A written application is submitted to the Financial Supervisory Authority (FIN-FSA), with supporting documents attached. We recommend that the applicant entity contacts the FIN-FSA before applying to clarify the procedure.
Processing schedule for the application
FIN-FSA must submit a decision proposal on the authorisation of a credit institution to the ECB within 4 months of receipt of the application or, in the event of a defective application, as soon as the applicant has submitted the necessary documents and clarifications. FIN-FSA must announce its decision on authorisation of an investment firm, a fund management company or a securities depository within 6 months of receipt of the application.
Approval of an authorisation depends on the application being accompanied by all the required clarifications. However, a decision on such an authorisation must always be announced within 12 months of receipt of the application. Insurance companies are to receive notice of such an authorisation within 6 months. Payment institutions must be informed of a decision on authorisation within 3 months of receipt of the application, provided that the application includes all the required clarifications. A decision on authorisation of an alternative investment fund manager is to be announced within 3 months of the applicant's submission of the necessary documents and clarifications. FIN-FSA may grant, at most, a 3-month extension of the deadline for an authorisation.
Reporting and information on authorisation
Once authorisation is granted to a credit institution, investment firm, fund management company, alternative investment fund manager, custodian or payment institution, the FIN-FSA makes the appropriate declaration for entry into the trade register. It is important to note, however, that a company to be established may only commence operations once the entry has been completed in the trade register. Authorised payment institutions are entered in a register of payment institutions, maintained by the FIN-FSA, and authorised insurance companies are entered in a register of insurance company authorisations, maintained by the FIN-FSA.
After granting an authorisation, the FIN-FSA releases information to the following: the Deposit Guarantee Fund (in the case of the authorisation of a deposit bank), the Investor Compensation Fund (authorisation to investment firms and to credit institutions offering investment services, fund management companies and alternative investment fund managers) and the EU Commission (credit institution authorisation).
Application forms and instructions as well as application attachments are only available in Finnish and in Swedish.