FIN-FSA letter to the Ministry of Social Affairs and Health on conditions in the financial markets
On 13 March 2020, the Financial Supervisory Authority (FIN-FSA) submitted a notification to the Ministry of Social Affairs and Health on exceptional circumstances in the financial markets. In accordance with regulations, the notification must be submitted if, due to exceptional circumstances prevailing in the financial markets, the average solvency of pension institutions has deteriorated significantly or there is a risk of a rapid and significant deterioration of average solvency.
The Financial Supervision Authority has today stated in a letter to the Ministry of Social Affairs and Health that there are currently no exceptional circumstances in the financial markets affecting the solvency risks of pension institutions that would have triggered a notification of exceptional circumstances. The purpose of the notification is to clarify the assessment of the possibly changing situation.
The FIN-FSA has increased the frequency of data collection from pension institutions since the spring. The intensified data collection will cease after a survey on the situation at the end of November. If the situation deteriorates significantly, the frequency of data collection will be increased once again.
For further information, please contact Head of Department Kaisa Forsström, kaisa.forsstrom(at)fiva.fi.