Management companies

Joint Guidelines for complaints handling for the securities (ESMA) and banking (EBA) sectors + –

Joint Guidelines for complaints handling for the securities (ESMA) and banking (EBA) sectors

Scope of application:

These guidelines apply to the following authorised supervised entities, supervised entities comparable to authorised supervised entities, other supervised entities and foreign supervised entities as referred to in sections 4, 5 and 6 of the FIN-FSA Act, with respect to activities pursued in Finland, and the following other financial participants:

Credit institutions
Intermediaries of consumer credit relating to residential property (Issued on 18 January 2018, valid from 1 May 2019) Investment firms
Management companies
Payment institutions
Alternative investment managers pursuing activities referred to in chapter 3, section 2(2) and section 3 of the AIFM Act (162/2014)
Finnish branches of foreign credit institutions and investment firms authorised in a non-EEA country
Foreign investment firms authorised in a non-EEA country and providing investment service without establishing a branch.

Information releases:

Guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors | European Banking Authority (europa.eu)

Contact information:

Sanna Atrila, Chief Legal Advisor
Tel. 09 183 5552, email: sanna.atrila@finanssivalvonta.fi

ESMA Guidelines on ETFs and other UCITS issues + –

ESMA Guidelines on ETFs and other UCITS issues

These guidelines are related to:
- FIN-FSA regulations and guidelines 3/2011

Scope of application:

Management companies
Foreign EEA management companies managing mutual funds in Finland through a branch or across the border without establishing a branch

Contact information:

Marko Hovi, Chief Supervisor
tel. +358 9 183 5404, email: marko.hovi(at)finanssivalvonta.fi

Tiina Heinonen, Senior Supervisor
tel. +358 9 183 5038, email: tiina.heinonen(at)finanssivalvonta.fi

ESMA Guidelines on performance fees in UCITS and certain types of AIFs + –

ESMA Guidelines on performance fees in UCITS and certain types of AIFs

These guidelines are related to:

- FIN-FSA regulations and guidelines 3/2011
- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Management companies
Foreign EEA management companies managing mutual funds in Finland through a branch or across the border without establishing a branch
Authorised alternative investment fund managers (AIFMs)
Registered AIFMs
AIFMs established in a third country and marketing units in an AIF under their management in Finland

Information releases:

Amendments to regulations and guidelines on the organisation and code of conduct of investment fund activities and on alternative investment fund managers

Contact information:

Marko Hovi, Chief Supervisor
tel. +358 9 183 5404, email: marko.hovi(at)finanssivalvonta.fi

ESMA Guidelines on sound remuneration policies under the AIFMD + –

ESMA Guidelines on sound remuneration policies under the AIFMD

These guidelines are related to:

- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Authorised AIFMs

Information releases:

Amendments to regulations and guidelines on alternative investment fund managers (in Finnish)

Contact information:

Marko Hovi, Chief Supervisor
tel. +358 9 183 5404, email: marko.hovi(at)finanssivalvonta.fi

ESMA Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD + –

ESMA Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD

Scope of application:

Authorised AIFMs
Registered AIFMs
AIFMs established in a third country and marketing units in an AIF under their management in Finland

These guidelines are related to:

- FIN-FSA regulations and guidelines 4/2014

Contact information:

Jori Oksanen, Senior Supervisor
tel. +358 9 183 5025, email: jori.oksanen(at)finanssivalvonta.fi

ESMA Guidelines on key concepts of the AIFMD + –

ESMA Guidelines on key concepts of the AIFMD

These guidelines are related to:

- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Authorised AIFMs
Registered AIFMs
AIFMs established in a third country and marketing units in an AIF in Finland

Contact information:

Marko Hovi, Chief Supervisor
tel. +358 183 5404, email: marko.hovi(at)finanssivalvonta.fi

Tiina Heinonen, Senior Supervisor
tel. +358 9 183 5038, email: tiina.heinonen(at)finanssivalvonta.fi

ESMA Guidelines on liquidity stress testing in UCITS and AIFs + –

ESMA Guidelines on liquidity stress testing in UCITS and AIFs

These guidelines are related to:

- FIN-FSA regulations and guidelines 3/2011
- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Management companies
Authorised AIFMs
Depositories

Information releases:

Amendments to regulations and guidelines on the organisation and code of conduct of investment fund activities and on alternative investment fund managers

Contact information:

