Kreditinstitutslag

Heading for Chapter 1 on general provisions concerning the right to conduct credit institution business.

This is the heading for Chapter 1, which covers general provisions on the right to carry on credit institution business.

This provision is a heading for the preamble to a chapter on the right to carry on credit institution business.

This is a heading for Part I on the right to conduct credit institution business, Chapter 1 on general provisions.

This is the heading for Chapter 1, General Provisions, of the Act on the Right to Carry on Credit Institution Business.

Chapter 1 contains general provisions about the right to carry on credit institution business.

This part is titled as the general provisions for the right to carry on credit institution business.

This section says the law covers the right to conduct credit institution business, the requirements for that activity, and supervision of compliance.

This section says the law covers the right to conduct credit institution business, the requirements for that activity, and supervision of compliance.

This section states that the Act covers the right to conduct credit institution business, the requirements for that business, and supervision of compliance, and also covers certain other business involving repayable funds collected from the public.

This section states the law’s purpose: it governs the right to carry on credit institution business, the requirements for that activity, and supervision of compliance. It also covers other business that raises repayable funds from the public.

This section says the law covers the right to carry on credit institution business, the requirements for that activity, and supervision of compliance.

This section says the law covers the right to conduct credit institution business, the requirements for that business, and supervision of compliance.

This section says the Act covers the right to carry on credit institution business, the requirements for that business, and supervision of compliance.

This section points to other laws and EU rules that regulate credit institutions, including capital requirements, technical standards, resolution, and related sector rules.

This section lists other laws and EU acts that regulate credit institutions, their capital requirements, certain banking company forms, mortgage bank activity, investor compensation coverage, deposit bank safeguards, investment service rules, and resolution.

This section says that several rules for credit institutions are found in the listed EU regulations, directives, and Finnish acts.

This section points to other laws and EU rules that govern credit institutions, including capital requirements, resolution, and related sector-specific legislation.

This section points to other laws and EU rules that govern credit institutions, including capital requirements, covered bond conditions, investor compensation fund membership, and crisis resolution.

Pykälä kertoo, että luottolaitoksia koskevia vaatimuksia ja sääntöjä on useissa nimetyissä EU-säädöksissä ja kansallisissa laeissa.

The section says other laws and EU rules govern credit institutions, capital requirements, technical standards, mortgage credit business, investor compensation fund membership, and resolution.

Finanssivalvonta supervises compliance with this law, but the ECB supervises certain chapters in institutions whose supervision has been transferred to it. Finanssivalvonta must also make certain supervision-related information clearly available on its website.

Finanssivalvonta supervises compliance with this Act, but the ECB supervises certain chapters for credit institutions whose supervision has been transferred to it. Finanssivalvonta must also make certain ECB/Finanssivalvonta supervision information clear on its website.

Finanssivalvonta supervises compliance with this Act, while the ECB supervises certain chapters for institutions whose supervision has been transferred to it. Finanssivalvonta must also publish clear website information about which institutions are supervised by the ECB or Finanssivalvonta and the cooperation arrangements between them.

Finanssivalvonta supervises compliance with this law, unless supervision has been transferred to the ECB for the specified credit institutions and provisions.

Finanssivalvonta supervises compliance with this Act, but the ECB supervises certain chapters for institutions whose supervision has been transferred to it.

Finanssivalvonta valvoo lain noudattamista, mutta tietyissä EKP:lle siirretyissä luottolaitoksissa valvonta kuuluu EKP:lle.

Finanssivalvonta valvoo lain ja sen nojalla annettujen säännösten noudattamista, mutta tietyissä YVM-asetuksen mukaisesti siirretyissä luottolaitoksissa valvonta kuuluu EKP:lle. Finanssivalvonnan verkkosivuilla on myös oltava selvästi tiedot valvottavista luottolaitoksista ja yhteistyöjärjestelyistä EKP:n kanssa.

Finanssivalvonta supervises certain credit institutions on a consolidated basis, and in some cases may decide who counts as the parent entity.

Finanssivalvonta supervises certain credit institutions on a consolidated basis, and in some cases may decide that a group holding company is not treated as the parent company for this rule.

Finanssivalvonta valvoo tietyt konsolidointiryhmän emoyrityksenä olevat luottolaitokset niiden konsolidoidun taloudellisen aseman perusteella, ja sen on joissakin tapauksissa pyydettävä lausunto muilta valvontaviranomaisilta.

