Aggregated News From Investment Management Regulators

Finland

Tero Kurenmaa to head Legal Unit at the FIN-FSA

Tero Kurenmaa, Doctor of Laws (LLD), has been appointed Head of the new Legal Unit at the FIN-FSA for a five-year term, commencing 1 June 2021. The Head of Legal Unit is a member of the FIN-FSA’s management group and reports directly to the Director General. The newly established Legal Unit is responsible for the FIN-FSA’s legal policies and decisions, the preparation of administrative sanctions, and the coordination of FIN-FSA regulations and guidelines. In addition, the unit ensures consistency across legal interpretations prepared at different departments. The unit also offers general counsel to the FIN-FSA’s management and to the rest...

Signature certificates updated in reporting encryption software and CSV-format reporting applications | Bank, Insurance, Capital Markets

The signature certificates of the reporting encryption software BofCryptNxt and BofCryptNxtConsole as well as of the CSV-format reporting applications have been updated. The encryption software update concerns all reporters submitting CSV-format reports to the Financial Supervisory Authority. The BofCryptNxtConsole encryption software is included in the installation packages of all Virati workbooks downloadable in the Jakelu distribution service. Both encryption software can be used to encrypt reports generated directly from the reporter's own systems. The signature certificates of the FIN-FSA reporting application (XBRL/XML) have been updated earlier and are up to date. Further information is available on request by email at VIRATIhelpdesk(at)fiva.fi This news...

EBA DPM 3.0 version testable with demo version of FIN-FSA Reporting Application and reporting test environment

A demo version of the FIN-FSA Reporting Application (XBRL/XML) and Excel-workbooks including European Banking Authority's (EBA) DPM 3.0 version updates are available for download in the Jakelu distribution service. DPM 3.0 version updates are testable in the reporting test environment. DPM 3.0 version updates affect the reporting of credit institutions, investment firms, fund management companies and alternative investment fund managers. The demo version of the Reporting Application and workbooks are downloaded from the Jakelu distribution service: Messages and news – Demo version of the FIN-FSA Reporting Application / FIVA Tiedonkeruusovellus (XBRL/XML) and workbooks. In the workbooks it is possible to...

Reports of data collections concerning remuneration can be reported to FIN-FSA

The reports of data collections concerning remuneration (REM BM and REM HE) can now be reported to the FIN-FSA. The Excel workbooks of the FIN-FSA reporting application (XBRL/XML) are available for downloading in the Jakelu distribution service. Downloading the new workbooks is necessary for all reporters in the data collections concerning remuneration. The collection of data concerns reporting on credit institutions and investment services. In connection with the publication of phase 2 of DPM version 3.0 (18 March 2021), the EBA retroactively revised the taxonomy (1.0.1) of the REM and REM HE data collections for the reporting reference date 31...

Revision to Regulations and Guidelines 9/2019 Presentation of information in a prospectus under the Prospectus Regulation

By revising Regulations and Guidelines 9/2019, the Financial Supervisory Authority (FIN-FSA) implements nationally the European Securities and Markets Authority’s (ESMA) guidelines on disclosure requirements under the Prospectus Regulation (ESMA32-382-1138). The revision will enter into force on 4 May 2021. The purpose of these guidelines is to help market participants to understand and comply with the disclosure requirements set out in the Commission Delegated Regulation and to enhance consistency across the Union. These Guidelines apply to competent authorities and market participants as defined in the Prospectus Regulation, including the persons responsible for a prospectus under Article 11(1) of the Prospectus Regulation. The FIN-FSA...

Guidelines of the European Banking Authority (EBA) on a sectoral systemic risk buffer

On 21 April 2021, the Financial Supervisory Authority (FIN-FSA) took a decision to apply the Guidelines of the European Banking Authority (EBA) of 30 September 2020 on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer. The national legislation on a sectoral systemic risk buffer entered into force on 1 April 2021 in Finland. The EBA’s guidelines are designed for the competent or designated authorities of EEA Member States. They lay down detailed rules for application of the sectoral systemic risk buffer, while also promoting the transparency of the FIN-FSA’s decision-making...

