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In accordance with the decision of the Parliament:
This law shall apply to the organisation of trade through financial instruments and to disclosure of information relating to the trading of financial instruments.
This law shall apply to a foreign exchange equivalent to the stock exchange as provided for in Chapter 3.
For the purposes of this law:
(1) Financial instrument Investment services (747/2012) Chapter 1, Article 10 The financial instrument referred to;
(2) Securities Securities markets law (746/2012) in Chapter 2, Article 1 The securities issued;
(3) Derivative contract The financial instrument referred to in Article 10 (1) (3) to (9) of Chapter 1 of the Investment Services Act;
(4) Exchange A Finnish limited liability company which operates a stock exchange;
(5) On the stock exchange Maintaining a regulated market in Finland;
(6) On a regulated market A multilateral trading procedure operated by the market operator, or the market operator in the other EEA State, which, in accordance with the rules established by the operator of the regulated market, brings together the purchase and sale of financial instruments; Offer offers or calls for tenders in such a way as to result in a binding trade in the financial instrument;
(7) On a multilateral trading platform An mtf, other than the mtf referred to in paragraph 6, operated by the organiser or the organiser of a multilateral trading venue, in accordance with the rules established by the trading organiser; To bring in the purchase and offer offers or invitations to tender for financial instruments, resulting in a binding transaction for the financial instrument;
(8) Multilateral trading organiser On the stock exchange, investment firm for investment services and the branch of a third country investment firm, and the law on credit institutions (10/2014) And a branch of a credit institution of a third country which maintains a multilateral trading system in Finland; (88/2014/624)
(9) Investment service provider Investment firm and foreign investment firm within the meaning of the Investment Services Act, a credit institution within the meaning of the law on credit institutions and a foreign credit institution providing an investment service, such as: Investment fund law (1999) , the management company and the foreign management company providing investment services and the law on alternative fund managers (162/2014) An alternative fund manager and an EEA alternative fund manager providing investment services; (17/04/2013)
(10) The trading participant An investment service provider or any other person to whom a stock exchange or a multilateral trading organisation has granted the right to trade in the relevant market;
(11) The internal promoter of trades A provider of an investment service that systematically, repeatedly and systematically carries out client orders outside a regulated market and a multilateral trading system by entering the transaction itself As a counterparty, as laid down in the Implementing Regulation of the MiFID referred to in Article 4;
(12) EEA State A State belonging to the European Economic Area;
(13) Third country State other than the EEA State;
(14) ESMA Authority Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing the European Supervisory Authority (European Securities and Markets Authority) and amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC , the European Securities and Markets Authority.
The stock market shall be governed by the (1024/2006) , subject to this law or other legislation on the stock exchange.
For the purposes of this law:
(1) Markets in financial instruments-Directive On markets in financial instruments and amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC Directive 2004 /39/EC;
(2) The Markets in Financial Instruments Directive Implementing Directive 2004 /39/EC of the European Parliament and of the Council as regards the obligations of investment firms for recording information, reporting transactions, market transparency, admission to trading in financial instruments And Commission Regulation (EC) No 1287/2006 as regards the concepts defined in the Directive;
(3) By the European Company Statute Council Regulation (EC) No 2157/2001 on the Statute for a European Company (SE);
(4) Listed directive Directive 2001 /34/ECof the European Parliament and of the Council on the admission of securities to official stock exchange listing and on information to be published thereon; (12.4.2010)
(5) By a short selling regulation Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain issues relating to credit default swaps. (12.4.2010)
The stock exchange shall not be conducted without the authorisation granted by the Ministry of Finance.
The stock exchange office must be located in Finland.
The non-listed entity shall not be allowed to use the word or the interconnector on the stock exchange or the derivatives exchange, other than the authorised entity.
The Ministry of Finance grants a concession to the Finnish public limited company. The authorisation may also be applied on behalf of the company to be set up.
The application for authorisation shall be accompanied by a stock exchange scheme and a possible plan for other activities within the meaning of Article 16 (1) and (2) and the application referred to in Article 24 to strengthen the rules of the stock exchange. The application shall also be accompanied by adequate statements on the stock exchange:
(1) ownership;
2) and auditors;
(3) internal control and risk management;
(4) the handling of potential conflicts of interest and interest;
(5) economic conditions;
(6) the exercise of a supervisory function.
In addition, if an authorisation is sought for the company to be created, the application shall be accompanied by sufficient explanations of the applicant.
At the request of the Ministry of Finance, the applicant shall provide the Ministry with additional explanations necessary for the authorisation.
The Ministry of Finance shall grant authorisation if, on the basis of the report received, it may be satisfied that:
(1) the applicant and the activities envisaged by it fulfil the requirements laid down in this law and in the provisions adopted pursuant thereto, and in the provisions governing the exercise of the stock exchanges;
(2) the owners of the stock exchange meet the requirements laid down in Article 5;
(3) the ownership of the stock exchange does not jeopardise business based on prudent and healthy business principles.
A person who, directly or indirectly, owns at least 10 % of the share capital of the stock exchange or a share of at least 10 % of the voting rights generated by its shares must be reliable.
A person shall not be considered to be reliable if:
(1) in the course of the preceding five years, he has been sentenced to a prison sentence or to a fine in the course of the preceding three years for a criminal offence which may be regarded as proving that he is manifestly unfit to own the stock exchange; or
(2) in the past, he has shown himself to be manifestly unfit to own the stock exchange.
However, if the judgment referred to in paragraph 2 (1) has not obtained the force of the law, the sentenced person may continue to exercise the discretion of the holder of the stock exchange on the stock exchange, if it is his or her previous activity, the circumstances leading to the conviction and the other The relevant factors as a whole are considered to be manifestly well founded.
An application for authorisation shall be settled within six months of receipt of the application or, if the application has been incomplete, when the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision on authorisation shall always be taken within 12 months of receipt of the application. Article 9 (1) of Chapter 9 provides for the lodging of a complaint on the ground that the decision was not adopted within the prescribed period.
Before a decision is taken, the Ministry of Finance shall request an opinion from the Bank of Finland and the Financial Supervisory Authority.
The Ministry of Finance shall have the right, after consultation with the applicant, to impose restrictions and conditions on the business of the stock exchange, which are necessary for supervision.
The stock exchange may commence operations, subject to the conditions of the authorisation, immediately after authorisation has been granted and the rules referred to in Article 23 have been established. Where the authorisation has been granted to a company being established, the operation may commence once the exchange has been registered.
Licence to be exercised on a stock exchange shall also be granted to a European company within the meaning of the European Company Statute issued in another EEA State, which intends to transfer its seat to Finland in accordance with Article 8 of that Regulation. The Ministry of Finance shall request the opinion of the Authority for the authorisation of the securities markets of that State. The transfer of the seat shall not be registered until the authorisation has been granted. The same applies to the creation of a European company by a merger with a registered company incorporated in another State registered as a European company in Finland.
The Ministry of Finance shall inform the trade register of the authorisation.
The authorisation granted to the listed stock exchange and to the European company transferring residence to Finland shall be registered at the same time as the company is registered.
The stock market must have an adequate financial capacity in relation to the extent and quality of the stock market.
The total paid-up capital of the stock exchange shall be at least EUR 730 000.
Any person intending to acquire, directly or indirectly, shares of the stock exchange shall inform the Financial Supervisory Board in advance of the acquisition if:
1) be at least 10 % of the share capital of the stock exchange;
2) would be so large that it would correspond to at least 10 % of the voting rights generated by all shares; or
(3) otherwise justify the use of the ownership of the stock referred to in paragraph 2 or otherwise appreciable in the management of the stock exchange.
If the shareholding is to be increased to at least 20 %, 30 % or 50 % of the share capital of the stock exchange or the voting rights generated by its shares, the financial supervision must also be notified in advance. A similar notification shall also be made if the shareholding would decrease below the limit laid down in this or paragraph 1.
For the purpose of calculating the ownership and voting rights referred to in paragraphs 1 and 2, the provisions of Sections 4 and 9 4 to 7 of Chapter 2 of the Securities and Markets Act shall apply.
The stock exchange shall report to the financial supervision at least once a year the owners of the shares referred to in paragraphs 1 and 2 and their share of the share capital of the stock exchange and the voting rights generated by its shares, if they are known to the stock exchange. The stock exchange shall immediately inform the Financial Supervisory Board of the changes in the ownership of its shares. The notification shall provide sufficient information on the size of the share and its owner, as well as other information provided by the financial supervision.
