FINLAND: Response from Fin-FSA on consultation on Finland major shareholding and takeover changes

Thursday April 18 2013

In response to a query on legislative changes resulting from the amendments to the Securities Markets Act regarding consultation on Finland Major shareholdings, which entered into effect in January 2013, Fin-FSA has replied as follows:

“Unfortunately the SMA is not available in English yet, but when it is available (hopefully in the near future) you can find it from here.

The new set of Regulations and guidelines concerning operation of securities markets (the section deals with issues related to securities markets, such as prospectuses, securities issuers’ disclosure obligation, the obligation to disclose major holdings, insider registers and transaction reporting) are anticipated to come into force 1st of July 2013. Our aim is to publish also the English translations before that date.

According to the transitional provisions of the new legislation, the standards 5.2b and 5.2c are applicable to the extent appropriate until 30 June 2013.”

Click here for the consultation on the replacement of Fin-FSA standards on the disclosure of major shareholdings and takeovers (only available in Finnish). Click here for analysis of the Finland major shareholdings changes and click here for analysis of the takeovers changes.