The FIN-FSA has assessed the organisation and quality of the compliance function of investment firms, fund management companies and alternative fund managers
The FIN-FSA has sent a supervisory letter to investment firms, fund management companies and alternative fund managers, requesting information on the organisation of the compliance function.
In 2016, the Financial Supervisory Authority (FIN-FSA) conducted, for purposes of a thematic evaluation, a survey among supervised entities on the organisation and resources of the compliance function. The survey was returned by 96 supervised entities – all the investment firms, fund management companies and alternative fund managers with appropriate authorisation at the time. No meetings with supervised entities were arranged for the thematic evaluation, which was based on written documentation only.
The aim of the thematic evaluation was to establish how the compliance function and its tasks are set up, whether the independence of the function is ensured and whether sufficient quantitative and qualitative resources have been set aside for the function. In the thematic evaluation, special attention was focused on the regulatory compliance of outsourced functions.
- For any company-specific questions, please contact your company's designated Market Supervisor.
- For further information in general, please contact Nina Sjöman, tel. +358 9 183 5249 or nina.sjoman(at)fiva.fi.
Supervisory letter 13 September 2017: The FIN-FSA’s thematic evaluation of the organisation of the compliance function in supervised entities (pdf)
The corresponding Finnish-language supervision release was published on 18 September 2017.