Credit institutions

Application for authorisation to pursue the business of a credit institution

A written application for authorisation is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contact the FIN-FSA in good time before submitting an application for authorisation.

Processing schedule for the application

An authorisation of a credit institution is granted by the ECB, based on an application submitted to the FIN-FSA. The FIN-FSA must submit a decision proposal on the authorisation of a credit institution to the ECB within 4 months of receipt of the application or, in the event of a defective application, as soon as the applicant has submitted the necessary documents and clarifications.

Approval of an authorisation depends on the application being accompanied by all the required clarifications. A decision on such an authorisation must always be announced, however, within 12 months of receipt of the application.

Entry into register of authorisations and announcement of authorisations granted

Once authorisation is granted to a credit 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. 

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 credit institutions offering investment services) and the EU Commission (credit institution authorisation).

Authorisation of credit institutions

There is no application form for the authorisation of a credit institution. The information to be appended to the authorisation application is specified in the Ministry of Finance Decree 697/2014 (available in Finnish and Swedish only).

Information to be appended to the authorisation application (in Finnish)

For more information on the prerequisites for authorisation, please see the FIN-FSA Regulations and guidelines 3/2016 Authorisations to pursue the business of a credit institution and notifications on Finnish credit institutions' operations abroad and foreign credit institutions' operations in Finland (available in Finnish and Swedish).

 

Notification procedure

Credit institution branches and cross-border service provision from Finland

A Finnish service provider may engage in activities falling within the scope of its authorisation in a foreign country either by establishing a branch or proving services across the border. Commencement of activities requires either a notification or an authorisation procedure depending on whether the activity is conducted outside the EEA or in another EEA member state.

Foreign operations of a Finnish credit institution

Credit institution branches and cross-border service provision into Finland

A foreign service provider may conduct its activities in Finland either by establishing a branch or by providing its services across the border. The commencement of activities is contingent on the authorisation or notification procedure.

Finnish operations of an forgein credit institution