The notification referred to in paragraphs 1 and 2 shall contain the necessary information and explanations:
1) the reporting obligation and the reliability and financial situation of the person concerned;
(2) the declaration of ownership and other interests on the stock exchange;
(3) procurement contracts, financing of the acquisition and, in the case referred to in paragraph 2, objectives of ownership.
The provisions of this Article concerning the disclosure of a shareholding in a stock exchange shall also apply to a Community which controls the stock exchange as referred to in Article 4 of Chapter 2 of the Securities and Markets Act ( Stock exchange holding entity ).
The right of financial supervision to prohibit the acquisition of a holding within the meaning of Article 10 is governed by the law on financial supervision (878/2008) in Article 32a .
Financial supervision shall take the decision referred to in paragraph 1 within three months of receipt of the notification referred to in Article 10.
Before the expiry of the period provided for in paragraph 2, the obligation to provide the shares referred to in Article 10 may be acquired only if the financial supervision has given its consent.
An important link between the stock exchange and any other legal person or natural person shall not prevent the effective supervision of the stock exchange. Furthermore, effective controls shall not prevent the provisions and administrative provisions of a third country which is applicable to a natural or legal person in such a relationship. (88/2014/624)
Following the authorisation of the authorisation, any changes in the information on tied interest reported in the licence application shall immediately be notified to the Financial Supervisory Board.
In Article 4 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards the prudential requirements of credit institutions and investment firms and amending Regulation (EU) No 648/2012 The close relationship referred to in point 38. (88/2014/624)
The Ministry of Finance may withdraw, in whole or in part, a stock exchange licence if:
(1) the functioning of the stock exchange has been substantially broken down by law or by provisions adopted pursuant to it, the terms of the authorisation or the rules of the stock exchange;
(2) the stock market has not operated for six months;
(3) the essential conditions for granting authorisation no longer exist;
(4) the operation or part of the stock exchange has not started within 12 months of the granting of the authorisation; or
(5) In the case of the application of the stock exchange licence, incorrect or incomplete information has been provided on key aspects of the operation of the stock exchange.
Before taking a decision as referred to in paragraph 1, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority, subject to the urgency of the matter. Before the Ministry of Finance cancel the stock exchange on the basis of Article 1 (1) or (3), it shall, before taking a decision, set a reasonable time limit for the stock exchange to remedy any deficiencies identified, Unless immediate withdrawal is necessary in order to safeguard the urgency of the matter or the stability and soundness of the securities markets.
The Ministry of Finance may withdraw the stock exchange licence if the stock exchange has decided to terminate the stock exchange. Before taking a decision, the Ministry of Finance shall request the opinion of Suomen Pankki and the Financial Supervisory Authority.
At the same time, if the Ministry of Finance withdraws an operating licence pursuant to paragraphs 1 or 3, the Ministry may at the same time lay down rules on how to stop the operation. The Ministry of Finance shall inform the Authority and the European Securities and Markets Authority of the withdrawal of the authorisation.
The Ministry of Finance may order a suspension of the stock exchange for a limited period if there is no incompetence or indiscretion in the operation of the stock exchange, or if the exchange of financial instruments is disturbed, and is: It is clear that the continuation of the operation is likely to seriously damage the integrity or stability of the financial markets or the position of investors.
Before taking a decision as referred to in paragraph 1, the Ministry of Finance shall consult the stock exchange and request the opinion of Suomen Pankki and the Financial Supervisory Authority, subject to the urgency of the matter.
The stock exchange board, ceo and other senior management must lead the stock exchange in a professional manner and in accordance with sound and prudent business principles. The members and alternates of the Board of Directors, the Deputy Managing Director and the Executive Director, as well as other senior management, shall be reliable persons who are not bankrupt and whose viability is not limited. In addition, these persons shall have a general knowledge of the stock exchanges as is necessary for the quality and extent of the functioning of the stock exchange.
The Trustee shall not be trusted to:
(1) during the previous five years of imprisonment or in the course of the preceding three years, a penalty for a criminal offence which may be considered as proving that he is manifestly unfit to become a member of the stock exchange; or As an alternate or Executive Director or Deputy Managing Director or other senior management; or
(2) By way of an otherwise earlier operation, it has shown that it is manifestly inappropriate for the task referred to in paragraph 1.
However, if the judgment referred to in paragraph 2 (1) has not obtained the law, the sentenced person may continue to carry out the task referred to in paragraph 1 if it is his or her previous activity, the circumstances leading to the conviction and other relevant factors. As a whole, considered to be manifestly well founded.
The exchange shall inform the Financial Supervisory Committee without delay of any changes to the persons referred to in paragraph 1.
What is provided for in this section of the stock exchange shall apply accordingly to the stock exchange.
The stock exchange shall, in addition to the operation of the stock exchange operation, maintain an mtf, provide financial instruments for the exchange and storage of information and other services, securities, derivatives and financial markets And other activities closely related to the activities referred to in this paragraph.
The stock market shall act as a clearing member and pursue the activities of the clearing house and shall act as an accounting officer, acting as the accounting officer, as provided for in the Act on the system of values and clearing and settlement (12/09/2012) .
The stock exchange shall not engage in activities other than those referred to in paragraphs 1 and 2.
The operation of the stock exchange shall be organised in a reliable manner, taking into account the nature and extent of its business. The stock exchange shall ensure the management of the risks associated with its operations, the functioning of its internal control and the continuity of its activities in all situations.
Stock markets must have policies to identify and prevent conflicts of interest in relation to their stock exchanges. The policy shall take particular account of conflicts of interest, which may affect the reliable management of the supervisory role provided for in Article 18.
In the performance of the stock exchange, the functions provided for in this Act shall not be subject to administrative law (2003) , the Law on Public Access to Public Authorities (18/09/1999) , language law (2003) And no language law (1886/2003) . In this case, the members of the administrative body of the stock exchange or the stock exchange shall not be subject to the provisions of criminal law.
The provisions of paragraph 1 shall apply to the stock exchange of the stock exchange.
The stock exchange shall provide adequate and reliable supervision to ensure compliance with this law and with the rules and regulations adopted pursuant to them, the implementing regulation of the MiFID and the exchange rules Compliance with the stock exchange.
The exchange shall bring to the attention of the financial supervision a procedure which appears to be contrary to the provisions or rules referred to in paragraph 1, or to the rules of the stock exchange, unless the procedure is immediately corrected or otherwise rectified. However, where the provisions, provisions or rules have been substantially or repeatedly violated, the notification shall always be made.
Externalisation For the purposes of this Chapter, an arrangement relating to the operation of the stock exchange, on the basis of which the other service provider produces an activity or a service which the stock exchange would otherwise have carried out.
The stock exchange may outsource any activity relevant to the operation of an activity other than a stock exchange, provided that outsourcing does not interfere with the risk management, internal control, business or operational activities of the stock exchange, And supervision by financial supervision. In spite of outsourcing, the stock exchange is responsible for fulfilling its obligations under this law, the securities markets and the Markets in Financial Instruments Directive. The stock exchange shall function carefully when it outsource its activities of relevance to its activities.
An activity is significant for the operation of the stock exchange, where the error or lack thereof may materially impair compliance with the laws governing the operation of the stock exchange, the provisions adopted pursuant to them or the conditions for the authorisation of the Stock Exchange, or The financial position of the stock exchange or the continuity of the stock exchange.
The outsourcing of an activity which is relevant to the operation of the stock exchange shall be subject to a written agreement showing the content of the mandate and the duration of the contract.
The stock exchange shall acquire the necessary information necessary for the management of the outsourced activities on a permanent basis, the necessary information required for risk management and internal control, and shall continue to disclose the information to the Financial Supervisory Authority.
The stock exchange which, after authorisation has been granted, intends to outsource an activity relevant to its activities, must be notified in advance to the Financial Supervisory Authority. Any significant change in the exchange and outsourced contract shall be notified to the Financial Supervisory Board.
The exchange shall take adequate measures to prevent the taking of a person in a position of influence on the stock exchange in personal transactions, where this may give rise to a conflict of interest, or where the person concerned has Information on insider information or confidential information on issuers or trading parties or their transactions. The confidentiality of such information must be sought.
