Featured Product

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

    February 01, 2018

    FIN-FSA amended certain regulations and guidelines due to the national transposition of the Markets in Financial Instruments Directive II (MiFID II: Directive 2014/65/EU). The updated regulations and guidelines were issued on January 23, 2018 and shall enter into force on February 01, 2018.

    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concerning the registrar’s obligation to annually submit to FIN-FSA a report on the keeping of the insider register was repealed.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

    Related Articles
    News

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    CPMI Report Examines Impact of Global Stablecoins

    This report by the G7 Working Group on Stablecoins finds that stablecoins, regardless of size, have implications ranging from anti-money laundering efforts across jurisdictions to operational resilience (including for cyber security), consumer or investor and data protection, and tax compliance.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4002