Finanssivalvonta valvoo tietyt konsolidointiryhmän emoyrityksenä olevat luottolaitokset niiden konsolidoidun taloudellisen aseman perusteella, ja velkoja ei saa käyttää tiettyä saatavaa kuittaukseen luottolaitoksen konkurssissa.

Finanssivalvonta valvoo tietyt konsolidointiryhmän emoyhtiönä olevat luottolaitokset konsolidoidun taloudellisen aseman perusteella, voi tietyissä tapauksissa päättää ettei omistusyhteisöä pidetä emoyrityksenä, ja velkoja ei saa käyttää kuittaukseen erästä saatavaa luottolaitoksen konkurssissa.

Finanssivalvonta supervises certain credit institutions on a consolidated basis, may make a special decision on parent-company treatment, and creditors may not set off certain claims in a credit institution’s bankruptcy.

Finanssivalvonta supervises certain credit institutions on a consolidated basis, and in one case may decide that a holding company is not treated as the parent company if conditions are met.

This provision defines “credit institution business” and excludes seller-granted payment time and certain intra-group financing from that definition.

This section defines credit institution activity and excludes certain seller payment terms and intra-group financing from that definition.

This section defines what counts as credit institution activity.

This section defines “luottolaitostoiminta” as business that takes repayable funds from the public and offers loans or other financing on its own account, and also includes certain EU prudential-regulation business.

This section defines what counts as credit institution activity.

This section defines what counts as credit institution activity.

This section defines what counts as credit institution activity.

The provision defines two kinds of repayable funds and what counts as repayable on demand funds, including short notice and early termination conditions.

The section defines “takaisinmaksettavat varat” and “vaadittaessa takaisinmaksettavat varat.”

This section defines ‘repayable funds’ and ‘demand repayable funds’ for this Act.

This section defines repayable funds and demandable repayable funds, including 30-day notice and 30-day maturity rules.

This section defines “takaisinmaksettavat varat” and “vaadittaessa takaisinmaksettavat varat.”

This section defines two terms: repayable funds and repayable funds on demand.

This section defines “takaisinmaksettavat varat” and “vaadittaessa takaisinmaksettavat varat.”

This section defines credit institutions and certain foreign credit institutions.

This section defines what counts as a credit institution, a foreign credit institution, an EEA foreign credit institution, and a third-country credit institution.

This section defines credit institutions and distinguishes domestic, foreign, EEA, and third-country credit institutions.

This section defines several kinds of credit institutions, including domestic credit institutions and foreign/EEA/non-EEA credit institutions.

This section defines several types of credit institutions and related foreign credit institution categories.

This section defines several types of credit institutions.

This section defines several types of credit institutions and related categories.

A deposit bank is a credit institution authorized to receive deposits from the public, and it may be a company, a cooperative, or a savings bank.

A deposit bank is a credit institution licensed to accept deposits from the public.

A deposit bank is a credit institution authorized to take deposits from the public, and it may be a limited company, cooperative, or savings bank.

A deposit bank is a credit institution licensed to take deposits from the public; it may be a company, cooperative, or savings bank.

A deposit bank is a credit institution licensed to take deposits from the public. It may be a company, cooperative, or savings bank.

Talletuspankki määritellään luottolaitokseksi, jonka toimilupa oikeuttaa vastaanottamaan yleisöltä talletuksia, ja se voi olla osakeyhtiö, osuuskunta tai säästöpankki.

A deposit bank is a credit institution licensed to receive deposits from the public.

This section defines what counts as a deposit and limits use of the word “talletus” in marketing.

Markkinoinnissa sanaa “talletus” saa käyttää vain korvattaviin talletuksiin kuuluvista varoista, eikä muussa varojen hankintaa koskevassa markkinoinnissa saa toimia niin, että talletukset sekoittuvat muihin takaisinmaksettaviin varoihin.

This section defines “deposit” and restricts how the word “talletus” may be used in marketing.

The term “talletus” (“deposit”) is defined, and in marketing it may be used only for covered deposit funds and not in ways that make deposits harder to distinguish from other repayable funds.

Marketing may use the word “talletus” only for reimbursable deposit funds, and marketing of other repayable funds must not make deposits harder to distinguish.

In marketing, the word “talletus” may be used only for funds covered by the compensable deposit in subsection 1, and marketing for other repayable funds must not make deposits harder to distinguish from other repayable funds.

