4. Supervision of disclosure obligation

Our aim in the supervision of listed companies’ disclosure obligations is to ensure that investors have access to adequate 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 2023 and priorities for 2024

During 2022, we launched a new concept regarding inspections directed at listed companies. The aim of a listed company inspection is to assess what capabilities and processes the company has in order to handle the obligation to disclose inside information laid down in the Market Abuse Regulation, as well as what capabilities and processes the company has in managing inside information, for example for delaying the disclosure of inside information and preparing and maintaining insider lists. Our intention is to continue these inspections in the future.

Recently, supervision has focused particularly on companies’ future outlook and the timely publication of changes in future outlook. We have paid further attention to the definition of inside information and the timeliness of delaying the disclosure of inside information and the establishment of insider lists. From the beginning of 2024, notifications with regard to the delaying of the disclosure of inside information have been reported to the FIN-FSA through the e-services system.

At the end of last year, we published in the Market Newsletter an article on issuers' contact with analysts. There has been public discussion about cases where, for example, a significant reaction in the share price has occurred in connection with a phone call made to analysts. With this article, the FIN-FSA wished to highlight good practices by which issuers may endeavour to ensure that their communication with analysts is in accordance with regulations and that no suspicions of illegal disclosure arise. We also had an active discussion on the subject with representatives of the Finnish IR Association.

We gave feedback to listed companies on ESEF reporting. Feedback was particularly directed at those companies about whose reporting the same findings were made as in the previous year. The FIN-FSA required that the findings be discussed by the company’s board of directors and that the FIN-FSA be informed of the company’s corrective measures.

In 2024, we will continue our supervision on broadly the same themes as in 2023. 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

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