5. Surveillance of securities market trading

A requirement for the functioning of the securities markets is that investors can have confidence in the markets and market participants. Market abuses, such as misuse of inside information and market manipulation, erode this confidence and are therefore prohibited by the Market Abuse Regulation (MAR). Our market surveillance team investigates suspicious transactions and possible abuses in the securities markets.

Surveillance in 2025 and priorities for 2026

Reports of suspected market abuse

In 2025, we received a total of 215 suspicious transaction and order reports (STORs) from the market on orders and transactions that may involve insider trading or market manipulation or attempts to do so1. There has been no significant change in the total number of STOR reports compared with the previous year. In two-thirds of the reports, suspicion concerned misuse of inside information and in one-third, market manipulation. Just over two-thirds of reports came from entities, such as banks and investment firms, that participate in receiving, mediating or executing orders involving financial instruments, and just under one-third from market operators, such as stock exchanges. Two-thirds of all STOR reports came from Finnish entities and one-third from foreign entities.

Figure 2 STOR reports submitted to the FIN-FSA in 2017–2025  

Source: Financial Supervisory Authority.

In addition to STOR reports under the MAR, any market participant has the opportunity to submit reports of suspected infringements (so-called whistleblowing system) or informal market observations to the FIN-FSA2. In 2025, we received a total of 18 such trading-related observations or suspicions. To facilitate the investigation, it is important that the report contains not only a description of the nature of the suspicion, but also as clear and comprehensive information as possible about the suspicion or suspicious event, including precise dates and other identifying information.

In addition to investigating reports of potential market abuse received from market participants, we screen and analyse trading events using our own surveillance systems and procedures.

Surveillance and measures concerning suspected market abuse

During 2025, in addition to investigations into misuse of inside information and market manipulation, trading surveillance focused on enforcing obligations to prevent, detect and report market abuse, monitoring of reporting obligations related to managers’ transactions, and the quality of surveillance data.

We held discussions with market participants about the obligations to prevent, detect and report market abuse, and also reminded them of the issue more broadly in our Market Newsletter3. In our article, we reported on, among other things, our observations, the coverage of the supervision required of operators, the content of STOR reports, and the reporting threshold. High-quality and comprehensive supervision of market participants in accordance with Article 16 of MAR and Article 92 of the Markets in Crypto-Assets (MiCA) Regulation is essential for maintaining market integrity in Finland.

The FIN-FSA imposed a number of administrative sanctions for delays in the reporting of managers’ transactions and for omissions in complying with the reporting obligations of a listed company. In our Market Newsletter, we reminded entities of the issuer’s obligations and key role in the obligation to report managers’ transactions4. In 2026, we will pay particular attention in our supervision to these issuer obligations by conducting a thematic review on the topic. The FIN-FSA has earlier urged issuers to review their internal guidelines and processes and to ensure that all obligations under Article 19 of MAR are properly considered and documented.

In 2025, the FIN-FSA carried out a thematic review5 of investment decision-maker reporting in transaction reporting. We paid particular attention to, among other things, the accuracy of decision-maker data in transaction reporting. As a follow-up to the thematic review, we required investment service providers to assess their own processes, taking into account the findings raised in the thematic review and the supervisor’s views. We monitor corrective actions for the identified deficiencies. High quality of the data is essential to carry-out the FIN-FSA’s tasks and supervisory activities effectively. In 2026, we will carry out a thematic review on the reporting of reference price and negotiated transactions in trade transactions.

This year, we will also focus our supervision on, among other things, social media phenomena and advisors’ insider management, and we will continue to utilise AI in surveillance.

In 2025, the FIN-FSA investigated 127 supervision cases related to misuse of inside information and 102 cases related to market manipulation. The investigations were more focused on suspected market manipulation. The development of the number of cases investigated in the aforementioned subject areas is shown in the figure below.

Figure 3 Supervision cases related to misuse of inside information and market manipulation investigated by the FIN-FSA in 2017–2025

Source: Financial Supervisory Authority.

If, at the end of an investigation, there is reason to suspect misuse of inside information, market manipulation or another MAR violation, we intervene in the case either with administrative sanctions or by making a request for police investigation, if we have reason to suspect a crime. A significant proportion of the requests for investigation made by the FIN-FSA in 2025 concerned either misuse of inside information or market manipulation. We also imposed five administrative sanctions for omissions in relation to conduct provisions of the Market Abuse Regulation: three penalty payments on managers of companies and one penalty payment on a manager of a related party company for omissions in relation to managers’ transaction reports, and a penalty payment on a listed company for omissions in relation to the notification obligation.6

In April 2025, the Helsinki Court of Appeal sentenced the former CEO of Nokian Tyres plc to a fine for a disclosure offence. In the same context, four other persons employed by the company in 2015 were sentenced to suspended imprisonment and fines for aggravated or basic misuse of inside information. The Court of Appeal held that the company’s former CEO had failed to appropriately disclose information related to Nokian Tyres plc’s conduct with regard to magazine test reviews of tyres, which was required to be provided under the Securities Markets Act and which was likely to have a material impact on the value of the company’s shares. In addition, the Court of Appeal sentenced Nokian Tyres plc to a corporate fine. The Court of Appeal held that four Nokian Tyres plc employees, when selling their Nokian Tyres plc stock options in November 2015, had utilised inside information related to Nokian Tyres plc shares traded on a regulated market and which was related to Nokian Tyres plc’s conduct with regard to magazine test reviews of tyres. The Supreme Court did not grant leave to appeal in the case.

In October 2025, the Helsinki District Court issued a three-month suspended prison sentence for market manipulation, which was considered to meet the characteristics of so-called layering/spoofing type of activity. The trader’s activity gave a misleading impression of increased buying or selling pressure in a financial instrument by placing orders that were not actually intended to be executed and were later cancelled. This conduct affected the orders of other market participants, allowing the trader to benefit by executing trades on the opposite side of the order book in relation to the aforementioned misleading orders.

For further information, please contact:

  • Sari Helminen, Head of Division, sari.helminen(at)finanssivalvonta.fi or tel. +358 9 183 5264
  • Prospectuses and takeover bids: Marianne Demecs, Chief Supervisor, marianne.demecs(at)finanssivalvonta.fi or tel. +358 9 183 5366
  • Supervision of disclosure obligation: Rickard Sandell, Senior Legal Advisor, rickard.sandell(at)finanssivalvonta.fi or tel. +358 9 183 5353
  • Market trading surveillance: Hermanni Teräväinen, Chief Supervisor, hermanni.teravainen(at)finanssivalvonta.fi or tel. +358 9 183 5346

 

1 Reporting obligation concerning the prevention and detection of market abuse - Issuers and investors

2 Report suspected infringement - About us - www.finanssivalvonta.fi

3 Suspicions of market abuse must be reported to the FIN-FSA appropriately - Market Newsletter 2/2025

4 Issuer has key role in obligation to report managers’ transactions - Market Newsletter 3/2025

5 Thematic review of investment decision-maker reporting in transaction reporting - 2025 (in Finnish)

6 Supervisory measures - Powers and authority