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In accordance with the decision of the Parliament:
This law applies to the maintenance of the CIT system and the practice of clearing and settlement in Finland. (12/03/256)
The central securities depository and the clearing house shall be governed by a limited liability company law (1024/2006) , subject to the legislation of the CSD or of the other securities depository.
Compliance with this law and its provisions and regulations shall be subject to the supervision of financial supervision, as provided for in the Financial Supervision Act (878/2008) And this law provides.
For the purposes of this law:
(1) The value of the Such a securities market sector (746/2012) in Chapter 2, Article 1 That share, share or other entitlement to investment services (747/2012) Chapter 1, Article 10 The other financial instrument or the right to assimilate it, or any other security attached to the value-share system;
(2) System of values, A set of information systems composed of value-share accounts, (827/1991) Of value-share accounts and related lists;
(3) With a book of values, On value-share accounts, value-share accounts of value-share accounts and rights and obligations in relation to book-entry and value-share accounts in the CSD in Finland;
(4) The CSD A Finnish limited liability company which is authorised in accordance with this law to perform the tasks of the csd;
(5) Central counterparty 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: Market structure and regulation The entity referred to in Article 2 (1); (12/03/256)
(6) Clearing member A Community which has been granted the right to supply financial instruments or other supplies to the clearing house; (12/03/256)
(7) Clearing and settlement The identification or execution of obligations arising from trading in financial instruments;
(8) Clearing house A Finnish limited liability company which is authorised in accordance with this law in a professional and regular manner to conduct clearing and settlement activities;
(9) Accounting officer The entity to which the CSD has granted the right to register a book-entry register;
(10) Outsourcing A securities depository or a clearing house, on the basis of which the rest of the service provider produces a central securities depository or a clearing house or a service which the CSD or the clearing house would otherwise have itself Carried out;
(11) EEA State The State of the European Economic Area.
The operation of the CSD shall not be conducted without the authorisation granted by the Ministry of Finance.
The head office of the CSD shall be located in Finland.
The Ministry of Finance shall grant authorisation for the operation of a CSD to a Finnish public limited company. The authorisation may also be applied on behalf of the company to be set up.
The application for an authorisation shall be accompanied by a central securities depository, as well as a possible plan for other activities closely linked to the activities of the central securities depository referred to in Article 16 (3) and the application of the rules of the CSD Confirmation. In particular, the plan shall establish how the CSD will be able to deal with all the shares/units attached to the value-share system and to ensure that all of the tasks set out in Article 16 are reliably and In a manner which will ensure appropriate development. In addition, the application shall be accompanied by sufficient explanations for the CSD:
(1) ownership;
2) and auditors;
(3) internal control and risk management;
(4) the handling of potential conflicts of interest and interest;
(5) solvency, liquidity and other economic conditions;
(6) ensuring continuity of activity, including in exceptional circumstances;
7) the organisation of a supervisory function.
In addition, if an authorisation is sought for the company to be created, the application shall be accompanied by sufficient explanations of the applicant.
At the request of the Ministry of Finance, the applicant shall provide the Ministry with additional explanations necessary for the authorisation.
The Ministry of Finance shall grant authorisation if, on the basis of the report received, it may be satisfied that:
(1) the applicant and the activities envisaged by it fulfil the requirements laid down in this law and in the provisions adopted pursuant thereto, and in the provisions adopted pursuant to it;
(2) the owners of the CSD fulfil the requirements laid down in Article 4; and
(3) the ownership of a central securities depository shall not jeopardise business based on prudent and sound business principles of the CSD.
Anyone who, directly or indirectly, holds 10 % or more of the share capital of the central securities depository, or a stake of at least 10 % of the voting rights generated by its shares, must be reliable.
The Trustee shall not be trusted to:
(1) during the previous five years, a prison sentence or three years prior to the assessment of a financial penalty for a criminal offence which may be considered as proving to be manifestly inappropriate for a central securities depository; or
(2) By way of an otherwise earlier operation, it demonstrated that it is manifestly unsuitable for ownership of a central securities depository.
However, if the judgment referred to in paragraph 2 (1) has not obtained the force of law, the sentenced person may continue to exercise the decision-making power of the central securities depository in the central securities depository if it is his or her previous activity; The circumstances and other relevant factors as a whole are deemed to be manifestly justified.
An application for authorisation shall be settled within six months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision on authorisation shall always be taken within 12 months of receipt of the application. Article 5 of Chapter 8 provides for the lodging of a complaint on the ground that the decision has not been adopted within the prescribed period.
Before settling the case, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
After consulting the applicant, the Ministry of Finance shall have the right to impose restrictions and conditions necessary for the business of the CSD or for the stability of the financial markets.
The CSD may start operations, subject to the conditions of the authorisation, immediately after authorisation has been granted and the rules of the CSD have been established. Where an authorisation is granted to a company that is set up, the operation may commence once the CSD is registered.
Authorisation to operate a central securities centre shall also be granted in accordance with Council Regulation (EC) No 2157/2001 of Council Regulation (EC) No 2157/2001 on the Statute for a European Company (SE) in another EEA State (SE), hereinafter referred to as: European company statute , a European company which intends to transfer its registered office to Finland in accordance with Article 8 of that Regulation. In addition, the Ministry of Finance shall request the opinion of the Authority for the authorisation of the securities market in question. The transfer of the seat shall not be registered until the authorisation has been granted. The same applies to the creation of a European company by a merger with a registered company incorporated in another State registered as a European company in Finland.
The CSD shall have adequate financial conditions in relation to the scope and quality of its activities.
The total paid-up capital of the CSD shall be at least EUR 5 million.
The assets of the CSD shall be invested in a safe and secure manner in the Community.
Anyone intending to acquire shares in a central securities depository, directly or indirectly, shall be informed in advance of the financial supervision if:
(1) the acquisition would result in at least 10 % of the share capital of the CSD;
(2) his ownership would be so large that it would correspond to at least 10 % of the voting rights generated by all shares; or
(3) he would otherwise be entitled to exercise comparable or otherwise significant influence over the management of the CSD referred to in paragraph 2.
If the shareholding is to be increased to at least 20 %, 30 % or 50 % of the share capital of the CSD or the voting rights generated by its shares, the financial supervision must also be notified in advance. A similar notification shall also be made if the shareholding would decrease below the limit laid down in this or paragraph 1.
For the purpose of calculating the ownership and voting rights referred to in paragraphs 1 and 2, the provisions of Sections 4 and 9 4 to 7 of Chapter 2 of the Securities and Markets Act shall apply.
The CSD shall report to the financial supervision at least once a year the owners and the size of the holdings referred to in paragraphs 1 and 2, if they are known to the CSD. The CSD shall immediately inform the Financial Supervisory Authority of any changes in the ownership of its holdings. Notifications shall provide sufficient information on the size of the share and its owners, as well as other information provided by the financial supervision.
The notification referred to in paragraphs 1 and 2 shall contain the necessary information and explanations:
1) the reporting obligation and the reliability and financial situation of the person concerned;
(2) a declaration of ownership and other interests in the CSD;
(3) procurement contracts, the financing of the acquisition and, in the case referred to in paragraph 2, the objectives of ownership.
What is provided for in this section of the notification of a holding to be acquired from a central securities depository shall also apply to the entity which controls the central securities depository within the meaning of Article 4 of Chapter 2 of the Securities and Markets ( Ownership entity of the central securities depository ).
As regards the right of financial supervision, the acquisition of a holding referred to in Article 8 is provided for in Article 32a of the Financial Supervisory Act.
Financial supervision shall take the decision referred to in paragraph 1 within three months of receipt of the notification referred to in Article 8.
Before the expiry of the period provided for in paragraph 2, the shares referred to in Article 8 may be acquired only if the financial supervision has given its consent.
The Ministry of Finance may withdraw partially or totally the authorisation of the CSD if:
(1) the functioning of the CSD has been substantially broken down by law or by provisions adopted pursuant to it, the conditions or restrictions of the authorisation or the rules of the CSD;
2) the CSD has not worked for six months;
(3) the essential conditions for the authorisation of the CSD no longer exist;
(4) the activity or part of the csd has not started within 12 months of the authorisation; or
(5) Whereas, for the purposes of the authorisation of a central securities depository, substantial false or incomplete information on key aspects of the functioning of the CSD has been provided.
Before taking a decision as referred to in paragraph 1, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority, subject to the urgency of the matter. Before taking the decision of the Ministry of Finance on the basis of Article 1 (1) (1) or (3), it shall, before taking a decision, set a reasonable time limit for the CSD to: , unless immediate withdrawal of authorisation is necessary in order to safeguard the urgency of the matter or the stability and functioning of securities markets.
