In July, Finance Finland (FFI) began its term as the chair of the Nordic Securities Association (NSA), an association promoting Nordic collaboration and representing the interests of the Nordic securities sector. The association has operated for almost a decade, with a different member association taking the chair each year. In practice, Finance Finland now administers and runs the work of the NSA board and its committees.
The NSA works to promote sound and competitive securities and capital markets in the Nordic region, bring out the special features of Nordic markets in the EU, and discuss the adoption of best Nordic practices with national financial supervisory authorities. The NSA’s representatives also regularly visit Brussels to meet with MEPs and Commission officials.
“In addition to the capital markets union project, finishing and validating the extensive MiFID II directive is our major focus. The directive involves many details that may seem technical, but could be very significant for the Nordic countries,” explains FFI’s senior legal adviser Mari Pekonen-Ranta, who coordinates the NSA’s work in Finland.
The NSA works to influence national regulation in the Nordic countries for example by organising discussions with financial supervisory authorities from other countries. In recent years, discussions have often focused on MiFID. The NSA’s internal committees have regular phone meetings that allow members to discuss mutual issues.