Principles for determining the size of penalty payments and administrative fines updated

The Financial Supervisory Authority (FIN-FSA) has published on its website the principles it takes into account in the comprehensive assessment to determine the size of penalty payments and administrative fines. The determination principles applied in the FIN-FSA’s practice have become more precise than those published previously. The changes reflect established practices.

The most significant specification to the principles published in 2022 concerns the cooperation of the person responsible with the FIN-FSA in investigating the matter. The significance of admitting the omission or violation has been clarified. The earlier, the more significantly and the more comprehensively the person responsible explains the violation or omission to the FIN-FSA, the more the amount of the penalty payment may be reduced.  Other principles for determining the size have also been specified.

The other changes are of a technical nature and mainly due to amendments to the Act on the Financial Supervisory Authority.

Publication of the principles is based on the detailed rationale of section 41 of the Act on the Financial Supervisory Authority (Government proposal 39/2014).

For further information, please contact

Janne Häyrynen, Head of Unit, Legal. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00–16:00).

Appendix

Determining the size of penalty payments and administrative fines (pdf)