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Finland

The Ministry of Finance issued a Decision on listing particulars on March 19 1998. The Decision concerns listing particulars to be published when an application for listing securities has been filed with the stock exchange or when securities subject to listing application are offered to the public. Shares, bonds, convertibles, warrants and depository receipts entitling to shares are subject to listing particulars requirements governed by the Decision.

The Decision is based on the Council Directive (80/390/EU) concerning listing particulars and it contains, among other things, the following:

  • detailed provisions on the minimum contents of listing particulars;
  • the manner of providing information in the listing particulars;
  • exceptions from the listing particulars requirements; and
  • the grounds on which the Finnish Financial Supervision may grant an exemption from the contents or from the publishing of listing particulars.

The information requirements vary slightly depending on the nature of the securities issued.

The Decision became effective on April 1 1998 and needs to be complied with in respect of listing particulars to be published after the beginning of July. Before the beginning of July the issuer may choose whether it wants to draft the listing particulars according to the Decision or the previous practice. The issuing of the Decision has considerably clarified the prevailing practice, because until now only the contents of an offering circular have been expressly governed by a Decision of the Ministry of Finance.

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