FIN-FSA Amends Regulations Due to National Transposition of MiFID II

The amended regulations and guidelines are as follows:

• Regulations and guidelines 1/2012 on outsourcing in supervised entities belonging to the financial sector
• Regulations and guidelines 13/2013 on public insider register of market participants, employee pension insurance companies, and management companies
• Regulations and guidelines 14/2013 on trading participants in third countries
• Regulations and guidelines 3/2014 on authorizations, registrations, and notifications

In  context of the amendments due to MiFID II, reference to the EBA recommendations on outsourcing to cloud service providers (EBA/REC/2017/03) was added to the FIN-FSA regulations and guidelines 1/2012 on outsourcing in supervised entities belonging to the financial sector. The EBA recommendations were published on December 20, 2017 and they will apply from July 01, 2018. FIN-FSA recommends that supervised entities comply with the EBA recommendations on July 01, 2018. 

Moreover, regarding the FIN-FSA regulations and guidelines 13/2013, chapter 7 concerning the registrar’s obligation to annually submit to FIN-FSA a report on the keeping of the insider register was repealed. FIN-FSA is examining whether the national transposition of MiFID II also necessitates amendments to other regulations and guidelines, including Regulations and guidelines 15/2013, Standard 1.4 on assessment of fitness and propriety (fit and proper), and Standard RA1.4 on reporting of fitness and propriety to the Financial Supervision Authority. 

Related Link: Press Release

Effective Date: February 01, 2018

Keywords: Europe, Finland, Securities, MiFID II, Regulations and Guidelines, National Transposition, FIN-FSA