Upon application by the CSD, the Ministry of Finance may withdraw its authorisation if the CSD has decided to close down. Before taking a decision, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
At the same time, if the Ministry of Finance withdraws the authorisation of the CSD pursuant to paragraphs 1 or 3, the Ministry may at the same time lay down rules on how to stop the operation.
The Ministry of Finance may temporarily limit the activities of the CSD or suspend or suspend the operation of the csd where there is no incompetence or integrity or if the csd is Otherwise the activity is disturbed. It is also required that the continuation of the activity would appear to seriously jeopardise the position of investors or clearing members or the stability or reliability of financial markets.
The Ministry of Finance may issue orders for the organisation of the csd during a period of suspension.
Prior to the decision referred to in paragraph 1, the Ministry of Finance shall consult the central securities depository and request the opinion of Suomen Pankki and the Financial Supervisory Authority, subject to the urgency of the matter.
The CSD Board of Supervisors, the Executive Director and other senior management shall manage the CSD in a professional manner and in accordance with sound and prudent business principles. The members and alternates of the Board of Directors, the Deputy Managing Director and the Executive Director, as well as other senior management, shall be reliable persons who are not bankrupt and whose viability is not limited. Such persons shall also have a general knowledge of the functioning of securities markets as well as the quality and scope of the CSD activities and the need for a person's mission.
The Trustee shall not be trusted to:
(1) in the course of the preceding five years of imprisonment or in the course of the three years preceding the assessment, a fine for a criminal offence which may be considered as proving that he is manifestly unfit for membership of the central securities depository; Or alternate member of the Executive Director or Deputy Managing Director or other senior management; or
(2) By way of an otherwise earlier operation, it has shown that it is manifestly inappropriate for the task referred to in paragraph 1.
However, if the judgment referred to in paragraph 2 (1) has not obtained the law, the sentenced person may continue to carry out the task referred to in paragraph 1 if it is his or her previous activity, the circumstances leading to the conviction and other relevant factors. As a whole, it is considered to be manifestly well founded.
The CSD shall immediately inform the Financial Supervisory Authority of any changes to the persons referred to in paragraph 1.
The provisions of this Article for a central securities depository shall apply accordingly to the depositary of the csd.
Where the CSD intends to transfer its home place to another EEA State, as provided for in Article 8 of the European Companies Regulation, the CSD shall send a copy of the European Company Regulation to the Financial Supervisory Board, as referred to in Article 8 (2) of the European Companies Regulation The transfer plan and the report referred to in paragraph 3 immediately after the CSD has notified the plan to be registered.
The registration authority shall not issue a European Company Law (742/2004) The certificate referred to in paragraph 5, if the financial supervision has informed the registry authority prior to the granting of the authorisation referred to in paragraph 2 of the same paragraph that the CSD has not complied with the transfer of the place of residence or Provisions concerning the cessation of activities. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 of the Companies Act only if the financial supervision has indicated that it does not object to the transfer of the seat.
Where a central securities depository participates in a cross-border merger or division in the European Economic Area, the registry authority shall not issue such a merger under Article 4 (3) of the European Company Statute or Chapter 16 of Chapter 16 of the Companies Act, or The certificate referred to in Article 25 of Chapter 17 of the Sharing Companies Act, if the financial supervision has notified the registry authority before the granting of an authorisation that the central securities depository has not complied with the merger, division or Finland And of the provisions relating to the cessation of activities. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) or Article 6 (2) of Chapter 17 of the Companies Act only if the financial supervision has indicated that it does not object to the merger, division or The transfer of the seat related to the creation of a European company.
The activities of the CSD shall be organised in a reliable manner, taking into account the nature and extent of its business. The CSD shall ensure the management of the risks associated with its operations, the functionality of its internal control and the continuity of its activities in all circumstances.
The CSD shall have policies to identify and prevent conflicts of interest in relation to its activities. The policy shall take particular account of conflicts of interest, which may affect the reliable management of the supervisory role provided for in Article 20 of the CSD.
The tasks conferred upon it by the CSD in this Act shall not be subject to administrative law (2003) , the Law on Public Access to Public Authorities (18/09/1999) , language law (2003) And no language law (1886/2003) . Furthermore, the provisions of the CSD to a member or a CSD shall not be subject to provisions on criminal law liability.
Paragraph 1, which provides for a central securities depository, shall apply accordingly to the depositary of the CSD. Financial supervision may grant derogations from the obligations laid down in paragraph 1 to the entity if the holding entity is in another EEA State under equivalent supervision.
For the purpose of carrying out the joint tasks of the VAT, the CSD:
(1) corresponds to the maintenance of the central information systems necessary for the functioning of the CIT system;
(2) take care of the value-share system referred to in this Act and provide services;
3) Welcomes Article 3 of Chapter 6 and the Law on Sharing Accounts Articles 3 and 4 of the 827/1991 And provides services which are essentially related to the exploitation and processing of the lists;
(4) ensure that the number of values recorded in book-entry accounts is equal to the amount in the CIT system;
(5) acting as a clearing house in accordance with this law;
(6) ensure, in accordance with its rules, common arrangements for the value-share fee and the value-share system necessary for such transactions;
(7) provide for any measures necessary for the reliable functioning and development of the CIT system and, where appropriate, provide guidance on such measures.
The CSD may, in addition to the tasks referred to in paragraph 1, collect information on the value-share system in the register of internal ownership referred to in Chapter 13 of the Securities Market Act, the central securities depository referred to in Article 28 In the inner circle register, in the internal register of the investment firm referred to in Article 19 of Chapter 7 of the Investment Services Act, trade in the internal circuit register of the stock exchange referred to in Chapter 2, Section 43 of Chapter 2 of the Financial Instruments Act and the Investment Fund Act 101 The internal register of the management company referred to in Article (a), and Of the law on securities accounts (750/2012) As a custodian within the meaning of paragraph 1 (2).
In addition to the activities referred to in paragraph 1 and the activities authorised by the clearing house, the CSD may carry out activities closely related to these activities. The central securities depository may also act in accordance with the Chapter 14 of Chapter 14 As a special depositary. Any other activity referred to in this paragraph or acting as a special depositary shall not jeopardise the performance of the tasks referred to in paragraph 1 or the functioning of the CIT system. (17/04/2013)
The CSD shall cooperate with the maintenance of foreign exchange, multilateral trading organisers, securities clearing, clearing and depository, securities depositories, systems comparable to that of securities, and With the depositary.
The CSD shall keep the accounts and lists necessary for international cooperation in the book-entry register. Cooperation shall be governed by the rules of the CSD.
A significant link between the CSD and any other legal person or natural person shall not prevent the effective supervision of the CSD. Furthermore, effective controls shall not prevent the provisions and administrative provisions of a third country which is applicable to a natural or legal person in such a relationship. (88/2014/625)
Following the authorisation of the authorisation, any changes in the information on tied interest reported in the licence application shall immediately be notified to the Financial Supervisory Board.
In Article 4 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012 The close relationship referred to in point 38. (88/2014/625)
The CSD shall ensure that the information contained in the CIT system is kept as smoothly as possible in exceptional circumstances, including in exceptional circumstances, by means of adequate information systems or arrangements for the uninterrupted functioning of Finland, By taking part in the contingency planning of financial markets and preparing in advance in exceptional circumstances and by other measures.
Where the tasks arising from paragraph 1 require such measures which are clearly different from the activities of the central securities depository and which entail substantial additional costs, such costs may be replaced by: The law on security of supply (1390/1992) From the Guarantee Fund.
The CSD shall provide adequate and reliable supervision in order to ensure compliance with this law and the provisions and regulations adopted pursuant to it, as well as to ensure compliance with the rules of the CSD.
The CSD shall bring to the attention of the financial supervision a procedure which appears to be contrary to the provisions or provisions referred to in paragraph 1, or to the rules of the CSD, unless the procedure is promptly corrected or otherwise provided for I'm gonna fix it. However, where the provisions, provisions or rules have been substantially or repeatedly violated, the notification shall always be made.
At the request of auditors and other services of the CSD, the CSD shall provide the central securities depository with the identified information necessary to fulfil the supervisory obligation under this Article.
Subject to the permission of the Ministry of Finance, the CSD may outsource the exercise of a significant activity in accordance with Article 16 (1) if outsourcing does not interfere with the risk management of the CSD, internal control, control of the csd activity Or any other function relevant to the business or activities of the CSD.
An activity shall be relevant for the functioning of the CSD where the error or lack thereof may materially impair the laws of the CSD, the provisions adopted pursuant to them or the provisions of the CSD Compliance with the terms of the authorisation or the financial position of the CSD or its continuity.
The outsourcing of an activity relevant to the operation of the CSD shall be concluded in writing, indicating the content of the mandate and the duration of the contract.
