Week 46: Security Legislation Changes
Welcome to Tekve Oy's review where we go through this week's updates to European and Finnish legislation.
Welcome to Tekve Oy’s review, where we cover the updates to European and Finnish legislation that have emerged over the course of the week. Monitoring is performed weekly, and new acts will be added to our tracking list as necessary.
Tracking legislative changes is often fragmented and time-consuming, so the goal of these reviews is to provide the reader with a clear and concise overview of the most important updates. Feel free to contact us if you have requests for new regulations to be added to our monitoring or other feedback regarding our publications.
NIS2 / Cybersecurity Act
No new updates this week.
DORA (Digital Operational Resilience Act)
On November 8, 2024, the Finnish Parliament approved the government proposal HE 67/2024 and published the related legislative collections (610/2024, 611/2024, 612/2024, 613/2024, 614/2024).
Legislative acts:
- 610/2024 — Act amending the Act on the Financial Supervisory Authority: https://www.finlex.fi/fi/laki/alkup/2024/20240610
- 611/2024 — Act amending Chapters 9 and 11 of the Credit Institutions Act: https://www.finlex.fi/fi/laki/alkup/2024/20240611
- 612/2024 — Act amending Chapter 7, Section 2 and Chapter 7a, Section 1 of the Investment Services Act: https://www.finlex.fi/fi/laki/alkup/2024/20240612
- 613/2024 — Act amending Sections 19a and 19b of the Payment Institutions Act: https://www.finlex.fi/fi/laki/alkup/2024/20240613
- 614/2024 — Act amending Chapter 3, Sections 1 and 18 of the Act on Trading in Financial Instruments: https://www.finlex.fi/fi/laki/alkup/2024/20240614
GPSR (General Product Safety Regulation)
On November 12, 2024, the Ministry of Economic Affairs and Employment published a summary of consultation responses regarding the draft government proposal on the legislation required to implement the EU’s General Product Safety Regulation and the Act on the Safety of Consumer Services.
Regulatory proposals regarding the safety of consumer products are generally supported. Some respondents consider the structure and content of sanction regulations justified, but fundamental deficiencies in sanction regulations and their justifications are also highlighted, mostly relating to the constitutionality of the regulation. The maximum amount of the administrative fine is criticized in some statements. The regulation regarding the division of powers between market surveillance authorities received mixed feedback: on one hand, it is considered successful and appropriate, and on the other hand, it is seen as needing clarification. Detailed proposals for amendments are presented in the statements.
Lauri Wilenius, Ministry of Economic Affairs and Employment
Read the full summary (in Finnish): https://api.hankeikkuna.fi/asiakirjat/f9069f86-8066-4f31-aa90-6107c3a94c05/cc8de9cc-3e93-4a05-b2d8-22873a333924/YHTEENVETO_20241112112005.PDF
Conclusion
Since this publication is the first of its kind, we welcome open feedback from our readers for future editions. Tekve Oy provides support in navigating and implementing regulatory requirements, so please feel free to get in touch. See you next week!