NordenBladet — The Ministry of Economic Affairs and Employment is requesting opinions on the intellectual property rights strategy. The strategy’s vision is that in 2030, the Finnish legislation on intellectual property rights will support innovations and creative work. The objective is to increase economic wellbeing and competitiveness while taking into account a wide range of social interests.The Ministry of Economic Affairs and Employment initiated the preparation of the intellectual property rights (IPR) strategy in spring 2020. The steering group appointed by the ministry completed its own preparation work in May 2021. Based on the steering group’s proposal and the feedback it received, the Ministry of Economic Affairs and Employment prepared a draft Government Resolution in cooperation with the Ministry of Education and Culture, the Ministry for Foreign Affairs and the Ministry of Finance. Government Resolutions are preparatory decisions that instruct and guide the central government on the preparation of matters. The final decisions will be made by the authority in charge of processing and preparing the matter. Government Resolutions do not have a direct impact on citizens. The Government Resolution on the IPR strategy outlines the essential actions needed from the ministries and administrative sectors in order to achieve the objectives of the strategy. The draft Government Resolution was opened for public consultation on Friday 10 December 2021. Intellectual property rights stimulate research, innovation and creative workThe term ‘intellectual property’ means property that is not physical or tangible. Intellectual property can be, for example, a technology innovation, a design or a brand. Intellectual property rights protect intellectual property. Examples of intellectual property rights are copyrights, design copyrights, trade marks and patents.One of the objectives of the Government Programme is to stimulate the research and innovation environment and increase intellectual and material investments. The IPR strategy serves these purposes and also seeks to develop the expertise on and administration of intellectual property. Opinions may be submitted until 21 January 2022Please submit your opinion via the Lausuntopalvelu.fi site by 21 January 2022. Opinions may be submitted by all interested parties. If you do not wish to register to use the service to submit your opinion, you can send your opinion by email to the Registry of the Ministry of Economic Affairs and Employment at kirjaamo.tem(at)gov.fi. Please state the register number VN/6935/2020 in your opinion.
NordenBladet — The EU Foreign Ministers will meet in Brussels on Monday 13 December. State Secretary Johanna Sumuvuori will represent Finland at the meeting. The Foreign Affairs Council will focus on EU-Africa relations, Central Asia and Venezuela. During a working lunch, ministers will have an informal exchange with Sheikh Mohammed bin Abdulrahman Al-Thani, Deputy Prime Minister and Minister of Foreign Affairs of Qatar. Under current affairs, the Council will discuss topics including Belarus, Varosha, Ethiopia and Ukraine.The Foreign Affairs Council will hold a comprehensive discussion on key themes relating to Africa cooperation, such as security, health and democratic development. The aim is to shift the focus from development cooperation towards a partnership that is more comprehensive, more equal and genuinely political and economic in nature. The EU must be a strong, reliable and consistent partner for the African Union and African countries.The Ministers will also discuss the EU’s cooperation in Central Asia. The countries in the region have expressed concerns about the regional security impacts of the situation in Afghanistan, which have increased the need for cooperation, dialogue and the EU’s commitment in the region. The EU’s objectives in Central Asia have a strong emphasis on democracy, the rule of law and human rights. Finland supports the strong role of the EU and the efforts to intensify cooperation with the countries in the region. The meeting will discuss the regional and local elections held in Venezuela on 21 November. The debate will focus on the elections’ impact on the negotiations between Venezuela’s government and the opposition. The EU has shown its support for Venezuelan civil society and maintained dialogue with the government and the opposition to resolve the political crisis.During an informal lunch meeting, the Foreign Ministers will meet Sheikh Mohammed bin Abdulrahman Al-Thani, the Deputy Prime Minister and Minister of Foreign Affairs of Qatar. The discussion is expected to focus on Afghanistan. There are problems in Qatar’s human rights situation and the conditions of migrant workers, but the country played a key role in the evacuations from Kabul in August and has made it possible to maintain a dialogue with the Taliban. The aim of EU-Qatar cooperation in Afghanistan is to improve the humanitarian and socio-economic situation in the country. Finland opened an Embassy in Doha, Qatar, on 10 December.
