Tuesday May 23 2017

News Source: Global Exchanges

Focus: Trading Rules

Type: General




The Financial Supervisory Authority (FSA) has published the Revisions in Regulations and guidelines 6/2013 on Securities offerings and listings which are valid from 1 June 2017. The revisions are technical and pertain to several changes in the legal framework and international recommendations.

The following new legislation and changes in legislation have been taken into account:

  • the Crowdfunding Act (734/2016)
  • Commission Delegated Regulation (EU) 2016/301 supplementing Directive 2003/71/EC of the European Parliament and of the Council with regard to Regulatory Technical Standards for approval and publication of the prospectus and dissemination of advertisements and amending Commission Regulation (EC) No 809/2004
  • Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse
  • Amendments to the Securities Market Act (519/2016)
  • Amendments of the Accounting Act (1376/2016).

Furthermore, references to the ESMA’s Guideline on Alternative Performance Measures, which is Included in FIN-FSA’s regulations and guidelines on disclosure obligation 6/2016 have been added. Also references to ESMA’s interpretations have been revised.

Chapter 5 relates to the obligations to publish a prospectus. According to FIN-FSA’s interpretation, if securities are offered as consideration in merger or takeover transactions, the acquiring company or offeror should, by virtue of chapter 4, section 1 of the SMA, publish a prospectus at the same terms as in connection with offers of securities to the public.

Chapter 7 relates to the approval and publication of the prospectus. In accordance with chapter 5, section 1, subsection 2 of the SMA, FIN-FSA shall decide on the approval of the prospectus within 10 banking days from submission of the prospectus for approval. If the prospectus pertains to securities of an issuer whose securities have not earlier been offered to the public or admitted to trading on a regulated market or to corresponding trading in an EEA member state, FIN-FSA shall make the decision referred to above within 20 banking days following submission of the prospectus for approval.

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