The stock exchange must keep records of personal transactions. The stock exchange shall provide the Financial Supervisory Board with an annual report on how the stock market has monitored compliance with the provisions of the provisions on personal transactions, the provisions and the internal instructions on the stock exchange, and on the measures taken by the stock exchange, Where the provisions, provisions or instructions have not been complied with.
The affected person and personal transactions shall be affected by Article 11 of Chapter 7 of the Investment Services Act as regards the persons in the investment firm and their personal transactions.
At least one of the auditors of the stock exchange shall be a KHT auditor or an audit firm which has to be the head auditor of the KHT auditor. (18/09/1213)
L to 1213/2015 Paragraph 1 shall enter into force on 1 January 2016. The previous wording reads:
At least one of the auditors must be the statutory auditor (459/2007) Or the KHT community as referred to in paragraph 2.
The stock exchange shall, without undue delay, send a copy to the Financial Supervisory Board:
(1) the financial statements;
2) the audit report;
3) the minutes of the general meeting.
The provisions of paragraph 2 shall apply to the stock exchange of the stock exchange.
The stock exchange shall establish and keep available to the public the rules on stock exchange which contain at least the following provisions:
1) how trading is to take place;
(2) how and on what basis the financial instrument is admitted to trading and how and on what basis trading on a financial instrument may be suspended or terminated;
(3) the requirements, rights and obligations of securities issuers and their administration to this Act, to the Law on Securities and Markets, and to the provisions adopted pursuant to them, and to the rules of the stock exchange; Obligations or otherwise imposed;
(4) how and on what basis the rights of the trading party are granted and withdrawn;
(5) the requirements, rights and obligations of trading parties for the purposes of this Act and the provisions adopted pursuant to it, as well as the obligations arising from the rules of the stock exchange, or otherwise set;
(6) what penalties are imposed on securities issuers and trading parties for breaches of the stock exchange rules and how they are imposed;
7) if trading is subject to a derivative contract, its terms.
The rules of the stock exchange and their amendments shall be confirmed by the Ministry of Finance. The rules shall be laid down if they are in accordance with this law and the provisions and regulations adopted pursuant thereto, and if, on the basis of the report received, it is likely that they will ensure a reliable and fair trade.
The application shall be settled within three months of receipt of the application or, if the application is incomplete, where the applicant has provided the documents and explanations necessary for the purpose of the case. However, the decision shall always be taken within six months of receipt of the application. Before laying down the rules, the Ministry of Finance must request the opinion of the Financial Supervisory Authority. If the decision concerns a derivative contract based on electricity, natural gas or allowances, the opinion shall also be requested from the Energy Market Agency.
In order to ensure the reliability and fairness of trading, the Ministry of Finance may order the content of the provisions laid down in the rules to be amended or supplemented. Before issuing an order, the Ministry of Finance must consult the stock exchange and request the opinion of the Financial Supervisory Authority.
Paragraph 1, which provides for the adoption of amendments to the rules, shall not apply if the amendments are of minor or technical significance. However, the exchange must provide the Ministry of Finance and the Financial Supervisory Authority with changes to the rules before they enter into force. If there is disagreement as to whether the changes in the rules of the stock exchange are minor or technical, the Ministry of Finance will decide.
The stock exchange may, upon application by the issuer, be admitted to trading on a regulated market which is likely to be subject to sufficient demand and supply and whose price formation can thus be estimated to be reliable.
The stock exchange may also be admitted to trading on a regulated market without the consent of the issuer if the requirements under paragraph 1 are met and if the same security has already been admitted to trading on another regulated market The market. Such an issuer shall not be subject to disclosure requirements in the rules of the exchange. The stock exchange shall inform the issuer of the admission to trading of the security before trading.
The stock exchange may be admitted to trading on a regulated market if its price formation is reliable and the derivative contract can be cleared in a reliable manner.
Other conditions under which the stock exchange may be admitted to trading on a regulated market shall be laid down in the Implementing Regulation of the MiFID. The prospectus to be published on securities to be admitted to trading on a regulated market is laid down in Chapters 3 and 4 of the Securities Markets Act.
The stock exchange shall inform the Financial Supervisory Authority of the admission of a financial instrument to a regulated market before trading begins. If a stock is admitted to trading, which is not traded on another regulated market, the stock exchange shall at the same time inform the financial supervision of the markets of financial instruments in Article 33 (3) of the implementing Regulation. The assessment of the shares in question.
Financial supervision may provide that the admission of a financial instrument to trading on a regulated market shall be suspended for a maximum of 10 consecutive days at a time. The deferral may be imposed if the Financial Supervisory Board has reasonable grounds for suspecting that the financial instrument for admission to trading or which, by virtue of the mandate, is responsible for applying for trading, acts in accordance with this law, In contravention of the provisions of the Securities and Markets Act or the provisions adopted pursuant thereto. Before issuing an order, the financial supervision shall reserve the opportunity of a decision to be heard, subject to the urgency of the case or to any other specific reason.
The stock market may decide to cease trading on a financial instrument if the financial instrument or the issuer no longer complies with the requirements of the rules of the stock exchange and the financial instrument does not cause significant harm to investors Or the orderly functioning of the financial markets.
The stock exchange may also cease trading security on the issuer's application if the termination of trading does not cause significant inconvenience to investors or the orderly functioning of the financial markets.
The exchange shall immediately make public the decision to close trading on the financial instrument. In addition, the Stock Exchange shall inform the Financial Supervisory Authority of the termination of trading, which shall continue to inform the competent authorities in the EEA States.
The issuer of the securities traded on the market shall have the right to make the decision referred to in paragraph 1 and the registered association acting in order to control the interests of investors, as well as the investor who owns the trading The securities or eligible assets concerned shall be entitled to take the stock exchange decision referred to in paragraph 2 to the Financial Supervisory Authority within 30 days of the decision. The financial supervision shall inform the stock exchange that the matter is referred to it. The stock exchange decision to put an end to trade may, in spite of the completion of the financial supervision, be implemented, unless the financial supervision or the review authority decides otherwise.
The right of financial supervision to prohibit trading on a financial instrument is provided for in Article 32.
The stock exchange can keep a listed list of securities traded on a regulated market for regulated markets.
The stock exchange may, upon application by the issuer, be included on the stock exchange listing, which meets the requirements of Article 25 (1) and (4) of this Chapter. For the purpose of implementing the Stock Exchange Directive, the necessary requirements for the stock exchange to be included on the stock exchange list and the derogations to be granted shall be further regulated by a decree of the Ministry of Finance.
In the case of a share company law, a qualifying asset can only be included on the stock exchange list if, at the same time, the same kind of stock is taken to trading on a regulated market maintained by the stock exchange or at the same time as the one to which the Justify.
An issuer of shares shall apply for stock exchange listing shares to be included on the stock exchange list within one year of their issue, unless the issuer has agreed that the stock exchange takes them On the stock exchange list without a different application.
The issuer shall apply for the same issue the securities referred to in Article 1 (1) (1) (2) and (3) of Chapter 2 of the Securities and Markets Act simultaneously on the stock exchange list.
In order to protect investors, the stock market can be rejected by the stock exchange listing.
The exchange shall decide on the listing of the security on the stock exchange list within six months of receipt of the application. If, during this period, the stock exchange asks the applicant for further explanation of the application, the said period shall be calculated from the date on which the stock exchange receives the additional report. If the stock exchange does not provide a solution within the time limit, the application shall be deemed rejected.
The issuer shall be entitled to refer the decision referred to in paragraphs 5 and 6 to financial supervision within 30 days of the end of the decision or the expiry of the period referred to in paragraph 6.
Article 26 provides for the abolition of trading on the stock exchange list.
The issuer of the security shall have the right to take a decision on the listing of the stock exchange and the decision taken by the issuer on the issuer's application not to remove the security from the stock exchange list to the financial supervision within 30 days. Decision. The registered association of the investors acting in the interests of the investor and the investor who owns the securities or the securities to which they are entitled shall be entitled to take the decision to remove the stock exchange from the list of financial supervision Within 30 days of the decision. The financial supervision shall inform the stock exchange that the matter is referred to it.
The stock exchange shall grant the rights of the trading party to a Finnish investment service provider and another authorised investment service provider in the EEA State, which meets the requirements of the law and the stock exchange rules.
Any other person domiciled in the EEA State shall grant the rights of the trading party if the person meets the requirements of the exchange rules and the person's reliability, good repute, experience and other suitability, and On the basis of a report on the organisation of activities, or otherwise it is likely that the person's involvement in trade will not jeopardise the reliability of trade. In addition, the person shall have sufficient financial and other capacity to fulfil its obligations arising from the sale of financial instruments.
