The Securities Market Association will participate in the drafting of self-regulation standards concerning listed companies and interpret them, when necessary. Its duty is to draft recommendations, which are intended to support and improve good securities markets practice, and improve and maintain these recommendations.
The Association administers the Finnish Corporate Governance Code for Listed Companies.
The Market Practice Board, established by the Association, shall promote good corporate governance within listed companies and good securities market practice. It also updates and interprets the Finnish Corporate Governance Code and issues recommendations and statements.
According to section 11:28 of the Securities Market Act, a listed company must directly or indirectly belong to an independent organ established in Finland that that has issued a recommendation on the actions of the management of the target company in a takeover bid, in order to promote good securities market practice. The Association administers the recommendation concerning public bids, Helsinki Takeover Code.
The Takeover Board, established by the Association, promotes good securities market practice in connection with takeover bids. An application can be made to the board for a statement regarding the interpretation of the Helsinki Takeover Code , compliance with good securities markets practice as well as individual company law issues.
Furthermore, the Association may take initiatives and issue statements to the authorities and participate in domestic and international cooperation in matters concerning practice of the Association. The Association may also organize events of current issues.
The Association does not attend to the matters belonging to the Finnish Securities Complaint Board or the self-regulation matters belonging to Helsinki Stock Exchange.