The CSD shall ensure that it receives the necessary information necessary for the supervision of the central securities depository, the risk management and internal control of the CSD and that it has the right to disclose information; Further to the Ministry of Finance, the Bank of Finland and the Financial Supervisory Authority.
The CSD, which after the authorisation has been granted, intends to outsource an activity which is significant from the point of view of its activities, other than those referred to in Article 16 (1), shall inform the Financial Supervisory Authority in advance of the outsourcing. Any significant changes to the CSD and the outsourced activity shall be reported to the Financial Supervisory Authority.
The CSD shall establish and keep available to the public the rules governing its functioning, including at least the following provisions:
(1) the rules and principles for the exchange of information between the central securities depository and the accounadministrators, as well as the identification of values and other common values for the individual rights of the rightholders. Practices;
(2) the minimum opening hours of accounting officers;
(3) the procedure to be followed in the statement of errors and ambiguities;
(4) the procedures to be followed for the functioning of the accounting officer's information and records security, and the storage of documents or copies of decisions taken by the administrators;
(5) the information required for the granting and application of the accounting officer's rights;
(6) the performance of supervisory tasks under the law of the CSD;
(7) the division of powers between the Board of Directors and the Executive Director on the issue of supplementary decisions;
(8) amending the rules and notifying the change;
(9) other aspects of the activities of the CSD.
The rules of the CSD shall determine the application by the Ministry of Finance. The rules shall be laid down if they are in accordance with this Act and the provisions adopted pursuant to it, and if, on the basis of the report received, it is likely that they will ensure that the csd is fully operational and The maintenance of a value-share system.
The application shall be settled within three months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision shall always be taken within six months of receipt of the application. Before laying down rules, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority. If the opinion of Suomen Pankki is negative in relation to the Bank's statutory tasks, the rules should not be strengthened in this respect.
The Ministry of Finance may, for the purpose of strengthening confidence in the cooperative system or other particularly weighty reasons, determine the content of the provisions of the rules laid down in the rules to be amended or supplemented. Before issuing an order, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
The accounting officer shall undertake to comply with the rules of the CSD. The issuer of the value shall undertake to comply with the rules of the CSD before the value element may be connected with the issuer's application to the value-share system.
The fees charged for the services of the CSD shall be reasonable and fair, taking into account the different categories of customers, which should be shown on request to the Financial Supervisory Authority.
The CSD shall take adequate measures to prevent the entry into personal transactions of a person in a central securities depository where it may arise from a conflict of interest or if the person concerned has: Information on insider information in the field of securities markets or confidential information about issuers or clearing members or their transactions. The confidentiality of such information must be sought.
The CSD shall keep records of personal transactions. The CSD shall submit annually to the Financial Supervisory Board a report on how the CSD has monitored compliance with the provisions of the provisions on personal transactions, the provisions and the internal instructions of the CSD, and where: Where the provisions, provisions or instructions have not been complied with, the CSD has taken action.
The affected person and personal transactions shall be affected by Article 11 of Chapter 7 of the Investment Services Act as regards the persons in the investment firm and their personal transactions.
The insider of a CSD shall communicate to the regulated market or the mtf trading in shares in Finland and financial instruments whose value is determined by the On the basis of the information referred to in Article 28, as provided for in Article 27, hereinafter referred to as: Inland declaration . (17/04/2013)
The insider of a CSD Means:
(1) a member and deputy member of the central securities depository, the Deputy Managing Director and the Deputy Head of the Executive Director, and the auditor, the deputy auditor and the staff member of the audit firm, who have the main responsibility for the company 's The audit;
(2) any other person in the service of a CSD who, in the event of his position or duties, has access to inside information on shares or financial instruments referred to in paragraph 1 on a regular basis.
The insider of a CSD shall make an inside declaration within fourteen days of his appointment as referred to in Article 26 (2).
The inner circle declaration shall state:
(1) the undertaker whose lobbyist is an insider;
(2) an entity or a foundation in which an insider or a 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.
Within a period of seven days, the interior shall notify the central securities depository:
(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.
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 notification 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.
Where the shares or financial instruments referred to in paragraph 2 (3) are attached to the value-share system, the CSD may organise a procedure for obtaining the information on the value-share system. In such cases, separate declarations shall not be made.
The CSD shall keep a register of insider declarations within the meaning of Article 27 ( Internal registry of the central securities depository ) showing, for each insider, the shares and financial instruments referred to in Article 27 (2) (1) of the insider, the entity or foundation referred to in paragraph 2, and the financial instruments referred to in paragraph 2, Disaggregated supplies and supplies.
Where notifications are made in accordance with Article 27 (6), the insider register of the CSD may, in this respect, constitute a value-share information system.
The maintenance of the permanent register of the CSD shall be conducted in a reliable manner. The information entered in the register shall be kept for five years for the indication of the data. Everyone has the right to reimbursement of expenses and copies of the records of the register. However, the identity and address of the natural person and the name of a natural person other than the inside person shall not be public.
The CSD shall submit annually to the Financial Supervisory Board a report on the organisation of the management of the internal register, on the supervision of insider disclosure of the CSD and on the measures to be taken by the csd. In the event of non-compliance with the provisions of the inner circle, the provisions or the internal instructions of the CSD.
At least one of the auditors of the CSD shall be a KHT auditor or an audit firm which has to be the head auditor of the KHT auditor. (18.09.2015/1160)
L to 16/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
At least one of the auditors of the CSD shall be the (459/2007) Or the KHT community as referred to in paragraph 2.
The CSD shall, without undue delay, send a copy to the Financial Supervisory Board:
(1) the financial statements;
2) the audit report;
3) the minutes of the general meeting.
Paragraph 2, which provides for a central securities depository, shall apply accordingly to the depositary of the CSD. Financial supervision may exempt a holding entity from the obligation laid down in paragraph 2 if the holding entity is in another EEA State under equivalent supervision of this law.
Financial supervision may provide more detailed provisions for the reliable organisation of a central securities depository pursuant to Article 15 and for the purposes of the policy of identifying and preventing conflicts of interest In such a way that the provisions, where applicable, correspond to the provisions in Article 23 (1) (3) and (4) of Chapter 7 of the Investment Services Act.
Financial supervision may provide more detailed provisions for the transactions referred to in Article 25 (1) and the report referred to in paragraph 2 and its transmission to the Financial Supervisory Committee, the content and manner of the insider declaration referred to in Article 27, The content of the internal register of the central securities depository referred to in Article 28 and the way in which the information is made available and the report referred to in Article 28 (4) and its transmission to the Financial Supervisory Board. The provisions shall apply mutatis mutandis to the provisions in Article 23 (1) (5) and (2) of Chapter 7 of the Investment Services Act.
The operation of the clearing house shall not be carried out without the authorisation granted by the Ministry of Finance.
Articles 1 to 15 of Chapter 2 provide for the authorisation of a central securities depository, the economic operating conditions, the acquisition, management, limitation and suspension of shares, transfer of seats, participation in the merger and Distribution within the European Economic Area, the organisation of activities, and Articles 20, 21, 25 and 29 of the same chapter, the supervisory function, outsourcing of activities, personal transactions and auditing, shall also apply to the clearing house. Article 15 (3) of Chapter 2 provides for a central securities depository, a member of its governing body and a staff member, to the clearing community, as well as the member of its governing body and the clearing member of the service, The tasks provided for in this Act. The provisions of Article 8 (6) of Chapter 2, as provided for in Article 8 of Chapter 2, shall apply to the Community, which is controlled by the clearing house within the meaning of Article 4 of Chapter 2 of the Securities and Markets Act ( Winding-up of the clearing community ).
Financial supervision may provide more detailed provisions for the reliable organisation of clearing and settlement activities referred to in paragraph 2, in order to identify and prevent conflicts of interest, As well as personal transactions, the report on their supervision and the submission of a report to the financial supervision, in accordance with Article 30 of Chapter 2.
The application for a clearing and settlement authorisation shall also be accompanied by sufficient explanations concerning the distribution of potential losses in the activities of the clearing house and the coverage of the risk of loss.
In addition to clearing and settlement, the clearing entity shall, under the conditions laid down in the licence:
(1) provide information-processing services related to the exchange and storage of securities and training, information and information processing services related to the development of securities and financial markets;
(2) carry out the activities of the CSD and maintain a book-entry register;
3) to act as a clearing member. (12/03/256)
Paragraph 4 is repealed by the L 12.4.2013/256 .
The clearing house shall not own shares or units in a Community providing services other than those referred to in this Article, unless the Financial Supervision for a particular reason provides for a derogation from this restriction. A derogation may be granted where the ownership does not jeopardise the reliability of the operations of the clearing house.