The stock exchange may also grant the rights of the trading party to a foreign investment service provider (s) other than those referred to in paragraphs 1 and 2, if the applicant complies with the law, the financial supervision provisions and the rules of the stock exchange Requirements.
In addition to the provisions of the exchange rules referred to in Article 23 on the withdrawal of the trading party's rights, the exchange shall be suspended or, for the time being, the rights of the trading party if, by its decision, the financial supervision For a weighty reason. Before taking a decision, financial supervision shall be consulted on the stock exchange and the trading party, subject to the urgency of the matter or other specific reasons.
The stock exchange shall inform the financial supervision of the granting and withdrawal of the trading party's rights.
The person referred to in paragraphs 1 to 3 of the rights of the trading party to whom the rights of the trading party has been withdrawn shall be entitled to take the decision referred to in Article 23 (4) of this Chapter to cancel the rights of the trading party to financial supervision 30 Within days of the decision. The financial supervision shall inform the stock exchange that the matter is referred to it. The stock exchange decision to revoke the rights of the trading party may, in spite of the completion of the financial supervision, be implemented, unless the financial supervision or the review authority decides otherwise.
The stock exchange shall suspend trading on a financial instrument if it is necessary in view of the rules and regulations governing the stock exchange, the exchange rules or the good practice procedure.
The stock exchange shall also suspend trading in the derivative contract based on electricity or natural gas, where such trading endangers the supply of electricity or natural gas or is harmful to the electricity or natural gas market or where the operation of the electricity or natural gas system is For the other weighty reason mentioned in the stock exchange rules.
The exchange shall immediately make public the suspension decision referred to in paragraphs 1 and 2 and inform the financial supervision thereof. In the case of a decision referred to in paragraph 2, the decision shall also be notified to the Energy Market Agency.
The stock exchange may request financial supervision to confirm the suspension of trading referred to in paragraphs 1 and 2. Upon receipt of such a request, the financial supervision shall, without undue delay, decide whether or not to confirm the suspension of trading by the stock exchange. If the financial supervision decides not to confirm the stock exchange decision, the stock exchange shall, without undue delay, continue trading on a financial instrument.
When the stock exchange decides to continue trading on a financial instrument, the exchange shall disclose the decision immediately and inform the financial supervision thereof. If the decision concerns a derivative contract referred to in paragraph 2, the decision shall also be notified to the Energy Market Agency. Where the decision concerns a financial instrument for which the financial supervision has been validated by the financial supervision in accordance with paragraph 4, the exchange shall inform the Financial Supervisory Authority of its decision before proceeding to trading.
Financial supervision may order the stock exchange to suspend trading on a financial instrument for a maximum of 10 consecutive days at a time. The suspension may be imposed if the financial supervision has reasonable grounds for suspecting that the obligation to provide information on a trade or financial instrument contravenes this law, the securities market law or the provisions adopted pursuant to them. Or the rules of the exchange, or if there is another particularly weighty reason. Before issuing an order, financial supervision shall be consulted on the stock exchange, subject to the urgency of the matter or other specific reasons. Financial supervision shall disclose its decision.
Financial supervision shall be communicated to the other competent authorities responsible for financial supervision of the EEA States and to the European Securities and Markets Authority, as referred to in paragraphs 4 and 6, and by the stock exchange pursuant to paragraphs 1 or 2. Decision.
If the competent authority responsible for financial supervision of the EEA State has informed the Financial Supervisory Authority that it has suspended the trading of the financial instrument traded on the regulated market and the same financial instrument is trading In the case of a regulated market operated by the stock exchange, the financial supervision shall prohibit the exchange through the period of suspension of trading. However, the prohibition shall not be imposed where it causes significant inconvenience to investors or the orderly functioning of the financial markets.
If, in accordance with Article 4 (4), the financial supervision has been validated by the Stock Exchange in accordance with the suspensive decision or paragraph 6 of the stock exchange, the financial instrument shall also suspend trading on the financial instrument. A regulated market maintained by the rest of the stock exchange.
The issuer of the securities admitted to trading, the registered association of investors acting in order to control the interests of investors, and the investor who owns those securities or eligible assets, is entitled to: To refer the decision to financial supervision referred to in paragraphs 1 and 2 of the Stock Exchange within 30 days of the decision if the transaction has been interrupted for at least two days from the decision. The financial supervision shall inform the stock exchange that the matter is referred to it. The exchange decision to suspend trading may, in spite of the completion of the financial supervision, be implemented unless the financial supervision or the review authority decides otherwise.
As regards the right of financial supervision to impose temporary restrictions on short selling of the financial instrument, due to a significant reduction in its price, Article 23 of the Short Selling Regulation is laid down.
Financial supervision may prohibit the exchange from organised trading on a financial instrument in the event of a trade, financial instrument reporting obligation or admission to trading disclosure obligations Act essentially contrary to this law, to the laws of the securities field or to provisions adopted pursuant to them, or to the rules of the stock exchange, or if there are other particularly weighty reasons. Before taking a decision, financial supervision shall be consulted on the stock exchange, subject to the urgency of the matter or otherwise.
Financial supervision shall disclose and communicate to the other competent authorities responsible for financial supervision of the EEA States and to the European Securities and Markets Authority its decision to prohibit trading on a financial instrument.
The provisions of Article 31 (8) also apply to the financial supervision of the competent authority of the EEA State Financial Supervisory Authority.
The stock exchange shall provide an orderly settlement of the trades concluded on the regulated market.
Where the stock exchange is used by the central counterparty, the exchange, the clearing house referred to in that law, and the CCP within the meaning of the law on clearing and settlement, the clearing house and the ccp shall organise joint operations. In such a way that the reliability of trade or the stability of financial markets are not jeopardised. (12.4.2010)
The exchange shall inform the Ministry of Finance, the Bank of Finland and the Financial Supervisory Authority of any changes in the arrangements for the settlement of the transactions in good time.
The trading party shall also have the right to use a clearing house other than the clearing house used by the stock exchange to carry out its obligations under a regulated market, if the exchange and the said clearing house Cooperation has been organised in such a way that the reliability of trade or the stability of financial markets are not jeopardised. (12.4.2010)
If the trading participant intends to exercise the right under paragraph 1, it shall be notified in advance to the relevant stock exchange, the Bank of Finland and the Financial Supervisory Authority. The notification shall provide an explanation of the arrangements for ensuring the reliability of trade and the stability of the financial markets.
Financial supervision may prohibit the trading party from using the other clearing house referred to in paragraph 1 if the use of the entity is likely to jeopardise the reliability of trading or the stability of financial markets.
If the stock market intends to transfer its home place to another EEA State, as provided for in Article 8 of the European Companies Regulation, the exchange shall send a copy of the transfer plan referred to in Article 8 (2) of the European Company Statute, and 3 Of the report referred to in paragraph 1, without delay after notification of the plan by the stock exchange.
The registration authority shall not issue a European Company Law (742/2004) (5), where the financial supervision has informed the registry authority prior to the granting of the authorisation referred to in paragraph 2 of that Article that the stock exchange has not complied with the transfer of the place of origin or the operation in Finland The provisions on termination. The certificate may be issued before a month has elapsed from the date referred to in Article 6 (2) of Chapter 16 of the Companies Act only if the financial supervision has indicated that it does not object to the transfer of the seat.
Where the stock market participates in a cross-border merger or division in the European Economic Area, the registry authority shall not issue such a merger under Article 4 of the European Company Statute or Article 26 of Chapter 16 of the Companies Act or the The certificate referred to in Article 25 of Chapter 17, if the financial supervision has notified the registry authority prior to the granting of the authorisation referred to in Article 4 (2) of the European Company Statute that the stock exchange has not complied with the merger, Provisions on division or termination of activities in Finland. The permit may be issued before a month has elapsed from the date referred to in Article 6 (2) or Article 6 (2) of Chapter 17 of the Companies Act only if the financial supervision has indicated that it does not object to the merger, division or The transfer of the seat related to the creation of a European company.
The stock exchange, which intends to offer an investment service provider established in another EEA State, or any other person with direct access to a regulated market, must be informed in advance of the financial supervision. The notification shall contain more detailed information on where and how the trade is to be offered.
The financial supervision shall, within one month of receipt of the notification, transmit the information received to the competent authority responsible for financial supervision of the EEA State in which the investment service providers or other persons established The stock market intends to offer direct access to trade.
