4. Supervision of disclosure obligation

Our aim in the supervision of listed companies’ disclosure obligations is to ensure that investors have access to sufficient information for making an informed assessment of listed companies and their securities. Reliability, transparency, timeliness and fairness of investor information are central to this.

Review of 2025 and priorities for 2026

In 2025, we have continued inspections directed at listed companies with the aim of assessing what capabilities and processes the companies have in order to discharge their obligation to disclose inside information laid down in the Market Abuse Regulation, and to manage inside information. The inspections will continue in 2026.

In our ongoing supervision, we have paid particular attention to assessing the need to issue a profit warning and the timeliness of profit warnings.1 Attention has also been paid to the appropriate use of the inside information label in announcements: information that does not meet the definition of inside information in the Market Abuse Regulation may not be announced as inside information.

Alongside our supervisory activities, we have been monitoring the Listing Act changes2 that will come into force in summer 2026 and have discussed the issue with market participants. In addition, we are preparing for the start of ESAP (European Single Access Point) reporting in July 2026, which in the first phase will cover, among other things, short-selling notifications, prospectuses and financial reports.

In 2026:

  • We will continue inspections on the theme of issuers’ compliance with MAR obligations
  • We will prepare for the Listing Act changes and will inform market participants separately about these at a later stage
  • We will prepare for the start of ESAP reporting in July and will inform market participants separately about this at a later stage.
  • We will monitor the disclosure of inside information, the correct use of the inside information label in announcements and, in particular, the timeliness of disclosures.
  • We will carry out ongoing supervision through requests for clarification and contacts
  • Together with the IFRS Enforcement Office, we will organise a listed company event in late 2026, where we will discuss current topics related to the disclosure obligation.

The FIN-FSA will continue to work closely with the Helsinki Stock Exchange’s Market Surveillance, which oversees listed companies’ disclosure of information from the perspective of compliance with stock exchange rules. We are also in active contact with the pre-trial investigation authorities, for example in relation to requests for investigation we submit.

1 Market Newsletter 2/2022 Future outlooks, changes in outlook and their disclosure

2 Market Newsletter 3/2025 Disclosure of inside information and delay of disclosure at intermediate steps in a protracted process

Next page: 5. Surveillance of securities market trading