The Law On Trading In Financial Instruments

Original Language Title: Laki kaupankäynnistä rahoitusvälineillä

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In accordance with the decision of the Parliament, provides for: (I) the PART of the GENERAL PROVISIONS Chapter 1 scope and definitions article 1 scope of application of this law shall apply to the organisation of trading in financial instruments and the publication of information relating to the financial instruments in the trade.
This law shall apply to the stock exchange the corresponding foreign entity as provided for in Chapter 3.

section 2 Definitions for the purposes of this law: 1) financial instrument investment service law (758/2012) of Chapter 1 of the financial instrument referred to in article 10;
2) value on paper of the securities market Act (746/2012) of Chapter 2 of the value of the paper referred to in article 1;
3) a derivative agreement investment chapter 1, section 10, paragraph 1, sub-paragraph 3 – the financial instrument referred to in paragraph 9;
4) pörssillä Finnish company, which is engaged in the operation of the stock exchange;
the maintenance of the regulated stock exchange action 5) in Finland;
6 of the stock exchange or other regulated market) for the Member States of the EEA by the market operator operating an MTF to provide for responsible for the procedure, in which the operator of the regulated market in accordance with the rules laid down by the bringing together of financial instruments purchases and sales promotions or offer letters in such a way that the result is binding on the financial instrument for the trade;
7) multilateral trading system, the organizer of the multilateral trade or other EEA country by the corresponding trade Organizer, other than as referred to in paragraph 6, the procedure operators operating an MTF, in which, in accordance with the rules established by the organizer of the trade may be one of the financial instruments purchases and sales promotions or offer letters in such a way that the result is binding on the financial instrument for the trade;
8) the multilateral trading body within the meaning of the investment law, stock exchange, an investment firm and a branch of an investment firm of a third country, as well as the activities of the credit institution Act (610/2014) shall mean a credit institution within the meaning of the community and third countries, the credit institution's branch, which operated in Finland in the multilateral trading system; (8.8.2014/6) 9) investment service provider within the meaning of the investment law, an investment firm and a foreign investment firm, a credit institution shall mean a credit institution within the meaning of the Act and on the functioning of the foreign credit institution, which provides investment services, investment fund within the meaning of the law (48/1999), on behalf of the management company and the foreign management company that provides investment services, as well as the kind of alternative fund managers Act (162/2014) the option referred to in the funds ' managers and alternative funds which provides investment services; (7.3.2014/167) 10) transacting with the side of the investment service provider or any other person to whom the stock market or multilateral trading Organizer is granted the right to trade in the relevant market;
11) systematic internaliser investment service provider, which, on an organised, repeatedly and systematically carry out customers ' orders of the regulated market and outside the multilateral trading system by becoming a party to the client only in the shop itself, as in the case referred to in section 4 of the markets in financial instruments directive, provided for in the implementing regulation;
12 in the EEA State in the European economic area) in the State;
13) third country other States non-EEA States;
14) the European Securities and markets authority the European supervisory authority (European Securities and markets authority) and decision No 1/80 716/2009/EC and in Commission decision 2009/77/EC of the European Parliament and of the Council repealing Council Regulation (EU) no 1095/2010 of the European Securities and markets authority, referred to.

section 3 of the stock exchange to apply other legislation on the stock exchange shall apply to the stock of the companies Act (624/2006), unless otherwise specified in this law or other legislation on the stock exchange.

section 4 of this Act for the purposes of the European Union legislation: 1) to the markets in financial instruments directive on markets in financial instruments amending Council directives 85/611/EEC and 93/6/EEC and European Parliament and of the Council amending Directive 2000/12/EC, and Council Directive 93/22/EEC of the European Parliament and of the Council repealing Directive 2004/39/EC;
2) markets in financial instruments-in the form of an implementing regulation of the directive of the European Parliament and of the Council on the implementation of Directive 2004/39/EC, investment firms relating to record keeping obligations of notification, the transparency of the market, transactions in financial instruments admitted to trading, and defined terms for the purposes of the directive, Commission Regulation (EC) No 1782/2003 1287/2006;
3) eurooppayhtiöasetuksella the Statute for a European company (SE) of Council Regulation (EC) No 1782/2003 n ° 2157/2001;
4) stock exchange list, the directive on the admission of securities to official stock exchange listing and on information to the European Parliament and of the Council Directive 2001/34/EC; (12.4.2013/257), earmarked for the lyhyeksimyyntiasetuksella and 5) on certain questions relating to the credit default swap contracts, the European Parliament and of the Council Regulation (EU) no 236/2012. (12.4.2013/257)
(II) PART of the MARKET in FINANCIAL INSTRUMENTS listed on a stock exchange the number 2 of the action, the owners, management and operation of section 1 of the stock exchange and the stock exchange operation activities of the Head Office of a permit may not be issued by the Ministry of Finance carries out without authorisation.
The Head Office of the stock exchange is located in Finland.

section 2 of the Act, other than the name of the stock exchange operation authorised by the community may not name or otherwise operate to describe the use of the word or yhdysosaa stock or derivatives.

section 3 of The application for authorisation to the Ministry of Finance shall, on application, grant a licence to a Finnish limited company for the activity on the stock exchange. You can also apply for a licence for a new company.
Applications must be accompanied by a stock exchange activity and possible section 16 of the other activities referred to in paragraph 1 and 2 of the plan, as well as the application referred to in article 24 of the rules of the stock exchange. The application shall also be accompanied by adequate reports on the stock market: the ownership of 1);
2) and Auditors;
3) internal control and risk management;
4) potential conflicts of interest and incompatibility;
the economic conditions of operation of the 5);
6) control function.
If the authorisation is sought for a new company, the application shall also be accompanied by adequate reports on the applicant.
At the request of the Ministry of finance, the applicant shall submit to the Ministry of Justice of Luxembourg for the grant of the necessary supplementary evidence.

section 4 of The conditions governing the granting of the authorization of the Ministry of Finance shall be granted, if it can, on the basis of a report received from the to make sure that: 1) the applicant and the products meet the requirements of this Act and the action envisaged by the provisions adopted pursuant thereto, and the conduct of the activities provided for in the provisions of the stock exchange and the requirements laid down;
2) of the stock exchange, the owners comply with the requirements laid down in article 5;
3. the ownership of the stock exchange does not compromise, conservative estimates show the stock exchange) and a healthy business in accordance with the principles of the business.

the reliability of the Person under section 5 of the exchange of major owners, who directly or indirectly holds at least 10% of the share capital or share of the stock exchange, which produces at least 10% of its voting shares, must be reliable.
The person is not considered to be a reliable, if: 1) during the year preceding the assessment, he has five sentenced to imprisonment or a fine penalty three assessment during the year preceding the crime, which can be regarded as a manifestly inappropriate to devote to his stock exchange; or 2) he is shown to be manifestly inappropriate otherwise earlier owned by the stock exchange.
If the above 2 are not referred to in paragraph 1 of the law of strength, conviction, however, may continue to use the power of the stock exchange to the owner of the stock market, if it is the judgment of the circumstances that led to his earlier activities, and any other relevant factors to be considered as a whole, judged as manifestly well founded.

section 6 of the licence and the business on the stock exchange The permit application must be resolved within six months of the date of receipt of the application or, if the application has been incomplete, of the applicant for the necessary documents and information. The decision on authorisation must, however, be made within 12 months of the date of receipt of the application. On the conclusion of the complaint on the basis that the decision is not adopted within the prescribed period, provided for in paragraph 1 of Chapter 9.
The Ministry of finance is the solution to the request of the application before the statement from the Bank of Finland and financial supervisory authority.
The Ministry of Finance has the right to the concession, after consultation with the applicant to set the approval of the stock exchange business, relating to the control of the necessary restrictions and conditions.
The stock market can begin to work, subject to the terms of the authorisation, immediately after the authorisation has been granted and the rules provided for in article 23 has been confirmed. If the authorization has been granted by the company to be established, the action can be started, when the stock market has been registered.

section 7 of the licensed company


Authorisation shall be granted for the activity on the stock exchange in the other Member States of the EEA as referred to in the corresponding authorised se does not include any company that plans to move its head office in Finland, in accordance with article 8 of that regulation. The Ministry of finance, is to ask for the application for a licence in that State the opinion of the supervisory authority of the securities markets. Not be registered before the approval is issued. The same applies to the creation of the European company statute, by means of a merger in such a way that the host company, whose head office is situated in another State is registered in eurooppayhtiönä in Finland.

section 8 of the Ministry of finance, the registration of the licence shall inform the authorisation for registration in the commercial register.
The future home of the stock exchange and on to Finland in the transferring company authorised to be registered at the same time, when a company is registered.

section 9 of the Economic playing field Pörssillä must be sufficient stock to the scale and quality of the economic framework conditions.
Stock Exchange's fully paid share capital shall not be less than EUR 730 000.

notification of The acquisition of shares in section 10, which proposes to acquire, directly or indirectly, shares of the stock exchange, is to inform the financial supervision, in the case of his holdings in the purchase of: 1) it would be at least 10% of the share capital of the stock exchange;
2) would be so great that it would be at least 10 percent of all voting shares; or 3) otherwise, the ownership of the endorsement referred to in paragraph 2 would justify the use of, or otherwise a significant influence over the management of the stock exchange.
If the ownership is going to be to at least 20%, 30% or 50% of the share capital in the stock exchange or its voting shares, the acquisition also must be informed in advance of the financial control. Also, if the Declaration is to be made responsible for the ownership stake would be reduced to less than the limit laid down in paragraph 1 of this or.
The calculation referred to in paragraph 1 and 2 of title and interest in and to the share of the vote, shall apply to the securities markets Act, Chapter 2, and Chapter 9, in section 4 of article 4 to 7.
The stock exchange shall notify the Financial supervision at least once a year, the owners of the holdings referred to in paragraph 1 and 2 and their share of the capital stock and the stock exchange of the voting rights attaching to shares in the stock market, if they are known. The stock exchange shall immediately be informed of the financial control of the reported change in the ownership of the shares. The notice must provide sufficient information on the amount and proportion of the owners, as well as other information as determined by the financial supervisory authority.
The notification referred to in paragraphs (1) and (2) must show the necessary information and explanations: 1) to the ilmoitusvelvollisesta, as well as his integrity and financial situation;
2 a party responsible for ownership and other relationships between the stock exchange);
3. the financing of the acquisition agreements, procurement) and, in the case referred to in paragraph 2 above, the ownership of the goals.
What this section provides for the notification of the stock exchange to be acquired under the share-holding, also applies to the kind of community with the securities markets Act, Chapter 2, as referred to in section 4 of the control of the stock exchange (stock exchange of ownership in the community).