In addition to the activities referred to in this Article and the activities authorised for the central securities depository, the clearing entity may carry out activities closely related to these activities. Such other activities shall not jeopardise the functioning of the clearing house as a central securities depository, the performance of the tasks referred to in paragraph 1 and the clearing and settlement activities.
In order to safeguard its activities, the clearing house may conclude an agreement with clearing members on the allocation of potential losses in the activities of the clearing house. The liability of the clearing member may be limited to a part of the operation of the clearing house and the clearing member may be subject to a ceiling.
The agreement must be submitted to the Ministry of Finance. Prior to the conclusion of the contract, the Ministry shall request an opinion from the Bank of Finland and the Financial Supervisory Authority. Where Community activities include clearing and settlement of securities linked to a value-share system, the opinion shall also be requested from the CSD where appropriate. A clearing member may be a substitute for a commitment to a contract or a guarantee for the operation of a clearing house or a guarantee.
The clearing house shall continue to cover the liabilities arising from clearing and settlement by means of the collateral required by the clearing members.
The clearing and settlement entity shall have a clearing fund if the clearing and settlement activity is matched by a netting or payment obligation in respect of certain securities and foreign exchange transactions and the law on the settlement of securities (194/1999) Referred to. The settlement fund may be used to cover losses in the clearing and settlement community and to fulfil an obligation arising from the clearing and settlement of the clearing house or clearing member, unless the clearing house or clearing member itself: Fulfil the obligation. Payments to the Settlement Fund shall be made by the clearing members involved in the netting. The management of the settlement fund, the rules, the management of assets and the return of revenue and funds shall apply mutatis mutandis, as laid down in this Act for the accounting fund of the central securities depository, its rules, the management of the assets and the revenue and expenditure Reimbursement. The Fund may be recognised as a separate item of equity in the balance sheet of the clearing house. Funds shall be transferred to the Settlement Fund, as laid down in the rules of the Fund and of the clearing house or, where the fund is entered in the balance sheet of the clearing house, in accordance with the articles of association. The General Meeting of the Clearing Community may decide that a certain amount of the free own capital of the balance sheet shall be transferred to the clearing fund. In addition, the clearing house rules may provide for clearing members to pay a fee to the clearing fund. The assets of the Clearing Fund may be returned to the clearing members or used for distribution only with the authorisation of the financial supervision or the liquidation of the winding-up entity.
The own funds of the clearing house, the possible loss-sharing agreement, the clearing and settlement fund, the guarantees made in favour of the clearing and settlement community, the guarantees provided, and the prior Together, the measures must be sufficient to ensure the reliability of clearing and settlement.
The clearing house shall establish and keep available to the public the rules governing its functioning, containing at least the following provisions:
(1) securities transactions or other donations are subject to clearing and settlement activities carried out by the clearing house;
2) how and when settlement activities are organised;
3) how and on what basis the clearing and withdrawal of rights will take place;
(4) the determination of the obligations arising from a securities transaction or any other supply;
(5) the date on which the obligation is deemed to be declared;
(6) the manner in which the clearing house is responsible for fulfilling the obligations;
(7) how obligations must be fulfilled;
8) how to safeguard the liquidity of the clearing house;
(9) how security guarantees referred to in Article 3 are to be secured;
(10) how to cover the risk of loss arising from settlement activities;
(11) how to conduct clearing and settlement in case of disruption or if a clearing member fails to fulfil its obligations under clearing and settlement;
12) how the clearing members are responsible for clearing and settlement;
(13) how the adoption of supplementary decisions is shared between the government and the Executive Director;
(14) how to implement the supervisory tasks of the clearing house;
(15) which specific requirements shall be imposed on a body acting as agent for the account of a clearing member;
(16) the exact nature of the requirements set out in the clearing house for a Community which is subject to the obligations arising from a financial transaction;
(17) how the clearing house or its clearing member, as a central counterparty, carries out settlement activities in the settlement activity if part of the transaction obligations are not fulfilled in the settlement schedule;
(18) how the clearing house may carry out settlement or netting of securities lending and repurchase agreements, in accordance with the law on certain securities and foreign exchange transactions and the settlement system;
(19) the law of which state law applies;
(20) what are the other conditions for the operator of clearing and settlement;
21) how the rules are modified and notified to the clearing members.
The rules of the clearing house shall be laid down by the Ministry of Finance. The rules shall be laid down if they are in accordance with this law and the provisions and regulations adopted pursuant thereto, and if, on the basis of the report received, it is likely that they will ensure the reliable operation of the clearing house.
The application shall be settled within three months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision shall always be taken within six months of receipt of the application. Before laying down rules, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority. Where Community activities include clearing and settlement of securities linked to a value-share system, the opinion shall, where appropriate, be requested from the CSD as well as from the relevant stock exchange or multilateral trading organiser In order to ensure compatibility of the rules and strengthen confidence in the securities markets.
The Ministry of Finance may, for the purpose of establishing confidence in the activities of the clearing house or for any other particularly weighty reason, order the content of the provisions of the rules laid down in the rules to be amended or supplemented. Before issuing an order, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority. Where an important public interest requires the organisation of clearing and settlement, or the change in the rules of the clearing and settlement procedure, or for any other reason, the Ministry of Finance may decide to organise clearing and settlement.
The concession authority referred to in Article 22 (1) of the Finnish Central counterparty Regulation is the Ministry of Finance. As regards the role of financial supervision as the competent authority supervising the activities of the CCP, Article 50d of the Financial Supervisory Act. The conditions and procedures for the authorisation of a CCP are laid down in Articles 14 to 21 of the Market Actuation Regulation.
The activities of the CCP shall be governed by the regulation on the market structure.
Agreements in accordance with Article 48 of the Regulation on the transfer of assets and contracts belonging to the clients of a central counterparty clearing member to another clearing member may be carried out by the other clearing member Notwithstanding the bankruptcy, the restructuring of the company, the temporary suspension of the operation of the deposit bank and any other comparable procedure.
Articles 4 to 6 have been repealed by L 12.4.2013/256 .
The clearing house shall grant the rights of the clearing member to the Finnish State, the Bank of Finland, the Stock Exchange and the investment service provider:
1) with a fixed establishment in Finland;
(2) which fulfils the requirements laid down in this Act, the provisions adopted pursuant to it, and the rules laid down in the rules of the clearing house;
(3) undertaking to comply with the rules of the clearing house;
(4) whose participation in the activities of the clearing house is not likely to jeopardise the reliability of this activity or other activities of the clearing house; and
(5) with a share capital, share capital or other equivalent capital of EUR 730 000 or more.
In addition, the clearing house shall grant the clearing members' rights:
1) from an investment service provider in Finland to a foreign investment service provider in the European Economic Area who has no fixed establishment in Finland and which fulfils paragraph 1 (2) to (5); The conditions laid down in paragraph 1;
(2) a CCP meeting the conditions set out in paragraphs 2 to 5. (12/03/256)
The clearing house may also, under the conditions laid down by the Ministry of Finance, grant the rights of a clearing member to a sufficiently solvent Finnish or foreign entity fulfilling the conditions of paragraph 1 (2) to (5). The conditions laid down by the Ministry of Finance shall require the applicant Community to provide the clearing house with the relevant explanations, as appropriate, in accordance with Article 1 and Article 1 of Chapter 3 of the Investment Service. An application for authorisation of an investment firm under the terms of a regulation of the Ministry of Finance.
Before taking a decision under paragraph 3, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
The decree of the Ministry of Finance makes it possible to lay down more detailed provisions on the requirements to be imposed on the clearing member.
The clearing house shall cancel all or part of the rights of the clearing member if the party no longer complies with the requirements laid down in Article 1 or in accordance with it, or if financial supervision in order to strengthen confidence in the securities markets or For another particularly weighty reason, so decides.
The clearing house shall notify its decision on the status of the clearing member to the Ministry of Finance and the Financial Supervisory Authority. The entity applying for a settlement party and the entity whose rights have been revoked shall be entitled to take the decision of the clearing house referred to in Article 1 (1) to (3) and in paragraph 1 of this Article to the Financial Supervisory Authority within 30 days Decision. Financial supervision shall inform the clearing house of its referral.
A clearing house or a CCP with which obligations arising from a securities transaction is carried out on a regular basis in the clearing house and which may become relevant to financial market stability shall apply to: The rights of the clearing member in that clearing house.
The clearing house shall ensure that the clearing members do not incur any risk of loss of performance in the Community's activities without any compensatory measures. The clearing house shall not fulfil the obligation of trade or supply to the clearing member without ensuring that it has fulfilled its obligations in relation to trade or disposal.
In order to conduct clearing operations, the clearing house shall, in its own name, open an account of the money account in the Bank of Finland, the foreign central bank, the deposit bank, the foreign credit institution or its branch so that the account is received and It shall be paid to the clearing members and their clients, as well as to the clearing and settlement parties and their customers. The assets held in an account of this kind do not belong to the clearing house and shall be kept separate from the liquidation funds of the clearing house. The clearing house shall keep an up-to-date record of who the funds in the account belong to.
