A depositary of an  undertaking  for  collective  investment  in  transferable securities (UCITS) must either be a Finnish limited liability company headquartered in Finland, a European Company (SE) which intends to transfer its registered office to Finland, a credit institution authorised in accordance with the Act on Credit Institutions, or a foreign EEA credit institution which has a branch in Finland (Directive 2009/65/EC). Licences for Alternative Investment Funds Managers (AIFM) are granted to Finnish limited liability companies (Directive 2011/61/EU).
"PART VII - DEPOSITARY
Chapter 20 - Authorization to act as depositary

Section 2 - Application for a depositary license:
Upon application, the Financial Supervision Authority issues a depositary license. [...]

Section 3 - Conditions for granting a license:
A depositary license must be granted to a Finnish limited liability company if the report provides that the company's owners meet the requirements set out in section 8 and its management in section 7 and that the company meets the capital requirements in section 9 and the company's operations in section 11 and chapter 21. Requirements provided in section 8. A prerequisite for granting the license is also that the company has its head office in Finland. A license may also be granted to a company to be established before its registration.

Section 10 - European company as depositary:
The authorization referred to in section 2 shall also be granted to a European company within the meaning of the European Company Regulation which has obtained a similar authorization in another EEA State and which intends to transfer its registered office to Finland in accordance with Article 8 of that Regulation. In addition, the financial supervisory authority shall request the opinion of the authority supervising the activities of UCITS and management companies in that State. The same applies to the establishment of a European company by merger, so that the receiving company, which is domiciled in another state, is registered as a European company in Finland.

Section 12 - Other depositary:
Notwithstanding the provisions of section 2, the depositary may be the Bank of Finland or a credit institution referred to in Chapter 1, Section 7, Subsection 1 of the Act on Credit Institutions.
In addition, a foreign EEA credit institution referred to in Chapter 1, Section 7, Subsection 3 of the Act on Credit Institutions may act as a depositary if:
1) it has a branch in Finland;
2) it meets the capital requirements provided for in section 9 of this Chapter; and
3) it is entitled in its home Member State to engage in depositary activities within the meaning of the [Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)]."
(Act on Common Funds (213/2019), Chapter 20, Sections 2, 3, 10, 12 [google translation])

******

"PART I - ACCESS TO THE ACTIVITY OF CREDIT INSTITUTIONS
Chapter 1 - General provisions
Section 7 - Credit institution:
A credit institution is an undertaking authorised in accordance with Chapter 4 to carry on credit institution activity. [...]

Chapter 4 - Granting and withdrawal of an authorisation as well as restriction of business activity
Section 3 - Conditions for granting authorisation:
An authorisation shall be granted if, on the basis of the account received, it can be ascertained that the owners and founders of the credit institution fulfil the requirements provided in section 4 and the credit institution fulfils the requirements provided for the activity and financial position of a credit institution in Chapters 5 and 10. [...]

Section 5 - Granting of an authorisation to a European company and a European Cooperative Society:
An authorisation shall also be granted to a European company referred to in Council Regulation (EC) No. 2157/2001 on the Statute for a European company (SE), hereinafter the SE Regulation and correspondingly authorised in an EEA Member State, which intends to transfer its registered office to Finland in accordance with Article 8. [...]"
(Act on Credit Institutions (610/2014), Chapter 1, Section 7, and Chapter 4, Sections 3 and 5 [unofficial translations, amendments up to 395/2019 included])

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"Chapter 1 - General provisions
Section 2 - Lower limit of the licensing obligation:
An alternative fund manager must be licensed in accordance with this Act (licensed alternative fund manager) if the aggregate assets of the alternative funds it manages are:
1) more than EUR 100 million, including leverage; or
2) more than EUR 500 million and the assets are unleveraged and in no managed alternative fund the right to demand redemption can be exercised for five years from the initial investment in each fund.
[...]

Chapter 4 - Licensing
Section 3 - Conditions for granting a license:
A license shall be granted to a Finnish limited liability company whose industry entered in the trade register shows its activities as an alternative fund manager and if the received information ensures that the alternative fund manager's owners meet the requirements of section 4 and the alternative fund manager complies with chapters 6–11 requirements provided for in subsection 3.
[...]

Chapter 19 - EEA States
Section 2 - The right of the manager of EEA alternative funds to manage the alternative fund and provide investment services in Finland:
An EEA alternative fund manager may manage alternative funds or provide asset management referred to in Chapter 3, Section 2, Subsection 2 and ancillary services referred to in Section 3 in Finland without establishing a subsidiary or branch under the same conditions as alternative fund managers licensed in accordance with this Act.
[...]"
(Act on Alternative Investment Funds Managers (162/2014), Chapter 1, Section 2; Chapter 4, Section 3; Chapter 19, Section 2 [google translation])
Act on Common Funds (213/2019), Chapter 20, Sections 2, 3, 10, 12
Act on Credit Institutions (610/2014), Chapter 1, Section 7, and Chapter 4, Sections 3 and 5
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
Act on Alternative Investment Funds Managers (162/2014), Chapter 1, Section 2; Chapter 4, Section 3; Chapter 19, Section 2
Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010
[<a href="https://www.finlex.fi/fi/laki/ajantasa/2019/20190213">Act on Common Funds</a>],[<a href="https://www.finlex.fi/en/laki/kaannokset/2014/en20140610.pdf">Act on Credit Institutions</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive 2009/65/EC</a>],[<a href="https://www.finlex.fi/fi/laki/ajantasa/2014/20140162">Act on Alternative Investment Funds Managers</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20190113">Directive 2011/61/EU</a>]