The Finnish Financial Supervisory Authority (FIN-FSA) has published refined principles for determining the size of penalty payments and administrative fines. The revisions provide greater detail on established supervisory practices, particularly how cooperation during an investigation can affect a penalty. The most substantial clarification concerns admissions and explanations by the person responsible for an omission or violation. Earlier, more significant and more comprehensive disclosure to FIN-FSA may result in a larger reduction in the penalty. Other assessment principles have also been specified, while technical revisions mainly reflect amendments to the Act on the Financial Supervisory Authority.
Finnish Financial Supervisory Authority refines penalty calculation principles and clarifies reductions for early cooperation
The Finnish Financial Supervisory Authority has refined its principles for calculating penalty payments and administrative fines to reflect established practices. Early, significant and comprehensive disclosure of an omission or violation may lead to a larger penalty reduction.