Alternative investment fund managers

Alternative investment fund managers (AIFMs) authorised in Finland may market in Finland alternative investment funds (AIFs) established in another EEA state under their management in accordance with the notification procedure. Marketing to non-professional investors is provided for in chapter 13 of the AIFM Act.

Procedure:

• The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 19, section 3 – management company name".
  
• Notification form is available only in Finnish and Swedish. Other material can be submittted in English.
• The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
• The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes and for submitting them to the competent authority of the host country.

  See also:
  Supervision and processing fees

• Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 19, section 3 – management company name ".

Forms:

• Notification form (in Finnish)
• Notification form (in Swedish)
• AIFMD Reporting obligation notification form 

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi
• AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi

AIFMs authorised in Finland have the right, subject to chapter 13a of the AIFM Act, to pre-market in Finland EEA AIFs they manage.

Conditions for pre-marketing (AIFM Act, chapter 13a section 1)

An AIFM has the right to pre-market an AIF in Finland if the information presented to investors: 

1. is not sufficient to enable investors to commit to acquiring units or shares of a particular AIF;
2. does not amount to subscription forms or similar documents whether in draft or final form; and
3. does not amount to constitutional documents, a prospectus or offering documents of a not-yet-established AIF in a final form

Where a draft prospectus or offering documents are provided in the context of pre-marketing, they shall not contain information sufficient to allow investors to take an investment decision: 

1. they do not constitute an offer or invitation to subscribe to units or shares of an AIF; and
2. the information presented therein should not be relied upon as it is incomplete and may be subject to change.

An AIFM shall ensure that pre-marketing is properly documented.

Notification of pre-marketing (AIFM Act, chapter 13a section 2)

Within two weeks of having begun pre-marketing, an AIFM shall submit a free-form notification to the FIN-FSA containing the following information:

1. the EEA Member States in which it is or has engaged in pre-marketing; 
2. the periods during which the pre-marketing is taking or has taken place; 
3. a brief description of the pre-marketing, including information on the investment strategies presented; and  
4. where relevant, a list of the AIFs which are or were the subject of pre-marketing. 

The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi, email subject field: “Pre-marketing notification/[company name]”.

The acquisition of units or shares of an AIF on the basis of pre-marketing is provided for by chapter 13a section 3 of the AIFM Act and pre-marketing by third parties is provided for by chapter 13a section 4 of the AIFM Act

AIFMs authorised in Finland may market AIFs under their management, whether established in Finland or in another EEA state, in other EEA states than Finland in accordance with the notification procedure.

Procedure:

• The manager of AIFs must submit a notification letter in English and appropriate annexes to the FIN-FSA on the commencement of marketing in another EEA state.
• The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 19, section 4 – management company name".
• The marketing of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA
• The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes and for submitting them to the competent authority of the host country.
  See also:
  Supervision and processing fees
• Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: "AIFM Act, chapter 19, section 4 – management company name".

Notification letter:

• Notification letter AIFMD Article 32

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi

An AIFM authorised in Finland has the right to pre-market a Finnish AIF or an AIF established in another EEA Member State to professional investors in an EEA Member State other than Finland, if the information and documents provided to professional investors about the EEA AIF meet the requirements provided in chapter 13a section 1 subsections 1–2 of the AIFM Act.

Procedure:

