FINLAND: Act 1214/2015 Amending the Law on Alternative Investment Fund Managers

Monday September 28 2015

The Finnish Ministry of Finance has published Act 1214/2015 amending the law on alternative investment fund managers (AIFMs) (162/2014).

Chapter 6 section 6 concerning auditing and auditors has been amended. The Act states that Auditors of AIFMs must comply with the Audit Act (1141/2015) and the Companies Act (624/2006). Consequently, the Auditors of AIFMs must be authorised public accountants or in the case of audit firms, the principle auditor shall be an authorised public accountant.

Additionally, chapter 22 section 8 liabilities for damages has been amended to impose an obligation for compensation of damages on parties the AIFMs have outsourced specific operations to. The auditor’s liability for damages is provided in the Audit Act Chapter 10.

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