This section defines “talletus” and limits use of that word in marketing to certain covered deposits.

Luottoyhteisö määritellään luottolaitokseksi, joka voi vastaanottaa yleisöltä muita takaisinmaksettavia varoja kuin talletuksia.

A credit institution is defined as a credit institution that may receive other repayable funds from the public than deposits.

This section defines a credit institution and says it may receive certain repayable funds from the public and may take the form of a limited company, cooperative, or mortgage association.

This section defines what counts as a credit institution and says it may receive certain repayable funds from the public instead of deposits.

This section defines what a credit institution is and says it may take repayable funds from the public other than deposits.

Luottoyhteisö määritellään luottolaitokseksi, joka voi vastaanottaa yleisöltä muita takaisinmaksettavia varoja kuin talletuksia.

A credit institution is defined as a credit institution that may receive repayable funds from the public other than deposits, and it may take the form of a limited liability company, a cooperative, or a mortgage association.

This section defines “financial institution” for this Act as a financial institution referred to in Article 4(1)(26) of the EU Capital Requirements Regulation.

This section defines “rahoituslaitos” for this Act as the financial institution referred to in Article 4(1)(26) of the EU Capital Requirements Regulation.

This section defines “financial institution” for this Act.

This section defines “financial institution” for this law.

This section defines “financial institution” for this Act as a financial institution referred to in Article 4(1)(26) of the EU Capital Requirements Regulation.

This section defines “financial institution” for this Act.

This section defines “financial institution” for this law by referring to the EU capital requirements regulation definition.

This section defines “Kotivaltio” as the state where a foreign credit institution has its registered office and has been licensed by the competent authority to conduct credit institution business.

This section defines “Kotivaltio” as the state where a foreign credit institution has its registered office and where the competent authority has granted it a credit institution licence.

‘Kotivaltio’ means the state where a foreign credit institution has its registered office and has been licensed by the competent authority.

This section defines “Kotivaltio” as a state where a foreign credit institution has its registered office and has been licensed by the competent authority.

Kotivaltio means a state where a foreign credit institution has its registered office and has been authorised by the competent authority to carry on credit institution business.

This provision defines “Kotivaltio” as the state where a foreign credit institution has its registered office and where the competent authority has granted it a credit institution licence.

This section defines “Kotivaltio” as the state where a foreign credit institution has its registered office and has been licensed by the competent authority to conduct credit institution business.

This section defines a branch office as a place of business of a credit institution or foreign credit institution outside its home state, legally part of that institution, where banking or other permitted business is carried on.

This section defines “sivuliike” (branch office) for the Act.

This section defines a branch office of a credit institution or foreign credit institution as a place of business outside the home state that is legally part of the institution and conducts permitted credit-institution business.

This section defines a branch office as a place of business outside the home state that is legally part of a credit institution or foreign credit institution and from which permitted banking business is carried on.

This section defines a branch office of a credit institution or foreign credit institution located outside its home state.

This section defines “sivuliike” (branch) as a credit institution’s or foreign credit institution’s place of business outside its home state that is legally part of the institution and carries out permitted banking business.

This section defines what counts as a branch (sivuliike): a place of business of a credit institution or foreign credit institution outside its home state, legally part of that institution, from which banking or other permitted business is carried on.

This section defines what “palveluyritys” means under this law.

This section defines “palveluyritys” as an ancillary services company referred to in the EU capital requirements regulation.

This section defines “palveluyritys” as an ancillary services undertaking referred to in the EU Capital Requirements Regulation.

Palveluyritys määritellään tässä laissa EU:n vakavaraisuusasetuksessa tarkoitetuksi oheispalveluyritykseksi.

This section defines “service company” for this law.

This section defines “Palveluyritys” as an ancillary services undertaking referred to in Article 4(1)(18) of the EU Capital Requirements Regulation.

Palveluyritys määritellään tässä laissa EU:n vakavaraisuusasetuksen mukaiseksi oheispalveluyritykseksi.

Finanssivalvonnan on viipymättä päätettävä, pidetäänkö tiettyä yritystä omistusyhteisönä, ja sen on pidettävä omistusyhteisöistä luetteloa sekä ilmoitettava luettelosta ja muutoksista tietyille viranomaisille.

Finanssivalvonta must decide promptly whether certain parent companies are holding companies, keep a list of such holding companies, and notify that list and its changes to specified EEA supervisory authorities, the European Commission, and the European Banking Authority.

