News / 07.12.2015

UJF welcomes U-turn on securities registries

The government has announced that changes to the securities registry system will not be included in legislation to bring Finland in line with the EU’s central securities depository (CSD) regulation.

The UJF had opposed the plan (see news item 19.11.2015) to open up the market for securities registries, as had together with a number of public bodies, including the police and tax administration.

The new rules would have enabled share ownership to be in registries that do not show the identities of shareowners, which could increase the scope for tax evasion and insider trading and block activities to counter financial crime, the shadow economy and corruption.

For the UJF they would have also undermined the possibilities for the media to perform its role as watchdog on the use of economic power.

The union noted that Finnish securities legislation has to be reformed due to the entry into force of the EU’s regulation, and this process has been pointlessly delayed by efforts to introduce the opening up the market for securities registries in connection with the process.

The union said that it is important, now the political will exists, that officials drafting the new legislation maintain the current system of transparency and openness concerning share holdings, and if possible strengthen it.

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