Review of the regulatory framework for contingency planning in financial sector – memorandum on a draft Government Bill launched for consultation from the 16th August until 27th September 2018
The Ministry of Finance set up in February 2017 a working group for preparing a review of the regulatory framework for contingency planning in the financial sector. The working group has published a memorandum on a draft Government Bill which has been launched for consultation. The consultation period is from the 16th August 2018 until 27th September 2018.
The draft Government Bill proposes amendments to the Credit Institutions Act, the Payment Institutions Act, the Mutual Funds Act, the Investment Services Act, the Act on Trading in Financial Instruments, the Act on the Book Entry System and Settlement Activities. The Bill also proposes a new act on a task force on managing disruptions in the financial markets.
The purpose of the proposed amendments is to ensure the continuity of financial market services critical for society, also in the event of disruptions in the availability of financial market IT systems and services located abroad.
According to the Government Bill, the Acts are scheduled to enter into force on 1 January 2021.
The Ministry of Finance website (in Finnish)
For further information, please contact
Anne Nisén, Senior Risk Expert, anne.nisen(at)fiva.fi, tel. +358 9 183 5211