Powers and authority
The supervisory powers of the Financial Supervisory Authority are defined in the Act on the Financial Supervisory Authority. These powers include the right to perform inspections at supervised entities or other financial market participants and to obtain documents and other records necessary for the conduct of supervision, the right to convene meetings of authorised supervised entities’ organs with decision-making and administrative powers and to attend these meetings.
We may employ external expert advisers in the supervision of supervised entities or other financial market participants. We may appoint an attorney to supervise the activities of an authorised supervised entity if there is evidence of incompetence, carelessness or misuse in the management of its affairs or if there is some other specific reason for such an appointment; or if such supervised entity is placed in liquidation or declared bankrupt, we may also appoint an attorney to supervise the liquidation of its assets. Our sphere of competence also incorporates the right to impose administrative sanctions, including administrative fines and public warnings.
On certain conditions, FIN-FSA may, for up to five years, prohibit a person from acting as member or deputy member of the board of directors, managing director or deputy managing director or any other senior management staff member of an authorised supervised entity. Also, on certain conditions, we may withdraw authorisation granted to a supervised entity or restrict a supervised entity’s authorised business or propose such withdrawal or restriction to the authority that has granted authorisation.