FIN-FSA FI

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,...

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...

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...

COREP OF template C 15.00 Exposures and losses from lending collateralised by immovable property will change with DPM 3.0 to be reported annually. DPM 3.0 enters into force on 30 June 2021, i.e. template C 15.00 will be submitted the next time with regard to data for reporting reference date 31 December 2021. The change applies to all actors, i.e. credit institutions, branches and fund management companies, that report the COREP OF data collection. Additional information: Commission Implementing Regulation (EU) 2021/451 For further information, please contact EBAReportingHelpdesk(at)fiva.fi This news item was originally published by the Financial Supervisory Authority (FIVA FI). For more information, please...

The Finnish financial sector's capital position remained good in the first quarter of 2021. The outlook for the Finnish economy is bolstered by the rapid progress in COVID-19 vaccinations and improvements in business and household confidence. Risks related to the pandemic and economic developments are, nevertheless, still heightened. ‘Even though the state of the Finnish financial sector has remained good during the COVID-19 pandemic, the sector must continue to prepare for possible loan losses and changes in financial market pricing. Thanks to its good capital position, the Finnish financial sector can nevertheless support the economic recovery, despite the uncertainties,’ notes...

By revising regulations and guidelines 7/2018, the Financial Supervisory Authority (FIN-FSA) implements nationally the European Securities and Markets Authority’s (ESMA) guidelines on certain aspects of the MiFID II compliance function requirements (ESMA35-36-1952). These guidelines replace the ESMA guidelines on the same topic ESMA/2012/388. The revision will enter into force on 7 June 2021. In its regulations and guidelines, the FIN-FSA recommends that entities falling within the scope of application of the ESMA Guidelines comply with them. The objectives of ESMA's guidelines are to establish consistent, efficient and effective supervisory practices within the ESFS and to ensure the common, uniform and consistent application...

Fund companies Fund companies that do not provide asset management / investment services • The scope of reporting continues as before • The information in template C 01.00 (Own funds) must be reported in accordance with the provisions of Article 26 of the CRR Regulation. The information in line 0840 (own funds requirements based on fixed costs) in template C 04.00 (Memorandum items) must be reported in accordance with the provisions of Article 13 of the IFR Regulation. Fund companies that provide asset management / investment services • Reporting of AE data collection ends • The scope of COREP data collection is reduced to only...

The Parliamentary Supervisory Council appointed on 28 May 2021 Ms Minna Lehmuskero as deputy member of the Board of the Financial Supervisory Authority to serve until the end of the Board’s three-year term that began on 1 January 2021. Ms Minna Lehmuskero is currently Senior Actuary in the Department for Insurance and Social Security at the Ministry of Social Affairs and Health. In her appointment as deputy member, Ms Minna Lehmuskero succeeds Mr Hannu Ijäs. Chair of the FIN-FSA Board is Ms Marja Nykänen, Deputy Governor of the Bank of Finland. Vice Chair of the FIN-FSA Board is Ms Leena Mörttinen,...

COREP and AE data collections (Common European Reporting) to end All reporting related to COREP data collections (COREP OF, COREP LE, COREP LR) and AE reporting will end. The final reporting reference date was 31 March 2021. IF data collection (Prudential reporting for investment firms) will replace COREP data collection The Directive on the prudential supervision of investment firms (EU) 2019/2034 (IFD) and the Regulation on the prudential supervision of investment firms (EU) 2019/2033 (IFR) were published on 5 December 2019. The Directive must be implemented nationally by 26 June 2021 and the Regulation will apply from the same date. At the...

FIN-FSA’s Reporting Application 21.0.18 and new Excel workbooks for EBA and EIOPA data collections as well as ESMA AIFMD data collection are now available for download in Jakelu distribution service. EBA – credit institutions, investment firms, fund management companies, authorised alternative investment fund managers The Reporting Application takes into account taxonomy changes of the DPM 3.0 version updates related to EBA’s data collections. Entry into force REM BM and REM HE modules retroactively as from the reference date 31 December 2020 AE, COREP ALM, COREP LCR DA, COREP LE, COREP LR, COREP NSFR, COREP OF and FINREP9 modules as from...

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...

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...