Market practices in Finland
|Name of National Central Bank||Suomen Pankki – Bank of Finland|
|Phone number of the CCBM unit||+ 358 9 183 6736|
|Fax number of the CCBM unit||+ 358 9 183 2177|
|Foreign counterparties’ contact for credit claim related issues|| firstname.lastname@example.org
|Publications describing local legal and operational procedures|
|Legal and Procedural Aspects|
|Procedural aspects governing a repurchase agreement with the NCB and legal documentation used (if applicable)||-|
|Procedural aspects governing a pledge towards the NCB and legal documentation used (if applicable)||Rights and restrictions pertaining to a book-entry account and the book-entries deposited in the account shall be registered in the account (Act on Book-entry Accounts 17.5.1991/827).
The register entry shall be made by the account operator operating the account. The right or restriction to the account shall pertain to the book-entry account as a whole and not to given securities.
When registering the right or restriction to the account, the registration shall indicate the commitment or other basis that the book-entries are liable for. The register entry shall also disclose who is entitled to the yield or capital payment. Unless otherwise agreed upon or stipulated, the yield shall be paid to the account holder (the pledger), while amortization and final redemption shall be paid to the pledge holder (pledgee).
Therefore the pledger must send an application to the Bank of Finland to open a book-entry account. The pledger may also authorize its HCB to open the account on its behalf. The application must contain at least the following information:
|Specific procedures governing non-marketable assets||Terms and conditions (direct link www.bof.fi/en/julkaisut/ohjeet_ja_saannot/vastapuoli/index.htm)|
|Technical Aspects||Euroclear Finland||Suomen Pankki – Bank of Finland|
|Type of eligible assets held||All marketable assets||Non-marketable assets|
|Opening hours||7.00 a.m.-6.00 p.m. CET||8.00 a.m. – 4.00 p.m. CET
Separate time window for delivering credit claim documentation
|Number of settlement cycles per day||Real-time Gross Settlement (RTGS)||No settlement cycles, instructions can be sent to Bank of Finland at any time during opening hours|
|BIC of SSS(s)||APKEFIHHXXX||SPFBFIHHCCB|
|Account of NCB in the SSS||-||-|
|HCB's sub accounts in the SSS (where applicable)||-||-|
|Matching requirements||See ‘Market Practice for Securities Settlement in Finland’ on the Euroclear Finland website||-|