• AIFMs shall submit to the FIN-FSA the notification referred to in chapter 13a section 2 of the AIFM Act within two weeks of having begun pre-marketing in another EEA Member State. 
• The notification is made with this notification letter: Premarketing_Notification_letter_AIFMD_EuVECA-EuSEF
• The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi, email subject field: “Pre-marketing notification/[company name]”.
• AIFMs shall ensure that investors do not acquire units or shares of an EEA AIF on the basis of pre-marketing and that investors contacted as part of pre-marketing may only acquire units or shares in that AIF where marketing in the said EEA Member State is permitted under section 4 of the AIFM Act.
• If, in another EEA Member State, a professional investor, within 18 months of pre-marketing having begun in the said EU state, subscribes for units or shares of an EEA AIF referred to in the information provided in the context of pre-marketing, or of an EEA AIF established as a result of the pre-marketing, the subscription shall be considered to be a result of marketing and subject to the notification procedure set out in section 4 subsection 1 of the AIFM Act.
• VAn AIFM shall ensure that pre-marketing it carries out in another EEA Member State is properly documented.
• Pre-marketing on behalf of an authorised AIFM may be carried out by another AIFM, an investment firm within the meaning of the Investment Services Act, a credit institution within the meaning of the Credit Institutions Act, a fund management company within the meaning of the Act on Common Funds and a tied agent within the meaning of the Act on Common Funds authorised for corresponding activities in another EEA Member State, subject to that which is set out in this section.

Registered alternative investment fund managers

Alternative investment fund managers registered in the FIN-FSA's register may pre-market AIFs in Finland. If an alternative investment fund manager wants to pre-market AIFs in another EEA member states, the AIFM itself must find out the conditions for pre-marketing in each member state and submit the notification about pre-marketing to those member states it intends to pre-market the fund.

An AIFM authorised in Finland may cease the marketing of the units or shares of its EEA AIF in the EEA Member State in respect of which it has made a notification referred to in chapter 19, section 4, subsection 1, if:

1. a blanket offer is made to repurchase or redeem, free of any charges or deductions, all such AIF units or shares held by investors in the AIFM’s host Member State, which is publicly available for at least 30 working days, and is addressed, directly or through financial intermediaries, individually to all investors whose identity is known; 
2. the AIFM’s intention to cease the marketing of units or shares of the AIFs in the AIFM’s host Member State is published by means of a publicly available medium, which is customary for the marketing of AIFs and suitable for a typical AIF investor; and
3. any contractual arrangements with financial intermediaries or agents are modified or terminated with effect from the date of cessation of marketing in order to prevent any new or further, direct or indirect, offering or placement of the units or shares notified. 

The obligation to make a blanket offer to repurchase or redemption does not apply to a closed-ended AIFs and to European long-term investment funds regulated by the Regulation on European long-term investment funds.

AIFMs shall submit to the FIN-FSA a notification containing the information referred to points 1–3 above.

The de-notification can be made by using the following template.

• Template for de-notification units or shares of EU AIFs Art 32 of AIFMD

The notification shall be sent by email to the address: AIFM-ilmoitukset(at)finanssivalvonta.fi.

• The AIFM shall cease any new or further, direct or indirect, offering or placement of units or shares of its AIF in the AIFM’s host Member State as of the date on which that it has submitted a notification of the cessation of marketing in the said EEA Member State.  
• The AIFM shall submit the documents and information referred to in chapter 11 section 1 and chapter 12 sections 4–6 to those investors who still hold shares in the AIF as well as to the FIN-FSA.  
• For a period of 36 months from the date on which that it has submitted a notification of the cessation of marketing in its host Member State, the AIFM shall not engage in pre-marketing of units or shares of the AIF referred to in the notification or similar investment strategies or investment ideas in this Member State.  

A Finnish manager of AIFs may manage an AIF established in another EEA state in accordance with the notification procedure.

Procedure:

• The manager of AIFs must submit to the FIN-FSA the information referred to in chapter 19, section 1, subsection 1 by using the nofification letter below. If activities are carried out by establishing a branch, the FIN-FSA must also be submitted the information referred to in chapter 19, section 1, subsection 2. The management of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA.

• The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes and for submitting them to the competent authority of the host country.
  See also:
  Supervision and processing fees

• The information required in the notification is to be submitted by email to kirjaamo(at)fiva.fi, subject of the email: “Notification: AIFM Act, chapter 19, section 1 – management company name”.
• Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, subject of the email: “Notification of changes: AIFM Act, chapter 19, section 1 – management company name”.
  
