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The Finnish Insider Act: Key Requirements and Obligations

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The Finnish Insider Act regulates the activities of individuals holding positions or close ties with companies supervised by the Bank of Finland. In this article, we will summarize the key points of the act, including who is considered an insider, declaration requirements, reporting obligations, external activities, commitments, and the procedure for making declarations.

Who is Considered an Insider?

• Any person holding a position in or close to a company that is subject to supervision by the Bank of Finland.

Declaration Requirements

Insiders must declare:

• Ownership stakes and investments exceeding €40,000.
• Controlling interests in businesses.
• Property under their trusteeship.
• Debts, guarantees, and other contingent liabilities exceeding €40,000.
• Transactions that change the value of assets stated in the trading declaration, exceeding €10,000 during a calendar month.

Reporting Obligations

Immediate reporting is required for:

• Transactions changing asset values, exceeding €10,000 per calendar month.

External Activities

Insiders must declare:

• External activities of an occupational nature or acting in a commercial or professional capacity.
• Requirement to obtain permission from the Bank of Finland and file a secondary occupation declaration.

Commitments

Insiders should provide clarification about:

• Connections to corporations or other entities.
• Applicable personal relationships that could affect their ability to perform duties impartially.

Declaration Procedure

Insiders must:

• Make an insider declaration before appointment or without delay after being classified as an insider.
• Submit annual declarations by the end of January.

Non-Compliance

Non-compliance with the duty to declare insider status constitutes a breach of official duties.