Amendments to regulations and guidelines on the organisation and procedures of investment fund activities and on alternative investment fund managers - 2026 - www.finanssivalvonta.fi
The update amends regulations governing money market funds (MMFs) and their stress-testing requirements under the MMF Regulation, which are low-risk, liquid cash-equivalent products used for cash management.
Mandatory inheritance: Cash Equivalents as the primary tag requires Investment Services as the secondary tag, as MMF managers are investment service providers handling asset management activities.
Specialism
The update concerns regulatory amendments to investment fund manager procedures and stress testing requirements, which fall under prudential standards for fund management entities.
Mandatory inheritance: Prudential Standards requires Governance as a secondary tag, reflecting the procedural and organizational governance aspects of the amended regulations.
Keywords
fin-fsa,Alternative investment fund managers
2026-05-07 08:45:16·arahman@vixio.com
Meta Id
3131284
Content ID
3139766
GUID
aa8c201317f7506bd1f3dbec460f9dc1
Pipeline Progress
🔄 Pipeline Journey
⏱
10s
total
✓
Queued08:45:05
+0s
✓
Metadata08:45:05
+0s
✓
S3 Content08:45:05
+1s
✓
Extracted08:45:06
+3s
✓
LLM Gen08:45:09
+6s
✓
Stored08:45:15
TITLE: Finland's Financial Supervisory Authority Amends Investment Fund Regulations and Guidelines
BODY:
On 6 May 2026, the Finnish Financial Supervisory Authority (FIN-FSA) amended its regulations and guidelines 3/2011 on the organisation and procedures of investment fund activities and 4/2014 on alternative investment fund managers.
The amendments update references to reflect the revised guidelines issued by the European Securities and Markets Authority (ESMA) concerning stress test scenarios under Article 28 of Regulation (EU) 2017/1131 on money market funds. These changes align with ESMA's annual update of its guidelines, which are required to be updated at least once annually to account for the latest market developments. The updated guideline referenced is "Guidelines on stress test scenarios under the MMF Regulation" (ESMA50-481369926-30848).
The FIN-FSA recommends that entities within the scope of the guidelines comply with ESMA's updated guidelines. The amendments apply to investment fund managers and alternative investment fund managers operating in Finland.
The amendments to the regulations and guidelines enter into force on 26 May 2026. Further information is available from Marko Hovi, Head of Division at the FIN-FSA, at +358 9 183 5404 or marko.hovi@finanssivalvonta.fi.
Amendments to regulations and guidelines on the organisation and procedures of investment fund activities and on alternative investment fund managers - 2026 - www.finanssivalvonta.fi Publications and press releases Supervision releases 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Press releases 2026 2025 2024 2023 2022 2021 News releases 2026 2025 2024 2023 2022 2021 Reporting releases 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 Market newsletter Market Newsletter 1/2026 Market Newsletter 3/2025 Market Newsletter 2/2025 Market Newsletter 1/2025 Market Newsletter 2/2024 Market Newsletter 1/2024 Market newsletter 4/2023 Market newsletter 3/2023 Market Newsletter 2/2023 Market Newsletter 1/2023 Market newsletter 2/2022 Market newsletter 1/2022 Blogs 2026 2025 2024 2023 2020 Annual reports Annual Report 2025 Director General’s review State of financial markets Supervision Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2025 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2024 Director General’s review State of financial markets Supervision Themes Sustainability aspects of the financial sector New supervised entities in AML/CTF supervision Cyber security and scam prevention more important than ever Anniversary of the Single Supervisory Mechanism in banking supervision Governance under scrutiny in the insurance sector Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2024 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2023 Director General’s review State of financial markets Supervision Themes Real estate risks increased as a result of weak economic development and rising interest rates FIN-FSA’s thematic reviews examined the current state of climate and environmental risk management in the banking and insurance sectors Sanctions as part of the FIN-FSA’s supervisory work Proactive and predictable supervision Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2023 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2022 Director General’s review State of financial markets Supervision Themes Geopolitical situation accelerated preparation for cyber-attacks in the financial sector Energy crisis shook the derivatives market Year of uncertainty in the virtual currency markets ECB’s climate stress testing and thematic review: banks must consider the impacts of climate change in their operations and risk management Corporate governance safeguards the supervised entity’s operations, capital adequacy and the security of the client’s money and insured benefits Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2022 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2021 Director General’s review State of financial markets Supervision Themes Crypto assets attract investor interests – risks to be reined in through regulation New investors, new sources of information New tools needed to contain household indebtedness Sustainability issues as part of financial market participants’ risk management and disclosure obligations Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2021 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2020 DG’s review State of financial markets Supervision Themes Fast decisions supported banks’ resilient operation in exceptional circumstances Unemployment funds coped through coronavirus pandemic despite record growth in number of applications and claims expenses Digital finance gaining ground – European Commission strategy to accelerate development Risk-based approach is a cornerstone of anti-money laundering and countering terrorist financing Suspicions of market manipulation and abuse of inside information are detected and investigated increasingly effectively Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2020 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2019 DG’s review State of financial markets Supervision Themes Report on means to prevent excessive household indebtedness Management of disability risk by pension insurance companies Green Deal and the supervisory perspective EU