other treatment of its client assets. The same shall apply to other assets controlled by the holder on behalf of the account holders.
Securities held by the depositary on behalf of its account holders are not included in the bankruptcy of the custodian and cannot be foreclosed on the custodian's debt. Securities held by the depositary, which correspond to securities affixed to the securities accounts of its clients, shall be deemed to be controlled by the account holders, unless indicated otherwise.
Accounting holders, in the event of a bankruptcy of a custodian, have the right to securities managed in such a way as to (120/2004) in Chapter 5 of Chapter 5 Provides. If the securities jointly managed on behalf of the account holders are not sufficient for the realisation of all rights, the respective assets shall be allocated among the account holders in the proportion in which they are entitled to that type of security. In so far as it is necessary to carry out the division, the securities must be liquidated and the money allocated to the account holders instead of securities.
The provisions of this Article concerning the bankruptcy of the custodian shall apply mutatis mutandis to the restructuring of the company within the meaning of the law on the restructuring of the custodian and the temporary suspension of the operation of the deposit bank. Of the law (1509/2001) Of the European Central Bank (ecb).
Where the custodian has been liquidated or declared bankrupt, or other insolvency proceedings referred to in Article 11 (3) have been initiated, the financial supervision shall be issued without undue delay by the trustee to supervise the swift execution of the rights of the account holders. However, the client does not need to be set if it is manifestly unnecessary in view of the nature and extent of the activity of the custodian. By the way, the Ombudsman shall be subject to the (878/2008) Article 29 provides.
The liquidator of the custodian and the custodian of the custodian's custodian shall be entitled, at the request or with the consent of the trustee, to conclude and terminate contracts and to take credit for the swift implementation of the rights of account holders. Promoting.
The depositary shall provide the account holder of the securities account to the account holder at least once a year, showing the securities entered in the account, the rights and limitations to the right of the account holder, and the previous statement of account Post-changes. An indication of the term of his right shall be immediately provided to the holder of the right of the right.
Any person who intentionally or negligently causes injury through a procedure contrary to this law or the provisions thereof shall be liable for the damage he has caused.
The settlement of damages and the distribution of liability between two or more liable parties shall apply in respect of (412/1974) Chapters 2 and 6 Provides.
Compliance with this law and the provisions adopted thereunder shall be subject to supervision by the Financial Supervisory Committee.
The provisions of Article 40 (1) of the Law on Financial Control, which are subject to a penalty payment or penalty payment, are the provisions of Article 10 (1) of this Law on the preservation of securities.
The imposition, publication, enforcement and handling of administrative penalties under market law are laid down in Chapter 4 of the Law on Financial supervision.
This Act shall enter into force on 1 January 2013.
This law shall apply to the custodian's duties and to the rights of the account holder, including when the contract for storage or the right of account holder to the account holder responsible for the securities account referred to in this Act has been made before the law Entry into force.
THEY 32/2012 , TaVM 11/2012, EV 117/2012