  
• In addition, information must be submitted to the FIN-FSA on the managed fund in accordance with the AIFMD reporting obligation by using AIFMD reporting obligation notification form
• More information on AIFMD reporting.

Notification letter:

• AIFMD notification letter article 33

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi
• AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi

Authorised EEA AIF Managers, chapter 19, section 5 of AIFM Act, Article 32 AIFMD

Authorised EEA AIFMs may market AIFs under their management to professional investors in Finland. An EEA AIFM must submit a notification letter and the annex documents to the competent authority of its home country. The notification letter is to be drafted in English. The competent authority of the home country inspects the material and submits it in an electronic format to the FIN-FSA (AIFM.notifications(at)fiva.fi).

The marketing of an AIF may begin when the manager has received an announcement to that effect from the competent authority of its home state.

Fee
The FIN-FSA does not charge a fee for notifications according to chapter 19, section 5 of the AIFM act, which concern marketing to professional customers.

Authorised EEA AIF Managers, marketing to non-professional investors

If EEA AIFMs intend to market AIFs under their management also to non-professional investors in Finland, they must also observe the provisions of chapter 13 of the AIFM Act in their marketing. In this case the notification is submitted to FIN-FSA directly. The marketing of an AIF may begin when the manager has received an announcement to that effect from FIN-FSA.

Fee:
The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes. Please see Supervision and processing fees for more information.

Registered EEA AIF Managers, chapter 19, section 5, subsection 4 of AIFM Act, Article 32 AIFMD

A registered EEA AIFM may market units of an AIF, which is established in an EEA state, in Finland to professional investors after submitting a written notification to the FIN-FSA. The notification must include a statement indicating that:

1. In the marketing of AIFs, the manager of AIFs will comply with the provisions of chapter 12, sections 2 - 11 of the AIFM Act;

2. With respect to each AIF under its management, the AIFM complies with the provisions laid down in chapter 5, section 4,  chapter 11, sections 1 and 2 as well as chapter 1, section 8 and chapter 18.

The marketing of an AIF may begin when the manager has received an announcement to that effect from the FIN-FSA.

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi

Fee:
The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes. Please see Supervision and processing fees for more information.

Authorised EEA AIFMs, AIFM Act chapter 19 Section 5a, AIFM Directive Article 30a

An EEA AIFM may pre-market in Finland an AIF established in an EEA Member State, subject to the conditions on premarketing set out in chapter 13a section 1, section 3 subsection 1 and section 4 of the AIFM Act. Upon receipt of a notification from the foreign EEA supervisory authority of the home Member State of an EEA AIFM about the pre-marketing carried out by an EEA AIFM in Finland, the FIN-FSA may request the foreign EEA supervisory authority to provide additional information on this pre-marketing. 

If an investor, within 18 months of pre-marketing having begun in Finland, subscribes for units or shares of an EEA AIF referred to in the information provided in the context of pre-marketing, or of an EEA AIF established as a result of the pre-marketing, the subscription shall be considered to be a result of marketing and subject to that which is set out in section 5 of the AIFM Act on the right to market in Finland units or shares of an EEA AIF.

Registered EEA AIFMs, AIFM Act chapter 19 section 5 subsection 2

A registered EEA AIFM may pre-market in Finland an EEA AIF it manages, subject to the conditions on premarketing set out in chapter 13a section 1, section 3 subsection 1 and section 4 of the AIFM Act. Within two weeks of pre-marketing having begun, registered EEA AIFMs shall submit a free-form notification to the FIN-FSA containing the following information:

1. the periods during which the pre-marketing is taking or has taken place; 
2. a brief description of the pre-marketing, including information on the investment strategies presented; and 
3. where relevant, a list of the AIFs which are or were the subject of pre-marketing. 

The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi, email subject field: “Pre-marketing notification/[company name]”.

