Declarations of insider holdings
Insiders of a company, ie persons subject to the disclosure obligation have the duty to declare to their own company on their holdings of securities issued by the company.
The corresponding declarations are also given on the insider's spouse or cohabitation partner, persons under his guardianship, other family members who have lived in the same household for at least one year and corporations controlled by all before-mentioned persons and corporations in which they exercise influence. No declaration is required on securities holdings in respect of corporations in which influence is exercised.
The declaration of insider holdings must be submitted within 14 days of the date the person concerned started to function in a position subject to the disclosure obligation. Changes in the information must be submitted within 7 days. The declaration must be made using the form approved by the Financial Supervisory Authority.
The information is collected in an insider register that can be maintained by the company itself, or it can maintain its register eg in the insider register of the Finnish Central Securities Depository. The information in the register on persons subject to the disclosure obligation is public, except for the social security number and the address. As regards other persons than those subject to the disclosure obligation (eg spouse or cohabitation partner, family members under guardianship), only the information on securities holdings is public and other information, such as name, social security number and address, is not public.
The FIN-FSA standard 5.3 on declarations of insider holdings and insider registers defines more specifically, for instance, how and when declarations must be made, those who are required to make such declarations, what must be declared, how controlled corporations and corporations in which influence is exercised are defined, and the exemptions applied.
Forms for declaring insider holdings are available via the menu on the left.
2 February 2010