At the request of the competent authority responsible for financial supervision of the EEA State, the financial supervision shall be notified to the Authority, to which investment service provider or other person established in that State has issued: Trading party's rights.
Paragraphs 1 to 3 shall also apply to the multilateral trading system maintained by the stock exchange.
The Ministry of Finance shall maintain, in accordance with the Markets in Financial Instruments Directive, a list of regulated markets for which rules have been laid down in accordance with this law. The Ministry of Finance shall communicate the list to the other EEA States and to the European Securities and Markets Authority if, when the rules are adopted, it has been possible to ensure that the trade in the regulated market complies with the Requirements. In the same way, the amendments to the list shall be notified.
Financial supervision shall, at least once a year, provide the calculations and information for the European Securities and Markets Authority in accordance with the Markets in Financial Instruments Directive in accordance with the Directive.
A regulated market shall not be marketed by giving false or misleading information or by using a procedure contrary to good practice or otherwise.
Any information whose authenticity or misleading information is shown after the disclosure of the information and which may be relevant to the investor must be duly corrected or supplemented.
Financial supervision shall be published on its website on the trading days of the regulated market maintained by the Stock Exchange.
The insider of the stock exchange shall inform the regulated market or mtf of shares traded in Finland and financial instruments whose value is determined on the basis of those shares, , as provided for in Article 42, as referred to in Article 43, hereinafter referred to as: Inland declaration .
I have an insider in the market. Means:
(1) the board and the board of directors of the stock exchange, the deputy and the deputy director of the Executive Board, the Deputy Head of the Executive Director and the auditor, the deputy auditor and the staff member of the audit firm, who have the main responsibility for auditing the company;
(2) any other person on the stock exchange who, in the event of his position or his/her duties, is regularly in possession of inside information on shares or financial instruments referred to in paragraph 1.
Within 14 days of his appointment as referred to in Article 41 (2), the insider of the stock exchange shall make an inside declaration.
The inner circle declaration shall state:
(1) the undertaker whose lobbyist is an insider;
(2) an entity or a foundation in which an insider or a disabled person referred to in paragraph 1 are directly or indirectly controlled;
(3) owned by the Community or the Foundation referred to in paragraph 1 and owned by the entity or by the Foundation referred to in paragraph 2 and owned by a regulated market or a multilateral trading system traded in Finland, and Financial instruments whose value is determined on the basis of those shares.
Within a period of seven days, the insider shall inform the stock exchange:
(1) the acquisition and disposal of shares and financial instruments referred to in paragraph 2 (3) where the change of ownership is at least eur 5 000;
(2) other changes in the information referred to in this Article.
The information referred to in paragraph 2 (2) and (3) shall not be notified to the extent that they concern the housing limited company, the Housing Limited Company Act, (1599/2009) in Chapter 28, Article 2 Or a non-profit-making association or a non-profit-making entity. However, where a financial instrument is regularly traded by the Community, the relevant information shall be provided.
The notification shall include the information necessary for the identification of the person, entity or foundation concerned, as well as information on shares and other financial instruments.
Where the shares or financial instruments referred to in paragraph 2 (3) are linked to a value-share system, the stock exchange may organise a procedure in which the information is obtained from a value-share system. In such cases, separate declarations shall not be made.
The stock exchange shall keep a register of insider declarations within the meaning of Article 42 ( The internal register of the stock exchange ) showing, for each insider, the shares and financial instruments referred to in Article 42 (2) (1) of the insider, the entity or foundation referred to in paragraph 2, and the financial instruments referred to in paragraph 2 Disaggregated supplies and supplies.
Where notifications are made in accordance with Article 42 (6), the public register of the stock exchange may form part of the information on the value-share system.
The maintenance of the stock exchange register must be organised in a reliable way. The information entered in the register shall be kept for five years for the indication of the data. Everyone has the right to reimbursement of expenses and copies of the records of the register. However, the identity and address of the natural person and the name of a natural person other than the inside person shall not be public.
The stock exchange shall provide financial supervision an annual report on the organisation of the management of the internal register, on the supervision of the exchange of insiders on the stock exchange and on the measures taken by the stock exchange if an insider notification The rules, regulations or internal guidelines of the exchange have not been complied with.
Financial supervision may provide more detailed provisions:
1. On the reliable organisation of the stock exchange referred to in Article 17 and the principles to be taken into account in the identification and prevention of conflicts of interest;
(2) the transactions referred to in Article 21 (1) and the report referred to in paragraph 2 and its submission to the Financial Supervisory Board;
3. On the submission of notifications referred to in Article 25;
(4) the content and method of the internal declaration referred to in Article 42;
5. On the content of the inside register of the stock exchange referred to in Article 43 and on the way in which the information is displayed;
6. On the report referred to in Article 43 (4) and its transmission to the Financial Supervisory Board.
Financial supervision shall specify the following:
(1) the conditions for outsourcing of the stock exchange operation under Article 19 and the content of the notification referred to in Article 20;
(2) the conditions under which the stock exchange may grant to an investment service provider referred to in Article 30 (3) or to any other person, the rights of the trading party in such a way as to guarantee adequate access to financial supervision; The trading party's clients and their transactions.
The provisions referred to in paragraph 1 (1) and (2) (1) shall, where applicable, also correspond to the provisions in Article 23 (1) (1) to (4) of Chapter 7 of the Investment Services Act. The provisions referred to in paragraph 1 (2) and (4) to (6) shall, where applicable, comply with the provisions of Article 23 (1) (5) and (2) of Chapter 7 of the Investment Services Act.
Before the market operator authorised in another EEA State, the market operator authorised in another EEA State may offer a direct opportunity for an investment service provider or another person established in Finland to transacate on a regulated market, shall: The competent authority of the issuing State to notify the Financial Supervisory Authority.
Paragraph 1 shall also apply to the multilateral trading system maintained by the trading organiser.
Market operator responsible for the stock exchange authorised in the third country, hereinafter: Third country stock exchange May, with the permission of the Ministry of Finance, provide the Finnish investment service provider or other person with direct access to the regulated market.
The application for the authorisation referred to in Article 2 shall be accompanied by an action plan and adequate reports on the third country's stock exchange:
(1) ownership;
2) and auditors;
(3) internal control and risk management;
(4) the handling of potential conflicts of interest and interest;
(5) economic conditions;
6) domestic legislation and the supervision of securities markets.
The Ministry of Finance may grant the authorisation referred to in Article 2 to the third country's stock exchange if:
(1) the legislation applicable to the third country's stock exchange in its home country is equivalent to internationally accepted recommendations on the supervision of securities markets and the prevention of criminal exploitation of the financial system;
(2) the financial capacity of the third country's stock exchange, internal control and risk management, the treatment of potential conflicts of interest and interest and the suitability and reliability of owners and management are not substantially different from that of the Requirements;
(3) the third country's stock exchange is adequately controlled in its home country;
4) there is no danger to the interests of investors in Finland.
Before the authorisation is granted, Article 66 of the Law on the supervision of the third country's Stock Exchange has been signed between the authority responsible in its home country and the supervision of the financial supervision of a third country. Referred to as the control protocol.
When granting the authorisation, the Ministry of Finance may, after consultation with the applicant, impose restrictions and conditions necessary for the reliability of trading activities or for the stability of financial markets.
Before a decision is taken, the Ministry of Finance shall request an opinion on the operation of the third country's stock exchange in its home State, from the Bank of Finland and from the Financial Supervisory Authority.
In accordance with Article 13 of Chapter 2, the withdrawal of the authorisation of the third country's stock exchange and the suspension of operations carried out by the stock exchange in Finland shall be governed by Article 13 of Chapter 2. Suspension.
In addition to the provisions of Article 13 (2) and Article 14 (2) of Chapter 2, the Ministry of Finance shall, before the decision referred to in paragraph 1, reserve the activity of a third country stock exchange to the Authority in its home Member State , subject to the urgency of the matter.
The provisions of Articles 2 to 5, on the third country stock exchange, on an application for a third country stock exchange, on the authorisation of a third country stock exchange and on the withdrawal and suspension of the authorisation, shall apply accordingly to the trading organiser, Maintain an mtf trading system in a third country.
A multilateral trading system may be maintained in accordance with this Chapter only by the organiser of multilateral trading referred to in Article 2 (8) of Chapter 1.
