Market newsletters

The Market newsletter addresses topical matters concerning interpretations, regulation, as well as supervisory findings relating to listed companies’ disclosure obligation.

9.11.2018 Market newsletter 3/2018 (pdf)

  • Erkki Liikanen appointed Chair of the IFRS Foundation Trustees: better transparency enhances the functioning of capital markets
  • Financial Supervisory Authority’s new policies relating to review of equity prospectuses in connection with initial public offerings
  • Observations on delaying the disclosure of inside information – issuers are well aware of their reporting obligations
  • Manipulative characteristics might be associated with trading in small buy and sell orders
  • Topical matters at ESMA
  • Events for listed companies
  • ESEF seminar 26 November 2018

14.6.2018 Market newsletter 2/2018 (pdf)

  • Study by ESMA on the impact of short positions on investor behaviour
  • Basic information on Benchmark Regulation on the FIN-FSA website

 17.4.2018 Market newsletter 1/2018 (pdf)

  • Preliminary information or profit warning?
  • ESMA Q&A interpretation of the obligation to prevent and detect market abuse – also extends in certain situations to non-financial firms
  • Financial Supervisory Authority has published a video on IFRS enforcement

26.1.2018 Market newsletter 4/2017 (pdf)

  • Topical matters at ESMA
  • MiFID II ancillary provisions of the Market Abuse Regulation (MAR) will apply from 3 January 2018
  • ESMA updates Q&A interpretations on MAR
  • MiFIR transaction reporting begins on 3 January 2018
  • Room for improvement in disclosure of alternative performance measures
  • Events for listed companies

 13.10.2017 Market newsletter 3/2017 (pdf)

  • Topical matters at ESMA
  • Requirement to use LEI code is extended
  • Events for listed companies 

 11.7.2017 Market newsletter 2/2017 (pdf)

  • ESMA clarified definition of managers’ closely associated entities
  • Three prospectus exemptions under the new Prospectus Regulation to be applied as of 20 July 2017

30.6.2017 Market newsletter 1/2017 (pdf)

  • Topical matters at ESMA
  • Models for notifying managers’ transactions
  • On the emergence of inside information and establishment of insider lists
  • Regulation on revenue recognition of listed companies will change in 2018 – investors expect information on the changes

19.1.2017 Market newsletter 5/2016 (pdf)

  • Electronic newsletter for communication of current MiFID II and MiFIR issues
  • Guidelines on persons receiving market soundings enter into force on 10 January 2017
  • Guidelines on delay in the disclosure of inside information enter into force on 20 December 2016
  • Importance of the determination of inside information highlighted due to MAR
  • ESMA portal for regulated information results in changes to release categories
  • Events for listed companies in 2016

30.11.2016 Market newsletter 4/2016 (pdf)

  • Topical matters at ESMA
  • Market Supervision introduces electronic newsletter for swift communication of current issues
  • Supervisory findings regarding the application of the Market Abuse Regulation
  • Market sounding procedures
  • Use of Twitter and other social media in the marketing of share issues
  • Big differences in prospectus approval times – FIN-FSA’s processing times
  • Events for listed companies

29.6.2016 Market newsletter 3/2016 (pdf)

  • Topical matters at ESMA
  • Issuers need LEI code for notification of managers’ transactions
  • Contacting FIN-FSA on MAR issues
  • Change to definition of a manager’s closely associated entities
  • New procedures on market sounding enter into force on 3 July 2016
  • Market Abuse Regulation changes disclosure process
  • ESMA guidelines on Alternative Performance Measures enter into force on 3 July 2016

25.5.2016 Market newsletter 2/2016 (pdf)

  • Topical matters at ESMA
  • Market Abuse Regulation also applies to the issuer of a listed bond
  • Information on regulation relating to MAR and on notification of transactions by entities in which managers exercise influence
  • MAR website is now open 
  • How the new delegated regulation will change the prospectus approval process in practice 
  • All working capital needs must be considered in issuing the working capital statement in equity prospectuses

4.4.2016 Market newsletter 1/2016 (pdf)

  • Topical matters at ESMA
  • Changes in the message categories of the Officially Appointed Mechanism
  • Procedures relating to the notification of managers’ transactions

19.1.2016 Market newsletter 3/2015 (pdf)

  • Topical matters at ESMA
  • Market manipulation – what it includes
  • Procedures relating to application of the Market Abuse Regulation
  • Forthcoming changes to prospectus regulations regarding securities offerings and listings
  • Examples of the notification of major shareholdings posted on the FIN-FSA website
  • Disclosure and notification of the choice of home Member State for the periodic disclosure obligation
  • Events for listed companies in 2015
  • Follow the Financial Supervisory Authority on Twitter

20.11.2015 Market newsletter 2/2015

  • Topical matters at ESMA
  • Changes to the periodic disclosure obligation and availability of information –  Entry into force on 26 November 2015
  • Significant changes in the obligation to notify of changes in major shareholdings as from 26 November 2015
  • Networking of national OAMs
  • Commission action plan on the capital markets union
  • The definition of persons closely associated with persons discharging managerial responsibilities
  • ESMA Guidelines on performance measures for financial reporting by listed companies
  • Events for listed companies
  • Follow the Financial Supervisory Authority on Twitter

3.7.2015 Market newsletter 1/2015

  • Topical matters at ESMA
  • Key changes in the Market Abuse Regulation
  • Statistical information on prospectuses from 2013 and 2014
  • FIN-FSA Conference 2015

16.1.2015 Market newsletter 4/2014

  • Topical matters at ESMA
  • Market participants engaging in derivatives trading and the obligations of EMIR
  • Regulation on credit rating agencies also imposes obligations on issuers
  • Events for listed companies 2014

26.11.2014 Market newsletter 3/2014

  • Topical matters at ESMA
  • Impact on practices of listed companies from supervisory visits inspecting compliance with disclosure obligation
  • Events for listed companies
  • FIN-FSA interest group survey results published

10.7.2014 Market newsletter 2/2014

  • Topical matters at ESMA
  • How FIN-FSA supervises disclosure obligations of listed companies and trading in the securities markets
  • Supervisory findings on profit forecasts
  • Disclosure of annual financial statements and the management report

30.4.2014 Market newsletter 1/2014

  • Topical matters at ESMA
  • Preparation of prospectuses on bond issues
  • New European prospectus register
  • Act on Alternative Investment Fund Managers into force in Finland on 15 March 2014
  • Basic information in a stock market release
  • Regulations and guidelines on disclosure obligation on issuers now also available in English

22.1.2014 Market newsletter 4/2013

  • Topical matters at ESMA
  • Reform of Transparency Directive will alter periodic reporting and major shareholding notification obligation
  • Securities Market Association publishes new Takeover Code
  • Events for listed companies in 2013

31.10.2013 Market newsletter 3/2013

  • Results of investor enquiry support FIN-FSA’s view on supervision focus areas
  • Survey on publication and content of listed companies’ disclosure policies
  • Extended possibility to prepare interim management statements
  • National Board of Patents and Registration to be the authority issuing LEI identifiers
  • Opinion of the Accounting Board on notes to the financial statement on listed companies’ management pension commitments has been published
  • Structured investment products difficult for consumers
  • Events for listed companies in 2013

3.7.2013 Market newsletter 2/2013

  • New FIN-FSA regulations and guidelines entered into force on 1 July 2013
  • A report on changes in the practices of providing assessment of future prospects
  • Submission to FIN-FSA of marketing material related to prospectuses
  • Implementation of EMIR continues
  • Market newsletter now also in English
  • FIN-FSA’s investor enquiry




12 November 2018

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