The table below provides information and examples on which activities require which kind of authorisation. More detailed information on authorisations granted by the FIN-FSA are available on the sector-specific pages.

The granting of loans also requires the authorisation of a credit institution, if lending is funded by customer deposits or other repayable funds raised by funding from the public. The mere granting of credit does not therefore require an authorisation of a credit institution.

The provision of so-called payday loans and finance company activity are typically activities funded without funding by the public.

Prerequisites for authorisation or registration

Authorisations and registrations falling within the FIN-FSA's remit are only granted when the entity seeking one meets the necessary regulatory requirements. A key precondition for authorisation is that

• the entity seeking authorisation is managed in a professional manner and in line with sound and prudent business principles.
• The entity must have sound internal governance and adequate financial resources.
• Its business operations must be planned, managed, organised and controlled according to high professional and ethical standards.
• The organisation must also have its headquarters in Finland.

The prerequisites for authorisation and registration are provided for in special legislation concerning each type of supervised entity and in Ministry of Finance decrees on applications for authorisation by the each type of entity.

Further information on the prerequisites for authorisation is also available in FIN-FSA regulations and guidelines.

• 3/2014: Authorisations, registrations and notifications (available in Finnish and Swedish)
• 6/2015: Commencement of operations and governance system of a life and non-life insurance company
• 3/2016: Credit institution authorisations and notifications on Finnish credit institutions' activities abroad and on foreign credit institutions' activities in Finland
• 8/2016: Payment institutions and persons providing payment service without authorisation (subject to registration) (available in Finnish and Swedish)

1. Study the provisions and prerequisites concerning authorisations (regulations and guidelines) 3/2014, 6/2015, 3/2016 and 8/2016.   
2. Review the activities your company is going to pursue and compare them to the requirements of the provisions.
3. Contact FIN-FSA experts in charge of authorisation matters.

The application must be detailed, comprehensive, clear and include all accounts required (see regulations and guidelines 3/2014): Authorisations, registrations and notifications  (available in Finnish and Swedish). A carefully and expertly prepared application for authorisation supports the FIN-FSA's view that the company will be managed in a professional manner.

The FIN-FSA has prepared an application form for those applying for authorisation of an investment firm and management company. The forms are available in Finnish and Swedish. The use of the application forms is voluntary. In addition, we have prepared instructions for applicants for authorisation of an investment firm and a fund management company. The applicant must note that the detailed content of the application and its appendices varies case by case.

For the time being, the FIN-FSA has not prepared application forms for applications for authorisation of credit institutions, payment institutions and insurance companies.

The application for authorisation must be submitted in Finnish or Swedish.

Any appendices to the application must also be primarily in Finnish or Swedish. Appendices prepared in other languages (e.g. in English) may be accepted, if necessary, subject to agreement in advance with the FIN-FSA expert processing the matter.

The appendices to an application may also be submitted electronically. However, the submission is at the responsibility of the applicant, which means that the FIN-FSA does not assume responsibility for data security of the submission.

The applicant may supplement an application at its own initiative during the application process. The FIN-FSA will also often request applicants to supplement their applications during the process.

The starting point, however, is that the application should be sent to the FIN-FSA as complete as possible. If the applicant already knows when filing an application that they will have to supplement the application by a special statement or if one of the accounts required for the application is missing, it is advisable to mention in the application the documents that will be submitted later.

If the application for authorisation is incomplete, the applicant will be notified to supplement it by a deadline under threat that a non-supplemented application will be rejected. The applicant will be informed in the notice as to how the document is to be supplemented.

An incomplete application prolongs the processing period, which is neither in the interests of the applicant nor the FIN-FSA.

As a rule, the application and its appendices are public. However, the application and its appendices may, for example, include information considered the applicant's business secrets. In this case, it is confidential (section 24(1)(20) of the Act on the Openness of Government Activities). The application for authorisation may also be kept confidential during the period it is being processed, if required by the applicant on the basis of business secrecy. The decision regarding authorisation is always public.

Credit institution

The FIN-FSA must submit a draft decision on the authorisation of a credit institution to the ECB within four (4) months of receipt of an official application or, if the application has been incomplete, of submission by the applicant of documents and accounts necessary for deciding the issue. A decision must, however, always be made within twelve (12) months of receipt of the application.

Investment firm, management company and custodian

The FIN-FSA must issue a decision on the authorisation of a credit institution, management company or custodian within six (6) months of receipt of an official application or, if the application has been incomplete, of submission by the applicant of documents and accounts necessary for deciding the issue. A decision must, however, always be made within twelve (12) months of receipt of the application.

Carefully prepared and comprehensive application documents make the application process easier and more efficient both for the FIN-FSA and the applicant. When a project group processing the application has been established within the FIN-FSA, the expert in charge of the project may give a tentative estimate of the processing period, if possible.

Alternative Investment Fund Manager

A decision on authorisation of an alternative investment fund manager must be issued within 3 months of the applicant's submission of the necessary documents and clarifications. The FIN-FSA may grant, at most, a 3-month extension of the deadline for an authorisation.

Insurance companies

The FIN-FSA must issue a decision on the authorisation of an insurance company within six (6) months of receipt of an application and as well as any documents and accounts necessary for deciding the issue.

Payment institutions

The FIN-FSA must issue a decision on the authorisation of payment institution within three (3) months of receipt of an application and as well as any documents and accounts necessary for making a decision on the issue.

Foreign operators

There is no statutory deadline for the processing of an application for authorisation of an investment firm or management company, but as a rule, the FIN-FSA seeks to abide by the abovementioned schedule also in this context.

Carefully prepared and comprehensive application documents make the application process more efficient and therefore faster.

All authorisations processed are subject to a processing fee. The processing fee is charged in connection with the decision given.

In addition, all entities supervised by the FIN-FSA are liable to pay a supervision fee. The supervision fee is charged on a calendar year basis.

The schedule of processing fees and supervision fee criteria are available on the FIN-FSA website under "Supervision and processing fees".