Regulation of listed companies

Open all elements Close all elements

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)

FIN-FSA regulations and guidelines for issuers and investors

Open all elements Close all elements

Operations of securities markets

Securities offerings and listings

Crowdfunding intermediaries Investment service providers Issuers and investors

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

Markkinoiden tunnustelua vastaanottavat henkilöt

Credit institutions Stock exchange and other trading venues Central securities depositories Fund management companies Payment service providers Mortgage credit intermediaries Employee pension insurance Life and non-life insurance Unemployment insurance Sickness and benefit funds Insurance intermediaries Crowdfunding intermediaries Investment service providers Alternative investment fund managers (AIFMs) Issuers and investors

Ohjeet hyödykejohdannaisia koskevan sisäpiiritiedon määrittelemiseksi

Presentation of information in prospectuses coming under the Prospectus Regulation

Investment service providers Issuers and investors

Miscellaneous regulations and guidelines

Criteria on simplified, transparent and standardised securitisation

Credit institutions Stock exchange and other trading venues Central securities depositories Fund management companies Mortgage credit intermediaries Employee pension insurance Life and non-life insurance Unemployment insurance Sickness and benefit funds Insurance intermediaries Crowdfunding intermediaries Investment service providers Alternative investment fund managers (AIFMs) Issuers and investors