Article 11 Prohibition of acquisition of shares in the Financial control of the right to prohibit the ownership of the share referred to in article 10 of the contract provides for the financial supervision Act (889/2008) article 32 (a).
The financial supervisory authority has to make a decision as referred to in paragraph 1 within three months of the date of receipt of the notification referred to in article 10.
Before the expiry of the period provided for in paragraph 2, the party responsible shall acquire the shares referred to in section 10 of the Act only if the financial supervisory authority has given its consent.

were tied to the stock market of the stock exchange and the rest of the article 12 of the legal person or natural person, the major interested parties shall not prevent the effectiveness of supervision over the stock market. Effective controls are also not allowed to block in such a linkage in relation to the natural or legal persons with which the third country's regulations and administrative provisions. (8.8.2014/624)
After the granting of an authorisation an authorisation of any changes in the information stated at the time of the application to the proprietary shall immediately notify the financial supervisory.
An important binding for the purposes of this article investment firms, credit institutions and capital adequacy requirements and Regulation (EU) no 648/2012 to the European Parliament and of the Council amending Regulation (EC) No 1782/2003 575/2013 38 referred to in article 4 (1) of the nearby. (8.8.2014/6) the withdrawal of authorisation pursuant to article 13 of the Ministry of finance may withdraw all or part of the stock exchange, if: 1) of the stock exchange operation is essentially a violation of the law or any legal or regulatory provisions adopted pursuant thereto, the conditions of authorisation or the rules of the stock exchange;
2) stock market has not worked in the last six months;
3. the granting of authorisation, the conditions laid down in relevant) no longer exists;
4) stock exchange all or part of the activity is not started within 12 months of the grant of a licence; or 5) of the Stock Exchange Act when applying for the authorization is of essentially false or incomplete information in terms of the key issues for the operation of the Exchange.
The Ministry of finance, the decision referred to in subparagraph (1) is before the request of the Bank of Finland, and the opinion of the financial supervision, subject to exceptions on grounds of urgency. Before the Treasury Department to cancel the authorisation under paragraph 1, or 1 of the stock exchange as provided for in paragraph 3, it shall, prior to their decision, to set a reasonable time limit for the operation of the stock exchange in order to remedy the shortcomings identified, subject to the withdrawal of authorisation or to the urgency of the matter immediately with the necessary security to safeguard the stability of the market and reliable operation.
The Ministry of finance may, on application by the stock exchange to cancel the authorisation, if the stock market of the stock exchange has decided to stop the operation of the stock market. Before taking a decision of the Ministry of Finance shall request the opinion of the Bank of Finland and financial supervisory authority.
If the Treasury Department to cancel the Exchange under paragraph 1 or 3 of the concession, the Ministry may, at the same time giving the rules about how the operation will be terminated. The Ministry of Finance shall be notified of the withdrawal of authorisation, the registry authority and the European Securities and markets authority.

the suspension of the operation of section 14 of the Stock on the stock exchange to suspend the activities of the Ministry of finance can impose for a specified period, if the stock exchange has been found on the incompetence or varomattomuutta, or if the types of financial instruments traded barter is disturbed, and it is evident that the continuation of the activity is likely to seriously damage the integrity of financial markets or the stability or investors.
The Ministry of Finance shall, before the decision referred to in subparagraph (1) to consult the stock exchange as well as to request the opinion of the Bank of Finland and financial supervisory authority, subject to exceptions on grounds of urgency.

the management of the stock exchange, stock exchange, section 15, of the Government of the President and ceo and other senior management will lead to the stock exchange in a professional manner and in accordance with the principles of sound and prudent business. The Board, the members and alternate members of the Executive Director and the Deputy Executive Director, as well as other senior management needs to be a reliable person who is not bankrupt and whose activity has not been limited. These persons must also have a general knowledge of the operations on the stock exchange as to the quality and scope of the operation of the Exchange, there is a need.
Trust is not considered it, that is: 1) during the year preceding the assessment of the five sentenced to imprisonment or a fine penalty three assessment during the year preceding the crime, which can be considered to show him to be a member of the Board of Directors of the stock exchange, or the apparent unsuitability of making a member or the Managing Director or ceo or other senior executives; or 2) otherwise the earlier shown to be manifestly inappropriate for the task referred to in paragraph 1.
If (2) the Court referred to in paragraph 1 has not received any legal force, convicted in the case referred to in paragraph 1 may, however, continue with the task, if it is the judgment of the circumstances that led to his earlier activities, and any other relevant factors to be considered as a whole, judged as manifestly well founded.
The stock exchange shall inform the persons referred to in subparagraph (1) shall without delay of any changes in the Financial control.
The provisions of this article shall apply mutatis mutandis to the ownership of the stock exchange and the central depository, to the community.

section 16 of the stock exchange allowed other activities in addition to the Listed activities may be the stock market to maintain the multilateral trading system, to provide for the storage of data processing in the financial instruments to be placed on a and and other services, securities, derivatives and financial market information and training related to the development of the services, as well as engage in any other activities referred to in this paragraph is closely related to the above activities.
The stock exchange shall act clearing party and engaged in the operation of the clearing house, as well as measures on tilinhoitajana provides for the book-entry system and clearing and settlement Act (749/2012).
The stock market may not engage in any of the activities referred to in subparagraph 1 and 2.

section 17 of the organisation of the operation of the Exchange


The stock market action is organised in its business, taking into account the quality and scope of the operations in a reliable manner. The stock exchange is to ensure the management of the risks related to its activities, the functioning of the internal control and business continuity at all times.
Pörssillä must be the identification of conflicts of interest relating to the activities of the operating principles of the stock exchange and with a view to their prevention. The policy shall take particular account of the situations of conflicts of interest that may affect the stock exchange control provided for in article 18 of the sound.
The stock market performing the duties provided for in this law shall not apply to the management of the operation of the Act (434/2003), the law on openness of government activities (621/1999), the language Act (423/2003) and the Sámi Language Act (1086/2003). The stock market of the stock exchange in the service of a member of the administrative body or is this not apply to the provisions relating to criminal responsibility.
What, under the ownership of the stock exchange and the central depository, shall apply by analogy to the community.

section 18 of the stock exchange supervisory role of the stock exchange must provide for an adequate and reliable monitoring to ensure compliance with this Act and the securities markets Act and the rules adopted on the basis thereof, the markets in financial instruments directive, compliance with the rules of the stock exchange and the stock exchange of the implementing regulation.
To the attention of the financial supervisory authority, the stock exchange must be a procedure which, apparently, is a violation of the provisions referred to in subparagraph (1) or stock exchange rules of the procedure, subject to the correction or otherwise resolve the situation without delay. If the provisions of the rules, regulations or materially or repeatedly, is a revelation, however, always.

section 19, for the purposes of this chapter, the outsourcing Outsourcing the operation of the exchange of the stock exchange on the basis of the arrangement by which the activities of the other service provider to produce a stock exchange or a stock exchange, that would otherwise be in the service.
The stock market may outsource the operations of other action than the stock exchange activity, if outsourcing is not detrimental to the stock exchange for risk management, internal control, the operation of the business or a significant management and Financial control of the rest of the wizard control. In spite of this law, the stock exchange is responsible for the outsourcing of security market and the markets in financial instruments directive, the obligations arising from the implementation of the regulation. The stock market is to act carefully when it outsource its operations of the function.
The action is important for the operation of the Exchange, in the event of an error or a lack of it in the carrying out of the activities of the stock exchange may interfere substantially with the laws, rules or regulations or the provisions adopted pursuant to the terms of authorisation of the stock exchange, or the financial position of the stock exchange or stock market activity.
An important feature for the operation of the exchange agreement, indicating the content of the mandate and the period of validity of the contract.
The stock exchange is to obtain outsourced activities are constantly conducting stock exchange regulatory control, risk management and internal control regarding the necessary information and hand over information to the Financial supervision.

section 20 of the notification of the stock exchange, that of outsourcing work after the granting of the authorization is going to outsource the business of outsourcing in advance of a major operation, shall notify the Financial supervision. The agreement between the stock exchange and the outsourced activities to manage in relation to the substantial change shall be notified to the Financial control.

