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Finland

Trading regulations

On February 3 2000 the Finnish Association of Securities Dealers issued new trading regulations effective from May 1 2000. The regulations complement the general prohibition on insider trading as well as certain other statutory restrictions. The regulations will also be observed by Finnish investment firms which are not members of the Association, as the regulations, in the view of the Finnish Financial Supervision, reflect proper practice to be complied with under the Finnish Securities Market Act.

The present regulations of the Association have been made more stringent in respect of trading in or subscription of securities by the personnel of an investment firm, among other things, by imposing extended disclosure obligations. Further, the present regulations of the Association have been specified to the effect that neither an investment firm nor its personnel may under the main rule trade on their own account in securities subject to a non-disclosed public offering arranged by the investment firm in question.

Employees of an investment firm may currently not dispose of securities during a three-month period following the acquisition, unless the disposal is made at a loss. To this end, the regulations have been specified, among other things, by excluding the possibility to regularly dispose of securities at a loss.

Dimitrios Himonas

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