Regulation of listed companies

The following sections provide an overview of key provisions concerning issuers of securities, FIN-FSA standards and self-regulation, including some useful links.

Some of the linked acts and decrees are in Finnish because they are not available in English. All acts and decrees are available in Finnish and in Swedish.


 The Securities Markets Act (chapters 3-5) 
 Decree of the Ministry of Finance on the Prospectus Referred to in Chapter 3-5 of the Securities Markets Act (1019/2012, in Finnish)  
 Commission Regulation on Prospectuses (809/2004)
 ESMA update of the CESR Recommendations: The consistent implementation of Commission Regulation (EC) N:o 809/2004 implementing the Prospectus Directive  
 Regulations and guidelines 6/2013 Securities Offerings and Listings   
Marketing of securities; see the  Securities Markets Act (chapter 1, section 2-3 ) and  Regulations and guidelines 15/2013 Marketing of financial services and financial instruments (in Finnish)   

Insider regulation

 The Securities Markets Act (see chapters 12-14). According to chapter 19, section 7 of the Securities Markets Act  the provisions of chapter 5, sections 3 and 4, 6 and 7 as well as section 15 of the repealed Act shall be applied instead of chapter 12, sections 3 and 4 and chapter 13, sections 2-5.  
 Penal Code (see chapter 51)
 Commission Regulation on Exemptions for Buy-Back Programmes and Stabilisation of Financial Instrumets (2273/2003)
 Standard 5.3 Declarations on insider holdings and insider registers
 Helsinki Stock Exchange's rules for insiders

Disclosure obligation

 The Securities Markets Act (see chapters 6-8 and 10) 
 Decree of the Ministry of Finance on the obligation of securities issuers to disclose periodic information (1020/2012, in Finnish) 
 Regulations and guidelines 7/2013 Disclosure obligation on issuers 
 The rules of the Helsinki Stock Exchange


 The Securities Markets Act (chapters 9)  
 Decree of the Ministry of Finance on the Disclosure of major holdings and voting rights (1021/2012, in Finnish) 
 Regulations and guidelines 8/2013 Notification of significant holdings and voting  

Supervision of listed companies' financial reporting 

 Accounting Act 
 Auditing Act
 The Auditing Board of the Central Chamber of Commerce

Takeover bids

 The Securities Markets Act (see chapter 11) 
 Decree of the Ministry of Finance on the contents and making public of the offer document as well as the exemptions to be granted of its contents, as well as the mutual recognition of an offer document approved within the European Economic Area (1022/2012, in Finnish) 
 Regulations and guidelines 9/2013 Takeover bid and the obligation to launch a bid
 Helsinki Takeover Code  

Other useful links

 Act on the Financial Supervisory Authority 
 FIN-FSA Regulations  
 Limited Liability Companies Act
 The rules of the Helsinki Stock Exchange
 Securities Market Association (Corporate Governance Code)
 Act on the Book-entry Accounts
 Act on Trading in Financial Instruments
 The Rules of Euroclear Finland Oy
 European Commission: Securities legislation 
 European Commission: Company law, accounting and auditing

Contact information

  • Mr Ville Kajala, Senior Policy Advisor, tel. +358 10 831 5226

See also


10 September 2014

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