If an investor, within 18 months of pre-marketing having begun in Finland, subscribes for units or shares of an EEA AIF referred to in the information provided in the context of pre-marketing, or of an EEA AIF established as a result of the pre-marketing, the subscription shall be considered to be a result of marketing and subject to that which is set out in section 5 of the AIFM Act on the right to market in Finland units or shares of an EEA AIF. 

Authorised EEA AIFMs

An EEA AIFM that has submitted the notification referred to in chapter 19 section 5 subsection 1 of the Finnish AIFM Act on the marketing of EEA AIF in Finland may cease the marketing in Finland of the AIF referred to in the notification by notifying this to the supervisory authority of their home Member State. The notice of cessation shall take into account the conditions set out in Article 32a of the AIFM Directive.

Registered EEA AIFMs

A registered AIFM who, in accordance with chapter 19 section 5 subsection 4 of the AIFM Act, has notified marketing in Finland of units or shares of an EEA AIF managed by it, may cease the marketing in Finland of the AIF referred to in the notification, subject to that which is set out in chapter 19 section 6a subsections 1–5 of the Finnish AIFM act on the cessation of marketing of an EEA AIF. Registered EEA AIFMs shall submit to the FIN-FSA a notification on the cessation of marketing containing the information referred to in chapter 19 section 6a subsection 1 paragraphs 1–3.

The notification shall be sent by email to the address kirjaamo(at)fiva.fi.

An EEA AIFM may manage an AIF in Finland by establishing a branch or directly across the border in accordance with the notification procedure. An EEA AIFM must submit to the competent authority of its home country any information required by it. The competent authority of the home country inspects the material and submits it in an electronic format to the FIN-FSA (AIFM.notifications(at)fiva.fi).

The management of an AIF may begin when the manager has received an announcement to that effect from the competent authority of its home state.

An authorised AIFM may market units in an AIF that has been established in a third country to professional investors in Finland, after submitting a written notification to the FIN-FSA. This section applies also to those feeder AIFs whose master AIFs are established in a third country. The notification must include a statement indicating that:

• In the marketing of AIFs, the manager of AIFs will comply with the provisions of chapter 12 of the AIFM Act;
• Appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FIN-FSA and the competent authorities of the third country where the AIFs are established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties in accordance with the AIFMs Directive
  Memorandums of understanding on AIFM cooperation signed by FIN-FSA
• The third country where the AIF is established is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force (FATF)  FATF (Financial Action Task Force) - High-risk and non-cooperative jurisdictions;
• The third country where the AIF is established has signed an agreement with Finland which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters;
• The manager of AIFs has provided the FIN-FSA with information about the identity of those entities responsible for carrying out the duties referred to in chapter 15, sections 2 and 3 of the AIFM Act.
• Invoicing details: email address for invoicing (individual or a group email) and the postal address of the management company/fund. Please indicate also if the invoice is to be addressed to the fund instead of the management company
• The notification should at least include the following information and/or annexes:
  • the latest private placement memorandum or prospectus of the AIF and possible supplements;
  • the wrapper related to the disclosure to investors pursuant to articles 23 of the AIFMD;
  • a confirmation that the AIFM is under supervision of the relevant home country supervisory authority
    
    

Notification

• The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 20, section 2 – management company name".
• The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
• Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 20, section 2 – management company name ".

Such notification must also be submitted regarding a feeder fund whose master AIF is established in a third country.

An authorised AIFM intending to market units of an AIF established in a third country in Finland is not obliged to comply with the provisions based on chapter 7, section 4 of the AIFM Act or Article 21 of the AIFMD on the arrangement of depositary functions to the extent they concern an AIF established in a third country.

In this context, the notification made to the FIN-FSA must indicate how the fund ensures that one or more entities have been appointed to carry out the depositary and other functions under chapter 15, sections 2 and 3 of the AIFM Act or provided elsewhere in accordance with Article 21, paragraphs 7, 8, and 9. The manager of AIFs may not perform those functions itself.

