{
  "title": "Finland: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions",
  "publication": "IMF Staff Country Reports, February 1, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/01/31/finland-financial-sector-assessment-program-technical-note-on-regulation-and-supervision-of-528767",
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  "summary": "This technical note highlights Regulation and Supervision of Less Significant Institutions for the Finland Financial Sector Assessment Program. Finnish banks’ financial indicators remained strong despite the pandemic.",
  "sections": [
    {
      "heading": "Overview and key findings",
      "content": "- The technical note highlights Regulation and Supervision of Less Significant Institutions for the Finland Financial Sector Assessment Program.\n- Finnish banks’ financial indicators remained strong despite the pandemic.\n- The authorities made good progress on the implementation of the recommendations of the 2016 Basel Core Principles assessment.\n- The legal framework in Finland limits Finnish Financial Supervisory Authority’s (FIN-FSA) power to issue binding regulations.\n- The assessment revealed that availability of resources is a challenge for the FIN-FSA.\n- The supervisory approach and tools of the FIN-FSA improved conspicuously but there is room for further improvement.\n- It is important for the FIN-FSA to complete the necessary work for supervisory boards to be covered by the regulatory and supervisory framework."
    },
    {
      "heading": "Supervisory gaps and implications",
      "content": "- Legal constraint: FIN-FSA’s limited power to issue binding regulations constrains regulatory effectiveness.\n- Resource constraint: Availability of resources at the FIN-FSA is identified as a challenge for sustained supervision.\n- Institutional coverage: Supervisory boards need to be brought within the regulatory and supervisory framework to ensure comprehensive oversight.\n- Supervisory toolkit: While the supervisory approach and tools have improved conspicuously, further improvements are necessary to strengthen oversight of less significant institutions."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Bank supervision, Credit, Credit risk, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, International organization, Loans, Monetary policy, Money\n- Keywords: Bank supervision, banking supervision department, Credit, Credit risk, Europe, Financial Sector Assessment Program, Finland FSAP, FSAP's finding, Global, Loans, organization structure of the FIN-FSA, Tier 1\n\nFinland: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions — February 1, 2023.\n\n---\n\n Content in this bundle\n\n- 1finea2023007\n  - 1finea2023007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1finea2023007 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 1, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400229695.002",
    "The technical note highlights Regulation and Supervision of Less Significant Institutions for the Finland Financial Sector Assessment Program.",
    "Finnish banks’ financial indicators remained strong despite the pandemic.",
    "The authorities made good progress on the implementation of the recommendations of the 2016 Basel Core Principles assessment.",
    "The legal framework in Finland limits Finnish Financial Supervisory Authority’s (FIN-FSA) power to issue binding regulations.",
    "The assessment revealed that availability of resources is a challenge for the FIN-FSA.",
    "The supervisory approach and tools of the FIN-FSA improved conspicuously but there is room for further improvement.",
    "It is important for the FIN-FSA to complete the necessary work for supervisory boards to be covered by the regulatory and supervisory framework.",
    "Legal constraint: FIN-FSA’s limited power to issue binding regulations constrains regulatory effectiveness.",
    "Resource constraint: Availability of resources at the FIN-FSA is identified as a challenge for sustained supervision.",
    "Institutional coverage: Supervisory boards need to be brought within the regulatory and supervisory framework to ensure comprehensive oversight.",
    "Supervisory toolkit: While the supervisory approach and tools have improved conspicuously, further improvements are necessary to strengthen oversight of less significant institutions.",
    "Subject: Bank supervision, Credit, Credit risk, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Financial sector policy and analysis, International organization, Loans, Monetary policy, Money",
    "Keywords: Bank supervision, banking supervision department, Credit, Credit risk, Europe, Financial Sector Assessment Program, Finland FSAP, FSAP's finding, Global, Loans, organization structure of the FIN-FSA, Tier 1",
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