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The Finnish prospectus rules are being amended to implement the EU Prospectus Directive, which regulates the publishing of prospectuses when securities are offered to the public or admitted to trading. The Finnish Ministry of Finance has appointed a working group to prepare a proposal for a government Bill to implement the Prospectus Directive and amend the Finnish provisions on liability for the contents of a prospectus. The deadline for implementation as set out in the Directive is July 1 2005.

However, pursuant to Decrees issued by the Finnish Ministry of Finance, Finnish issuers and offerors may, as of March 1 2005, publish listing particulars and prospectuses that fulfil the contents requirements under the Commission Regulation (809/2004/EC) implementing the Prospectus Directive.

Also, on March 2 2005, the Finnish Financial Supervision Authority issued an interpretation guideline setting out certain rules relating to the approval of listing particulars and prospectuses that have been compiled in accordance with the Regulation as well as on the procedures for supplementing offering programmes.

Tarja Wist and Nina Rosenlew

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