FINLAND: Consultation on changes to Finland takeover rules

Thursday December 6 2012

Following an amendment to the Securities Market Act which enters into force on 1st January 2013, Fin-FSA has launched a consultation on its implementing standards on Finland major shareholdings and takeovers. The new rules will entirely replace Fin-FSA Standards 5.1, 5.2a, 5.2b, 5.2c and 5.5.

The main change proposed is that the scope of the tender offer rules will be extended to multilateral trading facilities.

The new regulations will be divided into subject areas, but individual regulations and guidelines will take account, if necessary, of institution-specific requirements and differences between small and large market participants.

Binding regulations and recommendatory guidelines concerning the same matter will be issued in the same document, but as clearly distinguishable elements. If necessary, examples and instructions for application will be provided.

The regulations and guidelines will contain references, where necessary, to the relevant legislation and the binding technical standards and non-binding recommendations issued by the European supervisory authorities.

The consultation is open until 15 February 2013. The new rules are anticipated to enter into effect on 1 July 2013.

Click on the above link for the draft standard (only available in Finnish).