Aggregated News From Investment Management Regulators

FIN-FSA FI

Amendments to FIN-FSA regulations and guidelines 3/2011 as regards sustainability risks and sustainability factors to be taken into account

Amendments have been made to FIN-FSA regulations and guidelines 3/2011 on the organisation and code of conduct of investment fund activities. Based on the FIN-FSA’s regulatory powers, the present amendments to the regulations and guidelines implement nationally Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS). New regulations incorporated into the regulations and guidelines provide that sustainability risks and sustainability factors shall be taken into account by management companies in their activities. The amendments to the regulations and guidelines are applicable...

Arttu Kiviniemi to head Financial Analysis division

Arttu Kiviniemi, M.Sc (Econ.), has been appointed head of the FIN-FSA’s Financial Analysis division as from 5 July 2022. Mr Kiviniemi has held several positions in the field of analysis and reporting at the FIN-FSA since 2015. He has extensive experience in reporting, bank analysis, oversight and macroprudential supervision. Further information Samu Kurri, Head of Department. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (Mon–Fri 9:00–16:00). This news item was originally published by the Financial Supervisory Authority (FIVA FI). For more information, please see the Source Link.

Unemployment funds 2021: earnings-related daily allowance expenditure and the number of allowance days and daily allowance beneficiaries decreased

The COVID-19 pandemic affected the operation of unemployment funds particularly heavily in the period from spring 2020 to spring 2021. At the beginning of 2021, benefit expenditures remained at a high level, but they began to decline from the spring onwards, settling at a considerably lower level for the rest of the year than in 2020. In comparing the benefit expenditures of different years, it must be taken into account that temporary changes that increased employment funds’ expenditures were made to legislation on benefits during the pandemic. In 2021, a total of EUR 2.5 billion in earnings-related daily allowances was...

Amendments to FIN-FSA regulations and guidelines 7/2018 concerning the integration of sustainability factors into product governance obligations and to implement new ESMA Guidelines on...

The following amendments have been made to FIN-FSA regulations and guidelines 7/2018 on the organisation of activities and code of conduct of investment services: New ESMA Guidelines on appropriateness requirements The present amendments implement nationally the new Guidelines of the European Securities and Markets Authority (ESMA) “Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements” (ESMA35-43-3006). The purpose of the Guidelines is to clarify the application of certain aspects of requirements concerning the MiFID II appropriateness assessment and the execution and transmission of client orders at the client’s initiative (“execution-only” service) and to ensure the common, uniform, and consistent...

Financial sector’s capital position as at 31 March 2022: Finnish financial sector’s good capital position increasingly important – uncertainty marks the operating environment and...

The impacts of Russia’s war, the pick-up in inflation and slowdown in economic growth are creating a high level of uncertainty, accompanied by a rise in interest rates and decline in share values. The preparedness of supervised entities for the consequences of these developments and for possible cyber attacks requires sufficiently large capital buffers for all situations and voluntary contingency plans. The state of the financial sector has remained good, but the operating environment has become more uncertain. “The Financial Supervisory Authority is monitoring the operating environment very closely, just as other authorities are doing, each from their own perspective. High...

Penalty payment of EUR 125,000 for LocalTapiola Asset Management Ltd due to omissions concerning arrangements for transaction reporting

The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 125,000 on LocalTapiola Asset Management Ltd. In the period between January 2018 and July 2020, the company failed to comply with the provisions concerning the arrangements for transaction reporting. Transaction reporting plays a key role in market abuse surveillance conducted by the FIN-FSA and therefore in ensuring confidence in the securities markets. This is why special attention should be paid on the quality and scope of transaction reporting, and investment service providers should have methods and arrangements in place to ensure that the information reported by them is...

Tero Kurenmaa appointed as FIN-FSA Director General

The Parliamentary Supervisory Council has today appointed Tero Kurenmaa, LL.D., to the position of Director General of the Financial Supervisory Authority (FIN-FSA) for a five-year term commencing on 15 June 2022. The appointment was made on the basis of a proposal by the FIN-FSA Board. In his current and previous posts, Kurenmaa has gained considerable experience both of leadership tasks in expert organisations within public administration and of financial market supervision. ”Tero Kurenmaa has the necessary expertise and experience for this position in regard to managing large government-sector organisations and carrying through development projects and changes. His experience and proven skills...

Authorised representative’s supervision of Elo Mutual Pension Insurance Company to end

In its decision of December 2020, the Financial Supervisory Authority (FIN-FSA) appointed an authorised representative to supervise Elo Mutual Pension Insurance Company until further notice. The FIN-FSA is now of the opinion that Elo has taken extensive and significant measures to develop its corporate governance, and the authorised representative’s supervision will be brought to an end on 30 June 2022. On 31 May 2022, the FIN-FSA decided that the authorised representative’s supervision of Elo Mutual Pension Insurance Company will end on 30 June 2022. The supervision has been based on the FIN-FSA’s decision of 11 December 2020 to appoint an...

Public consultations of the European Commission on the review of regulation concerning payment services and the open finance framework

On 10 May 2022, the European Commission launched two important public consultation rounds. The Financial Supervision Authority encourages its supervised entities and stakeholders to respond to them. The consultation periods run until 5 July 2022. Second Payment Services Directive (PSD2) This consultation concerns the Second Payment Services Directive (PSD2) The purpose of the consultation is to gather views regarding the impact and revision needs of PSD2. Opinions collected in the consultation are also used as input for a potential reform of PSD2. The review of PSD2 is part of the Commission's retail payments strategy published on 24 September 2020. Regulatory framework for...

Amendment to regulations and guidelines 9/2014 on the introduction of the LEI code

The Financial Supervisory Authority has amended regulations and guidelines 9/2014 which implement nationally the Guidelines of the European Insurance and Occupational Pensions Authority (EIOPA) on the use of the Legal Entity Identifier (LEI) and the Recommendation of the European Banking Authority (EBA) on the use of LEI. The section of the FIN-FSA regulations and guidelines applicable to the insurance sector is updated since EIOPA has issued revised Guidelines on the use of LEI (EIOPA BoS-2021/456). The revised EIOPA Guidelines clarify the scope of application and extend it to agents with cross-border activities within European Economic Area. The revised EIOPA Guidelines...

Penalty payment of EUR 25,000 and public warning for Nada express osk due to omissions concerning compliance with anti-money laundering regulations

The omissions relate to various obligations under the regulations on preventing money laundering and terrorist financing. Specifically, there have been shortcomings pertaining to the obliged entity's risk assessment, the assessment of risks associated with customer relationships, customer due diligence, the retention of customer due diligence data, the enhanced customer due diligence obligation, ongoing monitoring as well as the obligation to obtain information and report. The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 25,000 and issued a public warning to Nada express osk, because it has not satisfactorily performed customer due diligence, the retention of customer due...

EBA published amended Implementing Technical Standard (ITS) – DPM 3.2, applicable for data as of 31 December 2022

The European Banking Authority (EBA) has published the first phase (Phase 1) of the Implementing Technical Standard (ITS) with regard to DPM version 3.2 used in official reporting and the XBRL taxonomy. The changes affect the reporting of credit institutions, investment firms, fund management companies and authorised alternative fund managers. Phase 1 of DPM 3.2 includes changes to the following reports: COREP, AE, G-SII and IF. Phase 2 of DPM 3.2 is expected to be published in the second quarter of 2022 and will cover Supervisory Benchmarking reporting. Phase 3 of DPM 3.2 is expected to be published in...

Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

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