NordenBladet — The Government of Finland has 10 December 2021 authorised the Finnish Defence Forces Logistics Command to sign a procurement contract with the Government of the United States on Finland’s next multi-role fighter. The fighter replacing the Hornet fleet’s capability is the Lockheed Martin F-35A Lightning II.The procurement contains 64 F-35A Block 4 multi-role fighters, substantial and versatile weaponry tailored for the operating circumstances, required training and sustainment solutions, other related systems as well as sustainment and maintenance services until the end of 2030.In the HX Fighter Programme evaluation of the tenderers’ offers, the F-35 fulfilled the security of supply, industrial participation and affordability requirements of the decision-making areas. In the military capability assessment, the F-35 comprehensive system was the best. The F-35 combat, reconnaissance and survival capabilities were the best suited of the HX candidates.The F-35 operating and sustainment costs fit the allocated cost frame, and the aircraft development during the life cycle will be feasible with the normal resources of the Finnish Defence Forces. Within the procurement process, several essential security of supply requirements and signif-icant industrial participation have been agreed upon. The essential security of supply require-ments relate specifically to independent ability to operate in exceptional circumstances.The F-35 programme is multinational and its user community large. The system is in service in many European nations including Norway and Denmark.The current Hornet fleet will be phased out as planned from the year 2025. The first Finnish F-35 fighters will begin service with the Finnish Air Force in 2025 as part of the training of Finnish personnel in the United States. The first F-35s will be delivered to Finland in 2026. In Finland the F-35 system will replace the Hornet fleet in the fighter wings between 2028 and 2030.HX Programme Bidding CompetitionThe HX programme replacing the Hornet capability was launched in 2015 by the decision of the Minister of Defence and subsequent Request for Information (RFI) phase. The HX bidding competition began in 2018 with the initial Requests for Quotation (RFQ) sent to the governments of France, Sweden, the United Kingdom and the United States. The aim of the competitive bidding was to build with each tenderer a comprehensive solution fulfilling the requirements and producing the best possible capability to replace the Hornet fleet for the Finnish defence system in the operational environment of the 2030s as well as within the HX system’s lifespan.The offered solutions in the HX programme were set up around the following fighter aircraft systems: Boeing F/A-18 Super Hornet, Dassault Rafale, Eurofighter Typhoon, Lockheed Martin F-35 and Saab Gripen.Evaluation of OffersThe Defence Forces Logistics Command received the final and binding offers from all five HX tenderers by the end of April 2021 deadline. The offers were assessed in accordance with the HX Request for Quotation, decision-making model and Evaluation Handbook to reach the procurement proposal.The tendering was based on four decision-making areas: Military Capability, Security of Supply, Industrial Participation and Affordability. When a tenderer passed the Security of Supply, Industrial Participation and Affordability considerations, it proceeded to the final phase of the Military Capability evaluation in which the offered solutions were placed in order.The Defence Forces evaluated the offered comprehensive solutions’ capability in three phases based on performance demonstrated in testing events. In the final phase, the military capability effectiveness of each candidate’s HX system was evaluated via a thorough and long-run war game supported by simulation. The Defence Forces’ proposal for the system to be selected was based on the results of the war games and estimated future development potential.Success of F-35 SystemIn the HX bidding competition, the F-35 passed the security of supply, industrial participation and affordability decision-making areas. The F-35 solution achieved the highest operational effectiveness and future growth potential in the capability assessment.Security of SupplyThe F-35 solution fulfills the national security of supply requirements of Finland. The sustainment of the system is based on the F-35 global sustainment solution tailored to meet the domestic security of supply requirements. The critical maintenance capacity will be created in the Defence Forces and domestic industrial organisations. The solution encompasses the maintenance capabilities to be built in Finland as well as spare components and replaceable assemblies for exceptional circumstances that are under the sole national control of Finland as well as participation in the multinational maintenance network.AffordabilityThe F-35 solution fitted to the allocated funding frame was the most cost-effective. The F-35 had the lowest procurement cost when considering all aspects of the offer. The operating and sustainment costs of the system will fall below the 254 million euro yearly budget. F-35 operations and lifespan development will be feasible with the Defence Forces’ resources.No offer was significantly less expensive than others in operating and sustainment costs.Industrial ParticipationThe F-35 industrial participation offer met the requirements in quality and content. The main focus of the offered industrial participation is in direct industrial cooperation that will create significant independent maintenance capabilities. The industrial participation solution will develop credible knowhow in the domestic industry from the security of supply perspective and become significant in the national economy.The key industrial participation projects include large-scale production of the