The clearing member shall be responsible for the transfer of securities management, the maintenance of the client's financial assets within the meaning of Article 1 of Chapter 9 of the Investment Services Act, with the entry in accordance with Section 9 or Article 16 of the Act on Sharing Accounts or otherwise Care must be taken to ensure that, in accordance with the rules of the clearing house, any obligations or obligations on the delivery of securities arising from trade or other supplies of securities may be fulfilled.
In the event of a delay in the settlement of the transaction or supply due to a substantial breach by the clearing member of its obligations under the rules, regulations or winding-up proceedings, and for the settlement of securities transactions or other forms of supply, To determine, in accordance with the conditions or the rules of the clearing house, the clearing member is required to pay compensation for failure or delay in the event of a delay in the event of an innocent clearing member. The clearing member shall pay compensation for default or delay to an innocent clearing house in the event of delay if the clearing house, according to its rules, takes responsibility for the settlement of trade or disposal.
The rules of the clearing house provide for compensation. The obligation to compensate for damages is laid down in Section 7 of Chapter 8.
The settlement of the obligations established by the clearing member to fulfil the obligations established by the clearing house in accordance with the rules of the clearing house shall be the right of the clearing house to be held hostage to the value of the transaction recorded in the transaction. To the trade account referred to in Article 16 of the Law on Sharing Accounts, on behalf of the clearing house, the clearing member or the investment service provider. The clearing house shall be entitled to a lien if the entity has paid or assumed the value-share fee.
The clearing member shall have a lien on the value of the client entered in a trade account held on behalf of the party's own or party's investment service provider for the purpose of fulfilling the obligations arising from its mandate, If the clearing member has paid the value-shares fee.
Where the same values are subject to the same values as referred to in paragraphs 1 and 2, the holder of the right under Article 1 shall receive the payment before the holder of the right under Article 2 (2).
If the obligation laid down in paragraphs 1 or 2 in respect of the pledged property is defaulted, the holder of the deposit shall, in order to carry out the liquidation, be able to liquidate the deposit. Where, as collateral, a security or financial instrument traded on a regulated market, a security or a financial instrument may be converted into money in a regulated market or a multilateral trading facility. In addition, a change in the amount of money may otherwise be waived by the holder's right to impose restrictive legal provisions if the derogation does not unduly jeopardise the interests of the bank owner, the debtor or other creditors. The right to change the money shall also be provided by the clearing member if the investment service provider, which does not act as a clearing member, fails to fulfil its obligations arising from the transaction to be settled.
The amount of the value recorded in the trade account, as provided for in this section, shall be applied mutatis mutandis to the securities sold and purchased or to a financial instrument which has been transferred to the clearing house or to a clearing member in a securities transaction or For clearing the financial instrument.
Article 10 of Chapter 7 of the Investment Services Act provides for the management of conflicts of interest and Article 11 on personal transactions, Article 1 of Chapter 9 on the obligation of the investment firm to segregate customer assets and Article 7 of Chapter 10. The processing of orders, including the clearing member.
Article 5 of Chapter 14 of the Securities and Markets Act provides for an obligation to notify an investment service provider in connection with market abuse, and Article 3 of Chapter 16 of the Law on liability lays down liability for damages, including: Clearing member.
Financial supervision may specify the following:
(1) procedures relating to the management of conflicts of interest referred to in Article 7 (1);
(2) the personal transactions referred to in Article 7 (1);
3) procedure for the execution of orders referred to in Article 7 (1).
Financial supervision shall, where appropriate, provide for more detailed provisions for the separation of client assets and the protection of the client's position in the clearing and settlement activities, as referred to in Article 4 (2), in the case of settlement activities and in Article 7 (2). On the content and manner of the notification of market abuse.
The value shall not be given by a book, a promissory note or any other form of securities relating to the existence and content of such a law. Values are not numbered.
What is otherwise provided for in the security shall apply mutatis mutandis to the value portion.
The value and the rights and restrictions imposed on them shall be recorded in book-entry accounts held in the value cooperative register. Valuable accounts are governed by the law on book-entry accounts.
As regards the provision and disposal of the security, the entry into the book of value accounts shall apply accordingly.
The owners of the following shares in the value-share system shall be considered to be the issuer-specific shareholders'lists and other equivalent shareholders' lists in the CSD:
(1) a share or other share of the entity's own capital, or associated equity, interest or other income, or subscription;
(2) the combination of the rights referred to in paragraph 1 and paragraph 2;
(3) the share of the fund or the equivalent of the UCITS.
The owners of the following value shares of the value-share system shall be kept at the central securities depository:
(1) the share of the bond or the debtor's commitment, or the interest or other return-related rights attaching to the ratio or commitment;
(2) the right to purchase or sell the rights referred to in paragraph 1 and paragraphs 1 and 2;
3) other than the above entitlement, which is based on an agreement or commitment.
The CSD shall also keep a list of the number of values referred to in paragraph 2.
The Centre shall issue the rights of the accounting officer to the Finnish State, to the Bank of Finland, to the Central Bank of the other EEA State, to the stock exchange, clearing house and to the central counterparty, as referred to in the law of financial instruments, and For an investment service provider and a clearing member: (12/03/256)
(1) the operation of which complies with the technical requirements for action;
(2) which, on the basis of its previous activity or otherwise, may be reasonably considered to meet the required legal expertise and ethical standards;
(3) the operation of which does not jeopardise the reliable and appropriate functioning of the value cooperative system and the book-entry register;
4) with a share capital, share capital or other equivalent capital of EUR 730 000 or more; and
(5) which fulfils the other requirements of the CSD rules.
In addition, the CSD shall grant the rights of the accounting administrator to a foreign investment service provider authorised by another EEA State authority in Finland, as required by the investment service provider, which fulfils the The requirements laid down in the article.
The CSD shall grant the rights of the accounting officer to the entity which acts on behalf of others and which fulfils the requirements laid down in paragraph 1.
The CSD shall grant the rights of the accounting officer to the other State, other than the Central Bank of the EEA State, to the Community referred to in Article 17 (17) of Chapter 2, and to any other foreign entity that fulfils the conditions laid down by the Ministry of Finance, The requirements laid down in the article.
The central securities depository shall also grant the rights of the accounting officer to the entity meeting the requirements laid down in paragraphs 1, 3 and 5 of paragraph 1, subject to conditions laid down in paragraphs 1, 3 and 5 of the Ministry of Finance, in such a way that the entity has the right to register in the register of values. Only on its own account.
The conditions laid down by the Ministry of Finance referred to in paragraphs 4 and 5 shall require the holders of an undertaking applying for the account of the account holder to be regarded as reliable. The assessment of reliability shall be subject to Section 4 of Chapter 3 of the Investment Services Act.
The CSD shall make an application for the rights of the accounting officer within six months of its receipt. If, during this period, the CSD requests further clarification from the applicant, the said period shall be calculated from the date on which the CSD receives an additional report.
When granting the rights of accountants, the csd must respect equity.
The CSD shall promptly inform the Financial Supervisory Authority of its decision on the rights of the account holder. The entity applying for the accounting officer's rights shall be entitled to bring the decision of the csd to the Financial Supervisory Authority within 30 days of the notification of the decision. Financial supervision shall inform the central securities depository of the issue of the supervision of the financial supervision.
The CSD shall withdraw the accounting officer's rights if the accounting officer no longer fulfils one of the conditions set out in Article 4 (1) (1) to (4), or if the financial supervision to strengthen confidence in the value-share system Or any other particularly weighty reason, so decides.
The securities depository may cancel all or part of the rights of the account holder if:
(1) in the activities of the accounting officer, there is a material breach of the law or of the provisions adopted pursuant to it, the conditions or restrictions contained in the decision on the rights of the account holder or the rules of the CSD;
(2) the accounting officer has not acted in six months;
(3) the account of the accounting officer has not been initiated within 12 months of the granting of the rights; or
(4) in the case of access to rights, information on the essential aspects of the activities of the accounting officer has been substantially raised.
Once the rights have been revoked, the accounting officer is immediately transferred to the central securities depository. The CSD shall immediately ensure that the accounting officer is discontinued.
The CSD shall inform the Financial Supervisory Authority of its decision to withdraw the account of the account holder without delay. The accounting officer whose rights have been revoked shall be entitled to bring the decision of the CSD to the Financial Supervisory Authority within 30 days of the notification of the decision. The decision adopted by the CSD, which has been brought to the supervision of the Financial Supervisory Authority, shall remain in force for the time being, unless otherwise specified by the Financial Supervisory Authority. Financial supervision shall inform the central securities depository of the issue of the supervision of the financial supervision.
