Regulatory Alerts2013-01-01 | FIN-FSA Regulations and guidelines 20/2013Financial sector regulations and guidelines on reporting of financial information (FINREP)
The Finnish Financial Supervision Authority requires supervised entities to prepare and sign a declaration ensuring the accuracy of data reported under FINREP standards. This mandate prohibits the preparer and verifier from being the same individual and allows for either a specific signed form or a free-form declaration detailing the reporting process and data verification methods. Continued submission of incorrect data triggers requests for clarification and remedial action plans, with non-compliance potentially resulting in administrative sanctions.
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