Financial sector regulations and guidelines on reporting of financial information (FINREP)

These regulations and guidelines are unfortunately available only in Finnish and Swedish. Please find a link to the Swedish version here .

More information

Supervised entities are required to prepare a declaration on the accuracy of reported data. The purpose of the procedure is to ensure that the data submitted by the supervised entity to the Financial Supervision Authority (FIN-FSA) is checked and accurate. The declaration must be dated and signed by both the person preparing the report and the person verifying the data. The signed declaration form must be kept by the supervised entity and presented to the FIN-FSA on request. An electronic declaration form will be introduced later.

The person preparing the report and the person verifying the data must not be one and the same person. If several persons participate in the reporting, the responsible coordinator of the reporting may be appointed to verify the data, even if responsibility for verifying individual data has been allocated to another person. The declaration must be updated each time changes occur in the process it describes.

Verification of reported data
(word)

The supervised entity may also prepare a free-form declaration which must contain the following elements:

reference to the report and FIN-FSA reporting standard that the declaration concerns

description of the supervised entity's reporting process, indicating the sources from which the reported data is collected

how reported data is verified

who provides additional information on the reported data

who verifies the data

contact details for the person providing additional information and the person verifying data (email addresses and telephone numbers)

where and how the data that has been used as a basis for the report is stored.

Reporting of incorrect data

Continued reporting of incorrect data to the FIN-FSA will lead to a written request for clarification to the supervised entity. In its reply the supervised entity must present an action plan on how it will remedy the erroneous reporting. Failure to comply with reporting standards may lead to administrative or other sanctions.

More information on administrative sanctions

Lausuntopyyntö 3/2016
Taloudellisen informaation raportointi (FINREP) solo-tasolla

Määräys- ja ohjeluonnoksesta saadut lausunnot

Lausuntopyynnöllä 3/2016, 17.2.2016 (dnro FIVA 28/01.00/2013) saadut lausunnot

Finanssialan Keskusliitto