EU’s CSD Regulation to be implemented in Finland
The Government proposes new legislation to implement the EU's Central Securities Depositories (CSD) Regulation in Finland. The legislation does not include the expansion of nominee registration in the Finnish book-entry system.
The CSD Regulation obligates Finland to open up the activities of its central securities depository to competition. The Regulation came into force in September 2014.
The Government proposes a new act on a book-entry system and clearing operations. In addition, there would be amendments to numerous other acts, such as the Limited Liability Companies Act, the Co-operatives Act and the Act on the Financial Supervisory Authority. At the same time, the existing Act on the Book-Entry System and Clearing Operations would be repealed.