Finland's Financial Supervisory Authority (FIN-FSA) issued a supervision release reminding supervised entities of their obligation to submit accurate, timely and checked supervisory data, after identifying shortcomings in reporting compliance and data quality. Entities that detect errors or inaccuracies in previously submitted data are required to correct them without undue delay, and the FIN-FSA notes that the passage of time does not remove this obligation. While automated quality assurance checks have been introduced for collections submitted via the FIN-FSA Reporting System, these validations do not cover all quality needs and do not shift responsibility away from the reporting entity. The FIN-FSA also highlights its requirement in various reporting regulations and guidelines for an accuracy declaration covering reported data, which must be updated when the reporting process changes and provided to the FIN-FSA on request. Neglecting or breaching regular data submission obligations may lead to an administrative fine under the Act on the Financial Supervisory Authority.
Finanssivalvonta 2025-01-13
Finland's Financial Supervisory Authority warns supervised entities to improve accuracy of supervisory reporting and correct past errors
Finland's Financial Supervisory Authority (FIN-FSA) reminded entities of their obligation to submit accurate and timely supervisory data, highlighting shortcomings in reporting compliance and data quality. Errors in submitted data must be corrected promptly, and automated checks do not absolve entities of responsibility. Non-compliance may result in administrative fines under the Act on the Financial Supervisory Authority.