A written application is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contacts the FIN-FSA before applying to clarify the procedure.
Processing schedule for the application
A decision on authorisation is announced within six months of receipt of the application. Approval depends on the application being accompanied by all the required clarifications. In any case, a final decision on authorisation is always issued to credit institutions, investment firms, fund management companies and custodians within 12 months from receipt of the application. For insurance companies the time limit is six months. Payment institutions must be issued a decision on authorisation within three months from receipt of the application, provided that the application includes all the required clarifications. A decision on authorisation of alternative investment fund manager is announced within three months of receipt of the application. Financial supervisory authority may decide to extend this time limit maximum three months.
Reporting and information on authorisation
Once authorisation is granted to a credit institution, investment firm, fund management company, alternative investment fund manager, custodian or payment institution, the FIN-FSA makes the appropriate declaration for entry into the trade register. It is important to note, however, that a company to be established may only commence operations once the entry has been completed in the trade register. Authorised payment institutions are entered in a register of payment institutions, maintained by the FIN-FSA, and authorised insurance companies are entered in a register of insurance company authorisations, maintained by the FIN-FSA.
After granting an authorisation, the FIN-FSA releases information to the following: the Deposit Guarantee Fund (in the case of the authorisation of a deposit bank), the Investor Compensation Fund (authorisation to investment firms and to credit institutions offering investment services, fund management companies and alternative investment fund managers) and the EU Commission (credit institution authorisation).
Application forms and instructions as well as application attachments are only available in Finnish and in Swedish.