F-35 front fuselage in Finland also for other users, production of structural components as well as equipment testing and maintenance capability. In addition, Finland has been offered an engine final assembly pro-ject for the Air Force aircraft.The industrial participation’s domestic employment impact will be 4500 and indirect impact 1500 person-workyears.The industrial participation contract will be signed by the Ministry of Defence as well as Lockheed Martin and the engine manufacturer Pratt & Whitney.Military CapabilityThe F-35 system’s capability was best suited for the Finnish operating environment and HX requirements. The comprehensive system and aircraft’s capabilities in combat, reconnaissance and survival are unsurpassed. The F-35 came first in the assessment or shared the top score in all mission areas and achieved the highest total score.The proposed F-35 package will meet the defined tasks with sufficient efficacy in respect to the requirements of the future operating environment. The quantity of aircraft and weaponry included in the quotation had an impact in the result. The Finnish F-35 fleet can achieve operational capability within the scheduled timeframe. The F-35 solution will produce a significant addition to the entire defence system and enhance preventive capability of defence. The F-35A is capable of initiating action in counter-air operations as well as generating and sharing the necessary situational awareness and target data, enabling the F-35 to best support land and maritime operations. The F-35 multi-domain effectiveness across air, land and sea received the highest rating in the assessment. The stealth and other unique features, such as sensors and networks, support the F-35’s survival in combat. The F-35 multi-role fighter has the highest internal fuel capacity and all sensors incorporated negating the need for an external targeting system or fuel tank.The F-35 system’s technological solution is sustainable and its future growth potential the best of the offered solutions. The development has been guaranteed for the entire life cycle until the 2060s.Procurement PackageThe procurement object is 64 F-35A multi-role fighters in the newest, Block 4 -configuration. The procurement encompasses multi-role fighter weaponry. The offered F-35 package includes the following weapon types: AMRAAM, Sidewinder, SDB I and II, JDAM-family weaponry, JSM and JASSM-ER. The weaponry is to be procured within the programme funding availability by the end of the year 2035. The weapons package will be optimised during the procurement process, taking into account availability of the newest weapon types and changes in the operating environment. With optimised weapons procurement, the system’s capability will be maximised in the Finnish operating environment and the F-35 system’s life-cycle guaranteed for the longest feasible time.A remarkable number of additional products and services to be acquired concurrently are related to the procurement of the fighter system and its use. These comprise the sustainment system including test equipment, tools, replaceable assembly and spare part services, as well as information systems, training systems and services, mission support systems and related services as well as the US Government Foreign Military Sales (FMS) procurement process related administrative services to be used. The procurement package also includes the fleet sustainment costs for the years 2025-2030.Procurement FundingThe funding for the HX programme totals 10 billion euros. The Parliament has granted the fighter programme a procurement authorisation of 9.4 billion euro for the acquisition of the Hornet replacement system and 579 million euros of a five-year transferable allocation. The transferable allocation is to ensure that the procured entity will be obtained into service as part of the Finnish defence system. Twenty-one million euros have thus far been spent in preparing for the procurement.Procurement CostsThe acquisition equals approximately 8.378 billion euros. The cost of multi-role fighters is 4.703 billion euros and air-to-air missiles AMRAAM and Sidewinder 754,6 million euros. Service equipment, spare and exchange parts, training and sustainment solutions, other related systems as well as sustainment and maintenance services until the end of 2030 cost 2,920 billion euros.Operational facilities, aircraft hangars and storages as well as runway structures and infrastructure for the procured system will be constructed in Finland. This is based on national and international safety and security requirements. Construction costs, costs of industrial participation, personnel costs and other project costs amount to 777 million euros.Additionally 823,8 million euros is reserved for the final optimised weapons package and to control future contract amendments. Part of the weaponry will be obtained at a later date as per the aircraft delivery schedule.HX Programme ImplementationThe defence system research in the Defence Forces strategic planning has concluded that multi-role fighters have a key role and responsibility in the defence system of the 2030s’ operating environment. The HX programme was established to find a replacement for the current multi-role fighters and since 2015 it has been working to obtain the best HX solution for Finland.In various phases of the HX programme, preparation and evaluation work has involved the best national and international expertise of 100-200 personnel with wide skills profiles.The Defence Command oversees the progress and quality control of the development programme projects. The HX procurement process’ quality has been assured with an internal and external quality verification. The external quality verification provider was Deloitte Inc. The task of the external quality verification was to gain confirmation for the impartial, systematical and trace-able procurement process from an independent provider outside defence administration. Moreover, the National Audit Office of Finland has assessed the programme in accordance with its auditing plan and presented the necessary recommendations.Further Information: Programme Director Lauri Puranen, Ministry of Defence, tel. +358 295 140403 Major General (Eng.) Kari Renko, Defence Forces Logistics Command, tel. +358 299 800 (operator) Brigadier General Juha-Pekka Keränen, Air Force Command, tel. +358 299 800 (operator)
