Aggregated News From Investment Management Regulators

Financial Supervisory Authority enhances monitoring of financial sector


Please complete the required fields.

In response to the corona virus pandemic, the outlook for the global and the Finnish economy has weakened considerably. The pandemic is also threatening to constrain companies’ access to funding in Finland. The Financial Supervisory Authority (FIN-FSA) is enhancing its monitoring of the financial sector and, in cooperation with European and Finnish authorities, has adopted measures to promote access to funding and the smooth functioning of the markets despite the pandemic.

The FIN-FSA participates in the decision-making of the European Central Bank (ECB) and the European Banking Authority (EBA). On 12 March 2020, the ECB and EBA decided on several measures to facilitate lending by banks. On 13 March 2020, the FIN-FSA made a notification to the Ministry of Social Affairs and Health on exceptional circumstances in the financial markets as there is a risk of deterioration in the average solvency of employee pension institutions.

The FIN-FSA confirms, in line with the decisions taken by the European Central Bank, that banks are temporarily exempt from fulfilling certain additional capital and liquidity requirements. This will facilitate credit institutions’ ability to provide funding to non-financial corporations and households and will alleviate the negative economic effects of the pandemic.

The Board of the FIN-FSA has started work on an immediate review of the level of capital requirements that are subject to national decision-making.

At the end of 2019, the Finnish financial sector was solid and is therefore well-equipped to face the changing situation. The FIN-FSA will report in greater detail on the current situation in the financial sector and the measures taken at its press conference on the financial position and risks of supervised entities, to be held on Tuesday, 17 March at 10.00.

The corresponding Finnish-language press release was published on 15 March 2020.

See also

Source link

Regulator Information

Abbreviation: FIN-FSA
Jurisdiction: Finland

Recent Articles

Listen to Kathrin Moules, Deputy Head of the CSSF’s Supervision of Information Systems and Support PFS department, speak about the challenges addressed by Circular... CSSF · Circular CSSF 21/769 on telework This news item was originally published by the Commission de Surveillance du Secteur Financier (CSSF LU). For...

Blumanstock Limited

  Attention! The FMA warns investors against concluding transactions with: Blumanstock Limited with its registered address apparently at Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 [email protected] This provider is...

The FMA warns about fraudsters passing themselves off as FMA employees

The Austrian Financial Market Authority (FMA) warns about fraudsters who pretend to be FMA employees. They contact people via e-mail or over the telephone,...

Get the latest from Regulatory.News in your inbox!