On 16 April 2019, the European Parliament adopted various reforms to the rules applicable to the distribution and marketing of collective investment funds. The reforms include amendments to the Alternative Investment Fund Managers Directive (the “AIFMD”), including harmonised rules on the pre-marketing of alternative investment funds (“AIFs”). The amendments are to be adopted by the […]

The Payment Services Directive 2 (the “PSD2”) introduces a novel supply obligation for account banks to supply access to account data for third-party service providers of, for instance, account information services or payment initiation services. However, this obligation is subject to an explicit consent by the customer, and the account bank may refuse to supply […]

Finnish Cross-Border Licence: Ongoing Requirements and Implications of Brexit Delay
April 17, 2019

As discussed in our earlier blogposts from March and February, the newly amended Finnish Investment Services Act allows third-country firms, including UK firms after Brexit, to apply for a cross-border licence to provide investment services to per se professional clients and eligible counterparties in Finland. Brexit Delay Postpones the Deadline for Submitting the Licence Application […]

The Cross-Border Licensing Regime Enters into Force on 20 March 2019
March 18, 2019

The new Finnish cross-border licensing regime enters into force on Wednesday 20 March 2019. As mentioned in our previous blog, the new legislation permits third-country firms, including UK firms after Brexit, to apply for a permission to provide investment services on a cross-border basis to per se professional clients and eligible counterparties in Finland under […]

Legal Update: New Restrictions on Interest Rates and Credit-Related Costs on Consumer Credit
March 7, 2019

The Government Bill (HE 230/2018) on amending acts related to consumer credit agreements proposes several changes to the Finnish consumer credit legislative framework, in particular to the interest rate-cap and credit-related costs. On 27 February 2019, the Commerce Committee of the Finnish Parliament proposed more stringent regulation compared to the Government, including decreasing the interest […]

Update on the Finnish Cross-Border Licence for Third-Country Firms
February 1, 2019

Since our Legal Update Finnish Ministry of Finance is Proposing a Cross-Border Licence for Third-Country Firms, the Government Proposal (HE 277/2018) for third-country firms to provide investment services on a cross-border basis to professional clients and eligible counterparties in Finland has taken a step forward and is currently being reviewed by the Finnish Parliament. The […]

Anti-Money Laundering Rules Imposed New Obligations on Entities Registered in the Finnish Trade Register
January 28, 2019

Certain entities registered in the Finnish Trade Register (Fin. kaupparekisteri) are obliged to identify and maintain records of their beneficial owners from 1 January 2019 onwards. The majority of these entities must also register their beneficial ownership information in the Trade Register by 1 July 2020. Hannes Snellman has prepared a brief guideline on the […]

Brexit: Implications for Financial Services in Finland and Sweden
January 17, 2019

The UK is due to leave the European Union (EU) on 29 March 2019. The UK and the EU published a draft Withdrawal Agreement in November 2018.  The draft Withdrawal Agreement, if concluded, would provide for a transition period ending on 31 December 2020 during which EU law would continue to apply in the UK. […]

The Finnish Ministry of Finance recently published a draft government bill for legislation on virtual currency providers. The proposed legislation would partly implement the fifth Anti-Money Laundering Directive (2018/843/EU) in Finland. If the bill is passed, Finnish law would for the first time regulate virtual currencies and their providers. According to the draft rules, anyone […]