Processing fees

The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes.

See also:
Supervision and processing fees

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi

Right to pre-market an AIF established in a third country 

An authorised AIFM may pre-market to professional investors in Finland a third-country AIF managed by it. Pre-marketing of an AIF established in a third country is subject to chapter 13a section 1, section 3 subsection 1 and section 4 of the AIFM Act in respect of pre-marketing in Finland. 

Within two weeks of pre-marketing having begun, the AIFM shall submit a free-form notification to the FIN-FSA containing the following information: 

1. the periods during which the pre-marketing is taking or has taken place;
2. a brief description of the pre-marketing, including information on the investment strategies presented; and  
3. where relevant, a list of the third-country AIFs which are or were the subject of pre-marketing.

The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi, email subject field: “Pre-marketing notification/[company name]”.

If a professional investor, within 18 months of pre-marketing having begun in Finland, subscribes for units or shares of a third-country AIF referred to in the information provided in the context of pre-marketing, or of an third-country AIF established as a result of the pre-marketing, the subscription shall be considered to be a result of marketing and subject to that which is set out in chapter 20 section 2 of the AIFM Act on the right to market a third-country AIF.

An authorised AIFM may manage an AIF established in a third country. Managers of AIFs must comply with the requirements provided in the AIFM Act except for the obligation under chapter 7, section 4 to arrange for the depositary functions and the obligation under chapter 11, section 1 to prepare an annual report. Appropriate cooperation arrangements must be in place between FIN-FSA and the competent authorities of the third country where the AIF is established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties.

The right to manage an AIF provided for above does not include the right to market such AIF in the EEA states.

An AIFM established in a third country may market units of an AIF, whether established in an EEA state or a third country, in Finland to professional investors after submitting a written notification to the FIN-FSA. The notification must include a statement indicating that

• With respect to each AIF under its management, the third-country AIFM complies with the provisions laid down in chapter 7, section 3, chapter 11, sections 1 and 2, chapter 12, section 2-8, chapter 17, section 3 of the AIFM Act, and, with respect to each AIF referred to in chapter 1, section 8, subsection 1, the provisions of chapter 18;
• Appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FIN-FSA, the competent authorities of the home country of the AIF, the AIFM and the competent authorities of the third country where the AIF is established, in order to ensure an efficient exchange of information that allows the FIN-FSA to carry out its duties in accordance with the AIFM Act.
  Memorandums of understanding on AIFM cooperation signed by the EU authorities
• The third country where the AIFM or the AIF is established is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force (FATF) FATF (Financial Action Task Force) - High-risk and non-cooperative jurisdictions  
• The third country where the AIF is established has signed an agreement with Finland which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters.
• In addition, the FIN-FSA must be provided information on the AIFM and any fund managed by it and marketed in Finland for the purposes of the AIFMD reporting obligation by using AIFMD reporting obligation notification form. 
• Invoicing details: email address for invoicing (individual or a group email) and the postal address of the management company/fund. Please indicate also if the invoice is to be addressed to the fund instead of the management company.

• The notification should at least include the following information and/or annexes :

  • the latest private placement memorandum of the AIF and possible supplements;

  • limited partnership agreement for the AIF;

  • the wrapper related to the disclosure to investors pursuant to articles 23 of the AIFMD;

  • a confirmation that the AIFM is under supervision of the relevant home country supervisory authority

  • a completed AIFMD reporting obligation notification form

Notification

• The AIFM must submit to FIN-FSA a notification and relevant annexes on the commencement of marketing in Finland. The notification is to be submitted by email to kirjaamo(at)fiva.fi, header of the email: "Notification: AIFM Act, chapter 20, section 3 – management company name".
• The marketing of an AIF may commence when the manager has received an announcement to that effect from the FIN-FSA.
• Changes in the information included in the notification must also be notified to the FIN-FSA. The notification of changes is to be submitted by email to AIFM-ilmoitukset(at)fiva.fi, header of the email: "Notification of changes: AIFM Act, chapter 20, section 3 – management company name ".