Article 21 of the personal transactions of the stock exchange is a stock exchange in an impressive, adequate measures to try to prevent a person in the capacity of the taking of personal transactions, if this can lead to a conflict of interest, or where the person in question is the meaning of the securities market law, issuers or trade insider information or transacting with aspects of the confidential information or transactions. The confidentiality of such information is a must.
The stock market is to retain the information for personal transactions. The stock exchange shall forward to the Financial control and an explanation of how the stock market is overseen by the provisions relating to personal transactions, compliance with the provisions of the internal instructions of the stock exchange, and on the actions taken on the stock exchange, if the provisions of the instructions in the ' the provisions or have not been complied with.
Set in an impressive person and personal transactions of the investment services act, Chapter 7, what provides the management of the investment firm, in an impressive people and their personal activities.

Article 22 of the financial audit and the obligation to provide copies of certain documents on the stock exchange, at least one shall be a CHARTERED ACCOUNTANT-auditor or the audit firm, the lead Commission auditor must be a CERTIFIED PUBLIC ACCOUNTANT-auditor. (18.9.2015/1213)
L:lla 1213/2015 amended the Act shall enter into force on the 1.1.2016. The previous wording: on the stock exchange at least one shall be a Court of Auditors Act (459/2007), section 2, of the firm of the auditor referred to in paragraph 2 or to the APA community.
The stock exchange shall, without undue delay, send a copy of the Financial control: 1) accounting documents;
2), the Court of Auditors report;
the minutes of the annual general meeting 3).
What provides the ownership of the stock exchange and the central depository, shall apply by analogy to the community.

The stock market of the stock exchange, the minimum acceptable rules of stock exchange rules, section 23, shall be drawn up and kept available to the public the operation of the stock exchange rules, which contain at least the following provisions: 1) how trading takes place;
2) how and on what basis the financial instrument admitted to trading, as well as how and on what basis trading in financial instruments shall be suspended or terminated;
3) what kind of requirements, the rights and obligations of the issuers of securities and their administration to this law, the law on securities markets, and their provisions, as well as the provisions laid down pursuant to the rules of the stock exchange and in order to meet the obligations that are based on, or otherwise is set;
4) how and on what basis the rights shall be granted and withdrawn trade transacting with party;
5) what kind of requirements, the rights and obligations of the parties to the trade and transacting with the provisions laid down pursuant to this Act and the regulations, as well as the rules of the stock exchange or otherwise, in order to meet the obligations arising from the set;
6) what kind of sanctions the issuers of securities and to the parties to the trade rules of the stock exchange order may be transacting with and how they are ordered;
7) if trading is a derivative contract, the terms of use.

section 24 of the stock exchange rules of the stock exchange rules and the application of the changes to strengthen the Ministry of finance. The rules must be laid down, if they are adopted on the basis of the provisions of this law and in accordance with the provisions and, on the basis of a report and, if obtained can be considered that it is likely that they will provide a reliable and fair trading.
The application is to be resolved within three months of the date of its receipt, or, if the application is incomplete, the applicant has provided the necessary documents and information. The decision is, however, always be made within six months of the date of receipt of the application. The Ministry of finance, is the opinion of the financial supervision before the rules request. If the decision concerns electricity, natural gas or emission rights-based derivative contract, the opinion is requested from the energy market Agency.
The Ministry of finance may, in order to safeguard the integrity and fairness of trade imposed by the content of the provisions in the rules to be changed, or the national air and Space Museum. The Ministry of finance is to be consulted before the adoption of the order to the stock exchange, and to request the opinion of the Financial supervision of the case.
What are the rules for determining, under does not apply, if the changes are minor or technical. The stock market is, however, provide information to the Ministry of finance and the financial control of the changes to the rules before their entry into force. If there are differences of opinion as to whether the changes in the rules of the stock exchange of minor or technical, decides in the Ministry of finance.

The inclusion of a financial instrument admitted to trading, and section 25 of the financial instrument for the Elimination of Commerce admission to the regulated stock exchange regulated market should not be taken on the application of an issuer of a security to trading likely to be sufficient demand and supply and the price formation can be estimated to be reliable.
The stock market may take the value of a security to trading on a regulated market without the consent of the issuer, in accordance with the requirements of paragraph 1 have been fulfilled and if the same securities have already been admitted to trading on another regulated market. Such issuer is allowed to set the rules of the stock exchange disclosure obligations. The stock exchange shall notify the issuer of a security to trading on prior to the start of trading.

The stock market may be admitted to trading on a regulated market, if the price of a derivative contract formation is reliable, and the derivative contract can be settled in a reliable manner.
Remember the conditions under which the stock exchange can take a financial instrument admitted to trading on regulated markets in financial instruments directive, laid down in the implementing regulation. To the regulated market of the securities admitted to trading on such a document to be made public, the supports provided for the Finnish securities market Act Chapter 3 and 4.
The stock exchange shall notify the Financial supervision of a financial instrument admitted to trading on a regulated market prior to the start of trading. If you are admitted to trading on the stock that is not traded on any other regulated market, the stock market is at the same time be informed of the financial oversight of the markets in financial instruments directive, article 33, paragraph 3 of the implementing regulation, provided estimates of the share in question.
Financial supervisory authority may order that a financial instrument, a request for admission to trading on a regulated market shall be postponed by a maximum of 10 consecutive banking days at a time. The suspension will be imposed if the FISA has good reasons to suspect that the person asking for the admission to trading of the financial instruments or by virtue of the mandate, which will take care of applying for admission to trading, acts of this law, or in accordance with the Finnish securities market act contrary to the provisions of the regulation or order. Before the issuing of the decision of the financial supervisory authority, must be provided for the opportunity to be heard, unless the urgency of the matter or for any other special reason.

section 26 of the trading on the stock exchange may decide to stop trading in a financial instrument, the financial instrument or the issuer of the securities, if no longer complies with the requirements of the rules of the stock exchange and trading in a financial instrument to cause significant damage to the investors or the proper functioning of the financial markets.
The stock market can stop trading value on paper but also on the application of the issuer of the security, if there is no significant damage to the cessation of trading for investors or for the proper functioning of the financial markets.
The decision of the stock exchange must be made public immediately the cessation of a financial instrument from trading. In addition, the stock exchange shall notify the termination of trading on Financial supervision, which shall inform the authorities responsible for the financial control of the EEA States, further to the competent authorities.
The stock market value of a security that is the subject of the trade the issuer has the right to have the decision referred to in subparagraph (1) of the stock exchange and investors to monitor the interests of the data subject with the Association, as well as an investor, which owns such securities, or securities, is the right to have the decision of the Financial supervision of the stock exchange referred to in paragraph 2, within 30 days of the decision. The financial supervisory authority, shall be notified to the stock exchange on which the matter was referred to. The decision of the stock exchange to stop trading in spite of the financial supervisory authority concerning the matter to be implemented, subject to financial supervision or appeal to authority decides otherwise.
The financial supervisory authority, the right to prohibit trading in a financial instrument provided for in article 32.

The stock exchange list of article 27 of the stock exchange list, keeping the stock market can keep a stock list on the stock exchange within the meaning of the directive a list of regulated securities trading presence.

turn on section 28 of the securities to official stock exchange listing, the issuer of the application to be listed on the stock exchange may be the value of the paper, which complies with this section 25 of Chapter 1 and 4 of this article. For the implementation of the directive, the necessary requirements of the stock exchange list, with a stock market value of a security may be taken from the stock exchange listing, as well as of the Ministry of finance, the regulation provides for derogations in more detail.
Shares, according to the companies Act, the securities may be listed on an eligible only if managed by the stock exchange admitted to trading on a regulated market has been taken or will be taken at the same time samanlajinen in the stock as it, to which the security entitlement.
The share of the issuer, must apply for a stock market listing of shares on the stock exchange listing of stocks of shares within a year of their issuance, unless the issuer have not consented to the fact that the stock market to the stock market listing without a different application.
The application for the issuance of the issuer is the same belong to the securities markets Act, Chapter 2, section 1, subsection 1 of the securities referred to in paragraphs 2 and 3 at the same time the stock market listing.
The stock exchange may reject an application for the protection of investors, the value of the admission of securities to official stock exchange listing of the paper.
The application for the admission of securities of the stock exchange is a stock exchange to be resolved within six months of the date of receipt of the application. If the stock exchange request to the application by the applicant for clarification during this period, the said period shall be calculated from the date on which the stock market receive more explanation. If the stock market does not make a solution within the time limit, the application shall be deemed to have been rejected.
The Security's issuer has the right to have the decision referred to in paragraph 5 and 6 of the stock exchange of the financial supervisory authority within 30 days of the decision or of the expiry of the period referred to in paragraph 6.

section 29 of the securities on the stock exchange to remove the paper from the list to delete the value from the list of section 26 shall apply to the Stock Exchange provides trading.
The Security's issuer has the right to make the decision to delete from the list of the stock exchange and the stock exchange pursuant to the decision of the issuer, be without removing the Security Exchange within 30 days of the decision of the financial supervisory authority. The investors ' interests with the registered association and the investor who owns the value referred to in the papers or securities, is entitled to enforce the decision of the financial supervisory authority, to delete from the list of the stock exchange within 30 days of the decision. The financial supervisory authority, shall be notified to the stock exchange on which the matter was referred to.

