CFCL General information - Finland

CFCL eligible fund types

Register market

Investment funds in Finland can be broadly categorized as open-ended mutual funds and closed-ended funds, inclusive of Alternative Investment Funds (AIF). 

Open-ended funds are governed under the Finnish Act on Mutual Funds, also known as the Act on Common Funds, and are pools of assets and thereto related obligations. Finnish mutual funds are not independent legal entities and cannot act independently, therefore they are represented by fund managers. Such mutual funds can be further classified into two categories, namely:

1. Ordinary mutual funds, qualifying as UCITS (sijoitusrahasto);
2. Special mutual funds, non-UCITS funds (erikoissijoitusrahasto).

Closed-ended funds are generally established as limited partnership companies that fall within the definition of AIFs under the Finnish AIFM Act, except where the AIF is a non-UCITS mutual fund established under the Act on Mutual Funds. Only limited partnership companies or limited liability companies with partnership agreements or corporate documents that permit or do not restrict nominee holdings can be made eligible in CBL.

CSD link

No CSD link as the Finnish market is register only.

Exchange Traded Funds (ETFs)

Exchange-Traded Funds (ETFs) are not permitted and cannot be traded within the Finnish market.

Operational arrangements

This section describes the operational arrangements of the Finnish market:

a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.