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Supervision of disclosure obligations
FIN-FSA supervises that listed companies comply with their disclosure obligations, with the primary aim of ensuring that investors have access to essential and adequate information as the basis for an informed assessment of the securities and the issuer. The supervision covers both ongoing disclosure obligation and disclosure of periodic information. Monitoring compliance with disclosure obligations takes both a forward-looking and a retrospective approach. In practice, supervision covers both the conduct of thematic inspections targeted at several listed companies, on-site visits and investigations of identified irregularities.
Supervision of ongoing dislosure obligation and disclosure of periodic information
To ensure compliance with disclosure of periodic information, FIN-FSA supervises that listed companies disclose the financial reports (interim reports, interim management statements, financial statements, management reports and financial statement releases) required under the Securities Markets Act within the deadline prescribed by law and that disclosures comply with statutory minimum requirements. Where possible, FIN-FSA also reviews the financial reports for compliance with general information quality criteria.
In respect of the ongoing disclosure obligation, FIN-FSA supervises that listed companies disclose, without undue delay, all decisions and all information likely to have a material impact on the value of their securities. In the course of supervision, FIN-FSA also addresses other considerations, such as assessments of future prospects, which are reviewed for clarity and justifiability and in terms of whether they could be misleading, as well as the timeliness of profit warnings and the objectives of pro forma financial information, its distinctly separate disclosure and the applicable reporting principles.
9 May 2011
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