Instead of withdrawal of rights, the CSD may limit the activity of the accounting officer if it can be considered as an adequate measure.
The CSD may limit the activity of the accounting officer if the activity of the accounting officer has been shown to be incompetence or indiscretion, or where it is apparent that the activities of the accounting officer jeopardise the value-share system or the book-entry register Stable activities or investors' interests.
Paragraph 6 (4) of the Decision on the withdrawal of the rights of the accounting officer shall also apply to the decision to limit the rights of the accounting officer.
Where the accounting officer of the CIT account is the central securities depository, the cost of valuation accounts held in the name of the owners of the value shares referred to in Article 3 (1) shall be borne by the issuers of those shares.
However, the central securities depository shall recover from the account holder a remuneration for the transfer of a value-share from a non-remunerating account within the meaning of this Article for the treatment of the other account holder The measures referred to in Article 5 of the Law on the deposit, the transfer restriction or the value-share accounts.
However, the costs arising from the maintenance of the CIT accounts may, in accordance with the rules laid down in the statutes of the CSD and in the account of the account agreement, be recovered from the account holder other than the natural person.
The CSD shall open a value-entry account to anyone who undertakes to comply with the account agreement and carries out payment and other obligations related to a book-entry account.
In order to ensure fulfilment of the liability for damages provided for in the Act on Credit Cooperatives, a fund should be established by the central securities depository ( Accounting fund ).
If the account holder is unable to fulfil its liability for damages provided for in the Law on Credit Cooperatives Act, the injured party shall have the right to receive compensation from the Fund. In such a case, the Registry shall be entitled to collect the compensation it has paid from the person who is responsible for the payment of the compensation.
Financial managers shall make contributions to the Fund. The rules of the Fund may stipulate that the Finnish State, the other State, the Bank of Finland and the foreign central bank shall not be obliged to pay the guarantee fees. Guarantee payments shall be collected in a book fund so that the capital of the accounting fund is equal to or greater than 0,0048 % of the average value of the value of the value shares held in the last five years in respect of the value-share system, At least EUR 20 million.
Financial managers shall make collateral payments in such a way that the proportion of the fees charged by each payment obligor is equivalent to the proportion of liabilities covered by the accounting fund as defined in the accounting rules. The guarantee fees shall be based on the number of entries in the value-share system, the amount of these entries, and the fair value of the value shares held. The basis for the calculation of the fee shall be the same for each category of financial management accounting managers as defined in the rules of the accounting fund.
By way of derogation from paragraph 1, the accounting officer, which shall become a member of the accounting fund after the fund's capital has been reduced to the minimum amount provided for in paragraph 1, shall, when joining the Fund, make up three per cent of the guarantee fee. The minimum amount of the fund's capital. The advance of the guarantee fee shall be counted in favour of the accounting officer, in accordance with Article 12, for the amount of the guarantee fee.
The Fund shall amount to a half-yearly amount, in accordance with the rules laid down in the Fund's rules, of the minimum amount of the settlement fund to be collected and the amount of the guarantee fee for each payment obligor.
The financial assets of the Fund shall be invested in a safe and secure manner. The proceeds from the Fund's financial resources shall be added to the capital of the Fund after deduction of the necessary administrative costs arising from the management of the Fund. The financial assets of the recording fund shall not be invested in real estate or in any of the shares or other securities which, individually or in combination with other securities, provide the right to manage the designated room or part of the property.
The accounting officer, which has carried out the guarantee fee, shall have the right, in accordance with the rules of the accounting fund, to exchange the underlying asset for the collateral. In this case, however, the contribution of the levy shall not be reduced.
If, as a result of the compensation granted to the person who damages the capital of the Fund, or as a result of the reimbursement referred to in Article 19 (2), less than the minimum capital laid down in Article 11 (1), the capital shall be rechargeable to the minimum capital Within three months of the payment of compensation or reimbursement.
The Fund may take credit as provided for in the rules if its own funds are not sufficient to cover the liabilities of the Fund.
The rules of the Fund shall be adopted by the Ministry of Finance on application.
The rules shall state:
(1) the name and address of the fund;
(2) the bases for the assessment of the margin payments to be collected in order to raise the fund;
(3) the procedure for closing the total amount of the margin payments to be collected in the Fund and determining the amount of the guarantee fee for the paying accounting officer;
(4) as collateral payments, in addition to cash, eligible assets and valuation principles for those items;
5) the procedure for the payment of compensation from the Fund;
(6) the main principles underlying the mobilisation of the Fund and the Fund's borrowing;
(7) criteria for the payment of the annual income of the Fund and the repayment of funds from the Fund to the accountable accounting officer;
(8) the financial year of the Fund;
(9) the number, selection and term of office of accredited auditors or audit firms;
10) the way in which the rules are changed and changed.
The management of the Fund shall be managed by the Board of Directors, as provided for in the Fund's rules.
If the account holder has failed to obtain clear and uncontested claims for damages in accordance with the law on book-entry accounts, the person affected may inform the financial supervision.
The financial supervision shall, within 21 days of the notification referred to in paragraph 1, or otherwise, after receiving the information, decide whether the settlement fund shall carry out the damage to the person affected. The imposition of an obligation to perform the performance shall be subject to the fact that the absence of an amount referred to in paragraph 1 has been the result of the liquidation or restructuring of the accounting officer or of the other insolvency of the financial controller, which is not The assessment is of a temporary nature and a sufficient explanation.
Financial supervision shall disclose the decision referred to in paragraph 2 to the audit fund, the accounting officer, the Ministry of Finance and the central securities depository.
For the purposes of implementing the financial supervision decision referred to in paragraph 2 and for the award of compensation decisions for individual victims, the accounting officer shall, where appropriate, provide the accounting fund and financial supervision with information on all The rights holders of the rights registered and the claims referred to in paragraph 1.
However, the amount of the claim credited to the same accounting officer shall be paid to the beneficiary in the form of compensation from the same accounting officer, up to a maximum of eur 25 000. The liability fund's obligation to compensate for damage to the same injury event shall not exceed EUR 10 million.
Natural persons shall be compensated by the settlement fund before any other person suffering the damage.
The compensation to the injured party shall be calculated on the basis of the fair value of the day on which the financial supervision took a decision in accordance with Article 14 (2) or the date on which the accounting officer was placed in insolvency proceedings, whichever is the earlier. The compensation shall be paid to the person affected, who shall have full access to the assets held by the accounting officer. If the compensation payable has several co-owners, the proportion of each co-owner shall be taken into account for the calculation of the compensation to be paid to the person affected.
Funds obtained by a criminal offence in respect of which a victim or a representative has been convicted of a criminal offence (39/1889) Articles 6 to 10 cannot be replaced by the Fund.
The recording fund shall pay the claims of the victims without undue delay, but no later than three months after the financial supervision decision referred to in Article 14 (2). If the accounting officer has been subject to the liquidation, restructuring or bankruptcy of a decision within the meaning of Article 14 (2), the time limit shall be calculated for the liquidation, restructuring or bankruptcy decision. The ear debt shall be paid by the ear (633/1982) In accordance with Article 14 (2) of this Act, as from the date on which the financial supervision has taken place.
Financial supervision may, for a specific reason, grant an additional period of three months to the settlement of the receivables. However, in spite of the additional time available, the recording fund shall, without delay, pay compensation if any delay in the payment of compensation would be disproportionate to the beneficiary.
If the Fund has not been replaced by the time limit laid down in paragraphs 1 or 2, the person suffering the damage has been given the benefit of the person's right to claim from the Registry.
If the victim or its representative is in charge of: Chapter 32 of the criminal code Notwithstanding paragraphs 6 to 10, the recording fund may, notwithstanding paragraphs 1 and 2, postpone the execution of payments until the Court of Justice has concluded.
The recording fund shall provide information in writing of the financial supervision decision referred to in Article 14 (2) to all customers of the accounting officer concerned. In addition, the registration fund shall specify the measures to be taken in order to safeguard their claims. The alert shall also be published in the official languages of the accounting officer in the official languages of the accounting officer.
The recording fund may set a deadline of at least six months for the victims to take action to safeguard their assets. However, as a result of exceeding the time limit set, it cannot be refused to pay compensation to the injured party who has had an obligation to control the exercise of their entitlements.
Article 3 (4) of Chapter 3 lays down the obligation of the CSD to establish a clearing fund.
With the permission of the Ministry of Finance, the Registry Fund and the liquidation fund may be combined into a single fund to promote sound and efficient financial management. The combination shall not reduce the ability of the CSD to carry out the burden of liability and the obligation on the entities performing the various funds to be paid by the various funds may not be increased as to what it would be when the funds are separated.
