4. Supervision of disclosure obligation
Our aim in the supervision of listed companies’ disclosure obligations is to ensure that investors have access to sufficient information for making an informed assessment of listed companies and their securities. Reliability, transparency, timeliness and fairness of investor information are central to this.
Supervision in 2024 and priorities for 2025
Last year, we continued the concept we launched a few years ago regarding inspections directed at listed companies. In these inspections, we aim to assess what capabilities and processes the company has to handle the obligation to disclose inside information laid down in the Market Abuse Regulation, and to manage inside information. We will also conduct inspections this year.
At the end of 2023, we published an article on issuers’ contact with analysts. This was also a topic of discussion between Nordic supervisors last year, as were issues related to the distribution of analyses. We will continue work on these themes in 2025.
In 2025, we will prepare for the amendments to the Market Abuse Regulation (MAR), concerning the disclosure of inside information and delaying the disclosure of inside information, that will come into force in 2026 as a result of Listing Act regulatory provisions. In this respect, we will also participate in the discussion of issues concerning the application of the new regulatory provisions with the European Securities and Markets Authority and national supervisors.
The procedures for the disclosure of inside information will be lightened in June 2026, from which time the requirement for the issuer to disclose inside information to the public as soon as possible will not apply to inside information relating to the interim stages of a protracted process. The obligation to make a decision on delaying the disclosure of inside information will accordingly be removed with regard to protracted processes. The Commission Delegated Regulation will set out, by way of example, the last date on which inside information must be disclosed with regard to the final event or circumstance in protracted processes. The amendments do not, however, affect when the inside information is formed or the issuer’s obligation to draw up and maintain a list of insiders.
During the current year, we aim to inform market participants about the upcoming changes in a Market Newsletter. A listed company event we held in 2024 discussed the changes that had already come into force in 2024, including those related to the reporting of transactions relating to buy-back programmes and the disclosure of management transactions (presentation material, in Finnish).
European Single Access Point (ESAP) reporting will start in July 2026. In the first phase, the information reported will cover short-selling data, prospectuses and financial reports, among other things, under the Transparency Directive. For our part, we will prepare during 2025 for the start of reporting. In November 2024, the FIN-FSA organised an information event on future reporting. Part of the first phase of ESAP reporting will be take place from the national Officially Appointed Mechanism, which is maintained by the Helsinki Stock Exchange.
The FIN-FSA will also continue to work closely with the Helsinki Stock Exchange’s Market Surveillance, which oversees listed companies’ disclosure of information from the perspective of compliance with stock exchange rules.
For further information, please contact:
- Rickard Sandell, Senior Legal Advisor, rickard.sandell(at)fiva.fi or tel. +358 9 183 5353
- Sari Helminen, Head of Division, sari.helminen(at)fiva.fi or tel. +358 9 183 5264