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Who Represents Who

Find out which law firms are representing which Banking, finance and capital markets clients in Estonia using The Legal 500's new comprehensive database of law firm/client relationships. Instantly search over 925,000 relationships, including over 83,000 Fortune 500, 46,000 FTSE350 and 13,000 DAX 30 relationships globally. Access is free for in-house lawyers, and by subscription for law firms. For more information, contact


Cobalt’s sizeable team acts for clients such as Nordea Bank, which practice co-head Marina Tolmatshova and senior associate Kristjan Kotkas advised on a close to €340m financing of a cross-border property portfolio acquisition. On the borrower side, Tolmatshova acted for Skinest Grupp regarding a refinancing arrangement with Swedbank.

The banking and finance team at Ellex conducts ‘efficient background research’ and ‘provides alternative approaches in a timely manner’. It hired Risto Vahimets from Law Firm Varul and senior associate Helen Metsar from Sorainen. Practice head Raino Paron is advising Nasdaq Tallinn on establishing a blockchain-based e-voting system for the shareholders active on its stock exchange. Nordea Bank, Eesti Energia and Tallink Grupp are other recent clients.

Sorainen’s ‘experienced’ banking and finance group, headed by the ‘excellentReimo Hammerberg, hired senior associate Gerd Laub from SEB Bank and associate Kristina Promet from Law Firm Varul. The team advised Barclays, Deutsche Bank, Nordea Bank and Swedbank on a Eurobond refinancing transaction by Eesti Energia, and assisted Northern Horizon Capital with a public offering by its recently established real estate fund. Specialist counsel Paul Künnap is recommended.

Advokaadiburoo Derling OU’s practice head Andres Siigur and Hannes Vallikivi are ‘hands-on and business-savvy’. Their clients include the EBRD (which they advised on Estonia’s new investment fund legislation), Eesti Pank and software developer Nortal (which they assisted with the financing of a share buyout transaction).

Sharp and business-savvy’ managing partner Risto Agur and senior associate Veiko-Joel Kokk, ‘an experienced legal professional’, are the key contacts at KPMG Legal Estonia, providing ‘a holistic business solution on a cross-border basis’. Recent work includes giving regulatory advice to Elisa Eesti, LHV Bank and PayPal.

TGS Baltic’s recent regulatory work stands out. Team head Marko Kairjak is advising Eesti Ühistupank on its bid to become the first co-operative credit institution in Estonia. He also assisted food exporter Uvic with a €1.5m bond issuance.

Eversheds Sutherland Ots & Co handles financing transactions, regulatory issues, due diligence projects and restructurings, including in relation to insolvencies. Sole partner Maivi Ots is supported by six other lawyers. She provides ongoing advice to KIT Finance Europe and assisted Metro Capital with several tranches of bond issuances. Associate Kristina Zorin joined from Citadele banka.

Fort’s banking and finance practice is headed by the ‘dedicated and responsive’ Kirsti Pent. Together with partners Minni-Triin Park and Kuldar-Jaan Torokoff, she acts for a varied client base of banks, insurance providers, asset managers and real estate investors. The team is assisting real estate crowdfunding platform Crowdestate with regulatory matters and with its corporate structure for raising capital and making investments.

Glimstedt’s banking and finance team is headed by recently promoted partner Leho Pihkva. Its core expertise lies in transferring financial portfolios, regulatory matters and litigation, with fintech a key sector specialisation. The practice is advising LHV Bank on developing and activating its mobile payments platform Cuber, while SEB Pank and Bank Saint Petersburg are recent litigation clients. Indrek Leppik and Priit Lätt joined Advokaadibüroo PricewaterhouseCoopers Legal OÜ in 2017.

Njord Law Firm’s banking and finance team consists of restructuring specialist Veikko Toomere and recent arrival Anne Veerpalu, who joined from Attela Advokaadibüroo and is especially active in Estonia’s start-up and technology sector. Toomere handled several refinancing and cross-border buyout transactions. Timo Kullerkupp left for Rask Attorneys-at-Law.

Advokaadibüroo PricewaterhouseCoopers Legal OÜ exhibits ‘a high level of competence’ and ‘valuable know-how within the international PwC group’. Viljar Kähari has ‘a strong understanding of financial services regulation’ and associate Maris Alt is ‘careful in attending to clients’ interests’. They advised consumer credit and payment providers on regulatory matters and established financial platforms for start-up companies. Senior associate Hetti Lump joined from Cobalt.

Primus, Attorneys at Law’s practice head Ermo Kosk assisted Skeleton Technologies with a capital raising transaction. The ‘experienced’ Gerli Kilusk advised LHV Group on a public offering of bonds; Anton Sigal is also recommended.

Tark’s banking and finance team advises financial institutions on regulatory matters and restructurings. Key contact Lada Riisna is advising the Good Finance Company on several cross-border financing and regulatory issues. The Estonian Guarantee Fund is another client.

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Press releases

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Legal Developments worldwide

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  • New requirement for all issuers operating on the Luxembourg Stock Exchange

    On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI ”) codes to the Luxembourg Stock Exchange before 15 September 2017.
  • Luxembourg law on the exploration and use of space resources entered into force

    The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
  • VAT in the GCC – Q&A updates from the UAE Ministry of Finance

    On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
  • PRIIPs KID: The final pieces of the puzzle

    The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
  • MiFID II: Further guidance on product governance requirements

    Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     
  • Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

    The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
  • Signature of the Multilateral instrument – reservations made by Luxembourg

    On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website section Publications/Newsflash).
  • Arendt & Medernach: Luxembourg Law Firm of the Year

    Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
  • First VAT EU case law on the cost-sharing VAT exemption

    The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
  • An Introduction to Corporate Guarantee

    In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant lending or providing other banking facilities to family or other private businesses, primarily on the strength of the “name” or “names” of the proprietors standing behind the business, rather than on the strength of the asset quality and underlying credit of the particular business. Of course, in practice, there is commercial overlap between the proprietors and the companies which they own, but the credit analyses can break down where poor banking practices and procedures result in poorly constructed legal documentation and gaps in guarantee and security support documents.

Press Releases worldwide

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