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Reforming Keva's governance and investments

The investment expertise of Keva's board of directors will be strengthened, and rules on management independence will be tightened to align with the requirements for earnings-related pension companies. At the same time, more detailed rules will be laid down on the independence of pension fund investment activities, and the start of the term of office of the council members will be postponed until later in the autumn.

Lait eläkesäätiöistä ja eläkekassoista annetun lain ja siihen liittyvien lakien muuttamisesta

Supervising the use of artificial intelligence

A supervisory system for the safe use of artificial intelligence systems would be established in Finland in line with EU artificial intelligence regulation. Authorities would receive powers to supervise the use of artificial intelligence and address breaches of the rules through administrative fines.

Extending the last pension institution principle

Pension applicants will receive their earnings-related pension under a single decision also when their career includes employment at the Bank of Finland or in the Åland public sector. In addition, pension institutions' access to health data will be accelerated by enabling data to be retrieved electronically directly from the Kanta services.

Organising supervision of ESG ratings

The Financial Supervisory Authority will be designated as the Finnish authority supervising sustainability and responsibility ratings for companies and financial products. The change aligns national legislation with a new EU regulation.

Licensing and supervision of crypto-asset services

Crypto-asset service providers will be required to hold an official authorisation instead of previous registration, and their operations will come under stricter regulatory supervision. At the same time, authorised companies will be able to provide their services throughout the EU.

Discontinuing the issuance of LEI codes

The Finnish Patent and Registration Office will cease issuing international Legal Entity Identifier (LEI) codes to companies trading in securities. Companies and entities will acquire the identifier from commercial service providers.

Supervision and penalties for green bonds

The Financial Supervisory Authority will receive powers to supervise issuers of green bonds complying with the EU standard and to impose penalty payments for infringements. The reform clarifies disclosure obligations for bonds emphasising environmental impacts and prevents greenwashing.

Transferring supervision of Keva

Supervision of the public sector pension institution Keva will be transferred in its entirety from the Ministry of Finance to the Financial Supervisory Authority. At the same time, the eligibility requirements for Keva's management will be aligned with those for private sector earnings-related pension companies.

Reforming exchange supervision and trading rules

The granting of stock exchange licences and confirmation of exchange rules would be transferred from the Ministry of Finance to the Financial Supervisory Authority. At the same time, rules on the transparency and supervision of securities trading would be updated in line with EU legislation.

Transitional rules for environmental damage compensation

The old Oil Pollution Compensation Fund and mandatory environmental damage insurance will be replaced by a new Environmental Damage Fund at the beginning of 2025. The transitional rules concerning the winding down of the old systems will be clarified so that the final financial statements and compensation cases can be processed smoothly.

Strengthening anti-money laundering measures

Rules on preventing money laundering and terrorist financing will be clarified and supervision tightened in line with international obligations. The changes expand the supervision and obligations of reporting entities to detect suspicious assets and activities.

Introducing central counterparty resolution rules

EU regulation on the recovery and resolution of central counterparties clearing financial market transactions would be incorporated into Finnish law. The reform would ensure financial market stability during disruptions and prevent the need to bail out operators using taxpayers' money.

Reform of the book-entry system

Legislation on central securities depositories and the book-entry system is reformed to align with EU regulation. Finnish companies will also be able to issue their shares in foreign central securities depositories, but the direct ownership model and the public availability of ownership details for domestic investors are maintained.

Reforming and raising financial supervision fees

Supervision fees charged to financial sector companies by the Financial Supervisory Authority will be raised and their criteria reformed to secure the authority's funding. At the same time, fees will be shifted more towards the sectors whose supervision requires the most work from the authority.

Safeguarding supplementary pension and sickness funds

Supplementary pension foundations and funds established earlier will be allowed to continue their operations to their previous extent to pay voluntary supplementary pensions. Small sickness funds and other insurance funds that have received an exemption will also be permitted to continue operating below the statutory minimum size.

Equity savings accounts for retail investors

A new equity savings account will be created in Finland for private individuals. Within the account, listed shares can be traded and dividends accrued without immediate tax consequences.

Reform of Nuclear Waste Fund investments

Assets of the State Nuclear Waste Management Fund may be invested in a more diversified manner than before to achieve better returns. At the same time, the fund's governance model will be reformed and the separate research and grant systems for nuclear research will be merged.

Transferring Finnvera's financial supervision

Financial supervision of the state-owned specialised financing company Finnvera will be transferred from the Ministry of Economic Affairs and Employment to the Financial Supervisory Authority. The reform will strengthen the supervision of the state's increased financing and guarantee liabilities, taking into account Finnvera's special status in economic policy.