Section 30 of the trade organisation of Trading of the stock exchange is granted trade privileges to transacting with party transacting with respective rights for Finnish investment service provider and any other Act of the EEA State authorised investment service provider that meets the requirements set out in the Act and the rules of the stock exchange.
To any other person, which is the seat of the Member States of the EEA, shall be granted trade rights if the person reaches the age of transacting with stock exchange requirements laid down in the rules of good conduct, and the reliability of the person, as well as the organisation of the activities of the rest of the experience and suitability, on the basis of a report received from or otherwise, it is likely that the person's participation in the trade trade compromise reliability. The person must also have sufficient financial and other conditions for fulfilling obligations under the financial instruments in the shops.
The stock market also may be granted the rights of a party other than the party transacting with trade and foreign investment referred to in paragraph 2, the service provider or any other person, if the applicant satisfies the provisions of the law, the financial supervisory authority and the requirements laid down in the rules of the stock exchange.
In addition to the measures referred to in article 23 of the rules of the stock exchange trade on the withdrawal of rights of transacting with a half should be suspended, the stock exchange or trade the rights for the time being, if Financial control of transacting with half of it by decision of a compelling reason. The financial supervisory authority has, prior to their decision, consult the stock exchange and trade, subject to exceptions on grounds of urgency or transacting with half of the other, for a special reason.
The stock exchange shall notify the Financial supervision of the granting of its rights and the withdrawal of the trade in transacting with.
The person referred to in paragraphs 1 to 3, by transacting with respective rights of trade has been canceled, is entitled to enforce Article 23 of this chapter: the Stock Exchange's decision to cancel the trade referred to in paragraph 4 shall be transacting with respective rights within 30 days of the decision of the financial supervisory authority. The financial supervisory authority, shall be notified to the stock exchange on which the matter was referred to. The Stock Exchange's decision to cancel the trade rights of the Financial control of the transacting with a half before placing in spite of the implement, subject to financial supervision or appeal to authority decides otherwise.

section 31 of the Exchange shall suspend the trading suspension of trading in a financial instrument, if it is necessary for the operation of the provisions and regulations of the stock exchange, stock exchange rules, or a good way of proceeding.
The stock exchange has suspended electricity or natural gas based on the design of the derivative contract trading as well, if the Commerce compromise the electrical or natural gas or electricity or natural gas is to the detriment of the market or in the event of a power or natural gas operation of the system is the rest of the stock exchange rules in the event that the reason disturbed.
The stock exchange shall immediately be made public as referred to in sub-section 1 and 2 of the trading suspension, and shall inform the Financial supervision. In the case of a decision referred to in paragraph 2, the decision shall be communicated to the energy market Agency.

The stock exchange may request the financial control referred to in subsection 1 and 2, strengthening the trading stopped. Upon receipt of such a request, the financial supervisory authority has, without undue delay, to decide whether it's the stock exchange trading stopped. If the financial control of the decision taken by the stock exchange to decide not to be confirmed, the stock exchange shall, without undue delay, to continue trading in the financial instrument.
When the stock exchange decides to continue trading in a financial instrument, the decision of the stock exchange must be made public immediately and shall inform the Financial supervision. If the decision concerns a derivative contract referred to in paragraph 2, the decision shall be communicated to the energy market Agency. If the decision is in respect of a financial instrument, the financial supervisory authority is confirmed, in accordance with the fourth paragraph of the decision of the stock exchange stopped, the stock exchange shall notify the financial supervision before trading resumed.
Financial supervisory authority may impose any of the stock exchange to suspend trading in a financial instrument for up to ten of the Bank for a day at a time. The suspension will be imposed if the FISA has good reasons to suspect that the information on the trade or financial instrument, the obligation to act in violation of this law, the law of the securities market or in accordance with the provisions or stock exchange rules, or if there are other specific cogent reason. The financial supervisory authority is to be consulted before the adoption of the order to the stock exchange, unless the urgency of the matter or for any other special reason. The financial supervisory authority is to make public its decision.
The financial control shall be communicated to the other EEA States to the competent authorities responsible for the control, as well as to the European Securities and markets authority the decision referred to in paragraph 4 and 6 and the stock exchange pursuant to paragraph 1 or 2.
If the EEA-State Financial control in the relevant competent authority has notified the Commission that they had suspended trading on a regulated market of financial monitoring that is the target of a financial instrument from trading, and the same financial instrument is traded on the stock exchange by maintaining a regulated market, the financial control shall be prohibited from holding the stock exchange trading because of the suspension. The ban, however, cannot be imposed if it causes significant damage to the investors or the proper functioning of the financial markets.
If the financial control, in accordance with article 4 has confirmed that the stock market's trading suspension in accordance with paragraph 6 of the decision or of the stock exchange to suspend trading in a financial instrument imposed, trading in the financial instrument shall suspend the rest of the stock market by maintaining a regulated market.
The stock market traded in the securities of the issuer, investors ' interests with the registered association as well as an investor, which owns such securities, or securities of the stock exchange, is the right to have the decision referred to in paragraphs (1) and (2) within 30 days of the decision of the financial supervisory authority, if the trading has been suspended for at least two days. The financial supervisory authority, shall be notified to the stock exchange on which the matter was referred to. The decision of the stock exchange to suspend trading in spite of the financial supervisory authority concerning the matter to be implemented, subject to financial supervision or appeal to authority decides otherwise.

31 (a) section (12.4.2013/257) the restriction of the right to impose trade restrictions on the financial control of a temporary financial instrument due to a significant decline in the price of the lyhyeksimyynnille provided for in article 23 of the lyhyeksimyyntiasetuksen.

section 32 prohibition of financial supervision may prohibit trading on a stock exchange by trading in a financial instrument, the financial instrument, if the trade reporting obligation or the admission to trading on the other hand, the obligation of completing the Act essentially this law, the law of the securities market or in accordance with the provisions or stock exchange rules, or if there are other specific cogent reason. The financial supervisory authority has, prior to their decision, consult the stock exchange, unless the urgency of the matter or for any other special reason.
The financial supervisory authority shall be made public and shall be supplied to the other EEA States to the competent authorities responsible for the supervision and the European Securities and markets authority its decision to ban trading in the financial instrument.
Section 31, subsection 8 shall also apply to the EEA Financial supervision of the competent authority responsible for Financial control to inform the trade of the financial instrument.

Article 33 settlement of the stock exchange is to be properly regulated trades.
If the stock market to use transactions to settle in the book-entry system and clearing and central counterparty, as referred to in the Act on the stock market, as referred to in the said law, the clearing house and the central counterparty shall be organised in such a way that the reliability of just how eff ectively they trade or financial market stability is not compromised. (12.4.2013/257)
The stock exchange shall notify changes in settlement arrangements well in advance to the Ministry of finance, the Bank of Finland and financial supervisory.

Article 34 the trade side of the right to choose the settlement Community trade in transacting with transacting with has the right to use the clearing house as a stock exchange that is used by the clearing house in order to implement their obligations arising out of the transactions concluded on the regulated market of the shops, if the clearing of stock exchange and cooperation is organized in such a way that the reliability of trading or financial market stability is not compromised. (12.4.2013/257)
If you trade under transacting with side intends to use right under, it is required to notify in advance to the relevant stock exchange, the Bank of Finland and financial supervisory. The notice must provide a statement of yhteistoimintajärjestelyistä to ensure the reliability of the trade and the stability of financial markets.
Financial supervisory authority may prohibit the marketing in the change referred to in subparagraph (1) transacting with half using the clearing house, if the use of the community is likely to compromise the integrity or the stability of the financial market trading.

Miscellaneous provisions article 35 transfer of the stock exchange in the European economic area if the stock market is going to move to another EEA Member State, as provided for in article 8 of the eurooppayhtiöasetuksen, the stock exchange must be sent to the Financial control of a copy of the transfer referred to in paragraph 2 of article 8 of the eurooppayhtiöasetuksen plan and the report referred to in paragraph 3 shall, without delay, after the stock exchange has announced a plan for registration.
The registration authority shall not permit a eurooppayhtiölain (779/2004) section 9 of the certificate referred to in paragraph 5, if the financial supervision authority has announced before the granting of the authorisation referred to in paragraph 2 of that article, that the stock market has not complied with the transfer of the seat of the provisions of the winding-up or in Finland. Certificate may not be made until a month has passed since the companies Act Chapter 16, section 6, subsection 2 of the deadline referred to in only if the financial supervisory authority has announced that it had no objection to the transfer of the seat of the.

Article 36 participation by the merging companies or of the stock exchange in a division within the European economic area where the stock exchange is involved in cross-border merger or Division within the European economic area, the registration authority shall not give such a merger to the article 4 of the eurooppayhtiölain or section 26 of the companies Act, Chapter 16: the breakdown of the companies Act, in chapter 17, on the certificate referred to in article 25, if the financial supervision authority is informed prior to the eurooppayhtiölain referred to in subsection 4(2) of the consent, that the merger of the stock exchange has not complied with the in Finland, the distribution of the provisions of the winding-up, or. The licence may be issued until a month has passed since the companies Act Chapter 16, section 6, paragraph 2 or article 6 of chapter 17 of the deadline referred to in paragraph 2 only if the financial supervisory authority has announced that it had no objection to the merger, Division or the creation of the European company statute.

37 section of the stock exchange of the stock exchange in the second action for the Member States of the EEA, which plans to offer another EEA-State direct investment service provider or to any other person the opportunity to trade on a regulated market, shall be informed well in advance of the financial control. The notification shall indicate the detailed information about where and how it is intended to provide the possibility to trade.
The financial supervisory authority shall, within one month from the date of receipt of the notification the information received from the EEA State to communicate to the Financial control of the competent authority to which the investment service providers, or any other person established in the stock market is going to provide a direct opportunity to trade.
The financial supervisory authority is responsible for the financial control of the EEA States, upon request, communicate to the competent authority, provide that authority with which the State of the investment service provider or any other person from the stock exchange has granted trade rights of transacting with a half.

