1 Unofficial translation No. 878 shall apply to the administration of the Financial Supervisory Authority , unless Act on the Financial Supervisory otherwise provided in this Act. Authority In addition to this Act, the Act on the Amendments up to included Supervision Fees of the Financial Supervisory Authority (879/2008) shall apply to the Adopted in Helsinki on 19 December 2008 covering of costs arising from the activities of Pursuant to the decision of Parliament, the the Financial Supervisory Authority . following is enacted: Chapter 1 Section 3. General provisions Mission Section 1 The Financial Supervisory Authority shall Objective supervise the operations of Financial market participants, as provided in this Act and in The activities of the Financial Supervisory other acts. The Financial Supervisory Authority are aimed at ensuring Financial Authority shall also foster compliance with stability and the necessary smooth operation good practice in, and public awareness of, of credit, insurance and pension institutions, Financial markets.
2 And other supervised entities, so as to safeguard the interests of the insured and In order to fulfill its tasks separately provided maintain confidence in the Financial markets. in law, the Financial Supervisory Authority shall 1) grant authorisation to Financial Section 2 market participants, register Financial market participants and confirm rules Administrative status and applicable law concerning their operations;. The Financial Supervisory Authority shall 2) monitor that Financial market operate in connection with the Bank of participants comply with the Finland. Consideration by the Government of provisions applicable to them matters concerning the Financial Supervisory governing Financial markets and the Authority shall fall within the competence of regulations issued thereunder, the the Ministry of Finance. terms of their authorisation and the In addition to this Act, the Act on the Bank of rules concerning their operations;. Finland (214/1998), the Act on Officials of the 3) monitor the issuance of, and trading Bank of Finland (1166/1998) and other in, Financial instruments and provisions concerning the Bank of Finland 1.
3 Unofficial translation compliance with the provisions and Financial market participants, and the regulations governing clearing and evolution of other general operating custodial services; conditions;. 4) supervise compliance with 2) introduce initiatives for the International Financial Reporting development of Financial market Standards, as provided below; legislation and other requisite measures, and participate in the 5) monitor that Financial market preparation of legislation;. participants comply with the provisions and regulations applicable 3) monitor and analyse the availability to them concerning prevention and and pricing of basic banking services;. detection of money laundering and 4) foster reliable corporate governance the financing of terrorism;. systems in those Financial market 6) issue regulations necessary for participants whose Financial position application of the Act as separately it monitors;. provided in law;. 5) collect and regularly publish 7) direct and supervise the activities of comparable data on Financial market the savings bank inspectorate; participants' Financial position and otherwise contribute to access to 7a) supervise, together with the Finnish information on Financial services and Resolution Authority , as referred to in Financial market activity.
4 The Act on the Finnish Resolution Authority (1195/2014), Financial 6) participate in national cooperation market participants' compliance with between authorities;. the provisions of the Act on the Crisis 7) participate in European Union Resolution of Credit Institutions and cooperation within the framework of Investment Firms (1194/2014), the European System of Financial hereinafter referred to as the Crisis Supervisors (ESFS) as referred to in Resolution Act, applicable to them;. section 3a, and in other international ( ). Supervisory cooperation;. 8) perform its other statutory duties. ( ). ( ). 8) participate in combating criminal In addition, the Financial Supervisory misuse of the Financial system;. Authority shall 9) promote scientific research and 1) monitor and evaluate developments education for the Financial sector in in Financial markets and the rest of cooperation with institutions of the operating environment for higher education; ( ).
5 2. Unofficial translation 10) monitor developments in the Bank, hereinafter referred to as ECB, and remuneration schemes of credit national competent authorities, as referred institutions and investment firms and to in the SSM Regulation. provide information thereon to the The Financial Supervisory Authority is a European Banking Authority ;. member of the European System of Financial ( ). Supervision designed to strengthen the 11) attend to the duties of a regulatory supervision of the Financial system of the Authority regarding the Global Legal European Union, as referred to in Regulation Entity Identifier System and (EU) No 1093/2010 of the European participate in other official Parliament and of the Council establishing a cooperation related to it; European Supervisory Authority (European ( ) Banking Authority ), amending Decision No 716/2009/EC and repealing Commission 12) prepare, together with the Ministry of Decision 2009/78/EC; Regulation (EU) No Finance and the Bank of Finland, 1095/2010 of the European Parliament and measures necessary to ensure the of the Council establishing a European stability of the Financial system as a Supervisory Authority (European Securities whole and decide on such measures and Markets Authority ), amending Decision as separately provided for by law.
