Securities Market Association


The Securities Market Association is a cooperation body established by the Confederation of Finnish Industries EK, Finland Chamber of Commerce and Nasdaq Helsinki Ltd (Helsinki Stock Exchange). The main purpose of the Securities Market Association is to promote and define good securities market practice. Good securities market practice as such is acknowledged by legislation, but what it entails in detail has not been established but evolves according to good practices adopted in the securities markets.

The Securities Market Association has also the duty of maintaining and developing the self-regulation of listed companies in terms of securities market and corporate law. The Securities Market Association maintains the Finnish Corporate Governance Code and the Helsinki Takeover Code and participates in the development of other self-regulation. The association’s boards provide guidance and recommended decisions on the application the codes.

By developing self-regulation, the Securities Market Association aims to ensure that the companies on the securities market operate under sufficiently uniform governance principles and rules. Self-regulation allows market participants to be involved in the development of practices. Effective self-regulation reduces the pressure for increased regulation by the authorities. The Board of the association has approved the Principles of Self-regulation for the Association.


The Securities Market Association maintains the Corporate Governance Code for listed companies. In addition, the Securities Market Association maintains the recommendation on takeover bids and mergers, the Helsinki Takeover Code, and acts as the self-regulation body referred to in chapter 11, section 28 of the Securities Market Act.

Boards appointed by the association, the Market Practice Board and the Takeover Board, issue statements, application guidelines and recommended decisions on the interpretation of the Corporate Governance Code and the Helsinki Takeover Code. The Boards may issue these on the basis of applications or on their own initiative.

The Securities Market Association also maintains this website, which contains information, such as document templates, that are useful to listed companies. The association regularly hosts discussion forums on topical issues related to its activities. The association also actively engages in national and international cooperation and may issue statements or make initiatives to the regulatory authorities of listed companies.

The duties of the Securities Market Association are defined in more detail in the association’s rules. The association does not handle matters falling within the competence of the Finnish Securities Complaint Board or matters of self-regulation issued by the Helsinki Stock Exchange.

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Rules of the Securities Market Association (in Finnish)

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