News release

The Finnish Association of Securities Dealers (FASD) extraordinary general meeting has today 19.11.2008 decided to merge the Federation of Finnish Financial Services (FFFS). The association that was founded in 1985 is to merge the FFFS as from the 1st of January 2009. Below the FFFS news release:

Federation of Finnish Financial Services

Finnish Association of Securities Dealers

Federation of Finnish Financial Services and Finnish Association of Securities Dealers merge

The Finnish Association of Securities Dealers (FASD) has decided to recommend its members to join the Federation of Finnish Financial Services (FFFS).  The decision was made unanimously at today’s extraordinary general meeting of the FASD, and the merger is scheduled for 1 January 2009.

“We invited the FASD to join the FFFS at the very beginning of our operations in January 2007.  Meanwhile, all practical arrangements have been worked out and we are now able to join our forces,” says Esko Kivisaari, Deputy Managing Director of the FFFS.

“The purpose of the merger is to increase the efficiency and influential power of the two bodies’ lobbying work,” says Markku Savikko, Managing Director of the FASD.

The Finnish Association of Securities Dealers has shared both its premises and employees with the Finnish Association of Mutual Funds.  This association continues to work as an independent body, and the four employees of the FASD, who will now be employed by the FFFS, will continue to work for the Finnish Association of Mutual Funds along the established lines.  Discussions on the merger of this association with the FFFS will continue.

The Federation of Finnish Financial Services is a trade body whose members comprise nearly all banks, insurers and finance houses operating in Finland.  The FFFS was formed in 2007 when the Finnish Bankers’ Association, the Federation of Finnish Insurance Companies, the Finnish Finance Houses Association and the Employers’ Association of Finnish Financial Institutions joined forces.  The FFFS has 450 members who employ a total of 40,000 persons.

The Finnish Association of Securities Dealers is a lobbying body and a cooperation forum for companies providing investment services in Finland.  The membership includes 19 authorised investment firms and 16 banks providing securities dealing, asset management and corporate finance services.  The FASD also runs a scheme of professional examinations in investment skills and issues binding self-regulatory standards for its members.

For further information, call

Markku Savikko, Managing Director, Finnish Association of Securities Dealers, on +358 9 6689 1716

Erkki Kontkanen, Head of Financial Industry Legislation & Taxation, Federation of Finnish Financial Services, on +358 40 588 9241