Securities market legislation in Finland to be reformed in the next few years

The purpose of the general reform is to ensure that legislation on securities markets is effective, clear and understandable and that it promotes the competitiveness of the Finnish market. Furthermore, ensuring the effectiveness of securities market supervision and sanctions for illegal conduct, are part of the reform.

The Securities Markets Act and closely related legislation have been reformed in recent years through many partial reforms, but no overall review has been made since the enactment of the Securities Markets Act (1989). At this very moment a Government bill regarding an amendment of the Act on Common Funds is being drafted in the Ministry of Finance. The general reform prepared by the working group is based on a valuation memorandum made in the summer of 2008 and the statements received regarding it.

The reforming legislation must enable international structures and operating models that increase the efficiency of cross-border operations. In its work the working group will take into account international and EU development initiatives and projects on securities markets and seeks to avoid any deviations with an adverse effect on competitiveness. At the same time the aim is also to safeguard the availability, security and feasibility of investment services in circumstances where such services are being offered increasingly by non-Finnish providers.

The term of the working group is from 3 February 2009 to 31 December 2010. The task of the working group is to draft the necessary legislative proposals into the format of a Government bill. However, urgent proposals to amend securities clearing, settlement and custody legislation may be submitted to the Parliament, if necessary, at the latest in the year 2010. The chair of the working group is Ms Tuija Vuorinen, Legislative Councellor at the Ministry of Finance and the group consists of 13 members.
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