Anna Mäkipeska, Senior Supervisor
tel. +358 9 183 5023, email: anna.makipeska(at)finanssivalvonta.fi

ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds + –

ESMA Guidelines on marketing communications under the Regulation on cross-border distribution of funds

These guidelines are related to:
- FIN-FSA regulations and guidelines 3/2011
- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Management companies
Foreign EEA management companies managing mutual funds in Finland through a branch or across the border without establishing a branch
Authorised AIFMs
Registered AIFMs
AIFMs established in a third country and marketing units in an AIF under their management in Finland

Information releases:

ESMA has issued new guidelines concerning management companies and alternative investment fund managers

Contact information:

Tiina Heinonen, Senior Supervisor
p. +358 9 183 5038, email: tiina.heinonen(at)finanssivalvonta.fi

ESMA Guidelines on the reporting to competent authorities under article 37 of the MMF Regulation + –

ESMA Guidelines on the reporting to competent authorities under article 37 of the MMF Regulation

These guidelines are related to:
- FIN-FSA regulations and guidelines 3/2011
- FIN-FSA regulations and guidelines 4/2014

Scope of application:

Management companies
Authorised AIFMs

Information releases:

Amendments to regulations and guidelines on the organisation and code of conduct of investment fund activities and on alternative investment fund managers

Contact information:

Marko Hovi, Chief Supervisor
tel. +358 183 5404, email: marko.hovi(at)finanssivalvonta.fi

EBA Guidelines on implicit support for securitisation transactions (EBA/GL/2016/08) + –

EBA Guidelines on implicit support for securitisation transactions (EBA/GL/2016/08)

Scope of application:

credit institutions
investment firms
management companies
alternative investment fund managers
central bodies of amalgamations of deposit banks
holding companies of credit institutions
holding companies of investment firms
These guidelines are applicable to the holding companies of credit institutions only on the basis of their consolidated situation

Related to these guidelines:

Regulations and Guidelines related to the Capital Requirements Regulation 5/2019

Guidelines on implicit support for securitisation transactions | European Banking Authority (europa.eu)

Contact information

Anna Myllymäki, Chief Specialist
tel. +358 9 183 5020, e-mail anna.myllymaki(at)finanssivalvonta.fi

EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02) + –

EBA Guidelines on outsourcing arrangements (EBA/GL/2019/02)

Scope of application:

credit institutions
management companies
the stock exchange
branches in Finland of foreign credit institutions authorised in non-EEA countries (branch offices of third-country credit institutions)
payment institutions

Related to these guidelines:

Outsourcing in supervised entities belonging to the financial sector, regulations and guidelines 1/2012

Guidelines on outsourcing arrangements | European Banking Authority (europa.eu)

Contact information

Pasi Korhonen, Chief Specialist
tel. +358 9 183 5514, e-mail: pasi.korhonen(at)finanssivalvonta.fi

EBA recommendation on the use of the Legal Entity Identifier (LEI) (EBA/REC/2014/01) + –

EBA recommendation on the use of the Legal Entity Identifier (LEI) (EBA/REC/2014/01)

Scope of application:

1) credit institutions

2) investment firms

3) management companies

4) alternative investment fund managers

5) Finnish parent companies of consolidation groups of credit institutions and investment firms

6) central bodies of amalgamations of deposit banks

7) Finnish holding companies of financial and insurance conglomerates, or credit institutions acting as a parent company

8) parent companies of sub consolidation group, if said group includes subsidiaries that are authorized to provide credit or investment services in Finland

Related to these guidelines:

Recommendation on the use of Legal Entity Identifier (LEI) | European Banking Authority (europa.eu)

Contact information:

Kirsti Svinhufvud, Senior Specialist
tel. +358 9 183 5251, e-mail: kirsti.svinhufvud(at)finanssivalvonta.fi

EBA guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (EBA/GL/2022/15) + –

EBA guidelines on the use of Remote Customer Onboarding Solutions under Article 13(1) of Directive (EU) 2015/849 (EBA/GL/2022/15)

Scope of application:

1) credit institutions and branches of third country credit institutions as referred to in the Credit Institutions Act (610/2014)

2) financial institutions belonging to the same consolidation group with a credit institution as referred to in the Credit Institutions Act

3) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies as referred to in the Act on Common Funds (213/2019) and depositories authorised under the said Act

6) investment firms and branches of third country firms as referred to in the Investment Services Act (747/2012)

