Regulation of listed companies
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Prospectuses
- The Securities Markets Act (chapter 3)
- Regulation (EU) 2017/1129 of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (last amendments 16 February 2021)
- Commission Delegated Regulation (EU) 2019/980 as regards the format, content, scrutiny and approval of the prospectus (last amendments 4 June 2020)
- Commission Delegated Regulation (EU) 2019/979 with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal (last amendments 4 June 2020)
- ESMA Guidelines on disclosure requirements under the Prospectus Regulation (ESMA32-382-1138) (pdf)
- ESMA Guidelines on risk factors under the Prospectus Regulation (ESMA31-62-1293) (pdf)
- ESMA Guidelines on Alternative Performance Measures (ESMA/2015/1415) (pdf)
- ESMA update of the CESR Recommendations: The consistent implementation of Commission Regulation (EC) N:o 809/2004 implementing the Prospectus Directive, paragraphs 128-145, Specialist issuers (pdf)
- ESMA Questions and Answers on Prospectus Regulation (ESMA31-62-1258) (pdf)
- Regulations and guidelines 9/2019 Presentation of information in prospectuses coming under the Prospectus Regulation
- Regulations and guidelines 6/2013 Securities Offerings and Listings (changes in the Securities Markets Act have not been updated since 31 December 2018)
- Marketing of securities:
- see the Securities Markets Act (chapter 1, section 2-3 and chapter 3, section 3)
- Regulation (EU) 2017/1129 (Article 22) and Delegated Regulation (EU) 2019/979 (Section IV)
- Regulations and guidelines 15/2013 Marketing of financial services and financial instruments (only in Finnish or Swedish)
Insider regulation
- Market Abuse Regulation (international regulatory projects on the FIN-FSA's website)
- The Securities Markets Act (see chapters 12, in Finnish or Swedish)
- Penal Code (see chapter 51)
- ESMA's guidelines on market soundings (ESMA/2016/1477 EN)
- ESMAs Q&A on MAR (ESMA Questions and Answers on the Market Abuse Regulation)
- Regulations and guidelines 10/2016 Markkinoiden tunnustelua vastaanottavat henkilöt (only in Finnish or Swedish)
- Helsinki Stock Exchange's guidelines for insiders
Disclosure obligation
- Market Abuse Regulation (international regulatory projects on the FIN-FSA's website)
- The Securities Markets Act (see chapters 6-8 and 10)
- Decree of the Ministry of Finance on the obligation of securities issuers to disclose periodic information (1020/2012, in Finnish)
- ESMA’ guidelines on delayed disclosure of inside information (ESMA/2016/1478 EN)
- Regulations and guidelines 6/2016 Regulations and guidelines on disclosure obligation
- The rules of the Helsinki Stock Exchange
Flagging
- The Securities Markets Act (chapters 9)
- Decree of the Ministry of Finance on the Disclosure of major holdings and voting rights (1021/2012, in Finnish)
Supervision of listed companies' financial reporting
- Supervision of listed companies' financial reporting
- Accounting Act
- Auditing Act
- The Accounting Board
- Auditor oversight (the Finnish Patent and Registration Office)
Takeover bids
- The Securities Markets Act (see chapter 11)
- Decree of the Ministry of Finance on the contents and making public of the offer document as well as the exemptions to be granted of its contents, as well as the mutual recognition of an offer document approved within the European Economic Area (1022/2012, in Finnish)
- Regulations and guidelines 9/2013 Takeover bid and the obligation to launch a bid (in Finnish)
- Helsinki Takeover Code
Short selling
- Degree of short selling (EU) N:o 236/2012
- Commission delegated regulation (EU) N:o 826/2012 (technical regulation standards)
- Commission implementing regulation (EU) N:o 827/2012 (technical implementing standards)
- Commission delegated regulation (EU) N:o 918/2012
- Commission delegated regulation (EU) N:o 919/2012 (technical regulation standards)
Other useful links
- Act on the Financial Supervisory Authority
- FIN-FSA Regulations
- Limited Liability Companies Act
- The rules of the Helsinki Stock Exchange
- Securities Market Association (Corporate Governance Code)
- Act on the Book-entry Accounts
- Act on Trading in Financial Instruments
- The Rules of Euroclear Finland Oy
- ESMA
- European Commission: Securities legislation
- European Commission: Company law, accounting and auditing
FIN-FSA regulations and guidelines for issuers and investors
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Operations of securities markets
Takeover bid and the obligation to launch a bid
Issuers and investors
Regulations and guidelines on disclosure obligation
Stock exchange and other trading venues
Issuers and investors