banking legislation to complete the Basel III recommendations in preparation Fund liquidity issues Audit committees' activities were assessed Responsible utilisation of data in the financial sector Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Journal Public notices 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Subscription to electronic publications Subscription to press releases Publications and press releases Publications and press releases Supervision releases 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Press releases 2026 2025 2024 2023 2022 2021 News releases 2026 2025 2024 2023 2022 2021 Reporting releases 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 Market newsletter Market Newsletter 1/2026 Market Newsletter 3/2025 Market Newsletter 2/2025 Market Newsletter 1/2025 Market Newsletter 2/2024 Market Newsletter 1/2024 Market newsletter 4/2023 Market newsletter 3/2023 Market Newsletter 2/2023 Market Newsletter 1/2023 Market newsletter 2/2022 Market newsletter 1/2022 Blogs 2026 2025 2024 2023 2020 Annual reports Annual Report 2025 Director General’s review State of financial markets Supervision Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2025 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2024 Director General’s review State of financial markets Supervision Themes Sustainability aspects of the financial sector New supervised entities in AML/CTF supervision Cyber security and scam prevention more important than ever Anniversary of the Single Supervisory Mechanism in banking supervision Governance under scrutiny in the insurance sector Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2024 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2023 Director General’s review State of financial markets Supervision Themes Real estate risks increased as a result of weak economic development and rising interest rates FIN-FSA’s thematic reviews examined the current state of climate and environmental risk management in the banking and insurance sectors Sanctions as part of the FIN-FSA’s supervisory work Proactive and predictable supervision Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2023 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Annual Report 2022 Director General’s review State of financial markets Supervision Themes Geopolitical situation accelerated preparation for cyber-attacks in the financial sector Energy crisis shook the derivatives market Year of uncertainty in the virtual currency markets ECB’s climate stress testing and thematic review: banks must consider the impacts of climate change in their operations and risk management Corporate governance safeguards the supervised entity’s operations, capital adequacy and the security of the client’s money and insured benefits Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2022 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2021 Director General’s review State of financial markets Supervision Themes Crypto assets attract investor interests – risks to be reined in through regulation New investors, new sources of information New tools needed to contain household indebtedness Sustainability issues as part of financial market participants’ risk management and disclosure obligations Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2021 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2020 DG’s review State of financial markets Supervision Themes Fast decisions supported banks’ resilient operation in exceptional circumstances Unemployment funds coped through coronavirus pandemic despite record growth in number of applications and claims expenses Digital finance gaining ground – European Commission strategy to accelerate development Risk-based approach is a cornerstone of anti-money laundering and countering terrorist financing Suspicions of market manipulation and abuse of inside information are detected and investigated increasingly effectively Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Summary of FIN-FSA’s activities in 2020 Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Case management Annual Report 2019 DG’s review State of financial markets Supervision Themes Report on means to prevent excessive household indebtedness Management of disability risk by pension insurance companies Green Deal and the supervisory perspective EU banking legislation to complete the Basel III recommendations in preparation Fund liquidity issues Audit committees' activities were assessed Responsible utilisation of data in the financial sector Management and personnel Board Management Group FIN-FSA Financial Supervisory Authority in brief Strategy Appendices Total number of supervised and other fee-paying entities Expenses and funding Set supervision fees Processing fees Journal Public notices 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Subscription to electronic publications Subscription to press releases Supervision release 6 May 2026 - 24/2026 Amendments to regulations and guidelines on the organisation and procedures of investment fund activities and on alternative investment fund managers The Finnish Financial Supervisory Authority (FIN-FSA) has made amendments to its regulations and guidelines 3/2011 Organisation and procedures of investment fund activities and 4/2014 Alternative investment fund managers. With these amendments to the regulations and guidelines, references have been updated to reflect the revised guidelines of the European Securities and Markets Authority (ESMA) concerning stress test scenarios under Article 28 of Regulation (EU) 2017/1131 of the European Parliament and of the Council on money market funds (Regulation on Money Market Funds). This is ESMA’s annual update of the guidelines. Pursuant to Article 28(7) of the Money Market Fund Regulation, the guidelines shall be updated at least once a year and shall take into account the latest market changes. The latest updated guideline is “Guidelines on stress test scenarios under the MMF Regulation” (ESMA50-481369926-30848). In its regulations and guidelines, the FIN-FSA recommends that entities within the scope of the guidelines comply with ESMA’s guidelines. Entry into force The amendments to the regulations and guidelines will enter into force on 26th of May 2026. Further information Marko Hovi, Head of Division, tel. +358 9 183 5404 or marko.hovi(at)finanssivalvonta.fi Appendix The Finnish Financial Supervisory Authority's regulations and guidelines 4/2014 (available in Finnish and Swedish) The Finnish Financial Supervisory Authority's regulations and guidelines 3/2011 (available in Finnish and Swedish)