Notification of short positions via FIN-FSA's electronic services platform
FIN-FSA will introduce later this year its electronic services platform for reporting net short positions that requires strong authentication from users. To be able to report through the new platform, foreign companies must register with Digital and Population Data Services Agency’s mandate service provided by officials in Suomi.fi e-Authorisations portal.
In Suomi.fi e-Authorisations companies and organisations can authorise someone to act on their behalf. The Digital and Population Data Services Agency can register the mandates for foreign companies without Finnish business ID on the basis of a mandate application. A mandate is an electronic power of attorney, the details of which are entered in the authorisation register.
Several official documents with notarisation are required attachments to the application. The preparation of the relevant application documents needs to be done internally both within the organisations of the position holder and the possible separate reporting entity and may take some time. Also, it is good to note that the time required for processing an application from the date on which the application is received can vary from a week to several weeks. The current processing time is shown on the Suomi.fi website: Authorisation with an application - Suomi.fi.
FIN-FSA urges you to start the registration process with the Digital and Population Data Services Agency at your earliest convenience.
Instructions are available on FIN-FSA website:
The instruction material regarding the FIN-FSA’s electronic services platform will be available on the FIN-FSA’s website closer to the actual implementation.