Notifications to the FIN-FSA

Notification of algorithmic trading

An investment service provider engaged in algorithmic trading must give notification of its trading

  1. to the authority of its home state, i.e. Finnish companies notify Finanssivalvonta (the Finnish Financial Supervisory Authority) and
  2. to the financial supervisory authority of the state in which the trading venue where the company engages in trading is located i.e. companies trading in Nasdaq Helsinki’s Main Market and/or First North Finland notify Finanssivalvonta.

Notifications to Finanssivalvonta shall be sent in a free-form message to the address MiFIDilmoitukset@fiva.fi.

  • The subject of the message should be: Notification of algorithmic trading [company’s name]
  • The message must state the trading venue where the company engages in algorithmic trading and the home state of the said trading venue
  • The message should state if the trading is high frequency trading1
  • The message must state the name of a contact person and his or her contact information.

Notification of providing direct electronic access (DEA)

An entity providing direct electronic access must give notification of this

1. to the authority of its home state, i.e. Finnish companies notify Finanssivalvonta (the Finnish Financial Supervisory Authority) and
2. to the securities market authority of the state in which the trading venue where the company engages in trading is located i.e. companies trading in Nasdaq Helsinki’s Main Market and/or First North Finland notify Finanssivalvonta.

Notifications to Finanssivalvonta shall be sent in a free-form message to the address MiFIDilmoitukset@fiva.fi.

  • The subject of the message should be: Notification of providing direct electronic access [company’s name]
  • The message must state the trading venue where the company provides direct electronic access, the home state of the said trading venue, and the actors to whom direct electronic access is pro-vided
  • The message must state the name of a contact person and his or her contact information.

Notification by an entity trading in commodity derivatives and/or derivatives on emission allowances concerning the application of the ancillary activity exemption

A company trading in commodity derivatives and/or derivatives on emission allowances must submit a notification if it does not need an investment firm's authorisation based on the ancillary activity exemption.

The notification must be filed annually by 1 April to the competent authority, which means that Finnish companies notify the FIN-FSA.

The notifications to the FIN-FSA are made with a free-format message to the address MiFIDilmoitukset@fiva.fi.

  • The subject line of the email should be as follows: Notification on application of the ancillary activity exemption [company name]
  • The message must indicate that the company has prepared a calculation confirming that it does not need an authorisation even though it trades in commodity derivatives and/or derivatives on emission allowances.
  • The calculation does not need to be submitted to the FIN-FSA in connection with the notification (where necessary, the FIN-FSA may request to view the calculation).
  • The message must indicate a contact person and his/her contact information.

The notification must be made on a company-specific basis. If a single group has several entities subject to the notification obligation, one message is enough as long as it indicates all companies (and business IDs) concerned by the notification. The notifier/contact person must be authorised to submit the notification on behalf of each company.

The calculation must be prepared in accordance with Delegated Regulation 2017/592 (Finnish Energy has issued instructions to its members on how to prepare the calculation. The instructions are available on the website of Finnish Energy.)

 

1For a definition of high-frequency trading, please refer to MiFID II, Article 4.1 (40) and Delegated Regulation 2017/565, Article 19. See also ESMA's Q&As.