See also:

• AIFMD reporting
• AIFMD MoUs signed by the EU authorities

Processing fees

The FIN-FSA charges a fee in accordance with its schedule of specific fees for processing a notification letter and the annexes. The fee is per fund.

See also:
Supervision and processing fees

Contact information:

• New notification: kirjaamo(at)fiva.fi
• Notification updates: AIFM-ilmoitukset(at)fiva.fi
• AIFMD-reporting related questions: AIFMDReportingHelpdesk(at)fiva.fi

An AIFM established in a third country may pre-market an EEA AIF or a third-country AIF managed by it to professional investors in Finland. In pre-marketing, a third-country AIFM is subject to chapter 13a section 1, section 3 subsection 1 and section 4 of the AIFM Act.

Within two weeks of pre-marketing having begun in Finland, a third-country AIFM shall submit a free-form notification to the FIN-FSA containing the following information:

1. the periods during which the pre-marketing is taking or has taken place;
2. a brief description of the pre-marketing, including information on the investment strategies presented; and  
3. where relevant, a list of the EEA AIFs or third-country AIFs which are or were the subject of pre-marketing.

The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi, email subject field: “Pre-marketing notification/[company name]”.

If a professional investor, within 18 months of pre-marketing having begun in Finland, subscribes for units or shares of an EEA AIF or third-country AIF referred to in the information provided in the context of pre-marketing, or of an EEA AIF or third-country AIF established as a result of the pre-marketing, the subscription shall be considered to be a result of marketing and subject to that which is set out in chapter 20 section 3 of the AIFM Act on the right of a third-country AIFM to market in Finland.

The right of an AIFM established in a third country to cease marketing in Finland 

An AIFM established in a third country that has made a notification referred to in chapter 20 section 3 of the AIFM Act on the marketing in Finland of an EEA AIF or a third-country AIF may cease marketing the AIF referred to in the notification in Finland, if:

1. a blanket offer is made to repurchase or redeem, free of any charges or deductions, all such AIF units or shares held by investors in Finland, which is publicly available for at least 30 working days, and is addressed, directly or through financial intermediaries, individually to all investors whose identity is known; 
2. the third-country AIFM has made a notification of its intention to cease marketing in Finland the units or shares of an EEA AIF or a third-country AIF, which has been published by means of a publicly available medium, which is customary for the marketing of the said AIF and suitable for a typical AIF investor, and
3. any contractual arrangements with financial intermediaries or agents are modified or terminated with effect from the date of cessation of marketing in order to prevent any new or further, direct or indirect, offering or placement in Finland of the units or shares of an EEA AIF or a third-country AIF. 

That which is provided for the obligation to make a repurchase or redemption offer shall not apply to closed-ended AIFs

• The third-country AIFM shall submit to the FIN-FSA a notification containing the information referred to in paragraphs 1–3. . 
• The third-country AIFM shall cease any new or further, direct or indirect, offering or placement of units or shares of an EEA AIF or a third-country AIF to investors in Finland as of the date on which that it has submitted a notification of the cessation of marketing of the said AIF.  
• The third-country AIFM shall submit the documents and information referred to in chapter 11 section 1 and chapter 12 sections 4–6 of the AIFM Act to those investors who still hold shares in an EEA AIF or a third-country AIF. 
• A third-country AIFM may not pre-market in Finland units and shares of an EEA AIF or third-country AIF or similar investment strategies or investment ideas in Finland for a period of 36 months from the date on which it notifies that it has ceased to market the said fund in Finland.

The de-notification can be made by using the following template:

• Template for de-notification for Non EEA AIFMs

The notification shall be sent by email to the address AIFM-ilmoitukset(at)fiva.fi.