7) branches of a foreign EEA investment firm as referred to in the Investment Services Act

8) a central securities depository as referred to in the Act on the Book-Entry System and Settlement Activities (348/2017), including a registration fund and settlement fund established by such

9) account operators as referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices which have been granted the rights of an account operator

10) payment institutions as referred to in the Payment Institutions Act (297/2010)

11) natural and legal persons as referred to in sections 7, 7 a and 7 b of the Act on Payment Institutions

12) foreign payment institutions as referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010), when providing payment services in Finland through a branch or an agent

13) alternative investment fund managers with authorisation as an alternative investment fund manager under the Act on Alternative Investment Fund Managers (162/2014), and depositories authorised under said Act

14) branches of foreign alternative investment funds as referred to in the Act on Alternative Investment Fund Managers as well as alternative investment fund managers under the registration obligation referred to in said Act and Finnish branches of foreign depositories

15) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned

16) Finnish credit intermediaries as referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries.

These regulations and guidelines are also applicable to the following obliged entities as referred to in chapter 1, section 2 of the AML Act:

1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch

2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)

4) branches of third country insurance companies as referred to in the Act on Foreign Insurance Companies (398/1995) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

5) Finnish central counterparties as referred to in the Act on the Book-Entry System and Settlement Activities

6) entities as referred to in Article 27(2) of Regulation (EU) 2017/2402 of the European Parliament and of the Council laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, which have been granted authorisation as referred to in Article 28 of said Regulation

7) holding companies that have been granted authorisation to pursue holding company activities as stipulated in chapter 2 a of the Credit Institutions Act

8) approved public arrangements as referred to in Article 2(1)(34), and approved reporting mechanism as referred to in Article 2(1)(36), of Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, to which the Financial Supervisory Authority has granted authorisation and for the supervision of which it is responsible under Article 27 b(1)(2) of said Regulation

9) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8

10) foreign entities corresponding to the supervised entities listed above in subparagraphs 2–8, where the entity provides services in Finland through a representative without establishing a branch

11) local mutual insurance associations as referred to in the Local Mutual Insurance Associations Act (1250/1987)

12) insurance intermediaries as referred to in the Insurance Distribution Act (234/2018) and Finnish branches of foreign insurance intermediaries insofar as insurance policies other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008) are concerned, ancillary insurance intermediaries as well as Finnish branches of foreign insurance intermediaries and ancillary insurance intermediaries

13) virtual currency providers as referred to in the Act on Virtual Currency Providers (572/2019)

14) traders falling within the scope of application of the Act on the Registration of Certain Credit Providers and Credit Intermediaries (186/2023) (Issued on 6.7.2023, valid from 1.9.2023).

The FIN-FSA’s further guidance:

Traders falling within the scope of application of Act on the Registration of Certain Credit Providers and Credit Intermediaries became subject to supervision by the FIN-FSA on 1 July 2023.

Related to these guidelines:

Contact information

Jonna Ekström, Chief Legal Advisor,
tel. +358 9 1835531, e-mail: jonna.ekstrom(at)finanssivalvonta.fi and aml-authorities(at)fiva.fi

EBA guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849 (EBA/GL/2022/05) + –

EBA guidelines on policies and procedures in relation to compliance management and the role and responsibilities of the AML/CFT Compliance Officer under Article 8 and Chapter VI of Directive (EU) 2015/849 (EBA/GL/2022/05)

Scope of application:

1) Credit institutions and branches of third-country credit institutions as referred to in the Act on Credit institutions (610/2014)

2) financial institutions belonging to the same consolidation group with a credit institution referred to in the Act on Credit Institutions

3) insurance companies and special purpose vehicles referred to in the Insurance Companies Act (521/2008) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

4) branches of insurance companies from a third country as referred to in the Act on Foreign Insurance Companies (398/1995) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

5) fund management companies referred to in the Mutual Funds Act (213/2019) or custodians authorised under said Act

6) investment firms referred to in the Act on Investment Services (747/2012) and branches of third-country firms

7) branches of EEA investment firms referred to in the Act on Investment Services

8) a central securities depository, including a registration fund and settlement fund established by such a depository, as referred to in the Act on the Book-Entry System (348/2017)

9) account operators referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices that have been granted the rights of an account operator

10) payment institutions referred to in the Payment Institutions Act (297/2010)

11) natural persons and legal persons referred to in sections 7, 7 a and 7 b of the Payment Institutions Act (297/2010)

12) foreign payment institutions referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010) where providing payment services in Finland through a branch or agent

13) managers of alternative investment funds authorised as AIFMs in accordance with the Act on Alternative Invesment Fund Managers (162/2014), as well as custodians authorised under said Act.

