Aggregated News From Investment Management Regulators

Finland

FIN-FSA decides not to extend its recommendation on distribution of credit institutions’ profits beyond 30 September 2021

The Financial Supervisory Authority (FIN-FSA) has decided not to extend its recommendation on the distribution of credit institutions’ profits beyond 30 September 2021. The recommendation expires as to both profit distribution and variable remuneration. Credit institutions’ decisions on profit distribution should take place after 30 September 2021. The FIN-FSA's decision takes into account the decision taken by the European Central Bank (ECB) on 23 July 2021 not to extend beyond September 2021 its recommendation that all banks limit dividends. The ECB's decision is based on the rebound in economic activity and hence reduced uncertainty. The FIN-FSA expects that credit institutions will...

New FIN-FSA Reporting Application workbooks downloadable from the Jakelu Distribution Service | EBA

FIN-FSA’s Reporting Application new Excel workbooks are available for download in the Jakelu Distribution Service. The Reporting Application’s workbooks take into account EBA’s updated validation rules (the latest on 30 June 2021). The updates affect the reporting of credit institutions, fund management companies and alternative investment fund managers. New workbooks from these data collections must be downloaded from the Jakelu Distribution Service COREP LCR DA, COREP LR, COREP NSFR, COREP OF and G-SII (DPM 3.0) More information on EBAs website. For further information, please contact Technical issues and matters of interpretation relating to EBA ITS reporting: EBAReportinghelpdesk(at)fiva.fi This news item was originally published...

Financial Supervisory Authority withdraws authorisation of Privanet Securities Ltd

The Financial Supervisory Authority (FIN-FSA) has withdrawn the investment firm authorisation of Privanet Securities Ltd with immediate effect. Pursuant to section 26 of the Act of the Financial Supervisory Authority, the FIN-FSA may withdraw the authorisation of a supervised entity if essential statutory conditions under which authorisation was granted no longer exist or the activities of a supervised entity constitute a material breach of the provisions governing financial markets. The FIN-FSA has decided to withdraw the investment firm authorisation of Privanet Securities Ltd (hereinafter Privanet) after detecting several serious omissions and violations in the activities of Privanet. Privanet did not take...

EBA has issued an updated list of validation rules | EBA

The European Banking Authority (EBA) has issued a revised list of validation rules (30 June 2021). The updates affect the reporting of credit institutions, fund management companies and alternative investment fund managers. The updates affect the reporting of COREP LCR DA, COREP LR, COREP NSFR, COREP OF and G-SII data collections (DPM 3.0) FP and REM HE data collections (DPM 2.10). Financial Supervisory Authority will publish FIN-FSA’s Reporting Application’s new workbooks for these data collections at the end of July. We will announce the publication with a reporting release. More information on EBAs website For further information, please contact Technical issues and matters...

Macroprudential decision: Housing loan cap for residential mortgage loans other than first-home loans to be set at 85%

The Board of the Financial Supervisory Authority (FIN-FSA) will lower the loan cap for residential mortgage loans other than first-home loans by five percentage points, to the pre-pandemic level of 85%. The housing market has recovered well from the shock caused by the COVID-19 pandemic. For households that have taken out new mortgages, total debts relative to income have grown further. This underlines the importance of curbing over-indebtedness. In June 2020, the FIN-FSA Board raised the loan cap (the maximum loan-to-collateral ratio, LTC) for residential mortgage loans other than first-home loans from 85% to the statutory standard level of 90%....

Amendments to regulations and guidelines concerning Common European Reporting (COREP)

Amendments have been made to regulations and guidelines 26/2013 Common European Reporting (COREP). FIN-FSA regulations and guidelines 26/2013 have been amended as follows: The scope of application of regulations and guidelines 26/2013 has been amended as the regulation on prudential reporting by investment firms was moved into separate regulations and guidelines 5/2021. Regulation and Guidelines 5/2021 shall be published following the publication of the Commission Implementing Regulation relating to the prudential reporting of investment firms in the Official Journal of the EU. European Commission Implementing Regulation (EU) 2021/453, as regards specific reporting requirements on market risk, was included as part...