The account of the accounting officer who carried out the guarantee fee may be read as an account of the accounting officer. However, the accounting officer shall not be entitled to claim his contribution from the book fund to himself or to give it to another person other than the one referred to in paragraph 2.
In the event of an end to the payment obligation, the accounting fund shall, in accordance with the rules laid down in the statutes, return to the accounting officer the proportional share of the amount of the fund that it has made to the fund. A refund may be made no earlier than three years after the cessation of the activity that caused the payment obligation.
The claims of rightholders who have been affected by the activities of the accounting officer shall be protected by the settlement fund until the date on which the accounting officer is reimbursed. The amount to be recovered shall not be counted in the capital of the Fund and shall not be used for the payment of claims resulting from the closure of the accounting officer.
The accounting officer shall be entitled to submit a decision taken by the Fund under this law to the Financial Supervisory Authority within 30 days of the notification of the decision.
A Finnish limited liability company which has been admitted to trading on a regulated market within the meaning of the law on trading in financial instruments must connect its shares to the value-share system.
Paragraph 1 shall also apply to the shares of the fund managed by the management company and to the shares, additions or investments of the cooperative which have been admitted to trading through financial instruments. Of a regulated market within the meaning of the law. The integration of the units of the investment fund into the VAT scheme shall be subject to the provisions of Chapter 10 of the Investment Fund Act.
The rules of the CSD may provide that the share of a Finnish limited liability company other than those referred to in paragraph 1 may also be included in the CIT scheme. The procedure shall comply with Chapter 4 of this Chapter and Chapter 4 of the Companies Act. The rules of the CSD shall be specified in more detail. However, the share or part thereof which alone or in combination with other shares or units produces the right to manage the designated room or part of the property shall not be connected to the CIT scheme.
Financial supervision may, for a specific reason, grant an exemption from the obligation referred to in paragraphs 1 and 2 to include financial instruments in the value-share system.
Upon application by the issuer, the CSD may accept a share, share or investment fund of a securities or financial instrument other than that referred to in Article 1. Before taking a decision, the CSD shall inform the Bank of Finland and the Financial Supervisory Authority of any application that is relevant for the performance of its statutory tasks.
In its decision, the CSD shall prescribe the date from which the securities or financial instrument may be connected to the value-share system. The CSD may adopt, in its decision, more detailed provisions on the information to be entered into the value-share system and the procedure for recording where a securities or financial instrument is attached to a value-share system. Before taking a decision, the CSD shall verify that the issuer has secured an agreement with one or more of the accounting officers or otherwise that all the holders of the security or financial instrument have: The possibility of obtaining access to a book-entry system.
From the date referred to in paragraph 2, the owner of the security or financial instrument or his representative may apply for the registration of the ownership of the account by the accounting officer of the issuer. The applicant shall disclose the securities or financial instrument to the accounting officer and show that he/she has a promissory note (622/1947) Or equivalent to the provision of a security or a financial instrument. The accounting officer shall record the security or financial instrument in accordance with the book-entry account indicated by the applicant, in accordance with the provisions of the Law on Sharing Accounts.
The securities or financial instrument which has been surrendered to the accounting officer shall be marked with a reference to its connection to the value-share system.
The decree of the Ministry of Finance may provide for more details of the date after which the securities to be admitted to trading on a regulated market within the meaning of the Law on the Financial Instruments Or the financial instruments must be linked to a value-share system.
The above article, which provides for a financial instrument, shall apply mutatis mutandis to a right equivalent to that referred to in Chapter 1, Article 3 (1).
The central securities depository may attach to the CIT system a foreign security held in a foreign institution within the meaning of Article 17 of Chapter 2, or the law on which it is based or on the basis of a foreign system. The securities or rights attached to the following shall be recognised in a foreign system, on the basis of an agreement between the central securities depository and the foreign institution, to the depository of the central securities depository, or in any other way, For the owners. The sum of the shares acquired shall correspond to the total amount of securities or rights which have been separated in a foreign institution. Values may be attached to the value-share system, notwithstanding the provisions of this law and of the law of the law of value entry accounts. The procedure for the procedure shall be laid down in the rules of the CSD.
The CSD may accept the issuer's application for the inclusion of a foreign security or a right on or on the basis of a system of incorporation into the value cooperative system. Where the attached value has been furnished with evidence of the right to demonstrate and the evidence does not invalidate the evidence, the CSD shall ensure that the proof is not issued at the same time as the value share. The same applies to the foreign security, or the right to do so, which is linked to the value-share system. Before the integration of a foreign security into a value-share system, the csd must be able to ensure that the connection and the treatment of the value shares can take place in a reliable and appropriate manner, and the investor Without compromising protection. The procedure for the procedure shall be laid down in the rules of the CSD.
The value-share in the register of values must be opened in the register of values.
The entry account shall record the information which, according to the law, should be entered in the securities issued by the relevant value, and the number to be calculated. The values referred to in Article 3 (2) (1) of Chapter 6 shall include, in addition to the issuing account, a significant number of dates, a possible guarantee of a loan, interest payable on the loan or any other credit, repayment of the loan and other relevant The conditions and the general availability of the terms and conditions of the loan.
The value of the value referred to in Article 3 (1) shall be included in the account entry account of the number, the foreign identification number of the value in question and the type of entitlement in the value-share section, the information in Chapter 2 The foreign institution referred to in Article 17, where the value-share security or the right to it is retained, the information on which the basic information on the security is available and the security of the security The issuer.
The securities depository may remove the securities and financial instruments attached to it by the CIS from the issuer's application, provided that the rights of the holders of securities and financial instruments are not jeopardised.
The securities depository may remove the securities and financial instruments attached to it on its own initiative if the issuer is insolvent or has materially infringed its obligations with regard to the system of securities or any other , and provided that the rights of the holders of securities and financial instruments are not jeopardised.
Prior to the removal of securities and financial instruments from the CIT system, the CSD shall provide the Financial Supervisory Board with an explanation of the fulfilment of the conditions referred to in this Article. Securities or financial instruments shall not be removed from the CIT system until the financial supervision has indicated that it is not opposed to the removal. Financial supervision shall process the settlement of the CSD within three months of its arrival.
The removal of a security and financial instrument from the value-share system shall be specified in the rules of the CSD.
The above article, which provides for a financial instrument, shall apply mutatis mutandis to a right equivalent to that referred to in Chapter 1, Article 3 (1).
If the value is recorded in the asset management account referred to in Article 5 (a) of the Law Cooperatives Act or the trade account referred to in Article 16 of that law, the list referred to in Article 3 (3) of this Act shall be marked instead of the owner. The management registration manager. This list may be replaced by the holder of a management registration, even where the value-share is owned by a foreign or foreign community or foundation. The holder of a management registration may be the account holder of a trade account or a central securities depository, the account holder or any other entity within the meaning of Article 5a (3) of the Law on Shares Accounts, which may have the right to act on a property management account As account holder.
Under the values referred to in Article 3 (1) of the registered shares or other values referred to in Article 3 (1) of Chapter 6, no other owner's rights as owner-owner rights other than the right to raise funds shall be converted into Or share a share of the value and participate in a share or other value cooperative.
Upon request, the administrator shall inform the Financial Supervisory Board of the name of the actual owner of the value units if known, and how many values the owner has. If the name of the true owner of the shares is not known, the administrator of the holding registration shall provide the corresponding information on the owner acting on behalf of the owner and the written declaration made by him that the value shares are not real. The owner is not a Finnish or a Finnish society or a foundation. Information on the values referred to in Article 3 (1) of Chapter 6 shall be made available to the issuer on request. However, the institution referred to in Article 17 of Chapter 2, acting on behalf of the owner, shall not be obliged to provide written declaration when the question is of value within the meaning of Article 3 (2) of Chapter 6.
Each accounting officer or CSD, their holding entity, a financial institution or an institution of a financial institution forming part of their consolidation group, or as a deputy or in their service, or on their behalf In the course of carrying out the task, the person, issuer, or any other person, or business or professional secret, shall be obliged to keep it a secret, unless: In order to benefit from the obligation of professional secrecy, Consent to its disclosure. In addition, information kept in secret shall not be disclosed to the general meeting of the accounting officer or the central securities depository or to the meeting of the cooperative or the shareholder involved in the meeting. In respect of the information referred to in Article 1 (3) and other information received in that capacity by the issuer, the obligation of professional secrecy shall also apply to the members and alternate members of the institution of the issuer, Carrying out the service or carrying out its duties.
As a member of a clearing house, a clearing member or a member of the Community institution referred to in Article 21 (2), or as a deputy or a member of staff, the financial position or the private financial position of the issuer or any other person The non-disclosure of an undisclosed circumstance or of a commercial or professional secret shall not be disclosed or otherwise disclosed or used if it is not provided for, or ordered to be expressed in an appropriate order, or The obligation of professional secrecy has been laid down, give its consent to express it.
