The amended Finnish Securities Markets Act obliges all companies listed on the Helsinki Stock Exchange (HEX) Main List to report their results every three months. It comes into force on January 1 1999. These amendments standardize the current practice of publishing interim reports every three, four or six months.
The HEX has confirmed that in the future companies listed on the New Market List shall also have to publish their results quarterly, although the amended act refers only to companies listed on the Main List. This new practice is to be realized by a modification of the HEX rules, which is currently being examined by the Ministry of Finance.
Of all companies currently listed on the HEX Main List, about a third will be affected by the new regulation. For New Market list companies the impact of this amendment will be small, since almost all of those companies already publish their results quarterly. The companies listed on the third HEX list, the I-list (former Over-the-Counter List), are not affected by the amendment at all.
The amended Securities Markets Act requires only the publication of cumulative results for three, six and nine months of each financial year. The listed companies are therefore not obliged to publish the development of every quarter separately, although they often do so.
For further information on this topic please contact Ari-Pekka Saanio at Borenius & Kemppinen by telephone (+358 9 615 333) or by fax (+358 9 61 53 34 99) or by e-mail ([email protected]).
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