Paragraphs 1 to 3 shall also apply to the stock market to maintain the multilateral trading system.

Article 38 Notifications to the other EEA States and the Ministry of finance, the European Securities and markets authority shall maintain, in accordance with the markets in financial instruments directive, the list of the regulated markets for which is laid down in accordance with the rules of this law. The Ministry of Finance shall provide a list of the other EEA States and the European Securities and markets authority, if the rules for fixing it has been possible to ensure that the trading on a regulated market meets the requirements set out in the name. In the same way is to inform, communicate changes in this list.
The financial supervisory authority has, at least once a year, provide, in accordance with the directive on markets in financial instruments on a regulated market traded shares calculations and information for the European Securities and markets authority.

39 section Marketing a regulated market may not be marketed by giving false or misleading information or the use contrary to the requirement of good faith, or otherwise inappropriate.
Your non-compliance with the truth or deception, which it turns out after the presentation of the information and that it may be important to the investor, is promptly corrected or supplemented.

section 40 of the trading calendar financial supervisory authority shall publish on its Internet site a calendar that is maintained by the regulated market of the stock exchange trading.

The insiders-notification section 41 the obligation to provide a notification of the stock exchange on the inner circle shall be a regulated market or a multilateral trading system, the trading of the shares in Finland and the kind of financial instruments on the basis of the shares, whose value is determined by the information on the article, 43, as the stock exchange pursuant to the referred to in article 42, hereinafter referred to as the insiders.
Market Insider: 1) of the Stock Exchange Board and member of the Management Board and the Executive Director and the Deputy Executive Director, making men, as well as auditors, the Deputy and the Court of Auditors, the European people, which have the main responsibility for the audit of the financial statements of the company;
2) employed by the other person, of the stock exchange which position or duties referred to in subparagraph (1), receives on a regular basis over the shares or financial instruments on the inside information.

42 section of the stock exchange must be alert on the insiders-Insider statement within fourteen days of when he has been appointed as referred to in article 41 (2) in the performance of their tasks.
Inner circle-the notification shall specify: 1) under guardianship, the guardian insider;
2) community or Foundation, with insider or vajaavaltaisella referred to in paragraph 1 directly or indirectly, has control over;
3) if applicable, referred to in paragraph 1 as well as owned by and owned by the Foundation of the Community referred to in paragraph 2 or of a regulated market or a multilateral trading system trading shares and financial instruments in Finland, whose value is determined by the shares.
An insider is the task when he was within seven days notify the stock exchange: 1) (2) of the shares referred to in paragraph 3 and the procurement and supply of financial instruments, when the change of ownership is at least EUR 5 000;
2. the information referred to in this article).
Under paragraph 2, the information referred to in paragraph 2 and 3 need not be given, in so far as they relate to the Housing Corporation, the housing companies Act (1599/2009) referred to in article 2 of Chapter 28 of the mutual real estate company, ideological or economic associations or non-profit community. In the event of the community regularly to trade financial instruments, the information must, however, be indicated.
The notification shall be included in the Foundation of the community or of the person concerned to identify the necessary information, as well as shares and other financial instruments.
If (2) the shares or financial instruments referred to in paragraph 3 is connected to the book-entry securities system, the stock exchange can arrange for a procedure in which data is taken from the book-entry system. In this case, no additional messages not to be done.

43 section of the stock exchange insiders section of the stock exchange must be of the 42 Insider-notifications the registry (of the stock exchange insiders), showing each case of an insider's insider, 42, subsection 2, if applicable, as referred to in paragraph 1, and the Foundation of the Community referred to in paragraph 2 or in the said paragraph owned by shares and financial instruments, as well as broken down by referred to in the procurement and supply.
If the notifications shall be made in accordance with paragraph 42, section 6, of the stock exchange insiders may be in that regard, to form the book-entry system;
The stock exchange list of maintenance must be organised in a reliable manner. Recorded data must be kept for five years of data. Everyone has the right to obtain reimbursement against excerpts from and copies of the information in the registry. A personal identification number and address of a natural person as well as the rest of the name of a natural person as an insider, however, are not in the public domain.
The stock exchange shall forward to the Organization of the maintenance of the financial control report notified to the stock exchange insiders to the notification obligation and what measures the stock market has taken, if the provisions relating to the provisions of the Declaration, the walled garden or internal guidelines have not been complied with.

Article 44 of the financial supervisory authority, the financial supervision authority may issue an order for more detailed provisions: 1) for the operation of the Exchange referred to in section 17 of the Act on the organisation of and the prevention of conflict of interest from a trusted to identify and comply with the policy considerations;
2) section 21 of the activities referred to in subparagraph (1) and (2) the report referred to in and submitting it to the Financial control;
3. the notifications referred to in article 25);
referred to in article 4) 42 Insider-the content of the notification, and the Act;
5) notified to the stock exchange provided for in article 43 of the content and data entry;
6) referred to in article 43 for the explanation and submitting it to the Financial control.
The financial control: 1) in accordance with article 19 of the terms and conditions for outsourcing the operation of the Exchange provided for in article 20, of the content of the notice;
2) the conditions under which the stock exchange may grant the persons referred to in the third paragraph of section 30 of the financial service provider or any other person transacting with respective rights of trade in such a way that adequate Financial oversight of the tietojensaantioikeus trade and transacting with customers in six months.
The first sentence of paragraph 1, as well as (2) the provisions referred to in paragraph 1 shall, where relevant, to respond to the investment services act, Chapter 7, section 23 subsection 1 pursuant to paragraphs 1 to 4, the provisions of the investment services companies. Subsection 2 1 and 4 – 6 of the provisions referred to in paragraph shall, where relevant, to respond to the investment services act, Chapter 7, article 23, paragraph 5, and under the provisions of the investment services companies.
Chapter 3 section 1 of the Foreign Exchange operations of another EEA-State of the stock market before another EEA-State equivalent of a stock exchange market operator can provide a business based in the investment service provider in Finland or to any other person a direct opportunity to trade on a regulated market, the competent authority of the Member State issuing the operating licence, to make a statement to the financial control.
What the first paragraph shall also apply to trading the Organizer to maintain the multilateral trading system.

section 2 of the stock exchange in a third country the equivalent of a stock exchange in a third country market operator, hereinafter referred to as the stock exchange in a third country, with the permission of the Ministry of finance to offer investment place in Finland may be the service provider or any other person directly responsible for trade, to participate in the regulated market.

section 3 of the stock exchange of a third country permit application for the authorisation referred to in paragraph 2, the application shall be accompanied by a plan of action and adequate reports on the ownership of the stock exchange of a third country: 1);
2) and Auditors;
3) internal control and risk management;
4) potential conflicts of interest and incompatibility;
the economic conditions of operation of the 5);
6) the home Member State legislation and the supervision of the securities markets.

section 4 of the grant of the authorization may be granted by the stock exchange of a third country in article 2 of the Ministry of Finance of the authorization referred to in the third country with the stock exchange, the stock exchange of a third country, if: 1) the home Member State, the applicable law is responsible for the supervision of the securities markets and internationally accepted financial system to prevent the criminal exploitation of the recommendations;
the stock exchange of a third country) financial capacity, internal control and risk management, potential conflicts of interest, and indicating the suitability of the shareholders and the management and handling as well as reliability are not essentially different from the requirements of this Act;
the stock exchange of a third country control 3) in his home Member State, sufficiently effective;

4) there is no risk of the pursuit of the interests of the investors in Finland.
Before the issue of the permit will be the supervision of the activity of the stock exchange of a third country the home Member State, the authority and the financial supervision of the stock exchange of a third country to be signed between the monitoring of the law on Financial supervision under section 66 for control protocol.
The Ministry of finance may, after consultation with the applicant when issuing an authorisation permit for trading the reliability of the operation of the set or are necessary for the stability of the financial market restrictions and conditions.
The Ministry of finance, is the opinion of the proceedings on the application prior to the request of the stock exchange of a third country to the home country of Finland, from the Bank and the financial supervisory authority.

