Finnish Financial and Insurance Markets Regulation 

Finnish financial and insurance markets are supervised by two national competent authorities. 

Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA) 

Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. As much as 95% of our activities will be funded by the supervised entities and the remainder will be provided by the Bank of Finland.

For more information: https://www.finanssivalvonta.fi/en/

Bank of Finland 

The Bank of Finland is the national monetary authority and central bank of Finland. At the same time, it is also a part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world’s second largest currency – the euro. The primary objective of the Eurosystem and the Bank of Finland alike is price stability, which means a moderate rise in consumer prices. The Bank of Finland has tasks relating both to Finland and to the Eurosystem. In addition to monetary policy, the Bank’s core tasks are financial stability and financial statistics, banking operations and currency supply.

The Bank of Finland is responsible for maintaining confidence in the financial system. When financial instability threatens, the central bank may need to take a more active role in order to maintain the operational ability of the financial system, because, ultimately, the central bank is the safeguard of last resort of the financial system’s liquidity situation. This was the case in Finland, for instance, during the banking crisis at the beginning of the 1990s.

For more information: https://www.suomenpankki.fi/en/bank-of-finland/

Legislation:

https://www.finanssivalvonta.fi/globalassets/en/fin-fsa/fin-fsa_act.pdf