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Finland > Legal Developments > Litigation & Dispute Resolution > Law firm and leading lawyer rankings

Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Alert - Finland adopts legislation on e-procurement and introduces new procedures

A new legislative package on e-procurement is coming into force in Finland from the beginning of 2011. The draft of proposed laws includes a new act on electronic auctions and dynamic purchasing systems and also amendments to the current public procurement act to create the provisions on the suspension of the procurement procedure.

Legal Alert - New legislative package aims to streamline the public procurement procedures

Amendments to the Finnish public procurement legislation came into force on 1 June 2010. The new legislative package includes doubling of the national thresholds values that determine the applicability of the Finnish Act on Public Contracts and also the transposition of the Remedies Directive 2007/66/EC into national legislation. In addition, several national adjustments to the Act were enacted.

NEW RULES ON INTERNATIONAL JURISDICTION IN CIVIL MATTERS

In February Parliament adopted new rules in relation to both domestic and international jurisdiction in civil matters. The new jurisdiction rules will enter into force on 1 September 2009. As Finland is a member state of the European Union, the EU rules on international jurisdiction, such as the Brussels I and II Regulations, (EC) No 44/2001 and (EC) No 2201/2003, and other provisions regarding certain specific subject matters, are applicable. The new rules on international jurisdiction will apply in cases falling outside the territorial or subject matter scope of the applicable EU regulations or international conventions binding Finland.

SUPREME COURT RULES ON LIABILITY FOR INCORRECT BOOK-ENTRY REGISTER INFORMATION

Under Finnish law, a book-entry account operator is irrespective of negligence liable to compensate damage caused by an incorrect registration.

DRAFT STATEMENTS OF THE TAKEOVER PANEL ON DISPOSAL OF TARGET SHARES AND CASH MERGERS

A committee was appointed by the Finnish Takeover Panel in September 2008 with the objective to review the need to amend the Takeover Code recommendations with regard to mergers, sale of securities that are subject to a tender offer and combinations of separate classes of shares. The committee issued its report on 25 February 2009.

D&I Quarterly 2008: NEW CORPORATE GOVERNANCE CODE

A new Corporate Governance Code (the "Code") for companies listed on the Helsinki Stock Exchange (the "Helsinki exchange") has been published by the Finnish Securities Market Association. The Code will enter into force on 1 January 2009 and companies should, if necessary, amend their Articles of Association at their annual general meeting in 2009 in order to meet the new requirements.

D&I Quarterly 2008: ISSUER AGENT MANDATORY AS OF 1 DECEMBER

The issuer agent, a representative appointed by the issuer, is in charge of the execution of an issue or a corporate action together with the Central Securities Depository (the "CSD") and the account operators. The concept of "issuer agent" was first introduced in Finland in the beginning of 2008 and is widely used in other European countries.

D&I Quarterly 2008: REPORT ON COMPLIANCE WITH THE TAKEOVER

The Takeover Panel has issued a Report on the compliance with the Takeover Code recommendations in connection with tender offers (the "Report"), based on an examination of Finnish tender offers launched between 1 January 2007 and 30 June 2008. The examination was conducted based on public information relating to tender offers, i.e., the offer document and stock exchange notices.

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