§ 5 withdrawal and suspension of the operation of the stock exchange of a third country to the withdrawal of the permit and the suspension of the activity carried on by the said stock exchange in Finland shall apply by analogy to what is provided for in Chapter 2, section 13, of the withdrawal of authorisation of the stock exchange and the stock exchange to suspend the operation of section 14 of the Act.
In addition, Chapter 2, article 13, and article 14 of the Act provides, the Ministry of finance, the decision referred to in paragraph 1 is to be reserved prior to the third-country market activity in its home State authority an opportunity to be heard, subject to exceptions on grounds of urgency.

section 6 of the trade Organizer, which maintains the MTF function for trade 2-5 in the third country of the third country's stock exchange, the stock exchange of a third country for the application for a licence, the granting of an authorisation as well as the withdrawal of the authorisation and of the third country with the stock exchange to suspend the operation of the employer, shall apply by analogy to the trading, which maintains the MTF similar trading in a third country.
Chapter 4 section 1 of the Multilateral trading system, the organizer of the multilateral trading system can maintain the multilateral trading only in accordance with this chapter, Chapter 1, section 2 of the multilateral trading referred to in paragraph 8 of the monitor.
Chapter 2, section 17 provides for the stock exchange, as well as members of the employment and its governing body, apply by analogy to categories of multilateral trading the Organizer, as well as the members of the administrative body and the organizer of the multilateral trading in performing the duties provided for in this Act.

section 2 of the rules of the multilateral trading system, the organizer of the multilateral trading shall be drawn up and kept available to the public the rules containing provisions on at least the following issues: 1) how and on what basis the financial instrument admitted to trading;
2) how trading takes place;
3) how and on what basis the rights shall be granted and withdrawn trade transacting with party;
4) what are the rights and obligations of the parties to the trade in transacting with sets;
5) what penalties can be imposed for violations of the trading parties transacting with and how they are ordered.
If the organizer of the multilateral trading system, which maintains the multilateral trading securities are admitted to trading on the application, the issuer of the security is, in addition to what the rules of the order provides: 1) what kind of requirements, the rights and obligations of the issuers of securities and their administration to the rules laid down in this law and its pursuant to the provisions of the multilateral trading system and the rules set in order to meet the obligations that are based on, or otherwise;
2) of how and where the value of the paper in the proceedings and the information on a particular issuer will be published;
3 the value of the paper and its issuer) in the company of the prospectus shall be drawn up and made available to the public, if the value of the paper does not have to be disclosed to the Securities Act prospectus referred to in chapters 3 and 4;
4) what penalties can be imposed for violations of the securities issuers and how they are ordered;
5) what information must be made public by the issuer of the securities market Act, Chapter 6, section 4, of the value of the paper under substantial value to the facts.
The organizer shall provide the multilateral trading rules and the changes in the Financial control in good time prior to their entry into force. The financial supervisory authority is to ensure that policies meet the requirements provided for in subsections 1 and 2.

section 3 of the disclosure requirements of the organiser of multilateral trading trading the organizer shall provide the financial instrument traded on the adequate information or otherwise ensure access to information, in order to be able to make an informed assessment, transacting with half of the trade in financial instruments. Information is to be taken into account in the transacting and trading of a financial instrument which is the subject of special features.

turn on article 4 of the financial instruments admitted to trading on a multilateral trading monitor may take a financial instrument admitted to trading on the availability of information, which can be secured in the manner provided for in paragraph 3.
Security can be taken upon application by the issuer of a security admitted to trading, or without the consent of the issuer.
Securities may not be admitted to trading on the issuer of the application in respect of the issuer, unless the value of the paper and its not reliable to arrange adequate information available for trading. The issuer of the security must be multilateral trading Organizer with the admission to trading in the securities of the subject of a written agreement with the issuer undertakes to comply with article 2 of the rules referred to in paragraph 2.
If the securities are admitted to trading without the consent of the issuer, the issuer of the security may not set the disclosure rules of the multilateral trading system.

section 5 of the trade, the organizer of the successful inclusion of transacting with multilateral trading is granted trade rights of the Finnish investment service providers transacting with a half and the other Member States of the EEA authorised investment service provider that meets the rules of the law and the requirements of the multilateral trading system.
To any other person, which is the seat of the Member States of the EEA, shall be granted trade rights if the person reaches the age of transacting with the multilateral trading system and the rules of good conduct requirements set out in the reliability of the person, as to the suitability, experience and the rest of the organisation, on the basis of a report received from the action or otherwise, it is likely that the person's participation in the trade trade compromise reliability. The person must also have sufficient financial and other conditions for fulfilling obligations under the financial instruments in the shops.
The organizer of the multilateral trade may be granted the rights of a party other than the party transacting with the trading of the foreign investment referred to in subparagraph (1) the service provider, and any other person that has been granted marketing rights, Chapter 2, section 30 of the transacting with party: in accordance with paragraph 3, if the applicant satisfies the FISA provisions and requirements laid down in the rules of the multilateral trading system.
In addition to the measures referred to in article 2 of the rules for the trade in the multilateral trading system, the withdrawal of its rights, transacting with multilateral trading the organizer should be suspended, or for the time being the trade rights of financial supervision, if transacting with half of it by decision of a compelling reason. The financial supervisory authority shall, prior to their decision, consult the organizer of the multilateral trade and commerce, subject to exceptions on grounds of urgency or transacting with half of the other, for a special reason.
The person referred to in paragraphs 1 to 3, by transacting with respective rights of trade has been cancelled, the Organizer is entitled to enforce multilateral trading section 2 of this chapter under paragraph 1, as referred to in paragraph 3, the decision to cancel the trade rights of the Financial control of the transacting with party within 30 days of the decision. The financial supervisory authority, shall be notified to the organizer of the multilateral trade on which the matter was referred to. The organiser's decision to cancel the trade, multilateral trade rights of the Financial control of the transacting with a half before placing in spite of the implement, subject to financial supervision or appeal to authority decides otherwise.

section 6 settlement of multilateral trading the organizer shall provide appropriate multilateral trading system trades.
If the organizer of the multilateral trade use trades to settle in the book-entry system and clearing and central counterparty, as referred to in the Act on trading, said the organizer of the clearing house and the central counterparty as provided by law, must be organised in such a way that the reliability of just how eff ectively they trade or financial market stability is not compromised. (12.4.2013/257)
Multilateral trading arrangements shall be notified to the organizer of the settlement changes well in advance to the Ministry of finance, the Bank of Finland and financial supervisory.

section 7 of the trading suspension and termination


The organizer of the multilateral trading has to be suspended or cease trading in a financial instrument, if it is necessary for the trade provisions of the regulations and the rules of the multilateral trading system, or a good way of proceeding.
The organizer of the multilateral trade shall be made public immediately, the decision to suspend or remove a financial instrument from trading. In addition to the trading suspension of the tour operator shall notify the trade and Financial control.
Financial supervisory authority may impose on the organiser's suspension of multilateral trade by transferring to it from trading a financial instrument for up to ten of the Bank for a day at a time. The suspension will be imposed if the FISA has good reasons to suspect that the trade or financial instrument disclosure requirements when filling in violation of this law, the law of the securities market or the provisions adopted pursuant to the provisions of the multilateral trading system or the rules, or if there are other specific cogent reason.
If the EEA-State Financial control in the relevant competent authority has notified the Commission that they had suspended trading on a regulated market of financial monitoring that is the target of a financial instrument from trading, and the same financial instrument is traded on the multilateral trading system, the financial control shall be prohibited from holding multilateral trade organizer of trade because of the suspension. The ban, however, cannot be imposed if it causes significant damage to the investors or the proper functioning of the financial markets.
If financial supervision is confirmed in Chapter 2, in accordance with article 31, the Stock Exchange's trading suspension is imposed, Chapter 2, article 31 of the decision or of the stock exchange to suspend trading in accordance with paragraph 6 of the financial instrument and a financial instrument is traded on an MTF, the organizer of the multilateral trading has to be suspended trading in the financial instrument.
Multilateral trading system, the trading value of a security that is the subject of the issuer, investors ' interests with the registered association as well as an investor, which owns such securities, or securities, the Organizer is entitled to enforce multilateral trading ahead of a decision as referred to in paragraph 1 within 30 days of the decision of the financial supervisory authority. The decision on the suspension of trading on the matter to be placed on the Financial control of the only, if the trading has been suspended for at least two days. The financial supervisory authority, shall be notified to the organizer of the multilateral trade on which the matter was referred to. The decision of the organiser of multilateral trading the right to suspend or terminate traffic in spite of the financial supervisory authority concerning the matter to be put into effect, subject to financial supervision or appeal to authority decides otherwise.

7 (a) of section (12.4.2013/257) the restriction of the right to impose trade restrictions on the financial control of a temporary financial instrument due to a significant decline in the price of the lyhyeksimyynnille provided for in article 23 of the lyhyeksimyyntiasetuksen.

section 8 of the trading ban on the financial supervisory authority may prohibit the organizer of the multilateral trading order in relation to trade financial instruments, if trade or related to the obligation of the issuer of the security or the admission to trading on the other hand, the obligation of completing the Act essentially this law, the law of the securities market or the provisions adopted pursuant to the provisions of the multilateral trading system or the rules, or if there are other specific cogent reason.
Article 7 (4) shall also apply to the EEA-State Financial control in the financial control to inform the competent authority responsible for the regulated market of the financial instrument which is the subject of trade commerce.

section 9 of the trading functions of the control of the organiser the organiser must provide for an adequate system of Multilateral Trade and reliable monitoring to ensure compliance with this Act, the securities market Act and the provisions adopted in pursuance of the provisions of the stock exchange, as well as the multilateral and the trading system in order to ensure compliance with the rules of trade.
Multilateral trading to the attention of the Financial control of the tour operator shall bring into force the procedure, which, apparently, is in violation of this law, the law of the securities market or the provisions adopted pursuant to the provisions of the multilateral trading system or the rules of procedure, subject to the correction or otherwise resolve the situation without delay. If the provisions of the rules, regulations or materially or repeatedly, the notification is, however, always be made.

the suspension of the operation of section 10 of the Ministry of finance can impose multilateral trading the Organizer to suspend the operation of multilateral trading facilities for a limited period of time where the functioning of the multilateral trading the organizer of incompetence or varomattomuutta, or if it is found to the types of financial instruments traded barter is disturbed, and it is evident that the continuation of the activity is likely to seriously damage the integrity of financial markets or the stability or investors.
The Ministry of Finance shall, before the decision referred to in subparagraph (1) to consult multilateral trading the organizer and ask for the opinion of the Bank of Finland and financial supervisory authority, subject to exceptions on grounds of urgency.