The accounting officer, the clearing member, the clearing house, the holder of the management registration and the central securities depository, their holding entity, the financial institution belonging to the consolidating group, and their association are obliged to: Without prejudice to the confidentiality rules, to the authority which, under the law, has the right to obtain such information, as referred to in Article 2, as well as for the owner of the value-share account and shares/units. The obligation to provide information to the court In Chapter 17 of the Court of Justice . The provision of information on the provision of value-share accounts and of the owners of values for the supply of taxes is laid down separately.
The accounting officer, the clearing member, the clearing house, the holder of the management registration and the central securities depository, the financial institution of their holding and their consolidation group, shall have the right, notwithstanding the provisions of confidentiality, to adopt: To the same group, the consolidating group or the law on the supervision of financial and insurance groups; (699/2004) To the entity belonging to the financial and insurance group, to the management of the customer service and other client relationship, to the marketing and to the risk management of a group or group of undertakings or of the financial and insurance group, if: The members and staff of the governing bodies shall be bound by the obligation of professional secrecy laid down in Article 2 or equivalent. In respect of the transmission of information, the above paragraph does not apply to personal data law (523/1999) Article 11 The transfer of sensitive information.
The CSD and the accounting officer and the financial institution belonging to them shall be familiar with their clients. In addition, the accounting officer and the CSD and their financial institution shall identify the client's actual beneficiary and the person acting on behalf of the client and, where appropriate, verify his identity. When completing the obligation laid down in this paragraph, the systems referred to in paragraph 2 may be used. (88/2014/625)
The financial institution and the financial institution of the consolidating group and the CSD shall have adequate risk management systems to assess the risks arising from their clients.
Moreover, knowledge of the customer is governed by the law on the prevention and detection of money laundering and terrorist financing (103/2008) .
The decision of the Ministry of Finance under this Act may appeal to the Helsinki Administrative Court. An appeal to the decision of the administrative court may be appealed against in the same way as the administrative law (18/06/1996) Provides.
If the decision on the authorisation of the CSD, as referred to in Article 1 (1) of Chapter 2, a decision on the establishment of a central securities depository, as referred to in Article 2 (1) of Chapter 2, the decision to grant a clearing house authorisation pursuant to Article 1 (1) Or the decision to establish the rules of the clearing house or the decision to grant the authorisation of a CCP as referred to in Article 4 (1) of Chapter 4 has not been adopted within the prescribed period, the applicant may make: Complaint. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. The Ministry of Finance shall inform the Appellate Authority of the decision if the decision has been taken after the appeal has been lodged. Other aspects of the complaint and handling are governed by administrative law.
L to 495/2015 Article 5 shall enter into force on 1 January 2016. The previous wording reads:
Appeal by the Ministry of Finance to the decision of the Ministry of Finance under this Act (18/06/1996) .
If the decision on the authorisation of the CSD, as referred to in Article 1 (1) of Chapter 2, a decision on the establishment of a central securities depository, as referred to in Article 2 (1) of Chapter 2, the decision to grant a clearing house authorisation pursuant to Article 1 (1) Or the decision to establish the rules of the clearing house or the decision to grant the authorisation of a CCP as referred to in Article 4 (1) of Chapter 4 has not been adopted within the prescribed period, the applicant may make: Complaint. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. The Ministry of Finance shall inform the Appellate Authority of the decision if the decision has been taken after the appeal has been lodged. Other aspects of the complaint and handling are governed by administrative law. (12/03/256)
The review of financial supervision under this Act is governed by Article 73 of the Law on Administrative Law and the Law on Financial Supervision.
Any person who intentionally or negligently inflict damage on another person by means of a procedure contrary to the provisions of this Act or of the provisions adopted pursuant to it 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 be governed by the (1999) Chapters 2 and 6
The provisions referred to in Article 38 (1) (2) of the Financial Control Act, the non-compliance or infringement of which are subject to payment, are the provisions of Articles 26 to 28 of Chapter 2 of this Act concerning the insider's declaration and the insider register, and The provisions of Articles 15 and 31 to 38 of the regulation on the activities of the CCP.
The provisions referred to in Article 40 of the Law on Financial Control, which are subject to a penalty payment or penalty payment, are:
(1) the provisions of Article 15 of Chapter 2 and Article 1 of Chapter 3 of this Act concerning the organisation of the csd and the activities of the clearing house and the provisions of Articles 16, 26 to 30 and 39 to 50 of the Regulation on the organisation of the activities of the CCP; (12/03/256)
2. The provisions of Article 20 and Chapter 3 of Chapter 3 of this Act concerning the supervisory role of the csd and the clearing house;
(3) the provisions of Article 25 and Chapter 3 of Chapter 3 of this Act concerning personal transactions in the CSD and the clearing house;
(4) the provisions of Section 3 (3) to (5) of Chapter 3 of this Act concerning the safeguarding of the functioning of the clearing house;
(5) the provisions of Section 4 of this Chapter on customer knowledge.
In addition to the provisions laid down in paragraph 1, the provisions referred to in Article 40 of the Financial Supervision Act are also subject to more detailed provisions and provisions concerning the provisions referred to in paragraphs 1 to 5.
The imposition, publication, enforcement and handling of administrative penalties under market law are laid down in Chapter 4 of the Law on Financial supervision.
The penalty for breach of the obligation of professional secrecy laid down in Article 2 Chapter 38 of the Criminal Code 1 or 2, unless a heavier penalty is imposed in the rest of the law.
Any intentional or serious negligence, contrary to Article 1 (1) of Chapter 3, is to be condemned, unless the act is minor or otherwise provided for by law, On the pursuit of the activities of the unauthorized clearing house Fine or imprisonment for a period not exceeding one year.
Any negligence or gross negligence on the part of the csd in contravention of Article 1 of Chapter 2 shall be denounced, unless the act is minor or otherwise provided for by law, On the operation of the non-authorised csd Fine or imprisonment for a period not exceeding one year.
Any deliberate or gross negligence on the part of a CCP contrary to Article 14 of the Market Act shall be condemned, unless the act is minor or otherwise provided for by law, On the pursuit of a non-authorised CCP Fine or imprisonment for a period not exceeding one year.
Financial supervision may provide more detailed provisions:
(1) the manner in which the information relating to the owner of the value shares and the contact details necessary to identify it must be reported;
2) the procedures for the knowledge of the client referred to in Article 4 (1) and the risk management referred to in paragraph 2.
This Act shall enter into force on 1 January 2013.
This law repeals the law on the value-share system (26/06/1991) (hereinafter ' the Repeal the law .
Where other legislation refers to the repeal of the law or otherwise referred to as a repeal of the law, the provision of this law, which is replaced by a provision, shall be replaced by the provision of this law.
The financial supervision provisions adopted under the repealed Law may be applied for six months after the entry into force of the law, unless they are incompatible with this law.
Before the entry into force of this Act, measures may be taken to implement the law.
The CSD and the clearing house, which has been authorised before the entry into force of this law, and a foreign clearing entity which has been authorised before the entry into force of this Act to conduct clearing and settlement activities in Finland shall not be required to: A new license.
The CSD shall bring its rules into line with the requirements of this law and shall apply for amendments to the Ministry of Finance within six months of the entry into force of this Act.
The CSD shall maintain information systems in accordance with Article 13 (1) (4) of the repealed Law until the entry into force of the Regulation of the Ministry of Finance, as referred to in Article 7 (1) of Chapter 19 of the Securities and Markets Act.
The insider of a security centre referred to in Section 26 of Chapter 2 of this Act shall bring an insider declaration in accordance with Article 27 to meet the requirements of this law within one month of the entry into force of the law. The CSD shall bring the inside register of the CSD referred to in Article 28 of Chapter 2 to the requirements of the law within two months of the entry into force of the law.
THEY 32/2012 , TaVM 11/2012, EV 117/2012This Act shall enter into force on 15 April 2013.
THEY 4/2013 , TaVM 5/2013, EV 30/2013, 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 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.
THEY 39/2014 , TaVM 6/2014, EV 62/2014
This Act shall enter into force on 1 November 2014.
THEY 114/2014 , TaVM 14/2014, EV 100/2014, Regulation (EU) No 648/2012 of the European Parliament and of the Council (32012R0648); OJ L 201, 27.7.2012, p. 1 TO 59
This Act shall enter into force on 1 January 2016.
In the case of appeals before the entry into force of this Act, the provisions in force at the time of entry into force of this Act shall apply.
THEY 230/2014 , LaVM 26/2014, EV 319/2014
This Act shall enter into force on 1 January 2016.
THEY 254/2014 , TaVM 34/2014, EV 371/2014
