sisäpiiritiedon

Sisäpiiritieto (sisäpiiritiedon) refers to precise information about a financial instrument or its issuer that is not public and, if disclosed, would likely have a significant effect on the price or value of the instrument. Such information can concern earnings, mergers and acquisitions, changes in capital structure, new products, significant management changes, or regulatory decisions. The key is that the information is specific rather than a mere rumor. Information that is already public is not insider information.

The concept is defined and enforced under EU Market Abuse Regulation (MAR) as applied in Finland, with supervision by the Finnish Financial Supervisory Authority (FIN-FSA) and relevant market participants. People who have access to non-public information through their work—such as executives, employees, consultants, or advisers—are considered insiders. Insiders must not use insider information for trading or tip others to trade, and they may be subject to reporting obligations and nondisclosure requirements. Disclosure of insider information to outsiders who may trade on it is prohibited, with limited exemptions in specific legal contexts.

Penalties for misuse can include civil liability, administrative sanctions, fines, and in serious cases criminal penalties. An information loses its insider character once it has been made public through official announcements or other authorized channels. The rules governing sisäpiiritieto aim to maintain fair and transparent markets and to prevent market abuse through unauthorized use of non-public information.