Article 11 of the Marketing system of operators operating an MTF may not market by providing false or misleading information or the use contrary to the requirement of good faith, or otherwise inappropriate.
Your non-compliance with the truth or deception, which it turns out after the presentation of the information and that it may be important to the investor, is promptly corrected or supplemented.

Article 12 of the Financial control of the määräystenantovaltuus financial control in accordance with the conditions under which the multilateral trading rights of trade may be granted by transacting with the organizer of the party provided for in article 5, to the person. The need to safeguard the financial provisions of the control of trade in transacting with a half tietojensaantioikeus sufficient customers.
the internal implementation of section 1 of Chapter 5 of the Trades the obligation of the investment service provider, which plans to begin or end the operations as implementer shares, which are traded on a regulated market, it shall inform in writing well in advance of the financial control.

the scope of this chapter, article 2, article 3, 4 and 5 shall apply to: 1) referred to in article 1, such systematic internalisers, providing mandates shares, for which there is a liquid market.
2) transactions, which are the size of a normal size equal to or less than the share of the market.
The share is a liquid market referred to in paragraph 1, if the shares trade meets the markets in financial instruments directive, article 22 (1) of the implementing Regulation (a) and (b) the conditions laid down in (a). Implementation of the markets in financial instruments directive, the regulation also provides for how such a share is defined as the standard market size, and how information about them is made public.

section 3 of the publication of tenders for the systematic internaliser shall be made public on the current situation on the market with similar binding purchase or sales promotions such as the markets in financial instruments directive laid down in the implementing regulation. The offer may be larger than the size of the usual amount of the share of the market. Systematic internaliser has the right to change the offer at any time. In an exceptional market situation, the internal developer can also withdraw the offer.

the implementation of the mandate of section 4 of the Professional client and a non-professional client, for the purposes of this section what investment service is required by law. In addition, this section shall apply to the implementation of the mandates of the client that is required by law.
A systematic internaliser shall be bound to take the customer's mandate, in accordance with its offer in force at the time, unless otherwise specified in this and the 5 subject to the Decree.
A systematic internaliser may take a professional customer mandate offer price at a better price, if a better price is within the limits of the public price, which are close to the market situation, and if the order is higher than the non-professional customer's normal mandate. Implementation of the markets in financial instruments directive, the regulation lays down how large is a non-professional customer's normal mandate.
A systematic internaliser may take a professional customer mandate offer price at a better price, too, if the assignment is part of the mandate of more than one security or if the terms apply to more than the market price. Markets in financial instruments directive in an implementing regulation in accordance with the exceptions provided for in more detail in this article.

A systematic internaliser may, on receipt of the customer order, which is greater than the internal client, the biggest offer but less than the standard market size for the share, the offer of the mandate of the border part is also provided, that it shall be implemented in accordance with the highest bid price, or, if the mandate is one of the exceptions in paragraph 3 or 4, it at a better price.
A systematic internaliser may on receipt of the customer order, which is the size of the internal client, the two offer, in accordance with the mandate of one of the offer price to take the whole or, if the mandate is one of the exceptions in paragraph 3 or 4, it at a better price.

section 5: Customer relations with the systematic internaliser has the right, in accordance with the business plan to decide which customers it grants access to offers. The decision must be clear and fair. Internal implementer may be on economic grounds to refuse the continuation of the business relationship or with the customer.
Systematic internaliser has the right to an equitable way to limit the number of transactions from the same client, and the maximum number of concurrent transactions, the data types of clients if the client order number or size is much greater than normal. Markets in financial instruments directive and the implementing regulation lays down the conditions for the further restriction of the transactions.

section 6 of the trading suspension and denial of financial supervision may impose the internal implementation of the systematic internaliser to suspend for a maximum of ten days at a time, the share of the Bank. The suspension may be imposed if FISA is a reasonable doubt as to that of trade or share information on filling out a violation of this law, the law of the securities market or in accordance with the provisions laid down or if it has any other specific cogent reason.
Financial supervisory authority may prohibit the transactions in the framework of the implementation of the share, the within the internal order in relation to the reporting obligation is running or the shares substantially in violation of this law, the law of the securities market or in accordance with the provisions laid down or if it has any other specific cogent reason.
If financial supervision is confirmed in Chapter 2, in accordance with article 31, the Stock Exchange's shares on the trading suspension imposed under section 31, Chapter 2 of the decision or of the stock exchange to suspend trading in the shares in accordance with and subject to the completion of the share of the internal, internal client shall suspend the internal implementation of the share in question.
(III) the PART of the TRANSPARENCY of the FINANCIAL INSTRUMENTS of Chapter 6 of the stock exchange TRADING and the tour operator shall make public information on multilateral trade, section 1 of the transactions concluded on the regulated market trading the shares under This article shall apply to the shares, which are traded on a regulated market.
The stock exchange and the organizer of the multilateral trading must be published to the public information on the transferring of shares that can be traded for deals in purchase and sales, as well as offer letters, such as the implementation of the markets in financial instruments directive, the regulation lays down. There is, however, no disclosure obligation, if the trading market model, the type of quote or bid on entire fills in the markets in financial instruments directive to derogate from the obligation of disclosure requirements laid down in the implementing regulation.
The stock exchange and the organizer of the multilateral trading must be published to the public up-to-date information as possible by transferring the shares to trading stores, as implementation of the markets in financial instruments directive, the regulation lays down. The stock market and trading the organizer may, however, decide that the information share in the ordinary course of trade compared to the size of the big stores may be published at a later date. Markets in financial instruments directive, the conditions for the suspension of the implementation of the regulation in more detail.
The stock exchange and is the organiser of multilateral trading prior to the decision referred to in paragraph 3, the balance of the financial supervisory authority authorisation data lykkääville. Suspension arrangements shall be communicated to the public.

section 2 of the Other financial instruments of the stock exchange and the organizer of the multilateral trade is to be published to the public information about transferring to traded other than financial instruments referred to in article 1, the purchase-and sales promotions, offer letters, as well as shops. The information is to be disclosed to the extent the quality and extent of the financial instruments in relation to trade, it is necessary to ensure a reliable and fair trading.
Chapter 7 the investment service provider the obligation to make public information about the compulsory disclosure of orders under section 1, the limit of the investment service provider, which is not due to market conditions which can immediately take the client's mandate to buy or sell the stock to trading on a regulated market of the client to determine the limit price or at a better price, is the earliest possible execution of that order to be made public immediately in a way that it is easily accessible to other market participants. However, there is no investment obligation of disclosure by the service provider, if the customer shall expressly deviate from the instructions.
The mandate may be considered to disclose the investment service provider within the meaning of subparagraph (1), at the very least, if the financial service provider has to remain undisclosed to the regulated market or MTF as the markets in financial instruments directive further provides for the implementation of the regulation. Markets in financial instruments directive and the implementing regulation lays down in detail the mandate of the disclosure of the other methods.
The investment service provider might be to publish the customer's limit order, as provided for in paragraph 1 and 2, if the assignment is the size of a large share in scale compared with normal market size. How large in scale compared with normal market size for each share, the minimum size of the mandate is determined by the markets in financial instruments directive, laid down in the implementing regulation.
This article shall not apply to transactions between transacting in the stock exchange, where the transaction is carried out on a regulated market. This article does not apply to the multilateral trading system for transacting and multilateral trading between the organizer and transacting with transactions, when the transaction is executed on an MTF.

section 2 of the Financial obligation of the service provider, will announce information about shares of the investment service provider that implements a regulated market or an MTF outside the system for its own account or on behalf of clients, shops in the stocks, which are admitted to trading on a regulated market, shall be disclosed to the public as closely as possible to real time information.
Markets in financial instruments directive laid down in the implementing regulation provided for in more detail: 1) what information is to be disclosed;
2. the information to be published at the latest in time);
3.) various ways in which the financial service provider may disclose to the public information;
4) requirements which must be met by the service provider arrangements, investment information recommending or suggesting an investment strategy;
5) procedure in a situation in which the service provider has the obligation to make public the two investment information from the same store.
The investment service provider may decide to publish the information required by subparagraph (1) from the store at a later time if the size of the share of trade in the ordinary course of trade. Markets in financial instruments directive, the conditions for the suspension of the implementation of the regulation in more detail.

the implementation of article 3 of the Stores to the internal implementation of the internal disclosure obligations related to Transactions shall apply to the tenders provided for in Chapter 5.
PART IV MISCELLANEOUS PROVISIONS article 1 of Chapter 8 Monitoring and confidentiality Controls of this law, the provisions adopted pursuant to the provisions of this law and of the Exchange set out in the compliance of the financial control.

section 2 of the Act on the financial supervisory authority is the appropriate Hyödykejohdannaismarkkinoiden control in cooperation with the energy market agency with monitoring of trade agreements relating to electricity, natural gas or emission rights.
The financial supervisory authority is to electricity or natural gas before embarking on the derivatives trade control measures in consultation with the Agency, the Energy market if the measure would be obviously a material effect on the functioning of a competitive market in natural gas, electricity, or electricity, or the supply of natural gas or the electricity market Act (386/1995) or natural gas (508/2000) under the system provided for in the liability of the community, subject to exceptions on grounds of urgency.
SähkömarkkinaL 386/1995 is repealed SähkömarkkinaL:lla 588/2013.