Article 17 (3) of Chapter 2 provides for the exchange of information between the organiser and the member of the service of the mtf, as well as the members of its governing body and the multilateral In the performance of the duties provided to it by the organiser.
The organiser of a multilateral trading system shall establish and keep available to the public the rules containing at least the following provisions:
1) how and on what basis the financial instrument is admitted to trading;
2) how trading is to take place;
3) how and on what basis the rights of the trading party are granted and withdrawn;
(4) the rights and obligations of the trading parties;
(5) what penalties may be imposed on trading parties for breach of the rules and how they are imposed.
If the organiser of an mtf maintains an mtf to which the security is admitted to trading on the issuer's application, the rules shall, in addition to the provisions of paragraph 1:
(1) the requirements, rights and obligations of securities issuers and their administration to this law and to the rules and regulations adopted pursuant to this law and the rules of the mtf; Obligations or otherwise imposed;
(2) how and in what procedure the information concerning the security and the issuer is made public;
(3) how the corporate prospectus for securities and its issuer shall be drawn up and made public if the securities are not disclosed in the prospectus referred to in Chapters 3 and 4 of the Securities and Markets Act;
(4) what penalties may be imposed on securities issuers for breaches of the rules and how they are imposed;
(5) which information shall be disclosed by the issuer in accordance with Article 4 of Chapter 6 of the Securities and Markets Act concerning matters affecting the value of the security.
The Multilateral Trade organiser shall provide the rules and their amendments to financial supervision in good time before they enter into force. Financial supervision shall monitor compliance with the requirements laid down in paragraphs 1 and 2.
The multilateral trading organiser shall provide sufficient information on the traded financial instrument or otherwise ensure the availability of information to enable the trading parties to make a reasoned assessment of the financial instrument. Such information shall take into account the professional skills of the trading parties and the specificities of the financial instrument traded.
The organiser of a multilateral trading system may be admitted to trading on a financial instrument for which access to information can be secured in the manner provided for in Article 3.
The security may be admitted to trading on the issuer's application or without the issuer's consent.
The security shall not be admitted to trading on the issuer's application if the securities and its issuer are not sufficiently informed about the provision of reliable trading. The issuer of a security shall conclude a written agreement with the organiser of a multilateral trading system on admission to trading in which the issuer undertakes to comply with the rules referred to in Article 2 (2).
Where a security is admitted to trading without the consent of the issuer of the security, the issuer shall not be subject to disclosure requirements in the rules of the mtf.
The multilateral trading organiser shall grant the rights of the trading party to a Finnish investment service provider and another authorised investment service provider in the EEA State, which meets the law and the multilateral Requirements set out in the rules of the trading system.
Any other person domiciled in the EEA State shall grant the rights of the trading party if the person meets the requirements of the rules of the mtf and the person's reliability, good repute, experience And other suitability, as well as on the basis of a report on the organisation of operations, or otherwise it is likely that the participation of a person in trade will not jeopardise the reliability of trade. In addition, the person shall have sufficient financial and other capacity to fulfil its obligations arising from the sale of financial instruments.
The organiser of a multilateral trading party may also grant the rights of the trading party to a foreign investment service provider referred to in paragraph 1 and to any other person who has been granted the rights of the trading party in accordance with Article 30 of Chapter 2. (3), if the applicant fulfils the requirements set out in the financial supervision provisions and the rules of the mtf.
In addition to what the rules of the mtf referred to in Article 2 provide for the withdrawal of the trading party's rights, the multilateral trading organiser shall suspend or suspend the suspension of the trading party's rights. The rights of the trading party, if the financial supervision is required for a pressing reason. Before taking a decision, the financial supervision shall be subject to consultation with the organiser and the trading partner, subject to the urgency of the matter or other specific reasons.
The person referred to in paragraphs 1 to 3 of the rights of the trading party to whom the rights of the trading party has been withdrawn shall be entitled to withdraw from the trading party the decision referred to in Article 2 (1) (3) of this Chapter. Rights to financial supervision within 30 days of the decision. Financial supervision shall inform the organiser of the multilateral trade that the matter is referred to it. The decision by the organiser of a multilateral trading party to revoke the rights of the trading party may, in spite of the completion of the financial supervision, be implemented, unless the financial supervision or the review authority decides otherwise.
The organiser of the multilateral trading system shall arrange for an orderly settlement of the transactions made in the mtf.
If the organiser of the Multilateral Trading Scheme uses a CCP and a central counterparty as defined in the law on clearing and settlement, the trading organiser, the clearing house referred to in that law, and The CCP shall organise its cooperation in such a way that the integrity of trading or the stability of financial markets are not compromised. (12.4.2010)
The multilateral trading organiser shall inform the Ministry of Finance, the Bank of Finland and the Financial Supervisory Authority of any changes in the arrangements for the settlement of the transactions in good time.
The organiser of the multilateral trading system shall suspend or terminate trading on a financial instrument if it is necessary to trade rules and regulations, the rules of an mtf or a good practice Procedure.
The organiser of the multilateral trading system shall immediately make public the decision to suspend or terminate trading on a financial instrument. In addition, the trading organiser shall inform the Financial Supervisory Board of the suspension and termination of trading.
Financial supervision may order the organiser of an mtf to suspend its operations on a financial instrument of up to 10 consecutive days at a time. The suspension may be imposed if the financial supervision has reasonable grounds for suspecting that, in the event of a transaction or a financial instrument, there is a breach of this law, the securities field law or The provisions or regulations or the rules of the mtf, or where there is another particularly weighty reason.
If the competent authority responsible for financial supervision of the EEA State has informed the Financial Supervisory Authority that it has suspended the trading of the financial instrument traded on the regulated market and the same financial instrument is trading In the context of the multilateral trading system, the financial supervision shall prohibit the organiser of a multilateral trading system from holding trade for the duration of the suspension. However, the prohibition shall not be imposed where it causes significant inconvenience to investors or the orderly functioning of the financial markets.
If, in accordance with Article 31 (4) of Chapter 2, the financial supervision has been confirmed by the Stock Exchange in accordance with Article 31 (6) of Chapter 2, the financial instrument and the financial instrument on the stock exchange shall be: Traded within a multilateral trading platform, the organiser of a multilateral trading system shall suspend trading on the financial instrument concerned.
Issuer of the securities admitted to trading in the mtf, the registered association of investors acting in order to control the interests of investors and the investor who owns or Eligible securities shall be entitled to bring the decision referred to in paragraph 1 to the Financial Supervisory Authority within 30 days of the decision referred to in paragraph 1. A decision to suspend trading may be referred to the Financial Supervisory Authority only if trading has been interrupted for at least two days from the decision. Financial supervision shall inform the organiser of the multilateral trade that the matter is referred to it. The decision by the organiser of multilateral trading to suspend or terminate trade may, in spite of the completion of the financial supervision, be implemented, unless the financial supervision or the review authority decides otherwise.
As regards the right of financial supervision to impose temporary restrictions on short selling of the financial instrument, due to a significant reduction in its price, Article 23 of the Short Selling Regulation is laid down.
Financial supervision may prohibit the organiser of an mtf from organising trading on a financial instrument, in the event of a trading or a related security issuer's disclosure or admission to trading. Compliance with the obligation to provide information in connection with the taking of information is substantially contrary to this law, to the securities market law, or to provisions adopted pursuant thereto, or to the rules of the mtf, or if: Is another particularly weighty reason.
The provisions of Article 7 (4) shall also apply to the financial supervision of the competent authority of the EEA State responsible for financial supervision of a financial instrument traded on a regulated market Ban.
The multilateral trading organiser shall provide adequate and reliable supervision to ensure that this law, the securities market law and the regulations and regulations adopted pursuant thereto, as well as the exchange and the multilateral trading system In order to ensure compliance with the rules.
The multilateral trading organiser shall bring to the attention of the financial supervision a procedure which appears to be contrary to this law, to the securities market law or to the provisions or provisions adopted pursuant to them or to the mtf. Rules, unless the procedure is immediately corrected or otherwise rectified. However, where the provisions, provisions or rules have been substantially or repeatedly violated, the notification shall always be made.
The Ministry of Finance may order the organiser of a multilateral trading system to suspend the operation of the mtf in the event of incompetence or indiscretion in the activities of the multilateral trading organisation. Or where the exchange of financial instruments to be traded is disturbed, and it is obvious that the continuation of the activity is likely to seriously damage the integrity or stability of the financial markets or the position of investors.
