2. 2023 in the light of statistics published by the FIN-FSA
During 2023, the Financial Supervisory Authority (FIN-FSA) made eight requests for police investigation, most of which related to the misuse of inside information, market manipulation and listed companies’ disclosure obligation. The FIN-FSA imposed two administrative sanctions in 2023.
Table 1. FIN-FSA’s requests for police investigation and administrative sanctions in 2013–2023
Source: Financial Supervisory Authority.
The table below shows the supervision cases processed by the FIN-FSA related to securities market trading and the disclosure obligation. The table covers the cases whose investigation the FIN-FSA has, for its part, completed in the year in question. The statistics are published on the FIN-FSA's website twice a year.
Table 2. Supervision cases related to securities market trading and the disclosure requirement processed by the FIN-FSA in 2013–2023
Source: Financial Supervisory Authority.
Investigations may lead to, among other things, a request for police investigation, the imposition of an administrative sanction, cooperation with the stock exchange’s market surveillance or, for example, a request for judicial assistance to another supervisor. The majority of supervision cases, however, are those where, based on an investigation, there is no cause for further action.
We are often asked whether we are investigating a particular event, for example an event that has attracted publicity in the securities markets. We do not comment publicly in such cases, because commenting on our investigations could jeopardise the realisation of supervision or its purpose, and could prejudice the performance of a pre-trial investigation in cases where a matter might be referred to the police. Cases concerning requests for police investigation become public when they are heard for the first time by a court.
During last year, we have received numerous requests for information and have provided to the requesting party documentation related to the requests for information insofar as it is public. We process requests for information in accordance with the Act on the Openness of Government Activities. Our work is made easier and our processing is significantly accelerated where requests for information are clearly defined and targeted. Although it is not necessary to explain the purpose of the request for information, opening up the perspective often helps us to understand the requesting party’s needs, which also avoids unnecessary work and speeds up processing.
For further information, please contact:
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Hermanni Teräväinen, Senior Supervisor, hermanni.teravainen(at)fiva.fi or tel. +358 9 183 5346
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Sari Helminen, Head of Division, sari.helminen(at)finanssivalvonta.fi or tel. +358 9 183 5264