Authorisation is granted only when the entity seeking authorisation meets the necessary regulatory requirements. A key precondition for authorisation is that the entity seeking authorisation is managed in a professional manner and in line with sound and prudent business principles. The entity must have sound internal governance and adequate financial resources. Its business operations must be planned, managed, organised and controlled according to high professional and ethical standards. The organisation must also have its headquarters in Finland.
Conditions governing the authorisation of credit institutions, investment firms, fund management companies, alternative investment fund managers and custodians as well as payment institutions are laid down in the Credit Institutions Act, Investment Services Act, Mutual Funds Act, Alternative Investment fund manager Act and Payment Institutions Act as well as in the relevant Ministry of Finance decrees, respectively. Conditions governing the authorisation of insurance companies are set out in the Insurance Companies Act. Insurance intermediaries are required to register in accordance with the Insurance Mediation Act.