Finland: Shaping the future
The changing shape of Finland's financial markets has sparked off a rethink of the way financial services are regulated. Johann Aalto and Paivi Kuitunen look at what the new regime and the extension of the powers of the Financial Supervision Authority are likely to mean in practice
The operation of the Finnish Financial Services Authority (FSA) is governed by the Act on the Financial Supervision Authority, recently amended by the Finnish Parliament. Approximately 500 entities are supervised by the FSA, which operates in connection with the Finnish central bank, the Bank of Finland. These include credit institutions, investment firms and management companies of mutual funds. On the securities markets, entities such as the securities exchange, the option corporation, the clearing entity and the central securities depository – all of which currently operate as part of the HEX group – are also supervised by the FSA.
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