Cooperation in Finland
The Financial Stability Authority works in close cooperation with other public authorities in Finland.
FFSA cooperates with the Financial Supervisory Authority, the Bank of Finland and the Ministry of Finance in resolution planning as well as in preparing for resolution situations and compensation events under the deposit guarantee scheme. The objective of the cooperation is to improve the parties’ capacity to respond to potential crises. In addition to cooperation, it is important to ensure the effective exchange of information between the authorities.
Cooperation between the Financial Stability Authority and the Financial Supervisory Authority is diverse, continuous and also addresses institution-specific matters in addition to general issues. The aim is to maintain effective cooperation and exchange of information both in crisis prevention under normal circumstances and in managing crises.
Cooperation between the Financial Stability Authority and the Bank of Finland mainly concerns the assessment of financial stability impacts, monitoring the payment service and securities markets infrastructure and ensuring financial continuity in crisis situations.
The Financial Stability Authority’s cooperation with the Ministry of Finance is primarily related to legislative development projects. The Authority has provided active support to the Ministry of Finance in domestic legislative projects and EU regulatory amendment projects pertaining to deposit guarantee and resolution legislation. The Financial Stability Authority’s duties include drafting proposals and initiatives concerning the development of the regulations governing resolution.
Starting from the beginning of 2021, the Authority will participate in a joint macroprudential group consisting of the authorities responsible for macroprudential supervision, which will make the Authority more closely involved in the drafting stage of macroprudential policy decisions within the purview of the Board of the Financial Supervisory Authority.
The Financial Stability Authority’s other partners include the credit institutions, investment firms and the central securities depository within its purview, Finance Finland, the Finnish Financial Ombudsman Bureau and, among other authorities, particularly the Finnish Patent and Registration Office and the Finnish Competition and Consumer Authority.