Finanssivalvonta must promptly decide whether a company is to be treated as a holding company when it learns that a non-credit institution or investment firm has become a credit institution’s parent, keep a list of such holding companies, and notify certain foreign EEA supervisors, the Commission, and the European Banking Authority of the list and any changes.

Finanssivalvonta must keep a list of certain holding companies and notify specified authorities of the list and any changes.

Omistusyhteisö tarkoittaa tässä laissa tiettyjä EU:n vakavaraisuusasetuksen mukaisia rahoitusalan holding- ja sekaholdingyhtiöitä. Finanssivalvonta pitää luetteloa näistä omistusyhteisöistä ja toimittaa luettelon sekä siihen tehdyt muutokset tiedoksi tietyille ETA-valvontaviranomaisille, Euroopan komissiolle ja Euroopan pankkiviranomaiselle.

Finanssivalvonta must keep a list of certain ownership companies and notify changes to specified EU supervisory authorities, the European Commission, and the European Banking Authority.

Finanssivalvonta must keep a list of certain holding companies and notify specified authorities of that list and any changes.

This section defines what counts as a consolidated group.

This section defines “consolidated group” and explains which parent companies and subsidiaries count within it.

This section defines what counts as a consolidation group and refers to the meanings of group, parent company, and subsidiary used in the Accounting Act, including equivalent foreign entities.

This section defines what a consolidated group means for this law.

This section defines “consolidation group” and explains how “group,” “parent undertaking,” and “subsidiary undertaking” are understood for this law.

This section defines “konsolidointiryhmä” (consolidation group) and related group terms.

This section defines what counts as a consolidation group and related group terms in this Act.

This section defines “core capital” for this law.

This section defines “core capital” for this law by reference to Article 26 of the EU Capital Requirements Regulation.

This section defines “ydinpääoma” (core capital) for this Act by referring to Article 26 of the EU Capital Requirements Regulation.

This section defines “ydinpääoma” for this law.

The section defines “ydinpääoma” for this Act.

This section defines “ydinpääoma” (core capital) as the core capital referred to in Article 26 of the EU Capital Requirements Regulation.

This section defines “ydinpääoma” (core capital) for this law by referring to Article 26 of the EU Capital Requirements Regulation.

This section defines outsourcing as an arrangement where another service provider performs for a credit institution a function or service the institution would otherwise do itself.

This section defines outsourcing for credit institutions.

This section defines outsourcing for credit institutions.

This section defines “outsourcing” for a credit institution.

This section defines outsourcing for a credit institution.

This section defines outsourcing for a credit institution: an outside service provider performs a function or service the institution would otherwise do itself.

This provision defines outsourcing as an arrangement where another service provider performs a function or service for a credit institution that the institution would otherwise do itself.

This section defines three EU financial bodies for use in the Act.

This section defines the terms European Banking Authority, European Banking Committee, and European Systemic Risk Board for use in the Act.

This section defines three financial authorities used in the law.

This section defines three EU bodies used in the law: the European Banking Authority, the European Banking Committee, and the European Systemic Risk Board.

This section defines three terms: the European Banking Authority, the European Banking Committee, and the European Systemic Risk Board.

This section defines three EU financial supervisory bodies for use in the Act.

This section defines three terms used in the law: the European Banking Authority, the European Banking Committee, and the European Systemic Risk Board.

This section defines who counts as a credit institution’s management and executive management.

This section defines who counts as management and executive management in a credit institution.

This section defines who counts as the management and executive management of a credit institution.

This section defines who counts as the credit institution’s management and executive management.

This section defines who counts as “johto” (management) and “toimiva johto” (executive management) for a credit institution.

This section defines who counts as management and executive management of a credit institution.

This section defines “johto” and “toimiva johto” for a credit institution.

Credit institution activity may not be carried on without the permit required by this Act.

Credit institution activity may not be carried on without the licence required by this Act.

Credit institution business may not be carried on without the licence required by this Act.

Luottolaitostoimintaa ei saa harjoittaa ilman tässä laissa tarkoitettua toimilupaa.

Luottolaitostoimintaa ei saa harjoittaa ilman tässä laissa tarkoitettua toimilupaa.

Credit institution activity may not be carried out without the licence required by this Act.

Credit institution activity may not be carried on without a licence under this Act.

