PUBLICITY REQUIREMENTS
A potential purchaser of the shares or assets of a Finnish company may get information on such target company from several sources, as listed below, which are open to the general public.
The Trade Register of the National Board of Patents and Registration keeps a register on, for example, all Finnish limited liability companies. From such a register it is possible to receive information concerning, for example, the address, the share capital, the members of the Board of Directors, the Managing Director and the Articles of Association of a company. Large limited liability companies also have an obligation to provide the Trade Register with their annual financial statements and report on operations during the accounting period.
The Securities Act and the rules of the market places where publicly traded securities are traded (for instance, the rules of the Helsinki Stock Exchange) provide detailed publicity and disclosure requirements for listed companies. Such companies are required, for example, to publish without unnecessary delay all decisions and factors relating to the issuer of the securities and its operations which might materially impact the value of the securities of the company. Listed companies are providing press releases containing such information to the market places where they are available for public inspection as well as their annual financial statements (typically, included in annual reports) and interim reports.
Furthermore, a limited liability company must keep a share register to contain, for example, the name, profession and postal address of each shareholder. A company shall also keep a register on the shareholders containing information such as the number of shares owned by each shareholder. Such registers must be available for public inspection.
The above registers do not, however, necessarily contain information on all shares and shareholders of the company since the shareholders are not under the Finnish law obliged to notify their shares for registration in the company. Naturally, a shareholder must do such notification for registration if he wishes to exercise his voting rights.
Under the new book-entry securities system, the shareholders' registers of limited liability companies in Finland have been centralised at a public central share register containing information on the shareholders of each company whose shares are in the system. Foreigners may, however, register their shares in the name of a Finnish nominee. Such a nominee registration does not, however, provide the right to attend and use, for example, voting rights in the general meetings of shareholders. The issuer of the shares or the FS may require the nominee to disclose the real shareholder, if that is known.
Finally, there are certain public registers where information concerning, for example, the risk rating of Finnish companies may be obtained.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
A potential purchaser of the shares or assets of a Finnish company may get information on such target company from several sources, as listed below, which are open to the general public.
The Trade Register of the National Board of Patents and Registration keeps a register on, for example, all Finnish limited liability companies. From such a register it is possible to receive information concerning, for example, the address, the share capital, the members of the Board of Directors, the Managing Director and the Articles of Association of a company. Large limited liability companies also have an obligation to provide the Trade Register with their annual financial statements and report on operations during the accounting period.
The Securities Act and the rules of the market places where publicly traded securities are traded (for instance, the rules of the Helsinki Stock Exchange) provide detailed publicity and disclosure requirements for listed companies. Such companies are required, for example, to publish without unnecessary delay all decisions and factors relating to the issuer of the securities and its operations which might materially impact the value of the securities of the company. Listed companies are providing press releases containing such information to the market places where they are available for public inspection as well as their annual financial statements (typically, included in annual reports) and interim reports.
Furthermore, a limited liability company must keep a share register to contain, for example, the name, profession and postal address of each shareholder. A company shall also keep a register on the shareholders containing information such as the number of shares owned by each shareholder. Such registers must be available for public inspection.
The above registers do not, however, necessarily contain information on all shares and shareholders of the company since the shareholders are not under the Finnish law obliged to notify their shares for registration in the company. Naturally, a shareholder must do such notification for registration if he wishes to exercise his voting rights.
Under the new book-entry securities system, the shareholders' registers of limited liability companies in Finland have been centralised at a public central share register containing information on the shareholders of each company whose shares are in the system. Foreigners may, however, register their shares in the name of a Finnish nominee. Such a nominee registration does not, however, provide the right to attend and use, for example, voting rights in the general meetings of shareholders. The issuer of the shares or the FS may require the nominee to disclose the real shareholder, if that is known.
Finally, there are certain public registers where information concerning, for example, the risk rating of Finnish companies may be obtained.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
