3. Tasks of the FIN-FSA

Pursuant to section 50i of the Act on the Financial Supervisory Authority (878/2008), the FIN-FSA is the competent authority in monitoring and assessing the performance of audit committees. The tasks of the FIN-FSA also include monitoring compliance with International Financial Reporting Standards (IFRS), in a manner more precisely defined in law.1 In addition, pursuant to chapter 8, section 1, subsection 3 of the Accounting Act, the FIN-FSA supervises compliance with the Accounting Act by supervised entities, i.e. financial and insurance sector entities.

In the government proposal, it is proposed that the Act on the Financial Supervisory Authority will be supplemented to include enforcement of sustainability reporting. The tasks of the FIN-FSA would be extended to include the monitoring of compliance with the European Union’s sustainability reporting standards, in addition to the monitoring of IFRS. Chapter 3 of the Act would also be supplemented by a new section 37f, providing for more detailed supervisory powers. The supervisory powers for sustainability reporting would be the same as for IFRS enforcement and would also cover unlisted supervised entities of the FIN-FSA.


1 Chapter 1, section 3, subsection 2 paragraph 4 and chapter 3, section 37 of the Act on the Financial Supervisory Authority.

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