14) branches of foreign AIFMs in Finland and AIFMs subject to the registration requirement and Finnish branches of foreign custodians as referred to in the Act on Alternative Investment Fund Managers (162/2014)

15) insurance intermediaries referred to in the Insurance Distribution Act (234/2018) and branches of foreign insurance intermediaries operating in Finland insofar as insurance falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008) is concerned

16) Finnish credit intermediaries referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries

Related to these guidelines:

Guidelines on the role of AML/CFT compliance officers | European Banking Authority (europa.eu)

Contact information:

Jonna Ekström, Chief Legal Advisor
tel. +358 9 183 5531, e-mail: jonna.ekstrom(at)finanssivalvonta.fi and aml-authorities(at)fiva.fi

EBA guidelines on ML/TF risk factors (EBA/GL/2021/02) + –

EBA guidelines on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (‘The ML/TF Risk Factors Guidelines’) under Articles 17 and 18(4) of Directive (EU) 2015/849 (EBA/GL/2021/02)

Scope of application:

These regulations and guidelines shall apply to the following obliged entities referred to in the Act on Preventing Money Laundering and Terrorist Financing (444/2017):

1) credit institutions referred to in the Act on Credit Institutions (610/2014), branches of third-country credit institutions

2) financial institutions belonging to the same consolidation group with a credit institution referred to in the Act on Credit Institutions

3) insurance companies and special purpose vehicles referred to in the Insurance Companies Act (521/2008) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008)

4) branches of insurance companies from a third country as referred to in the Act on Foreign Insurance Companies (398/1995) where pursuing activities falling within the life assurance classes referred to in the Act on Insurance Classes (526/2008)

5) fund management companies referred to in the Mutual Funds Act (213/2019) or custodians authorised under said Act

6) investment firms referred to in the Act on Investment Services (747/2012) and branches of third-country investment firms

7) branches of EEA investment firms referred to in the Act on Investment Services

8) a central securities depository, including a registration fund and settlement fund established by such a depository, as referred to in the Act on the Book-Entry System (348/2017)

9) account operators referred to in the Act on the Book-Entry System and Clearing Operations and foreign corporations’ Finnish offices that have been granted the rights of an account operator

10) payment institutions referred to in the Payment Institutions Act (297/2010)

11) natural persons and legal persons referred to in sections 7, 7 a and 7 b of the Payment Institutions Act

12) foreign payment institutions referred to in the Act on the Operation of Foreign Payment Institutions in Finland (298/2010) where providing payment services in Finland through a branch or agent

13) managers of alternative investment funds authorised as AIFMs in accordance with the Act on Alternative Investment Fund Managers (162/2014), and as custodians authorised under said Act

14) branches of foreign AIFMs in Finland, AIFMs subject to the registration requirement as well as Finnish branches of foreign custodians in accordance with the Act on Alternative Investment Fund Managers

15) insurance intermediaries referred to in the Insurance Distribution Act (234/2018) and branches of foreign insurance intermediaries operating in Finland insofar as insurance falling within the life assurance classes referred to in the Act on Insurance Classes (521/2008) is concerned

16) Finnish credit intermediaries referred to in the Act on Intermediaries of Consumer Credit Relating to Residential Property (852/2016) and Finnish branches of foreign credit intermediaries

The FIN-FSA’s further guidance:

The FIN-FSA recommends that also the following obliged entities referred to in chapter 1, section 2 of the AML Act comply with these guidelines where applicable:

1) branches of foreign entities corresponding to the supervised entities listed above in subparagraphs 1, 3, 4, 5, 6, 8,10 and 13 of paragraph 1 and foreign entities corresponding to such supervised entities, where the entity provides services in Finland through a representative without establishing a branch

2) insurance companies and special purpose vehicles as referred to in the Insurance Companies Act (521/2008) when pursuing activities other than those falling within the life insurance classes referred to in the Act on Insurance Classes (526/2008)

3) employee pension insurance companies as referred to in the Act on Employee Pension Insurance Companies (354/1997)