NordenBladet — Recognising that the success of businesses is vital for the wellbeing of society, the Finnish Government is outlining measures that will encourage companies to build their business, employ people, and invest. Government resolution on entrepreneurship outlines objectives and measures aiming to create favourable conditions for businesses. Small and medium-sized enterprises have endured considerable hardship following the COVID-19 crisis, which is why it is now important to create an operating environment that encourages growth and renewal. This will require a broader discussion on entrepreneurship and a long-term commitment to supporting actions. “Small and medium-sized companies employing more than 10 people have latelycreated the majority of new jobs. The success of SMEs is such a crucial thing for Finland that supporting their growth and internationalisation must be taken into account in all decision-making, as pointed out in the Government resolution on entrepreneurship,” says Minister of Economic Affairs Mika Lintilä. A good business environment attracts talent and investmentThe Government resolution to be sent out for comments aims to increase companies’ trust in Finland as a good business environment. It also aims to make Finland more attractive to international talent and students in order to retain them in Finland as employees or entrepreneurs. Another objective is to attract more foreign investment in Finland.The Government resolution on entrepreneurship outlines the objectives and measures for offering long-term support for business activities across administrative branches. The resolution is based on an entrepreneurship strategy prepared earlier, which identified key challenges experienced by entrepreneurs and actions to overcome them. The resolution covers the most important policy measures that involve several ministries and require continuity and decisions from the entire Government. The new resolution on entrepreneurship will be in effect from 2022 to 2027.Regulation should take account of the needs of SMEs “The digital green transition provides great opportunities for companies, and for Finland in general. We can help companies create products for the future by making regulation more predictable, by accelerating the permit processes, and by incentivising our tax policy,” Minister Lintilä says. The Government resolution on entrepreneurship seeks to: Encourage companies to pursue growth by accelerating sustainable growth, employment and renewal, with special attention paid to responding to the dual challenge of the digital green transition. Promote an increase in the number of companies offering jobs and in the number of medium-sized enterprises, and drive the internationalisation of SMEs.Encourage foreign companies to locate and invest in Finland. Ensure competitive and thriving business conditions for SMEs on a long-term basis. Introduce tax policy measures that support the economic and employment policy objectives, competitiveness and the vitality of Finland. Simplify regulation and permit procedures, and improve the functioning of the markets. Help SMEs and particularly new entrepreneurs build their business skills and networks and encourage entrepreneurs to seek competence development.Take the special features of SMEs into account in labour legislation.Increase customer focus in public administration services. Ensure access to financing by developing the financial markets.Strengthen the employer image of SMEs, support competence management and recruitment skills to ensure the availability of skilled labour, and support entrepreneur wellbeing.Enable flexible transitions between employment and entrepreneurship, make regulation simpler and more predictable, and provide better social protection for entrepreneurs.Find ways to facilitate transfers of ownership.Increase cooperation and dialogue with interest groups across government terms. Comments may be submitted in December-JanuaryThe resolution prepared during the autumn is now available for commenting between 10 December 2021 and 21 January 2022. The Government aims to make a decision on entrepreneurship in the first quarter of 2022.
NordenBladet — On Thursday 9 December, the Government appointed a new Director General to the Department for Development Policy of the Ministry for Foreign Affairs. Titta Maja. Photo: Robert NyblinThe Government appointed Deputy Director General of the Department for Development Policy Titta Maja to serve as Director General of the Department for a fixed term from 13 December 2021 to 31 August 2025.Maja has served as Deputy Director General of the Department for Development Policy since 2020. In 2018–2020, she worked as Director of the Unit for South Asia. She was Editor-in-Chief of Kauppapolitiikka magazine for one year in 2017–2018. Before that, she served at the Permanent Mission of Finland in Geneva, where she was responsible for disarmament and arms control questions in 2015-2017 and for human rights issues in 2014. Her career in the Diplomatic Service includes posts in Santiago de Chile and Tallinn and in the Delegation of the European Union to Brazil. Before joining the Ministry for Foreign Affairs, Maja worked in specialised agencies of the United Nations. Maja joined the Ministry for Foreign Affairs in 2002. She holds a Master’s degree in Social Sciences.