Room for development remains in UCITS liquidity management

The Financial Supervisory Authority (FIN-FSA) considers that there remains room for improvement in procedures related to UCITS liquidity management. Management companies are responsible for ensuring an adequate level of liquidity risk management for UCITS, both in normal and extraordinary market conditions. The purpose of liquidity management is to ensure that the fund is able to pay, at a predetermined date, redemption orders made by investors to the fund. Finnish UCITS, however, did not experience significant shortcomings in their liquidity during the market conditions caused by the coronavirus pandemic in spring 2020. Liquidity risk management in UCITS is important for management...

Anneli Tuominen named Interim Chair of ESMA

The European Securities and Markets Authority (ESMA) has appointed the FIN-FSA’s Director-General Anneli Tuominen to be its Interim Chair from 1 April until the next permanent Chair is appointed. Anneli Tuominen is currently Vice Chair of ESMA. ESMA’s current Chair, Steven Maijoor’s term ended on 31 March 2021. See also ESMA’s press release Anneli Tuominen’s CV Additional information Director-General Anneli Tuominen, tel. +358 (0)10 831 5300. This news item was originally published by the Financial Supervisory Authority (FIVA FI). For more information, please see the Source Link.

Amended EBA Implementing Technical Standard (ITS) – phase 2 of DPM version 3.0 published | EBA

The European Banking Authority (EBA) has published phase 2 of its Implementing Technical Standard (ITS) and version 3.0 of the Data Point Model (DPM) used in regulatory reporting as well as the related XBRL taxonomy. The DPM v3.0 will apply to reporting as from the reference date 30 June 2021 and applies to the reporting of credit institutions and investment firms. The ITS will be binding legislation after it has been adopted by the European Commission and published in the Official Journal. Changes in phase 2 Amendment to the taxonomy of data collection related to remuneration (REM and REM HE) In connection...

Macroprudential decisions of the FIN-FSA Board in 2021

According to the preliminary schedule, the macroprudential decisions of the FIN-FSA Board will be published in 2021 on 29 June, 24 September and 17 December. We will confirm the date of publication on the FIN-FSA website and in Twitter around one week before publication. The FIN-FSA publishes its decision at 9.30 with a press release. The Board of the Financial Supervisory Authority assesses on a quarterly basis the short- and long-term risks to the stability of Finland’s financial system. If necessary, the Board may tighten or relax the macroprudential instruments used to promote stability. The Board also decides on a quarterly...

Reporting threshold for net short positions returns to 0.2%

The European Securities and Markets Authority (ESMA) has decided not to renew its decision to temporarily lower the reporting threshold for net short positions from 0.2 per cent to 0.1 per cent. ESMA considers that the current situation in the financial markets no longer meets the definition of emergency situation required by the Short Selling Regulation and that therefore grounds for a temporary reduction of the reporting threshold no longer exist. ESMA’s decision on the temporary reduction of the reporting threshold entered into force on 16 March 2020. The decision was valid for three months and it was renewed in June,...

Macroprudential decision: FIN-FSA will not tighten macroprudential requirements but will closely monitor mortgage lending

The Financial Supervisory Authority (FIN-FSA) is closely monitoring the housing market and household indebtedness and urges banks to take particular care when assessing borrowers’ ability to pay, especially in the case of large and long-term loans. For now, the maximum loan-to-collateral (LTC) ratio, i.e. the loan cap, and banks’ capital requirements will remain unchanged. The second wave of the COVID-19 pandemic has slowed economic growth and is prolonging uncertainty. However, towards the end of 2020 house sales and mortgage lending picked up and at the same time household debt relative to disposable income grew further. ‘In this situation, the FIN-FSA Board...

Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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