Prior to the decision referred to in paragraph 1, the Ministry of Finance shall consult the organiser of multilateral trading and shall request the opinion of Suomen Pankki and the Financial Supervisory Authority, subject to the urgency of the matter.
A multilateral trading system shall not be marketed through the provision of false or misleading information or the use of a good practice or otherwise inappropriate procedure.
Any information whose authenticity or misleading information is shown after the disclosure of the information and which may be relevant to the investor must be duly corrected or supplemented.
Financial supervision shall specify the conditions under which an mtf may grant the rights of the trading party to the person referred to in Article 5 (3). The provisions shall ensure adequate access to the financial supervision of the trading party's clients.
An investment service provider intending to initiate or terminate an activity as an internal market participant in a share that is traded on a regulated market shall notify it in writing in good time in advance to the financial supervision.
Articles 3 to 5 of this Chapter shall apply:
(1) for internal internalisers within the meaning of Article 1 that execute orders on shares for which there is a liquid market;
2) for transactions with a size equal to the normal market size of a share.
The stock shall have a liquid market within the meaning of paragraph 1 where trading in shares meets the requirements laid down in Article 22 (1) (a) and (b) of the Implementing Regulation of the MiFID. The Regulation implementing the Markets in Financial Instruments Directive also provides for the definition of the normal market size for such a share and how the information will be made public.
The trader's internal internaliser shall disclose to the shares binding bid or offer prices corresponding to the market situation in the market as provided for in the Implementing Regulation of the Markets in Financial Instruments Directive. The offer may not be less than the normal market size of the share. An internaliser has the right at any time to change the offer. In the event of an exceptional market situation, the internal executioner may also withdraw the offer.
With a professional client And Non-professional client Referred to in this Article as laid down in the Investment Services Act. In addition to this Article, the execution of the client's orders shall be governed by the provisions of that Act.
An internal market participant shall be obliged to execute the client's order at the time of its receipt, subject to this and Article 5.
An internal market participant may execute a professional client's order for a better price if the better price is within the public price range that is close to the market situation, and if the mandate is greater than that of: The normal assignment of non-professional clients. The regulation implementing the Markets in Financial Instruments Directive provides for the size of the non-professional client's normal mandate.
An internal market participant may execute a professional client's order for a better price also if the contract is part of a number of securities to be executed by a security or if its terms are subject to the terms of the contract. Other than the market price. The Regulation implementing the Markets in Financial Instruments Directive provides for more detailed provisions under this paragraph.
An internal market participant may, in receipt of a mandate from the customer, which is larger than the internal promoter's largest offer but less than the normal market size of the share, also undertakes to carry out the Provided that it is carried out at a price according to the highest bid, or, if any of the exceptions referred to in paragraphs 3 or 4 are applicable to the mandate, at a better price.
An internal market participant may, when it receives a mandate from a client in the form of an internal promoter between two offers, carry out the whole order at either bid price or, if the order is suitable for one of 3 or 4 Of the subsection, at a better price.
The internaliser shall have the right, in accordance with his business plan, to decide which customers it will grant access to. The decision must be clear and balanced. The internal executor may, on economic grounds, refuse to have a business relationship or to continue it with the client.
The internaliser shall be entitled, in a fair manner, to limit the number of transactions with the same client and the total number of simultaneous transactions with different customers, if the number of client orders or the size of the client orders is: Significantly higher than normal. The regulation implementing the Markets in Financial Instruments Directive lays down the conditions for the restriction of transactions.
Financial supervision may order an internal operator of trades to suspend internal execution for a maximum of 10 consecutive days at a time. A suspension may be imposed if the financial supervision has reasonable grounds for suspecting that, in the event of compliance with the obligation to provide information on a trade or share, there is a breach of this law, the securities market law or the provisions adopted pursuant to them. Or if there is another particularly weighty reason.
Financial supervision may prohibit the internal market operator from organising internal implementation of the shares in the event of an essential breach of this law, of securities law, or of the obligation to provide information on the share of the shares in the trading or stock market. The provisions or provisions adopted pursuant thereto, or if there is another particularly weighty reason.
If, in accordance with Article 31 (4) of Chapter 2, the financial supervision has been validated by the Stock Exchange in accordance with Article 31 (6) of Chapter 2, the stock exchange has been terminated by the Stock Exchange in accordance with Article 31 (4) of Chapter 2. Internal implementation, the internal executor shall suspend the internal execution of the shares in question.
This article applies to shares traded on a regulated market.
The exchange and multilateral trading organiser shall disclose to the public information on the bid and offer prices of the traded shares, as well as calls for tenders, in accordance with the provisions of the MiFID The implementing regulation provides. However, there is no obligation to publish if the market model of trading, the type of invitation to tender or the size of the tender fulfils the conditions for exemption from the disclosure requirement laid down in the Implementing Regulation of the MiFID.
The exchange and multilateral trading organiser shall make public the most up-to-date information available to the public on the sale of traded shares in the form of financial instruments The implementing regulation provides. However, the stock exchange and the organiser of the multilateral trading system may decide that the information on the size of the large trades can be made public at a later stage. The regulation implementing the Markets in Financial Instruments Directive lays down the conditions for postponement.
Prior to the adoption of the decision referred to in paragraph 3, the organiser of exchanges and multilateral trading shall be subject to the authorisation of the Financial Supervisory Authority for the release of information. The delay arrangements shall be communicated to the public.
The exchange and multilateral trading organiser shall publicly disclose information to the public about the bid and offer quotes, calls for tender and the sale of financial instruments other than those referred to in Article 1. Such information shall be made public to the extent that it is necessary to ensure reliable and fair trading in relation to the quality and scope of trade in financial instruments.
An investment service provider which, due to market conditions, cannot immediately execute a client's order to purchase or sell on a regulated market a share of the customer's order at the marginal price or at a better price, is As soon as possible, the mandate shall be published immediately in the manner in which it is easily accessible to other market participants. However, the investment service provider does not have a disclosure obligation if the customer expressly instructs him to do so.
The investment service provider may be deemed to have disclosed a contract within the meaning of paragraph 1, at least if the investment service provider has communicated it to a regulated market or mtf, As laid down in the Implementing Regulation of the MiFID. The Implementing Regulation of the Financial Instruments Directive also provides for further information on how to publish a mandate.
The investment service provider may not disclose the customer's limit order in accordance with the provisions of paragraphs 1 and 2, provided that the terms of the order are large in size compared to the normal size of the market. The applicability of the market in financial instruments in the Implementing Regulation of the MiFID to the normal market size of each share compared to the normal market size of each share.
This Article shall not apply to transactions between the trading parties of the stock exchange where the transaction is executed on a regulated market. In addition, this Article shall not apply to transactions between the trading parties of an mtf or between the organiser and the trading parties when the transaction is carried out in the multilateral In the trading system.
An investment service provider who, outside a regulated market or an mtf, carries out transactions on own account or on behalf of a client with shares which are traded on a regulated market, is: Make public the information available to the public as soon as possible.
The regulation implementing the Markets in Financial Instruments Directive provides for more detail:
(1) the information on the transactions must be made public;
(2) where the information is to be made public at the latest;
(3) different ways in which the investment service provider can disclose the information;
(4) requirements to be met by the investment service provider's arrangements for the disclosure of information;
5) in the event of a situation where, under paragraph 1, the two investment service providers are obliged to publish the information on the same transaction.
The investment service provider may decide to publish the information required by the transaction at a later date if the transaction is large in size compared to the normal trading of that share. The regulation implementing the Markets in Financial Instruments Directive lays down the conditions for postponement.
The obligation to publish tenders for intra-trade transactions shall be governed by the provisions of Chapter 5.
Compliance with this law, the provisions adopted pursuant to it and the rules of the stock exchange established under this Act shall be subject to the supervision of financial supervision.
Financial supervision shall act in the appropriate cooperation with the Energy Market Agency in the monitoring of trade in derivative contracts with underlying electricity, natural gas or allowances.
Prior to entering into supervisory measures for trading in derivative contracts based on electricity or natural gas, financial supervision shall be consulted on the Energy Market Agency if the measure appears to have an essential effect on electricity or The functioning of the natural gas market, the security of supply of electricity or natural gas, or the electricity market (16/1995) Or the natural gas market (508/2000) , subject to the urgency of the matter, subject to the urgency of the matter.
