FINANSSIVALVONTA, OR THE FINANCIAL SUPERVISORY AUTHORITY

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. The authority aims to enable balanced operations of credit institutions, insurance and pension companies, and other superv... ised entities in stable financial markets; to protect the rights of the insured and foster public confidence in financial market operations; and to promote compliance with good practice in financial markets and disseminate general knowledge about the markets. Administratively FIN-FSA operates in connection with the Bank of Finland, but it makes independent decisions in its supervisory work. 95% of its activities are funded by the supervised entities and the remainder is provided by the Bank of Finland. Its activities are supervised by the Parliamentary Supervisory Council. The Board of the Financial Supervisory Authority sets the objectives for the activities of the supervisor, decides the operational principles, and guides and supervises achievement of, and compliance with, these objectives and principles. The organization of the Financial Supervisory Authority consists of three departments: Institutional Supervision, Prudential Supervision, and Supervision of Markets and Conduct of Business. The departments break own into 3-5 divisions. The Financial Supervisory Authority was established on January 1, 2009, and is based in Helsinki, Finland.More