Muu kuin luottolaitos ei saa harjoittaa liiketoimintaa, jossa yleisöltä vastaanotetaan takaisinmaksettavia varoja, ellei varoja kerätä laskemalla liikkeeseen tiettyjä arvopaperimarkkinalain mukaisia arvopapereita tai ellei luvun 3 §:stä muuta johdu.

Muu kuin luottolaitos ei saa harjoittaa liiketoimintaa, jossa yleisöltä vastaanotetaan takaisinmaksettavia varoja muuten kuin laskemalla liikkeeseen tiettyjä arvopapereita, ellei 3 §:stä muuta johdu.

Non-credit institutions may not run a business that takes repayable funds from the public, except by issuing the securities mentioned here, unless section 3 provides otherwise.

Muu kuin luottolaitos ei saa harjoittaa liiketoimintaa, jossa yleisöltä vastaanotetaan takaisinmaksettavia varoja, ellei niitä lasketa liikkeeseen arvopaperimarkkinalain tarkoittamina arvopapereina tai jollei 3 §:stä muuta johdu.

Muu kuin luottolaitos ei saa harjoittaa liiketoimintaa, jossa yleisöltä vastaanotetaan takaisinmaksettavia varoja, paitsi jos varat kerätään arvopaperimarkkinalain tarkoittamia arvopapereita liikkeeseen laskemalla tai jos 3 §:ssä säädetään toisin.

A non-credit institution may not run a business that takes repayable funds from the public, unless the law provides otherwise in section 3 of this chapter.

Muu kuin luottolaitos ei saa harjoittaa liiketoimintaa, jossa yleisöltä vastaanotetaan takaisinmaksettavia varoja, ellei varoja hankita arvopaperimarkkinalain tarkoittamilla arvopapereilla tai ellei tämän luvun 3 §:ssä toisin säädetä.

This section lists exceptions to the restriction in section 2 and adds a disclosure rule for certain debt instruments offered to the public.

Several listed financial actors may continue their activities despite section 2, and companies/cooperatives may also raise repayable funds from the public with non-demand debt instruments, but then must publish interim and annual disclosure documents.

This section lists exceptions allowing certain institutions and entities to receive repayable funds from the public, and it adds reporting duties in some cases.

This section lists exceptions to the exclusive rule in section 2 and adds a disclosure duty for certain public offers of debt instruments.

Tämä pykälä sallii tietyille rahoitus- ja vakuutustoimijoille poikkeuksia 2 §:n rajoituksista sekä asettaa joillekin yhteisöille tiedonantovelvollisuuden, jos ne keräävät yleisöltä takaisinmaksettavia varoja velkasitoumuksilla.

This section lists exceptions to the exclusive rule in section 2 and adds disclosure duties when certain entities raise repayable funds from the public.

Tämä pykälä antaa useille toimijoille oikeuden ottaa vastaan tai hankkia takaisinmaksettavia varoja tietyin poikkeuksin, ja asettaa tietyissä tarjontatilanteissa raportointivelvollisuuden.

Some non-deposit banks may use the word “pankki” in their trade name only if it is clear the use is not misleading about deposit-bank საქმიანություն; companies may also use references to a deposit bank in the same group, and the same rules apply to auxiliary trade names and secondary identifiers.

Non-deposit banks, the Bank of Finland, and the Nordic Investment Bank may use the word “bank” in a trade name or business only if it is clearly not misleading.

Certain non-deposit institutions may use the word “pankki” only if that use is clearly not misleading; a company may also refer to a bank in its group in its trade name.

Some businesses may use the word “bank” in their name only if it is clearly not misleading about deposit-bank business; a company may also refer in its trade name to a deposit bank in the same group or deposit bank association.

Certain non-deposit banks and companies may use bank-related wording in a trade name only when it is clearly not misleading.

Certain non-deposit banks may use the word “bank” in their trade name or operations only if it is clearly not misleading about deposit-bank activity.

Some non-deposit banks may use the word "bank" in their business name or operations only if it is clearly not misleading. A company may also refer in its business name to a deposit bank in the same group or deposit bank amalgamation.

Anyone who plans to acquire certain credit institution shares or related interests must notify the Financial Supervisory Authority in advance when ownership or voting thresholds are met.

Certain share and ownership acquisitions in a credit institution must be notified in advance to the Financial Supervisory Authority.

Anyone acquiring a qualifying shareholding in a credit institution must notify Finanssivalvonta in advance.