EBA has issued a revised DPM 3.0 version and an updated list of validation rules | EBA

The European Banking Authority (EBA) has issued a revised DPM 3.0 version and an updated list of validation rules. The updates affect the reporting of credit institutions, investment firms, fund management companies and alternative investment fund managers. The FIN-FSA Reporting Application’s new Excel workbooks are downloadable from the Jakelu Distribution Service. The revisions to EBA DPM 3.0 version affect the reporting of COREP LE and COREP OF data collections. The updates to the EBA’s validation rules affect the reporting of AE, FINREP, FP, COREP LCR DA, COREP LE, COREP LR, COREP NSFR and COREP OF data collections. Deactivated validation rules DPM 3.0...

New workbooks for investment firms available for download from Jakelu Distribution Service | EBA National reporting (Virati)

The Excel workbooks for investment firms’ reporting applications in new reporting institution categories are available for download from the Jakelu Distribution Service. The new workbooks must be downloaded for all data collections starting from reporting reference date 30 June 2021. Financial data reporting (FINREP and Annex Tables FA and FT) will be reported next time for reporting reference date 30 June 2021 Remuneration-related reporting (REM HE) will be reported next time for reporting reference date 31 December 2021 Risk assessment questionnaire (RA) will be reported next time for reporting reference date 31 December 2021 Further information: Reporting release 26 May 2021...

Amendments to financial sector regulations and guidelines on reporting of financial information (FINREP)

Technical amendments have been made to financial sector regulations and guidelines on the reporting of financial information (FINREP). FIN-FSA regulations and guidelines 20/2013 have been amended as follows: The regulations and guidelines have been updated to correspond to the FIN-FSA's current format of regulations and guidelines The regulatory background has been updated to correspond to current regulation Entry into force of the amendments The amendments made to the regulations and guidelines will enter into force on 28 June 2021. For further information, please contact Sinikka Taskinen, Financial Analyst, sinikka.taskinen(at)fiva.fi Appendix Regulations and guidelines 20/2013: Financial sector regulations and guidelines on reporting of financial information (FINREP) This news...

Financial Supervisory Authority becomes member of Network of Central Banks and Supervisors for Greening the Financial System (NGFS)

The Financial Supervisory Authority (FIN-FSA) has been accepted as a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The network develops practices aimed at improving conditions for sustainable financing and identifying the risks to the financial sector from climate change. Anneli Tuominen, Director General of the FIN-FSA, is a member of the network’s steering committee. “In the future, supervision of sustainable financing will be a greater part of the FIN-FSA’s work.It is important that we contribute to creating common, international supervisory practices,” says Tuominen. The NGFS plays a key role in sharing supervisors’ best practices,...

Unemployment funds 2020: earnings-related daily allowance expenditure and number of daily allowance beneficiaries increased considerably, and application processing times lengthened

The economic impacts of the coronavirus (COVID-19) crisis pervaded the operation of unemployment funds as of the spring 2020. Among other things, the crisis affected the growth of claims expenditures, application processing times and the number of members. Unemployment funds’ expenditures for earnings-related daily allowances increased by 58% on the previous year. A total of EUR 2.7 billion in earnings-related daily allowances was paid. The number of earnings-related daily allowance beneficiaries grew by 83% and the number of allowance days paid increased by 46%. Earnings-related daily allowance expenditures increased in 24 funds and decreased in one. There was considerable variation...

EBA to organise workshop on improving reporting practices and data quality, 29 June 2021 | EBA

The European Banking Authority (EBA) has enhanced its data infrastructure platform for collecting banking and financial data for all credit institutions in Europe. In this context, the EBA will organise a one day workshop on 29 June 2021 starting 9:15 am CEST. The workshop aims to promote better reporting practices and data quality from reporting banks when submitting data. The target audience consists primarily of reporting experts of credit institutions. The EBA has decided to limit the number of participants to two representatives per organisation. More information and registration link on EBAs website. This news item was originally published by the Financial...

Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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