NordenBladet — The December 2021 issue of Kauppapolitiikka magazine focuses on the position of power and clout in today’s world. The global economy, the climate crisis and the COVID-19 pandemic accentuate the need for common guidelines to direct developments worldwide. But where and by whom are these guidelines set out?The magazine discusses the transformation of US trade policy and Finnish companies’ opportunities in the Chinese market. The magazine also brings up the question of whether all is in order in the country if export trade is picking up.In its interview section, the magazine talks with Governor of the Bank of Finland Olli Rehn. There is also an interesting article about tv-productions selling by murders, and a reader’s opinion on Jörn Donner’s views of life as a consul general (“Consul General in an anthill”). The new magazine is already available online at Kauppapolitiikka website. Subscribe to a print magazine or read articles onlineSubscribe to Kauppapolitiikka free of charge on its website.Kauppapolitiikka is a magazine on international trade, published by the Ministry for Foreign Affairs. The magazine is also available on the following social media channels:Twitter @kauppapolLinkedinFacebook @kauppapol
NordenBladet — In its Plenary Session today, on 9 December, the Government decided to submit the Government Report on the Application of Linguistic Rights to Parliament. The Language Report, compiled during each electoral term, contains up-to-date information on the situation in Finland in terms of languages, structures supporting linguistic rights and the impact of administrative changes on language groups.The main themes of the Language Report of 2021 are digitalisation and the realisation of linguistic rights in teaching, in the police and rescue services and in emergency response centre activities. An analysis of how linguistics rights are realised when a private operator carries out public tasks is also included.– Linguistic rights are fundamental rights and they are well protected by law. However, there are still shortcomings in how the rights are being realised in practice. To make sure that these rights are duly respected we need better awareness, changes in attitudes, more staff with adequate language skills and ways to organise services in different languages, says Minister of Justice Anna-Maja Henriksson.– Key questions in the Language Report include the differences in access to services in Finnish and Swedish and supply and proper functioning of interpretation services. Safeguarding linguistic rights should be taken into account already when planning the operations so that they are put to practice as part of the regular service process, Minister Henriksson continues. Adequate information on the needs and good planning and design of the services are seen as the key measures to ensure the realisation of linguistic rights.
NordenBladet — The Government Resolution on drug policy will continue national cooperation in preventing drug-related harm. The Resolution was adopted on 9 December 2021.Drug prevention work will be improved through a multidisciplinary approachThe drug policy emphasises the importance of early intervention through official multidisciplinary measures in the problems of young people with a view to preventing drug addiction, criminal behaviour and social exclusion. Drug prevention work will be improved through a multidisciplinary approach for various age groups. The Action Plan on Alcohol, Tobacco, Drugs and Gambling will prioritise better recognition of experimenting with drugs and development of small-scale intervention models.Client-centred approach and accessibility in substance abuse servicesThe health and social services reform will assign substance abuse services to the responsibility of wellbeing services counties. Substance abuse services will be improved by reforming legislation to provide substance abuse and mental health services to those who need them on an equal footing with other client and patient groups. The preparation of this legislation will accommodate a client-centred approach, access to and accessibility of services, quality of services and targeting of services on groups that are vulnerable for various reasons.Reduction of harmMeasures to reduce the harm caused by drug use support the wellbeing of drug users and the security of the environment. The availability of low-threshold health and social counselling services for drug users will be improved and the establishment of permanent health counselling for drug users will be ensured as part of the health and social services reform. Prevention of drug-related crime is based on cooperationEfforts will be made to restrict the supply of drugs through optimal efficiency in detecting and investigating drug-related offences. Control of drug-related crime will be based on the joint multidisciplinary information-driven work of public authorities and on analysed data. Close international cooperation and exchanges of information will also help to ensure effective enforcement of criminal liability in cross-border drug offences.