In carrying out the duties referred to in this Act, or as a member of an institution or a member of an exchange, or as a member of a staff member, or as a member of a staff member, A non-disclosure or commercial or professional secret shall not be disclosed or otherwise disclosed or used if it is not provided for, or ordered to be expressed in an appropriate order, or in the interests of which the obligation of professional secrecy Are provided, give their consent to express it.
Notwithstanding paragraph 1, a member of the institution of the stock exchange, a substitute member or a member of staff may, notwithstanding paragraph 1, disclose the information referred to in that provision to a person who is a member of the Community under the supervision of a trading and under the supervision of the public A service or a member of the institution, where disclosure is necessary to ensure the effective supervision of securities markets. In addition, the person concerned is subject to the obligation of professional secrecy equivalent to paragraph 1.
The right of financial supervision to disclose information is governed by the Law on Financial Supervision.
The decision of the Ministry of Finance under this Act may appeal to the Helsinki Administrative Court. An appeal to the decision of the administrative court may be appealed against in the same way as the administrative law (18/06/1996) Provides.
Where the decision to grant an authorisation to carry out a stock exchange exercise referred to in Article 3 of Chapter 2, or a decision within the meaning of Article 24 (1), for fixing the rules of the stock exchange or amendments thereto, has not been adopted Within the prescribed period, the applicant may lodge a complaint. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. The Ministry of Finance shall inform the Appellate Authority of the decision if the decision has been taken after the appeal has been lodged. Other aspects of the complaint and handling are governed by administrative law.
L to 946/2015 Article 1 shall enter into force on 1 January 2016. The previous wording reads:
Appeal by the Ministry of Finance under this Act shall be governed by the Law on Administrative Law (18/06/1996) .
Where the decision to grant an authorisation to carry out a stock exchange exercise referred to in Article 3 of Chapter 2, or a decision within the meaning of Article 24 (1) of Chapter 2 of the exchange rules or amendments thereto, has not been adopted for their adoption Within the prescribed period, the applicant may lodge a complaint. The appeal shall be deemed to have been submitted to the decision rejecting the application. Such a complaint may be lodged until the decision has been taken. The Ministry of Finance shall inform the Appellate Authority of the decision if the decision has been taken after the appeal has been lodged. Other aspects of the complaint and handling are governed by administrative law.
The review of financial supervision under this Act is governed by Article 73 of the Law on Administrative Law and the Law on Financial Supervision. The administrative right shall be subject to the urgent procedure referred to in Sections 25 and 28 to 32 of Chapter 2, Sections 5, 7 and 8 of Chapter 4 and Section 6 of Chapter 5.
The security issuer and the stock exchange may appeal to the financial supervision decision in the case referred to in Article 26 (4), Article 28 (7), Article 29 (2) and Article 31 (4), (6), (8) and (10). The securities issuer and the organiser of the mtf may appeal to the financial supervision decision in the case referred to in Article 7 (3), (4) and (6) of Chapter 4. A registered association in the interests of investors' interests, as well as the investor who owns or legitimizes the financial supervision decision, may appeal to the Financial Supervisory Decision in Article 26 (4) of Chapter 2; Article 29 (2), Article 31 (10) and Article 7 (6) of Chapter 4. The trading party whose rights have been revoked may appeal to the financial supervision decision in the case referred to in Article 30 (6) and Article 5 (5) of Chapter 4.
The provisions referred to in Article 38 (1) (2) of the Financial Control Act, for which a non-compliance or infringement is imposed, are:
(1) Articles 41 to 43 of Chapter 2 of the internal register and of the inner circle register;
(2) Article 3 (3) of Chapter 5 concerning the obligation to publish tenders in the internal execution of transactions;
(3) the provisions of Article 1 of Chapter 6 on the obligation to purchase and offer shares, calls for tenders and transactions in shares;
(4) the provisions of Article 2 of Chapter 6 on the obligation to purchase and sell financial instruments other than those referred to in Article 1 (1) of Chapter 6, as well as the obligation to publish these financial instruments;
(5) the provisions of Article 1 of Chapter 7 on the obligation to publish limit orders;
(6) Article 2 (1) of Chapter 7 on the obligation of an investment service provider to publish information on share transactions.
The provisions referred to in Article 38 (1) (2) of the Financial Control Act are, in addition to the provisions laid down in paragraph 1, more precise provisions concerning the provisions referred to in paragraphs 1 to 6, the provisions and the markets of financial instruments. Provisions of the Commission regulations and decisions adopted on the basis of the Directive.
The provisions referred to in Article 40 (1) of the Financial Control Act, which are subject to a penalty payment or penalty payment, are:
1. The provisions of Article 17 of Chapter 2 on the organisation of operations;
2) the provisions of Article 18 of Chapter 2 on the supervisory function of the stock exchange;
3. The provisions of Article 21 (1) of Chapter 2 on personal transactions;
4. The provisions of Article 33 of Chapter 2 on the settlement of transactions;
(5) the provisions of Article 2 of Chapter 4 on the rules of the mtf;
6. The provisions of Section 6 of Chapter 4 on the settlement of trades in the mtf;
7. Provisions of Chapter 4, Section 9, of the supervisory tasks of the multilateral trading organiser.
In addition to the provisions laid down in paragraph 1, the provisions referred to in Article 40 of the Financial Supervision Act are also subject to more detailed provisions concerning the provisions referred to in paragraphs 1 to 7 of that article, provisions and markets in financial instruments Provisions of the Commission regulations and decisions adopted on the basis of the Directive.
The imposition, publication, enforcement and handling of administrative penalties under market law are laid down in Chapter 4 of the Law on Financial Supervision.
Any person who intentionally or negligently causes another injury to the contrary in accordance with the provisions of this Act, the provisions adopted pursuant to it, or the Commission regulations and decisions adopted on the basis of the market in financial instruments In accordance with the procedure, shall be liable for the damage caused.
The settlement of damages and the distribution of liability between two or more liable parties shall be governed by the (1999) Chapters 2 and 6
Any intentional or gross negligence, contrary to Article 1 of Chapter 2, or to maintain a multilateral trading system contrary to Article 1 of Chapter 4, is to be condemned, unless the act is minor or otherwise provided for by law A heavier penalty, On the organisation of unauthorised trading through financial instruments Fine or imprisonment for a period not exceeding one year.
The penalty for breach of the obligation of professional secrecy laid down in Section 3 of Chapter 8 is punishable under criminal law (39/1889) 1 or 2, unless a heavier penalty is imposed in the rest of the law.
This Act shall enter into force on 1 January 2013.
This law will repeal the law on trade through standardised options and forward transactions (772/1988) (hereinafter ' the Repeal the law .
Where other legislation refers to the repeal of the law or otherwise refers to the rule of the repeal of the law, it shall be replaced by the provision of this law.
The stock exchange authorised before the entry into force of this Act does not need to apply for a new licence.
The stock exchange shall bring its rules into line with the requirements of this law and shall apply for amendments to the Ministry of Finance within six months of the entry into force of this Act.
The organisation of multilateral trading shall bring its rules into line with the requirements of this law within six months of the entry into force of this Act.
The insider on the exchange referred to in Section 41 of Chapter 2 of this Act shall bring an insider declaration in accordance with Article 42 to comply with the requirements of this Act within one month of the entry into force of the law. The stock exchange shall bring into line the requirements of the law within two months of the entry into force of the law within the meaning of Article 43 of Chapter 2.
THEY 32/2012 , TaVM 11/2012, EV 117/2012This Act shall enter into force on 15 April 2013.
THEY 4/2013 , TaVM 5/2013, EV 30/2013, Regulation (EU) No 648/2012 of the European Parliament and of the Council (32012RO648); OJ L 201, 27.7.2012, p. 1 TO 59
This Act shall enter into force on 15 March 2014.
THEY 94/2013 , TaVM 38/2013, PeVL 43/2013, EV 4/2014, Directive 2011 /61/eu of the European Parliament and of the Council; (32011L0061); OJ L 174, 1.7.2011, p. 1
This Act shall enter into force on 15 August 2014.
THEY 39/2014 , TaVM 6/2014, EV 62/2014
This Act shall enter into force on 1 January 2016.
In the case of appeals before the entry into force of this Act, the provisions in force at the time of entry into force of this Act shall apply.
THEY 230/2014 , LaVM 26/2014, EV 319/2014
This Act shall enter into force on 1 January 2016.
THEY 254/2014 , TaVM 34/2014, EV 371/2014