Säännös edellyttää alakonsernirakennetta tietyissä kolmannen maan emoyhteisöjen ryhmissä ja velvoittaa Finanssivalvonnan ilmoittamaan tietyistä luottolaitoksista Euroopan pankkiviranomaisille.

A third-country parent’s EEA subsidiary credit institution may carry on credit institution business only if the EEA credit institutions and investment firms form one sub-group, subject to listed conditions. The provision also requires certain intermediate parent entities to be credit institutions or authorized holding companies in the EEA, and requires Finanssivalvonta to notify the European Banking Authority.

A third-country parent’s EEA subsidiary credit institution may operate only if the EEA subsidiaries form one sub-group, subject to specified size and structure conditions.

A third-country parent’s EEA subsidiary credit institution may conduct credit institution business only if the EEA group forms one sub-group, subject to the stated conditions.

Ilmoitusvelvollinen ei saa hankkia tiettyjä osakkeita tai osuuksia ennen EKP:n päätöstä tai määräajan päättymistä. Finanssivalvonnalla on oikeus esittää EKP:lle hankinnan kieltämistä.

Ilmoitusvelvollinen ei saa hankkia tietyissä tilanteissa 1 §:ssä tarkoitettuja osakkeita tai osuuksia ennen EKP:n päätöstä tai määräajan päättymistä.

A notified person may not acquire the shares or units referred to in section 1 until the ECB has made the decision, or the statutory decision deadline has expired, unless the handling of the matter is ordered otherwise.

Certain holding companies and intermediate companies must apply for an authorization to operate, unless they obtain a confirmation that the authorization is not needed.

Certain holding companies and intermediary companies must apply for a licence for their activities, unless the ECB is responsible for consolidated supervision and applies instead of the Finnish Financial Supervisory Authority.

Tietyn omistusyhteisön tai väliyhtiön on haettava toimintaa varten lupa Finanssivalvonnalta tai EKP:ltä. Omistusyhteisö voi myös hakea vahvistusta siitä, ettei lupaa tarvita, jos tietyt edellytykset täyttyvät.

Certain holding companies and intermediate companies must apply for an operating licence from the Financial Supervisory Authority, or from the ECB if it supervises the consolidated group; a holding company may instead seek confirmation that no licence is needed if specified conditions are met.

Luottolaitoksen toimilupaa haetaan Finanssivalvonnalle tehtävällä hakemuksella, ja hakemukseen voi liittyä lausuntopyyntöjä sekä myöhempi ilmoitusvelvollisuus olennaisista muutoksista.

The ECB grants credit institution licences on application to the Financial Supervisory Authority, and a credit institution must notify Financial Supervisory Authority of material changes in the licence-related information after the licence is granted.

The provision says how a credit institution licence is applied for, who decides on it, when opinions must be requested, and that material changes must be reported to Finanssivalvonta.

Omistusyhteisön lupa on myönnettävä, jos tietyt organisaatio-, rakenne- ja kelpoisuusedellytykset täyttyvät. Finanssivalvonnan on ratkaistava lupahakemus neljän kuukauden kuluessa, tai puutteellisen hakemuksen täydentämisestä lukien.

Omistusyhteisön licence must be granted if the stated conditions are met, and Finanssivalvonta must decide on the application within four months.

An ownership company’s permit must be granted if the stated conditions are met, and the Financial Supervisory Authority must decide on the permit within four months.

Omistusyhteisön permit must be granted if the stated organizational, supervisory, and fit-and-proper conditions are met; Finanssivalvonta must decide on the permit within four months.

Finanssivalvonta must send a draft licence decision to the ECB within 4 months, and the final licence decision must be made within 12 months. It may also add necessary supervision-related restrictions and conditions, and the applicant may appeal if the draft decision is late.

Finanssivalvonta must send a credit institution licence proposal to the ECB within 4 months, and must make a final decision within 12 months. It may add necessary supervisory restrictions and conditions, and the applicant may appeal if the proposal is not issued on time.

The financial supervisory authority must send a licence decision proposal to the ECB within four months, must make the licence decision within 12 months, may add necessary supervisory conditions after hearing the applicant, and the applicant may appeal if the proposal is not issued in time.

If Finanssivalvonta supervises a consolidation group, it must regularly check whether the ownership company meets the legal requirements. If it does not, the company must apply for the required licence, and Finanssivalvonta may take further measures or temporarily appoint another company or credit institution. The ownership company must also provide supervision-related information to Finanssivalvonta.