The Government Bill, including draft legislation on the implementation of MiFID II (Directive 2014/65/EU on markets in financial instruments), was presented before Finnish Parliament on 26 October 2017. The purpose of the proposed legislation is to implement the provisions of the MiFID II and make necessary adjustments to the currently applicable Finnish legislation as required by the MiFIR (Regulation 600/2014 on markets in financial instruments).
According to the Government Bill, the Finnish Investment Services Act (747/2012) will be amended to reflect the scope of application and exemptions included in the MiFID II. New provisions on
high-frequency algorithmic trading, product governance and the use of incentives, as well as specifications in relation to the safekeeping of financial instruments belonging to clients will be included in the Investment Services Act. The Government Bill also proposes the enactment of a new Act on Trading in Financial Instruments to reflect the MiFID II provisions regarding the operations of organized trading facilities and transparency requirements included in the MiFIR. Amendments to the Act on the Finnish Financial Supervisory Authority will also include a substantial increase of the sanctioning powers of the Finnish regulator.
The amended acts are expected to enter into force on 3 January 2018.
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