6 No 716/2009/EC and repealing Commission ( ). Decision 2009/77/EC; and Regulation (EU) No The Financial Supervisory Authority shall 1094/2010 of the European Parliament and attend to the responsibilities under this law of the Council establishing a European and elsewhere in law, unless otherwise Supervisory Authority (European Insurance provided by the Council Regulation (EU) No and Occupational Pensions Authority ), 1024/2013 conferring specific tasks on the amending Decision No 716/2009/EC and European Central Bank concerning policies repealing Commission Decision 2009/79/EC, relating to the prudential supervision of hereinafter referred to as European Financial credit institutions, hereinafter referred to as Supervision Regulations; and Regulation (EU). SSM Regulation. ( ) No 1092/2010 of the European Parliament and of the Council on European Union macro- prudential oversight of the Financial system and establishing a European Systemic Risk Section 3a ( ).
7 Board, hereinafter referred to as Regulation Single Supervisory Mechanism and European on the European Systemic Risk Board. System of Financial Supervision In the performance of its duties, the Financial The Financial Supervisory Authority is a Supervisory Authority shall, in addition to the member of the Single Supervisory provisions laid down elsewhere in law, also Mechanism comprising the European Central consider the decisions, guidelines and 3. Unofficial translation recommendations of the ECB, as referred to in the European Financial Supervision in the Regulation mentioned in section 3, Regulations, and with the European subsection 4, and the legal acts adopted by Systemic Risk Board;. the ECB by virtue of the said Regulation, and 2) deliver to the ECB, the European the decisions, guidelines and Supervisory Authorities, the European recommendations issued by the European Systemic Risk Board and the Joint Banking Authority , the European Securities Committee of the European and Markets Authority and the European Supervisory Authorities such Insurance and Occupational Pensions information as is necessary for the Authority , as referred to in the Regulations performance of their duties.
8 Mentioned in subsection 2, hereinafter referred to as the European Supervisory Authorities, the recommendations of the European Systemic Risk Board and the legal Section 3b ( ). acts of the European Commission containing Cooperation in the preparation of legal acts, technical standards and adopted by the regulations and guidelines ( ). Commission under the competence afforded to it by the European Financial Supervision The Financial Supervisory Authority shall fulfil Regulations. its mission as referred to in section 3, subsection 2, paragraph 6 and, regarding the If compliance with a guideline or regulation of Financial markets, in section 3a, recommendation as referred to in subsection in cooperation with the Ministry of Finance, 3 is not possible, the Financial Supervisory the Ministry of Social Affairs and Health and Authority shall specify the grounds for any other competent ministries. diverging from the guideline or recommendation and relate these to the The Financial Supervisory Authority shall appropriate European Supervisory Authority forthwith inform the Ministry of Finance and or the European Systemic Risk Board.
9 Ministry of Social Affairs and Health of In the cases referred to in the European 1) a legal act under preparation by the Union Financial market legislation and as ECB, if the act may have an effect on provided for by the SSM Regulation, the Finnish legislation;. European Financial Supervision Regulations 2) a technical standard or guideline and the Regulation on the European Systemic under preparation by a European Risk Board, the Financial Supervisory Supervisory Authority , if the Financial Authority shall Supervisory Authority assesses that 1) cooperate with the ECB, the European such technical standard or guideline Supervisory Authorities and the Joint may have an effect on Finnish Committee of the European legislation;. Supervisory Authorities as referred to 4. Unofficial translation 3) any other matters under Section 4 ( ). consideration by the ECB, a European Supervised entities Supervisory Authority or the European Systemic Risk Board which For the purposes of this Act, supervised entity the Financial Supervisory Authority means an entity or institution as referred to assesses may have an effect on the in subsections 2 4.
10 Functioning or stability of Finnish Financial markets. For the purposes of this Act, authorised supervised entity means: ( ). 1) a credit institution or the branch of a third country credit institution as referred to in the Credit Institutions Section 3 c ( ). Act (610/2014); ( ). Cooperation between authorities in the 2) an insurance company as referred to prevention and combat of economic crime in the Insurance Companies Act The Financial Supervisory Authority (521/2008);. cooperates with the Money Laundering 3) an employee pension insurance Clearing House, the police, the Grey Economy company as referred to in the Act on Clearing House, the tax authorities and other Employee Pension Insurance competent authorities to prevent and Companies (354/1997);. combat economic crime. 4) a fund management company as If in the exercise of supervision or other referred to in the Mutual Funds Act statutory duties, the Financial Supervisory (48/1999) or a custodian authorised Authority finds or suspects that Financial under the said Act; ( ).