section 3 Confidentiality


That this Act in carrying out the tasks referred to, or as a member of the stock exchange as part of an organ or of a replacement, or the person has been informed of a security of the issuer or any other person that the circumstance of the financial position of the undisclosed circumstance or the private or business or professional secret, the don't get it free, or otherwise disclose or use, if it is not provided for or specified in the appropriate order, the ilmaistavaksi, or if it does, which is provided for in the , consent to its disclosure.
A member of the institution of the stock exchange, making the Member or staff member may, notwithstanding the provision of the information referred to in article 1, the free to the person who is in a similar State to the stock exchange trading under the supervision of the organising and authority in the service of the community, or the member institution, if the disclosure is necessary in order to safeguard the effective supervision of the securities markets. In addition, the person concerned shall be subject to the competition act in secrecy 1.
The FISA law provided for in the Act on the financial supervision of the disclosed information.
Chapter 9 section 1 of the appeal (7.8.2015/946), the Ministry of finance, the Ministry of finance decision of appeal under this Act to give the decision may be appealed to the Helsinki Administrative Court. The administrative court decision may be appealed to the administrative law (586/1996).
If the decision referred to in Chapter 3 of the stock exchange granting an authorisation or a right to the pursuit of the activity in section 24 of the decision referred to in subsection (1) of the rules of the stock exchange, or fixing the changes have not been given the time limit laid down for the applicant to make a complaint. The appeal shall be considered in this case, the appeal against the decision on the application. Such complaints may be submitted, until such time as a decision has been given. The adoption of the decision, the appeal authority must be notified of the Ministry of finance, if the decision has been taken after the conclusion of the appeal. For the rest, the complaint, and the law provides for administrative processing.
The amended section 1 of the L:lla 946/2015 shall enter into force on the 1.1.2016. The previous wording: article 1 of the Ministry of finance, the Ministry of finance, appeal the decision to an appeal under this Act to give the decision provides for the administrative act (586/1996).
If the decision referred to in Chapter 3 of the stock exchange granting the authorisation or the pursuit of a right to Chapter 2, section 24 of the decision referred to in subparagraph (1) of the rules of the stock exchange, or fixing the changes have not been given the time limit laid down for the applicant to make a complaint. The appeal shall be considered in this case, the appeal against the decision on the application. Such complaints may be submitted, until such time as a decision has been given. The adoption of the decision, the appeal authority must be notified of the Ministry of finance, if the decision has been taken after the conclusion of the appeal. For the rest, the complaint, and the law provides for administrative processing.

Article 2 of the decision of the appeal to the appeal of the financial supervisory authority, the financial supervisory authority under this Act to give the decision provides for the use of the Act and the Financial Administration law, the law on the control of section 73. Administrative law is dealt with in Chapter 2 of this Act to 25 and 28 to 32, of Chapter 4, 5, 7, and 8, and article 6 of Chapter 5 of documents as a matter of urgency.
The value of the issuer and the stock market will get appealed the decision of the financial supervisory authority, Chapter 2, section 26 of the workers ' Statute, section 28, section 29 of the act as well as section 31:4, 6, 8 and 10 in the case referred to in subparagraph. The Security's issuer and multilateral trading monitor will appeal the decision of the financial supervisory authority, Chapter 4, section 7 (3), (4) and (6) in the case referred to in the case. The investors ' interests, a registered association, as well as an investor, which is owned by the decision of the financial supervisory authority, or securities, may appeal the decision of the financial supervisory authority, Chapter 2, section 26 of the workers ' Statute, section 29 of the Act, section 31, Chapter 4, section 10 and section 7 of the case referred to in paragraph 6. Rights of the party whose trade in transacting with has been canceled, may be appealed the decision of the financial supervisory authority, Chapter 2, section 30 of Chapter 4, (6) and article 5 (5) in the case referred to in the case.
Chapter 10 section 1 of the administrative sanctions for the violation of the law on Financial supervision of payment under section 38 the provisions referred to in paragraph 2, which provided for the violation or infringement of the fee are: 1) Chapter 2, the provisions of article 41 to 43 of the walled garden of the notification and of sisäpiirirekisteristä;
in Chapter 5, section 3:2) of the provision of the disclosure requirement in the internal implementation of the trades of the tenders;
3) to the provisions of section 1 of Chapter 6 of the share purchase and sales calls, as well as quotes, quote the requirement of disclosure of transactions in shares;
4) 6 the provisions of article 2 of Chapter 1 of the non-Chapter 6: the financial instruments referred to in the purchase and sale of these tenders, the tender calls, as well as the obligation of disclosure of transactions in financial instruments;
5) the provisions of section 1 of Chapter 7 of the limit order execution disclosure obligation;
6) 7 of article 2 of Chapter 1 of the provision of an investment service provider from the obligation to publish information on share transactions.
Section 38 of the Act on the financial supervision of the provisions referred to in paragraph 2, paragraph 1, are in addition to the provided for in paragraph 1, including the provisions referred to in paragraph 1 to paragraph 6 the provisions, regulations and details of the markets in financial instruments directive adopted on the basis of the provisions of the Commission's regulations and decisions.

section 2 of the law on the control of the payment of financial penalties, 40 the provisions referred to in subparagraph (1) of section, the negligence or breach is subject to a penalty payment, are: 1) the provisions of Chapter 2, article 17 of the functioning of the Organization;
section 18 of Chapter 2 of 2): the provisions on the role of the stock exchange control;
3) Chapter 2, the provisions of article 21 of the personal transactions;
4) the provisions of Chapter 2, article 33 settlement of trades;
5) the provisions of Chapter 4, section 2, of the rules of the multilateral trading system;
6) the provisions of article 6 of Chapter 4 of the settlement of trades on the multilateral trading system;
7) the provisions of section 9 of Chapter 4 of the multilateral trading the organizer's control.
In addition to the provided for in paragraph 1 of the law on Financial supervision of the provisions referred to in article 40 are also mentioned in the provisions referred to in paragraph 1 to 7 of the laws, regulations and the markets in financial instruments directive adopted on the basis of the provisions of the Commission's regulations and decisions.

the implementation of article 3 of the Administrative sanctions and the imposition of administrative sanctions, the implementation of the disclosure, and those dealing in the market provided for in Chapter 4 of the Act on the Financial supervision.
Chapter 11 claims for compensation and the provisions of section 1 of the compensation That the penalty for intentionally or recklessly causes another injury to this law, the provisions of, or adopted pursuant to law or by the markets in financial instruments directive to the detriment of the Commission's regulations and decisions adopted on the basis of the procedure, is obliged to compensate the damage caused.
Damages on mediation and the liability sharing between two or more korvausvelvollisen provides for a tort (412/1974), Chapter 2 and 6.

§ 2 the organisation of Unauthorised trading in financial instruments Which, either intentionally or of gross negligence carries a stock market activity, contrary to section 1 of Chapter 2, or to maintain the multilateral trading system, contrary to section 1 of Chapter 4, is to be condemned, if the Act is not limited or other parts of the law provide for a heavier penalty for the unauthorized trading of the financial instruments, the organisation of fine or imprisonment up to one year.

the violation of professional secrecy, paragraph 3 of the Punishment in violation of the obligation of professional secrecy laid down in paragraph 3 of the Penal Code (39/1889) 38 Chapter 1 or 2, according to the article, subject to a heavier penalty provided for by law for an act elsewhere.
Chapter 12-the date of entry into force and transitional provisions for the entry into force of article 1 of this law shall enter into force on 1 January 2013.
This Act repeals the trade of standardized options and Futures law (772/1988), hereinafter referred to as the repealed law.
If the rest of the law refers to the law of the kumottavaan, or otherwise, of a rule of the law, for the purposes of the annulled it in its place, come, shall apply instead of the rule of the law.

section 2 of the transitional provisions of the stock exchange, which is before the entry into force of this law authorized, there is no need to apply for a new work permit.
The stock exchange shall bring into force the regulations to meet the requirements of this Act and apply to the changes in the Ministry of finance, the confirmation of the entry into force of this law within six months.
The organizer of the multilateral trade rules to meet the requirements of this Act is to bring into force within six months of the entry into force of this law.
This Act, Chapter 2, article 41 of the stock exchange referred to in section 42 an insider must be brought into line with the requirements of the law of notification to meet this inner circle-within one month of the date of entry into force of the law. The stock exchange is to bring into force, paragraph 2 of chapter 43 of the stock exchange insiders to meet the requirements of the law within two months of the date of entry into force of the law.

THEY'RE 32/2012, TaVM 11/2012, the 2012 acts 117/EV, entry into force and application in time: 12.4.2013/257: this law shall enter into force on April 15, 2013.
THEY are 4/5/2013, 2013, TaVM EV 30/2013, the European Parliament and of the Council Regulation (EU) no 648/2012 (32012RO648); OJ No L L 201, 27.7.2012, p. 1-59 7.3.2014/167: this law shall enter into force on 15 March 2014.
THEY TaVM 38/94/13, 2013, PeVL 43/2013, EV 4/2014, the directive of the European Parliament and of the Council of 2011/61/EC; (32011L0061); OJ L 174, 8.8.2014, p. 1/July 1, 6: this law shall enter into force on 15 August 2014.
THEY'RE 39/2014, TaVM 6/2014, EV 7.8.2015 62/2014/9: this law shall enter into force on the 1 January 2016.
On appeal before the entry into force of this law shall apply to the Management Board on the date of entry into force of this law, the provisions in force.
THEY'RE 230/26/2014 2014, LaVM, EV 319/2014 18.9.2015/12: this law shall enter into force on the 1 January 2016.
THEY TaVM 34/254/2014, 2014, EV 371/2014

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