NordenBladet — The Government’s human rights policy report stresses action to strengthen equality and gender equality. Finland rejects attempts to undermine the universality of human rights, democracy and the rule of law.The Government approved its human rights policy report on 9 December 2021. The report sets out the international human rights work of Finland, and guides activities at national and EU level together with the National Action Plan on Fundamental and Human Rights. The guiding effect of the report covers several years, with human rights policy reports issued no more frequently than once during the term of office of each government.The report considers activities at the national, EU and international levels in parallel. Its specific themes are promoting fundamental and human rights in sustainable development, mitigating climate change and protecting biodiversity, digitalisation, access to information, and communications. The report stresses action to defend and strengthen the rule of law.Human rights and the rule of law are facing challenges in several countriesThe report finds a sustained deterioration in the situation for human rights and democracy in dozens of countries, with challenges to progress towards the rule of law. Features of growing authoritarianism include restrictions on freedom of expression and civic activity, and trampling on minority rights. Behaviour that challenges the universality of human rights is becoming increasingly visible, including in UN human rights bodies.“Finland and the European Union will stand by our own values and defend universal human rights, democracy and the rule of law. These are an integral part of the international rules-based system. We need regulations that apply to all countries, enabling a response to cross-border issues such as climate change and digitalisation,” explains Pekka Haavisto, Minister for Foreign Affairs.Finland’s international human rights work will emphasise gender equality and the rights of indigenous peoples, persons with disabilities and sexual and gender minorities, together with the rights of the Roma when working in the European context.“Non-discrimination and the realisation of gender equality are fundamental and human rights issues of particular importance to us. They are an integral part of international human rights law, and basic pillars of our society. Their realisation requires not only a policy to reduce inequality, but also reinforced participation rights for disadvantaged groups and individuals,” Minister Haavisto continues.Fundamental and human rights can also be strengthened nationallySection 22 of the Constitution of Finland enjoins public authorities to ensure the realisation of fundamental rights and human rights. National implementation of the human rights policy report will stress support for non-discrimination, gender equality and the rule of law. The report sets out Government measures concerning issues on which Finland has received numerous recommendations from human rights treaty monitoring bodies, human rights rapporteurs of the UN and European organisations, and country assessments of Finland’s human rights situation. These issues include the status of the Sámi as an indigenous people, violence against women and domestic violence, and gender recognition legislation that respects the right to self-determination.The report addresses measures to strengthen the rule of law nationally and internationally. Finland will continue its work to realise the rule of law throughout the European Union.Sustainable development and digitalisation as new themes in fundamental and human rightsThere is a close link between fundamental and human rights and sustainable development. Climate change and loss of biodiversity are jeopardising the realisation of fundamental and human rights, and their importance as a human rights issue has grown. The report stresses the principle of ’no one left behind’, and the partcipation rights of civil society as part of sustainable development.The growth and acceleration of new technology, digital services and communications are creating conditions for monitoring and enforcing fundamental and human rights, and for the functioning of civil society. On the other hand, evolving technology has the potential to infringe fundamental and human rights more broadly in such areas as the protection of privacy and participation rights. The report stresses a lessening of inequality and greater accessibility as part of developing and deploying new technologies and digital services.Government report on human rights policy in Finnish and in Swedish
NordenBladet — The authorities have agreed on information exchange and other cooperation in areas involving the prevention, management and resolution of financial market crises.The revised Memorandum of Understanding on the management of financial crises has been signed by the Ministry of Finance, the Ministry of Social Affairs and Health, the Financial Supervisory Authority, the Bank of Finland and the Financial Stability Authority.The Memorandum of Understanding (MoU) aims to strengthen the crisis management capabilities of the authorities by ensuring that the parties exchange information as required by the crisis. In addition, the authorities seek to establish more efficient and systematic cooperation in order to optimally prevent, manage and resolve financial crises.Cooperation in normal conditions and disruptionsThe previous MoU was signed in 2007. Since then, financial market legislation and the structure of authorities have changed significantly. In connection with the revision work, the authorities noted that the cooperation model outlined in the MoU will continue to provide a good framework for flexible cooperation – both in normal conditions and in the event of disruptions.In normal times, the authorities use the MoU to maintain and improve crisis management preparedness. They will also follow the MoU in situations where the stability of the financial markets is at risk, or severe disruptions in the financial system could be expected.Parties will exchange information and improve preparednessThe parties will work together to improve their preparedness for mutual cooperation and their ability to manage crises affecting the financial system. Forms of cooperation includeregular exchange of information on the current situation in the domestic financial and insurance markets, developing the analysis methods needed to forecast and deal with crises, and developing operational capabilities and preparedness, andorganising exercises to enhance capabilities for cooperation in crises.The Memorandum of Understanding is not legally binding, nor does it affect the parties’ statutory obligations or powers.
Titta Maja. Photo: Robert Nyblin