Arvopaperilainsäädäntöön

Arvopaperilaki, meaning the securities act in Finnish law, is a statutory framework that governs the issuance, trading, and disclosure of securities and the activities of market participants. It defines what constitutes a security, who may issue or trade them, and the basic obligations of issuers, intermediaries, and investors. The act aims to promote transparent, fair, and efficient capital markets, protect investors, and support capital formation.

The scope typically includes rules on prospectus requirements for public offerings and admissions to trading on regulated markets, ongoing disclosure obligations for issuers, and standards for market conduct. It also covers licensing or registration and supervision of financial intermediaries, brokers, and other market actors, plus provisions relating to settlement, clearing, and market infrastructure. Prohibitions on market manipulation and insider dealing, as well as enforcement mechanisms and sanctions for violations, are central components.

The law operates within the broader European Union framework, integrating directives and regulations related to securities markets, prospectuses, market abuse, and investor protection. Enforcement and supervision are carried out by national authorities, such as the financial supervisory agency, in cooperation with market infrastructures and regulators. The act is periodically updated to reflect EU harmonization, developments in financial markets, and changes in domestic market practices, ensuring alignment with international standards while addressing national needs.